Coming from crypto, I am trying to understand what kind of trading fees are associated with trading via a broker, as the fee structure seems to be a bit different.
For example, looking at the Coinexx website, they state that their commission is $2 per lot (assuming round-turn). What other fees will be applied? Are there fees for using leverage? What about limit orders vs. market orders (maker/taker fees)? And how can I determine what my total costs will be if I want to trade cryptocurrencies (e.g. ETHUSD pair)?
I was hoping that someone could give me an example or a breakdown of total costs so that I can see how much wiggle room there is.
According to the above, does this mean that 1 lot of XRP is less than 50 cents? If that is the case, and Coinexx charges $2 per lot, then how can traders make any profit?
I have contacted Coinexx for clarification. I will update this post when I receive a response.
They charge you $2 commission when you open 1 lot . But find out if that’s round trip cos if not they charge you again to close it. Not familiar with coinex and can’t be bothered to even visit there site as I stay clear of crpto
The commission is round-turn (I believe, I thought I saw that somewhere, but now I cannot seem to find it). If you notice the chart above, for cryptocurrency, the lot size is 1, instead of 100,000. The valuation of XRP, in the example above, is around 50 cents. So, if 1 XRP is equal to 1 lot, then 1 lot of XRP is only 50 cents! That can’t be right…especially if they are charging $2 per lot. So, I have contacted them for clarification. Hopefully I will hear good news back.
1 Lot = 100.000 units so it would be 50 Cents X 100.000 = $50.000 for 1 lot…
But I’m not sure its same for all crypto I will try to have another look today but like I said never had anything to do with crypto so not 100% sure yet.
Yes, the commission calculator for crypto has never worked for me.
If what you are saying is correct, and 1 lot of XRP equates to $50,000, then that would likely mean that 1 lot of BTC would equate to over $600 million.
I hope to receive a response from them soon regarding this confusion.
Thanks, again.
EDIT:
Few, overseas brokers are willing to service Americans, unfortunately, and Coinexx has received many favorable reviews from other members here. We will see…
I think it’s different for crypto’s I’m sure on my broker when I looked at btc/usd 1 lot is 1 bitcoin but I will check later and update as I’m not at home at the moment.
Spoke to customer support at Coinexx. I was told that 1 standard lot of cryptocurrency is equal to 1 unit of that currency, with the exception of XRP, which is 100 units of the currency. That seemed odd to me, since their website states that commission is $2/lot round-turn. I asked him about it, stating that if 1 lot of XRP currently equates to roughly $50 USD, then how can anyone profit with $2 fees? He replied, stating that the fees for cryptocurrency are $2/100K round-turn. He said that commission is quoted in dollars. That sounds WAY better. I asked him where that information is published on their website, as I am unable to find it anywhere. I am waiting for a response back.
So, that is a relief. They should probably update their chart to clarify this, since listing lot sizes for crypto creates confusion. He referred me to the commission calculator. I told him that it has never worked for me, for cryptocurrency.
I will update if/when I hear something back.
Thanks.
UPDATE:
I guess the information isn’t published anywhere. He said that he would make the suggestion. I guess crypto is not as popular among traders yet.
