Last Updated: 27 September 2023
Bitcoin trading has seen a proliferation of different platforms, with investors using trading tools and margins to increase their profitability. Costs and fees are factors that investors have to reckon with.
What are the costs and fees?
Anyone who has decided to trade bitcoin and has booked an offer, then the costs are debited from the respective bank account and transferred. The offer is given the title “paid” and will no longer appear in the market.
When the seller confirms the payment, the bitcoin goes into the buyer’s wallet. Now the fees appear and they are not without. For example, bitcoin.de charges a trading fee of 1% for the brokerage as well as the technical processing. This fee is shared equally.
What about the payouts?
First there are the trading limits, then come the costs. Here it is important to note whether the investor is a customer of Fidor. If this is the case, the money is transferred via external payment providers.
If this is not the case, an online account can be opened or the investor’s own account can be identified with a small transfer. The fee for the payout is based on the Bitcoin network.
Thus, the customer has the possibility to increase his amount voluntarily, which results in the transaction being taken up more quickly. The fees charged by the Bitcoin network are paid to the respective miner. The miner will process the transactions.
For the transaction to be understood, the investor should master the workings behind the cryptocurrency. But what is bitcoin? It is not a record of a coin, similar to a bank statement.
A Bitcoin transaction occurs when traders buy the internet currency directly or sell it again with the help of a trading platform. The coins are then sent from one wallet to the next.
Fees for Bitcoin transaction
Anyone making a BTCTransaction through an exchange will be charged fees for processing. Generally, Bitcoin Trader transaction fees are not that high, but can vary.
Importantly, the exchange is not subject to the fees. These are attributed to the network. In order for the transaction to be processed, a miner comes on the scene. These ensure that the blocks are reassembled and processed.
Why are fees necessary?
Open transaction in Bitcoins, what is the reason? The network could not yet process the BTC transaction. With other internet currencies, the miners no longer have to confirm the transactions. With Bitcoin, however, the reward principle still applies.