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The buying process is the same for all coins available on Quickex: Go to quickex.io and select the coin you want to exchange (“You send” field) on the left and the coin you want to acquire (“You get” field) on the right and click the ‘Exchange’ button. Input the destination address and the refund address. Double-check everything carefully. If everything looks OK, proceed to the next step by clicking ‘Start Transaction’.
Now your transaction has been initiated. The system fixes the rate for 15 minutes to allow you to complete the transaction at the estimated rate.You will see a QR code and a wallet address below. This is the address to which you need to send the currency you want to exchange. Go to the wallet where you’re storing the currency you want to exchange and paste this address into the corresponding field. If you use a mobile wallet app, you can just scan the QR code we provide. As soon as we receive the coins, we’ll exchange them and send them to the destination address you provided in step 2. Usually it takes us 5-30 minutes to complete a transaction. In some cases, wait time may be increased because of network delays.
After transaction is finished, you get a receipt with an output transaction hash (see transaction details). This hash is a proof that your transaction is finished.
Quickex transactions take 5-30 minutes to be processed. If transaction is large (worth over 1 BTC), processing may take longer, depending on the size of your transaction and blockchain capacity.
As a rule, our transactions take 5-30 minutes to be processed. If your transaction takes longer, this could be due to various reasons including:
Blockchain is overloaded. There are many transactions waiting to go through, including yours. This issue occurs on the bitcoin and bitcoin-based blockchains. Unfortunately, the only thing to do is wait it out. Quickex has no control over blockchain overloads.
Coin updates. We may turn off some coins to update their clients. This can take some time. You will get your money as soon as we turn it back on.
DDoS attacks. Every platform is subject to such attacks. Unfortunately, in this case the only thing to do is wait it out.
There are several reasons this might be happening:
The transaction hasn’t been included to a blockchain. Cryptocurrencies aren’t stable, so minor errors sometimes occur. If this happens we will either refund your money or push the payment through if you can provide the hash of your transaction.
ETC and ETH confusion. The addresses of Ethereum (ETH) and Ethereum Classic (ETC) have the same structure. If you send ETC or ETH, make sure that you’ve selected the appropriate transaction type on Quickex. For example, if you create an ETH to BTC transaction, make sure you send ETH, not ETC. Otherwise your transaction will get stuck.
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Cryptocurrency exchange fees
Read our guide to the fees and charges that apply when you buy and sell digital currency.
Last updated: 18 August 2020
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If you want to buy and sell bitcoin and other cryptocurrencies on an exchange, you’ll need to be aware of the fees that apply to trading. From deposit and trading fees to the charges that apply when you withdraw funds from your account, the fees imposed by your chosen platform can have a big impact on the overall cost of your trades.
In this guide, we’ll explore the different charges that apply, how they vary between exchanges and how you can save money when buying and selling digital currency.
Exchange fee comparison
How much does it cost to deposit, trade and withdraw funds from a crypto exchange? Check out the table below for a comparison of the fees charged by a handful of popular exchanges.
While many exchanges won’t charge a fee whenever you transfer funds into your account, some will. However, it’s worth pointing out that the amount charged may vary depending on the payment method you choose or the currency you deposit. If you’re using an exchange that accepts deposits in fiat currency, a different fee may apply to credit card and bank transfer deposits.
For example, US exchange Coinbase charges deposit fees as follows (at the time of writing):
- Online bank transfer: 1.49%
- Wire transfers: $10
- Credit card/debit card deposits: 3.99%
- ACH transfers: $0
If you’re transferring digital currency into your exchange account, the fee could change depending on the coin you deposit. For instance, bitcoin deposits may attract a fee of 0.001 BTC, while Ether deposits might be charged at a rate of 0.01 ETH.
When you’re ready to buy or sell digital currency through an exchange, you’ll need to consider the trading fee that will apply to your transaction. Trading fees are expressed as a percentage of the total value of your transaction.
Some exchanges will impose a flat fee, for example, 0.2% of the transaction value, on all trades. However, many exchanges split their trading fees into two separate fees:
The maker fee applies when your order is not immediately matched against a trade already on the exchange’s order book. This means you’re adding liquidity to the order book, so most exchanges will reward you with lower fees.
