Currency Exchange Fees: Are They Fair?

[Alexandoy]

This looks like a sad thread for the crypto coin fans. When the exchange fee becomes exorbitant the investor should realize that the wallets are the ones that are earning from them. The wallet would seem to be eating the profit of the trading that the investor had earned.

 

[BrolySSJ]

Recently, I wanted some balance on my Skrill account. I used an exchange service. I sent 70 USD via Paypal to the exchange service and then received 62.3 USD on my Skrill account. Skrill converts balance to Euro and charges currency conversion fees and well as receiving fees. I ended having 52 Euro. I wanted funds on my Skrill account in order to fund my mobile wallet. Therefore, I sent Skrill balance to my mobile wallet and had to pay 1.11 Euro. When I received money on my wallet, I spend total $15 as exchange fees.

A couple of days ago I had also exchanged funds using Payeer and lost just about $10 while trying to exchange $80 worth of Litecoins

What do you think about the currency exchange fees charged by payment gateways?

Sometimes the fees that are charged by these specific websites are actually very high and it can eat into your profit quite a bit. Also if you are a small investor it can also reduce the potential trading opportunities that you have as well because you are unable to meet the transaction fees and at the same time show a profit. Hopefully this is something that can be addressed in the future in order to try and increase the usability when it comes to these exchange sites and also cryptocurrency as a whole.

 

[Kelly5]

That is raising alarm around Cryptocurrency, I don't like the hefty charges around some top coins, especially BTC and Ethereum. The charges need to be reduced and bring back to normal so other lower traders can transact with them regularly.

The greater the price of Bitcoin gets to become in the market, the more will the price in transacting with it be. It becomes more expensive as the price increases

 

[gammarays]

Sending money across different platforms is very costly because of handling fees. I prefer storing money in an exchange or wallet. Crypto is cheaper because I can send more than $1000 across at a fee of less than $1.

 

[Heatman]

That is raising alarm around Cryptocurrency, I don't like the hefty charges around some top coins, especially BTC and Ethereum. The charges need to be reduced and bring back to normal so other lower traders can transact with them regularly.

The truth of the matter is that there is no way you can be able to eliminate those fees when it comes to cryptocurrency transaction but the most important thing is that those fees are not too much if you ask me.

 

[Richard92]

I agree with you. There is a raising sounding alarm around cryptocurrency. I also do not like the very high charges on top 2 cryptocurrency coins. I agree that the charges needed to be reduced and bring back to normal so that the traders can transact with them regularly. You can also use lite coin or or other cryptocurrency with very low charges.

Most I'm currency exchange fee and not fair because they overcharge you especially when you are sending money from another country or you're sending from one country to another they give you access charges.

 

[Sincerem]

The truth of the matter is that there is no way you can be able to eliminate those fees when it comes to cryptocurrency transaction but the most important thing is that those fees are not too much if you ask me.

Yes, the fees aren't too much for me when you compare it to the kind of outrageous fees PayPal charges its users when it comes to receiving payments.

Post automatically merged: Aug 6, 2021

I agree with you. There is a raising sounding alarm around cryptocurrency. I also do not like the very high charges on top 2 cryptocurrency coins. I agree that the charges needed to be reduced and bring back to normal so that the traders can transact with them regularly. You can also use lite coin or or other cryptocurrency with very low charges.

During the time when the ETH coin drained down to $1,500-$1,800 the gas fee was reduced almost like LTC own, even BTC too.

 

[akinlolu99]

Well currency exchange is something I feel today should be a charge for considering the change from one currency to the another another and also the value of one currency to the other one way or the other business is involved any currency exchange I in as far as the value of any currency is not the same to all the currencies I believe there should be an exchange fee.

 

[Chibson]

anyone who want to venture into cryptocurrency must be aware that there are a lot of fees attached depending on the network you are sending it from.

 

[Josemendez]

anyone who want to venture into cryptocurrency must be aware that there are a lot of fees attached depending on the network you are sending it from.

Exactly. This is the way that these network providers benefits from their networks being used. People need to understand this.

 

[Richard92]

Lolz, the ethereum cryptocurrency we are criticizing now have done almost 10% with my 2 hours today, they actually called the signal but I wasn't even interested to enter the trade because of fear of uncertainty.

It is not fair because most of us to eat at overcharges and see it as the bank expecting our money I will prepare cryptocurrency exchange because there is no value of money really exported from your money.

 

[Sotherefore]

It is not fair because most of us to eat at overcharges and see it as the bank expecting our money I will prepare cryptocurrency exchange because there is no value of money really exported from your money.

The ethereum network are always known for its high gas fee,for anyone that this transaction with the ethereum network must understand that no matter what their charges will still be high

 

[Chibson]

The exchange rate is highly dependent on the medium and platform you want to send the money to or from. Cryptocurrency tends to be higher.

 

[Ub40]

It is rather unfortunate that you had to pay such high amount just for currency conversion. Of a truth, some exchange platform fees are just too high just as the one stated above. Look at how the amount was so reduced at the end of the day. This can discourage members from working with such platform. I think the best thing is to find another alternative if there is.

 

[Sotherefore]

It is rather unfortunate that you had to pay such high amount just for currency conversion. Of a truth, some exchange platform fees are just too high just as the one stated above. Look at how the amount was so reduced at the end of the day. This can discourage members from working with such platform. I think the best thing is to find another alternative if there is.

This is just the first time I'm hearing about this because I have not been converting most of my money in any way i only deal with cryptocurrency and I don't have any idea that there is always a higher transaction fee when trying to convert currency.

 

[Toyoabasi]

Recently, I wanted some balance on my Skrill account. I used an exchange service. I sent 70 USD via Paypal to the exchange service and then received 62.3 USD on my Skrill account. Skrill converts balance to Euro and charges currency conversion fees and well as receiving fees. I ended having 52 Euro. I wanted funds on my Skrill account in order to fund my mobile wallet. Therefore, I sent Skrill balance to my mobile wallet and had to pay 1.11 Euro. When I received money on my wallet, I spend total $15 as exchange fees.

A couple of days ago I had also exchanged funds using Payeer and lost just about $10 while trying to exchange $80 worth of Litecoins

What do you think about the currency exchange fees charged by payment gateways?

Wow.
I did not know the charges were this outrageous.
However, I think that is the only way those at the other end get to make their own profits.
It is all business.

 

[07Trinity]

Recently, I wanted some balance on my Skrill account. I used an exchange service. I sent 70 USD via Paypal to the exchange service and then received 62.3 USD on my Skrill account. Skrill converts balance to Euro and charges currency conversion fees and well as receiving fees. I ended having 52 Euro. I wanted funds on my Skrill account in order to fund my mobile wallet. Therefore, I sent Skrill balance to my mobile wallet and had to pay 1.11 Euro. When I received money on my wallet, I spend total $15 as exchange fees.

A couple of days ago I had also exchanged funds using Payeer and lost just about $10 while trying to exchange $80 worth of Litecoins

What do you think about the currency exchange fees charged by payment gateways?

We can only express through writing, most of this exhorbitantly charge amount may not be intentional because I feel there is a regulation body that check on this.

 

[Kubiat-Abasi]

The exchange fees are just too exorbitant and unfair. On a platform like Goodnovel which is a freelancing site, the bank wire transaction would finish the whole income.

 

[Trexxxy]

I can't exactly speak to the fairness part, but these exchange services have their processing fee and sometimes some may be on the high side others not so much, i think you should try and work with the ones that have lower service charge.

 

[Godspower]

I really think the current exchange rates are really unfair. A fair amount of money is always spent during exchanges or transfers from one payment platform to another and it is usually unfair.