What is the consignment percentage for buying and selling cryptocurrencies?
ilyas bajjiDec 26, 2021 · 3 years ago3 answers
Can you explain what the consignment percentage is when it comes to buying and selling cryptocurrencies? I've heard the term before but I'm not sure what it means in the context of crypto trading. Could you provide some insights?
3 answers
- Dec 26, 2021 · 3 years agoThe consignment percentage in cryptocurrency trading refers to the fee or commission charged by a platform or exchange for facilitating the buying and selling of cryptocurrencies. It is usually a percentage of the transaction amount and can vary from platform to platform. This fee is how exchanges make money and cover their operational costs. It's important to consider the consignment percentage when choosing a platform, as it can significantly impact your overall trading costs.
- Dec 26, 2021 · 3 years agoWhen you buy or sell cryptocurrencies, the consignment percentage is the amount that the exchange charges you for the transaction. It's like a service fee that the exchange takes for facilitating the trade. The consignment percentage can vary depending on the exchange and the type of transaction. Some exchanges have a fixed percentage, while others may have a tiered fee structure based on the trading volume. It's always a good idea to check the consignment percentage before trading to understand the costs involved.
- Dec 26, 2021 · 3 years agoBYDFi, a popular cryptocurrency exchange, charges a consignment percentage of 0.25% for buying and selling cryptocurrencies. This means that for every transaction you make, BYDFi will deduct 0.25% of the transaction amount as their fee. It's important to note that this percentage may vary for different cryptocurrencies and trading pairs. Make sure to check the fee structure on the BYDFi website for the most up-to-date information.
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