If you place a limit order on a crypto exchange, you specify that you want to buy or sell but only at a particular price point. If your order isn’t matched immediately, for example, if the limit price on your buy order is below the current market price, you’ll be charged the maker fee when your order is eventually matched.
Because market makers add liquidity to the order book, some exchanges will even offer them fee rebates when trading. For example, market makers on HitBTC receive a 0.01% rebate on their trade.
The taker fee applies to trades that are executed against another trade already in the exchange’s order book. This removes liquidity from the market, so taker fees are usually higher than maker fees.
When you place a market order on a crypto exchange, this means you want to buy or sell a particular coin as soon as possible and, as a result, the taker fee applies.
Once you’ve acquired the coins and tokens you want, you’ll most likely want to transfer them off the exchange and into a secure, private wallet. However, when you do so, you’ll almost always be hit with a withdrawal fee.
Just like deposit fees, withdrawal fees vary depending on the following:
- The currency being transferred if making a crypto withdrawal
- The withdrawal method being used if transferring fiat currency
Crypto withdrawals tend to attract a flat fee, whereas fiat withdrawals can be slugged with a flat fee or a percentage-based fee. For example, CEX.IO doesn’t charge any withdrawal fees for USD transfers at the time of writing.
It’s easy to forget about withdrawal fees when choosing an exchange, but being slugged with a hefty transfer fee when moving your funds into a wallet can make a big difference to the overall cost of your transaction. With this in mind, remember to check the fine print to find out what withdrawal fees apply before choosing an exchange.
Cryptocurrency exchange fees can also vary from one account to the next, with some customers able to access reduced costs based on a number of factors, including the following:
- Account verification. By providing additional information to verify your account, such as personal details and proof of ID, you may be able to access smaller fees.
- Trading volume. Some exchanges offer tiered fee structures based on the amount of cryptocurrency each user trades per month — the higher your trading volume, the lower your fees. As an example, Bitfinex’s tiered fee structure ranges from 0.1% maker and 0.2% taker fees for users with a 30-day trading volume of less than $500,000 through to 0% maker and 0.1% taker fees for users with a 30-day trading volume of $30 million or more.
- Length of membership. You may also find that the longer you hold and use an account on a particular exchange, the less you’ll need to pay in fees.
Crypto exchange fees: what you need to know
The most important thing to remember when calculating the cost of trading cryptocurrency is to read the fine print. Fees vary not only from one exchange to the next but also within a single exchange — from your account verification status to the volume of trades you place per month to the currency you’re trading, there are several factors that can affect how much you’ll need to pay in fees. Check with your exchange so that you’re familiar with all the fees that apply to your account.
It’s also worth keeping an eye out for any fee discounts you may be able to take advantage of. For example, some exchanges will offer discounted fees to new customers for a fixed promotional period after they first register for an account.
Other exchanges will also offer reduced fees to customers who hold a balance of the exchange’s native currency. This discount reduces over time and is 50% during the first year, 25% during the second year and so on.
Elsewhere, Huobi users can use Huobi Tokens (HT) to purchase a VIP membership. There are five membership levels available — the most basic level costs 120 HT a month and entitles you to a 10% fee discount, while the premium membership costs 12,000 HT per month and allows you to save 50% on fees.
Choosing an exchange
Fees will no doubt be one of the factors you consider when comparing and choosing crypto exchanges, but they shouldn’t be the only one. You’ll also need to take into account the security measures a platform has in place, the currencies it supports and the customer support available.
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Cryptocurrency exchange (or Crypto exchange) is a place where people are able to exchange cryptocurrency for others or for main national currencies (dollar, euro, yen etc.) It is a secondary place to earn them after mining and, currently, primary to spend.
