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LPT: Limit Orders Are NOT Guaranteed Maker Transactions

All Cryptocurrencies

by COINS NEWS 24 Views

Buried deep in the comments of a post a user pointed something out which I hadn't realized, which I'm sure has cost me at least hundreds of dollars in fees over the years. For the uniformed, exchanges charge a maker fee - the person who creates an order on the books, and a taker fee - the person to accepts the order. The fees for these transactions are different for example 0-10k M 0.25% T 0.4% on Kraken.

Now I assume a lot of you are like me and thought, I'll just make limit orders to save on fees WRONG. This does not guarantee you a maker fee. INSTEAD (on Kraken) you have to go into 'More Options' and check 'Post Only' (conveniently hidden out of sight). In Gemini it's 'Maker or Cancel'. Feel free to post the extra step on the other exchanges and enjoy getting that extra crypto in every trade!

PS If you're new sure you're using the advanced trader/ pro interface on your exchange to save on additional fees! Makes a huge difference especially on Coinbase.

submitted by /u/xPrimer13
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