HairyMaclairy
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Degenerate bull hatter & Bitcoin monotheist


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March 29, 2019, 03:30:46 AM

BTW: Binance Lite Australia offers 50% off for transaction fee

The standard trading fee is 5%.  50% off is 2.5%. You would have to be a very dumb bunny to pay 2.5%.

Also their sell price is about 0.5% higher than you can get on an exchange so you are actually paying 3%.  

Huh?  Can you provide a link for that?  Seems like your decimal might be in the wrong place, because a vast majority of exchanges are trading less than .5%, and I seem to recall that last year, Gemini had gone up to 1.5%, and even they had to back off of that - so Gemini remains among the highest of fees with 1% fees.

https://binancelite.com


Also the word “exchange” is misleading.  You can buy Bitcoin from Binance at their set price but cannot sell it back to them. This is a service designed for shitcoiners to onboard them into the Binance exchange.  

O.k.... You are not making it up... but that is not trading fees but instead the initial fees to get into the system.  

Hadn't I read that in Australia there were a lot of limitations or lack of connection with ways to onboard from fiat and into BTC... so perhaps, lack of competition is causing the onboarding fees to be higher in Australia?  and it is not just about altcoins, but getting into any crypto from Australia, including BTC?

 There were some problems with banking accounts getting canceled early on, but no worse than anywhere else.  Those problems have been fixed.

Australia now has a fully competitive crypto market.   I don’t think that Binance is going to get any traction except maybe among newbies (which are few and far between)

They have instant bank transfers in Australia so going to a newsagent to pay cash is a bit of a waste of time.