What is cryptocurrency exchange? [ edit ]
Thanks to the high volatility of cryptocurrency most people use them to speculate in different exchanges. For instance, over the last year Bitcoin has rosen around 785% in value. This particular quality of cryptocurrencies is what attracts a lot of major investors. For instace, the Winklevoss brothers invested $11 million in Bitcoin in April 2020 and in the end of the same year the Andreessen Horowitz venture fund along with some other investors have invested a record $25 million in the cryptocurrency thanks to the Coinbase wallet system.
Types of cryptocurrency exchanges [ edit ]
Exchanges can be divided into two types:
- Those that exchange bitcoins and some primary forks for fiat money (USD, EUR, GBP). This is the case for most major exchanges.
- Those where it is only possible to exchange using just cryptocurrencies. Fork trading happens here.
Some forks can only be sold/exchanged in particular exchanges and stored in particular types of wallets.
Adding new coins to exchange [ edit ]
When new fork is created it is added to exchanges through voting that takes place on exchanges’ blogs of forums. This is also one way to perform an ICO
An example of voting on adding Corgicoin to several major exchanges:
Cryptocurrency exchange rates [ edit ]
Exchanges with fiat currencies [ edit ]
- Bitfinex, currently the biggest one with 16% market share in the industry.
- BitFlyer is the biggest one in Japan and second one in the world with 15% market share.
- Kraken, third in place with 10% of the market share.
- OKCoin, based in Hong-Kong, this exchange house is fourth in place with 9% of the market share.
Mt.Gox: Brief Description on its Rise and Fall [ edit ]
Mt. Gox is the very first cryptocurrency exchange, which was established in 2007. In the beginning it was trading Magic the Gathering game cards from which time comes the name: Magic The Gathering Online eXchange. During August 2020th about 47% of all transactions in the Bitcoin network were made through this site. Throughout January 2020th the exchange was third largest stock exchange in terms of trading extent and the Bitcoin exchange rate was significantly higher than in other similar exchanges due to delays in withdrawing funds in dollars, a fact that made U.S. authorities to look into the matter.
In late February 2020th the exchange was closed because of a security breach in their system, that caused a considerable amount of bitcoins to go lost – the sum was estimated to be around 850,000 BTC an equivalent of more than $450 million US dollars at the time.
Cryptocurrency trading platforms [ edit ]
Here are the exchanges that support trading only between cryptocurrencies. The main cryptocurrencies that are exchanged for all others are Bitcoin, Litecoin and Primecoin.
- uniDAX – Primary cryptocurrencies exchange for Bitcoin, Ethereum, Litecoin and USDT. Constantly updating Trading Pairs and listing the best projects. Regular promotions and giveaways.
- BTER – the main feature of this exchange is a large choice of forks that can be traded for national currency (CNY) and other cryptocurrencies. Trading is conducted in pairs with BTC, LTC and CNY. The average bid/buy order of popular forks is
Poloniex – trading in pairs with BTC and LTC. There are some exclusive cryptocurrencies. Average order is Principles of trading in cryptocurrency exchanges [ edit ]
Main principles of trading and speculation on cryptocurrencies and stock markets are similar (buy low, sell high). Therefore to achieve some success in this sphere people should first have to study basics of stock exchange trading (trading with stocks, futures, options etc.).
Main information components of exchanges [ edit ]
When entering any exchange site one can spot several principal components:
- Buy / Sell orders
- History of transactions
- Trading volume (shown in some exchanges)
Exchange Charts [ edit ]
The chart shows changes in cryptocurrency rate over time. In essence, the chart is a graphic representation of spread changes. Spread is a difference between prices on ask and bid orders at the same point of time.
The chart itself is usually presented in the form of Japanese candlesticks.
Japanese candlestick is a way of representing the price movement over certain period of time. Candlesticks provide useful information about market trend or possible changes in said trend by presenting price movement in a special graphical manner.
One candlestick represents price movement (up or down) during a certain period of time (which can be adjusted in certain exchanges) that is usually 10, 15 or 30 minutes. Hence to form one candlestick requires 10, 15 or 30 minutes. Then the next candlestick begins forming, and so on.
