GateHub 0.2% transaction fee calculation

[RippleFan]

Hello everyone,

I am new to the whole cryptocurrency trading and tried to search a proper answer, before posting this, but unfortunately could not find one that satisfies me, so I will be thankful to everyone, who can provide some clarity. As stated in the title, I would like to receive some insights on how exactly those 0.2% fee get calculated.

I would assume that 0.2% from 100 euro = 0.20 euro (20 euro cents).

Anyways, in the moment I would like to trade 100 euros for XRP, and 1 XRP costs 0.2486 euro. If there weren't any fees, I would have ideally received ˜402 XRP, but if I try to exchange them now via the GateHub exchange view, it seems that I will receive 382 XRP, which is the equivalent of 95 euros. 

It seems that this transaction would cost me 5 euro, which would mean that the fee is 5% not 0.2% ???

Could some please explain me where is the mistake/misunderstanding in my calculations?

Thanks in advance!

Happy rippling!

 

[kimchee]

Click the trade button instead of clicking the exchange. Then click "sell euro". Type the exact amount of euro you'd like to sell, And the amount of xrp you'd like to get per €1. The green color ate the sellers of xrp. The red ones are like you who want to sell their euro for xrp. If you're selling €100, it will appear on the right hand side as €99.80 and not €100. So if the seller on the left side wants to give you 3.50 xrp per euro, you should then get 349.30 xrp for your money. Better trade than exchange [emoji4]. Hope I helped you instead of confusing you even more [emoji23]

[JoelKatz]

I think you're confusing two different things. The 0.2% gatehub transfer fee is charged when you try to transfer an asset gatehub issued. So if you have 100 Euro, you can only deliver about 99.8 Euro to someone. However, how much XRP that person gives you for your Euros is up to them.

To get a better rate, you have two options:

1) Make a payment to yourself, delivering XRP but paying with Euro. This will use the network's pathfinding system to draw from multiple pools of liquidity and generally gets you a better rate than a direct exchange which only uses two liquidity sources.

2) Place an offer to trade Euros for XRP and wait to see if someone else takes it. Make sure to cancel it if the price of XRP changes sigificantly.

 

[fd67890]

1 hour ago, JoelKatz said:

1) Make a payment to yourself, delivering XRP but paying with Euro. This will use the network's pathfinding system to draw from multiple pools of liquidity and generally gets you a better rate than a direct exchange which only uses two liquidity sources.

Hi. I did know about this feature. Can you give a short description of how to do this in Gatehub?

[Trippy]

5 hours ago, RippleFan said:

Hello everyone,

I am new to the whole cryptocurrency trading and tried to search a proper answer, before posting this, but unfortunately could not find one that satisfies me, so I will be thankful to everyone, who can provide some clarity. As stated in the title, I would like to receive some insights on how exactly those 0.2% fee get calculated.

I would assume that 0.2% from 100 euro = 0.20 euro (20 euro cents).

Anyways, in the moment I would like to trade 100 euros for XRP, and 1 XRP costs 0.2486 euro. If there weren't any fees, I would have ideally received ˜402 XRP, but if I try to exchange them now via the GateHub exchange view, it seems that I will receive 382 XRP, which is the equivalent of 95 euros. 

It seems that this transaction would cost me 5 euro, which would mean that the fee is 5% not 0.2% ???

Could some please explain me where is the mistake/misunderstanding in my calculations?

Thanks in advance!

Happy rippling!

 

Stay away from the exchange section of Gatehub, as stated before. Use the trade section, then you can be confident you are getting what you paid for.