Who remembers bank fees?
I might be a little older than most of the readers here but it was not too long ago that almost every bank charged a lot of fees. I remember having a checking account that would charge me $7 a month. It did not matter how much money I had in the account it cost me $7 a month. As a disclaimer I made less than $750 a month so that $7 was a significant amount to me.
Fast forward I found some great Credit Unions who offered me free checking, a savings account, and free $500 overdraft protection. I wonder why I ever messed around with that local bank in the first place. Oh and I think they Credit Union gave me five free ATM transactions a month.
There are some banks like Bank of America who might wave some of the fees depending on how much of a balance you have in your account. I recently closed all my BoA accounts because they still tried to nickel and dime me, $5 for a replacement ATM card pffftt!
I am currently trying to acquire more crypto and I am trying to buy a little bit when I have some extra money. The thing I am seeing is that the fees these exchanges are making has to be pretty lucrative. Wouldn’t this be a good business to get into? I do not think it is too late since I think most of the exchanges suck right now. Sure you can find that they all sell BTC and ETH but not many will go outside of the standard mainstream coins.
I know there are a few of the big boys who will buy and sell some of the altcoins but they are full of fees. I am not just talking about the gas fees. I understand these are necessary but many tack on extras as well.
As an example I recently checked out Coinmama. Coinmama adds 2% to all transactions and then there is also a “commission fee” of up to 3.9%. You want instant delivery by using a credit or debit card? (evil laugh) Add another 5% “express fee” onto that. I do understand there should be a convenience fee but those fees are starting to add up. If you want to buy and sell to make a quick profit you had better be moving some serious volume or be picking coins that are knocking it out of the park.
Sure you can save on some fees when you do move in volume but it better be over $1,000 for a bank transfer of you will end up paying 20 GBP in addition to whatever you are buying.
I would like to see some of the fees go down over time and I think right now we are caught between a rock and a hard place when it comes to the buy/sell of crypto. Hopefully as the market becomes more competitive the fees and customer service will improve as more customers seek out better service.
What do you think of the fees?
What do you do to avoid paying high fees?
What exchange do you think has the lowest fees of them?