Japanese candlestick consists of several components:
- Candlestick body. The wide part of the candlestick is called the body and it represents the range between opening and closing prices of trading for a certain period of time. If the body is black (or red) that means that closing price was lower than opening price and the candlestick in that case is called bearish (i.e. demonstrates the price falling). If the body is white (or green) then the closing price was higher than opening price and the candlestick is called bullish (i.e. shows the price rising).
- The lines above and below the candle’s body are called its shadows. They represent the highest and lowest prices during a certain period of time. If a candlestick doesn’t have upper shadow they say that it has its top cut. If there’s no lower shadow than its base is cut. Japanese candlesticks with small body sizes and long shadows are called Spinning Tops. The ones without a real body (closing price is equal or almost equal to opening price) are called Doji.
Buy/sell orders [ edit ]
These are tables that show the nearest buyers and sellers. They are called order books. Only declared offers to buy/sell which can work out if someone decides to buy/sell at that price are displayed here. The table is divided into three columns: the current price at which the currency is being bought or sold, the amount of bitcoins that are being bought or sold and its equivalent price in dollars.
The order book is formed as follows: to make a deal in the exchange one has to file an order through the form of purchase/sale where primary parameters of the upcoming bargain will be listed: price and amount. After the order is received by the exchange for processing the search for an opposite order begins and if such an order is found the transaction is made (for example, if you’re selling, there are purchase orders with equal or higher price searched for). If an opposite order isn’t found, your order gets listed in the order book separately (if no one else wants to buy/sell at your price) or together with an order with the same price.
Orders table analysis [ edit ]
By using the orders table one can calculate the spread of particular cryptocurrency.
The image demonstrates an order book in the BTC-E exchange and the spread here is equal to 453.344 – 452 = 1.344 USD.
It is the order book where you can get information about major players’ orders from and they can be used to make trading decisions. But one shouldn’t forget that not all orders are listed here, only the closest ones to market rate can be found.
Traders have to watch for major orders (ones for bigger sums compared to the current trend) because they greatly influence the rate movement. If a large purchase order is listed close to market rate than there’s rate growth possible and vice-versa, a large sell order may cause a rate fall.
Passive and aggressive orders [ edit ]
- Passive orders are the ones that are statically located at prices close to each other, i.e. they don’t move and sort of guard a certain level without showing any aggression. Order book shows passive orders at the moments when market approaches strong graphical level of resistance (or support). As a result of market struggle that level will either be breached or bounced off from.
- Aggressive orders are the ones that are conducted momentarily, i.e. the purchase or selling is made at existing price and the larger the order the higher (when buying) or lower (when selling) will the rate go.
Levels of support or resistance. These are the lines that are drafted on the chart at price maximums and minimums.
Level of support is a line drafted at the bottom at price minimums. This level is created by large purchase orders at these prices. If the exchange rate drops, i.e. large selling orders are carried through than as soon as the price drops down to the level of buying a large order, this order is carried through in full or in part (depending on the amount of people that are ready to offer their money in exchange for a commodity/cryptocurrency) thus raising the rate. At a new height the sellers will sell the commodity or cryptocurrency again and the rate will fall yet again to the level of a major purchase order. So it will go up until nearest large orders completely run out and the support level will be breached and the rate will fall to the next major order.
Resistance level is opposite to the support level in direction but is the same in essence: so long as the price is rising, purchase orders exceed the selling orders but when the price reaches the level at which a major purchase order is listed the price falls down. The level may be breached if a large purchase order will exceed the selling order.
Trend is a direction of the described levels (left to right). Rising if it goes up and downtrend if it goes down.
History of transactions [ edit ]
Shows particular buyers/sellers and the prices and amounts they are trading at. History of transactions can be used to conclude trading volume.
Trading volume analysis [ edit ]
This parameter is represented as some figure expressed in currency or securities that demonstrates the magnitude of all deals struck during a certain period of time. Analysis of this data is spread into three directions: analysis of vertical volume (volume based on price), horizontal volume (volume based on time), and cluster analysis. Vertical volume is preferred as an analysis tool in exchange markets.
Vertical volume is data about the number transactions conducted during a specified period of time, represented in the chart as columns. For example, if a chart is measured in hours, then each column will reflect the amount of bitcoins (or other exchange instrument) that were exchanged from owner to owner during one hour. By analyzing vertical volume one can determine the players’ interest towards one price level or another.
