#CryptoFees101 👉🏻 Are you gaining or losing? Hidden fees and commissions you need to be aware of 👈🏻
⚙️ It is normal for exchanges to charge fees for using their services, as this is how their business remains profitable. What we users need to keep in mind is that they do not always clearly indicate these fees.
📎 For example, when we use the "convert" trading option to buy $BTC, it is common to see that they indicate the transaction fee as zero. However, it is important to understand that, even if no explicit fee is charged, this does not mean that the transaction is completely free.
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💣 In reality, the platform usually applies a margin on the exchange rate. This means that the rate at which the currency you are converting is always lower than the current market rate at that moment. This margin becomes the true hidden fee that the user pays when making the conversion. In other words, when you thought this was all for you, they take a slice of your delicious birthday cake.
💸 Therefore, even though the "zero fee" message may seem enticing, it is crucial to be aware that platforms profit from this differential in exchange rates, which can result in an additional cost for the user.
😫 This is why sometimes we think we are making a good deal and then realize that we actually end up with the same capital or even incur losses.
👀 Observing the real conversion rate at the time of the transaction is crucial so that we can make a good decision.