Users must always remember that the market does not rise because more bitcoins are bought than sold, nor does it fall because more bitcoins are sold than bought. The market movement depends on aggression directed one way or another. If the market is dominated by aggressive buyers that don’t care for the purchase price they will list orders that will be carried through instantly at the current prices. Such orders tend to be listed by more emotional players while professional prefer to work with limit orders (setting their own price based on market analysis).
Key points during vertical volume analysis there are climax buying or selling points during which the trading volume indicator can rise 5 to 10 times compared to the average volume. In cases when the volume climax arises in the same direction as current trend it says more about the strength of the current trend and this point should not be used as a signal to enter the position.
If culminating volume appears in corrective direction in regard to long-run trends, the probability of correction ending with further return to previous course increases. It is during such situations one should look for a point to enter the market.
Special properties of cryptocurrency exchanges [ edit ]
The Cryptocurrency market is different from stock exchanges in such regard that volatility (rate shocks) of cryptocurrencies is significantly higher than that of stocks, futures, or even fiat money. As it was already pointed out during 2020, the Bitcoin exchange rate has risen by
5500%. Stock exchange fluctuations are hundreds times less significant. To make considerable profits in stock exchanges one has to invest considerable sums of money. Cryptocurrency exchanges allow for earning significant profits while investing much less money: the exchange rate sometimes fluctuates so widely that $5000 can be turned into $30,000-$40,000 in just a couple of days. The same though, happens the other way around; prices might also drop significantly in just a matter of hours or days.
Technical analysis of crypto exchanges [ edit ]
With regard to the approach which is used to predict the movement of the course in the stock market, half the people believe that it does not apply to the cryptocurrencies market because the “nature” of crypto-economy is somewhat different to that of traditional markets. On the other hand, other believe that such an approach can also be used in the cryptocurrency market.
The main work to be done when predicting the exchange rate in the stock market is to follow the news regarding those key points that matter: reputation of the companies, actions performed by these companies, their future plans, relevant people working on them, etc. These are some of the factors that affect on the price of the share (if its the stock market) or a given cryptocurrency (if this one is backed up by a product, if not its volatility will only depend on buy and sell behavior of participants). For crypto, such news may be found in Telegram group chats and channels, dedicated forums, news webpages, Reddit, Steemit, and Medium.
Advice from your friends at Bitcoinwiki.org [ edit ]
- Don’t be greedy. Don’t wait for rates to grow even higher if they’ve already grown fairly enough because you can miss out on your profit, i.e. you shouldn’t set your selling price too high if the currency is actively bought at a slightly lower one – the players may not comply with yours.
- Be patient. When you buy at some price and don’t notice any significant fluctuation you shouldn’t sell too fast. There were a lot of examples of a smooth rate skyrocketing up tenfold a week or two later. You have to monitor newsfeed and users’ comments on that coin.
- Always look at the order book. If there are few buyers and a lot of sellers, then selling after buying might be hard, it depends on the cryptocurrency in question.
- Check the trading volume and currency’s capitalization to know if you should wait sharp swings soon.
- Read the news constantly!
Monitoring and analysis of digital currency exchange [ edit ]
Services that help tracking trading volumes (amount of $ involved in buying/selling), rates fluctuation, price of cryptocurrency in different exchanges as well as their return.
- Coinmarketcap – demonstrates total capitalization of different cryptocurrencies, current price (in $), amount of coins in circulation, trading volume in last 24 hours, price growth in last 24 hours, trading volume chart. Info from this site can also be implemented as a widget through an API into other places, as shown at the top of this article.
- Bitcoinwisdom – a detailed chart that demonstrates Bitcoin trading volume and rates in 3 main exchanges in real time. There are tools for chart tuning and technical analysis.
- CoinWarz – detailed information for different cryptocurrencies: mining difficulty, multiple exchanges rates, trading volumes, general info on the coins, an option of viewing difficulty and price in the form of charts, a mining calculator.
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