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Crypto Pump yet my asset is down??

  • 29-12-2020 9:00pm
    #1
    Registered Users Posts: 475 ✭✭ baalad
    Registered User


    Forgive me if iam being thick but how is it possible to experience a decrease in value during a pump??

    Lets say i purchased 1000 euro (just to give an even number) worth of altcoin and that particular altcoin is showing a pump of around 10 - 11% over the past 24 hours yet my value has now decreased to 964?

    I thought it may be that i did not factor in the fees for the purchase which would mean i would not end up with 1000 worth of coin but the fees were relatively small. Certainly not 36 euro for example!

    I understand it goes up and down in small increments by the minute also but it just seems strange to me but maybe i am missing something ??

    Go easy on me now, Im new to crypto ha


Comments

  • Registered Users Posts: 14,625 ✭✭✭✭ banie01
    Registered User


    It very much depends on what platform you purchased on.

    On an exchange, spreads are usually quite narrow so not a lot of difference between the buy price and the sell.
    Commission should really be less than 0.5% so on your 1000, your actual purchase was 995.
    Commission varies hugely between platforms and on volume traded.

    On some platforms like Revolut however, there is a huge gap on the spread and the shift needs to be quite large to get past the gap between buy/sell spread.

    Now on a 1000, your purchase = 995 of the crypto.
    Then on selling you are again paying a commission which again varies but let's stick with 0.5% that's another 4.75 owed to the broker.

    That's 1% of your initial 1000 gone in fees, the spread is most likely where the rest of your profit is.
    e.g the exchange may sell the coin at 15, but buy it at 13.50.

    Your mode of purchase will have a big say in what your spreads are.


  • Registered Users Posts: 475 ✭✭ baalad
    Registered User


    I used Binance and i believe the fee i paid was 15 euro from what i can remember. Coinbase was much more expensive so i opted to use Binance.

    I then withdrew to Exodos. Do they charge a fee for storing them aswell?

    Seems like a bit of a kick in the balls to spend x amount of money on a coin thats on the up and 24 hours later your down money not up lol

    I was expecting to wake up to an aul fiver in gains at least haha Not to be down nearly 40 quid :(

    I have a lot to learn haha


  • Closed Accounts Posts: 39 ✭✭✭ Dnxncofiruwvx


    baalad wrote: »
    I used Binance and i believe the fee i paid was 15 euro from what i can remember. Coinbase was much more expensive so i opted to use Binance.

    I then withdrew to Exodos. Do they charge a fee for storing them aswell?

    Seems like a bit of a kick in the balls to spend x amount of money on a coin thats on the up and 24 hours later your down money not up lol

    I was expecting to wake up to an aul fiver in gains at least haha Not to be down nearly 40 quid :(

    I have a lot to learn haha

    Hard to know without specifics, but from the sounds of it something doesn’t add up. Maybe the transfer cost more than you thought, but it shouldn’t be that much. Was the coin Ampleforth by any chance? With Ampl the fiat value of the coin can go up, but your investment can still go down in certain circumstances because of the rebase/debase nature of it. Although Ampleforth is hovering just under its debasement so shouldn’t be going down too much.

    So wallets don’t charge for storage, at least none that I’ve used. When you look at your Exodus, is there the same amount of coins in the wallet as when you bought in Binance? And when you multiply that amount by the current value do you get your current value? Sorry if that seems basic, just trying to cover bases!


  • Registered Users Posts: 11,195 ✭✭✭✭ Lex Luthor
    Registered User


    there would have been a charge in the initial transaction as you said, €15 sounds steep, even for €1000 transaction that 1.5% which I didnt think binance charged that much
    Kraken is about 0.26%

    there would also be a minimal fee for moving, depends on the crypto, some crypto are more expensive than others

    then you have Exodus rate for the crypto

    To be honest, there can be a significant difference in price between various exchanges/wallets

    decimal places etc, USD-EUR ex rate

    as long as you have more or less the same amount of crypto in the wallet for what you bought on binance you should be ok

    dont be afraid to ask, we're not ogres on this forum compared to others


  • Registered Users Posts: 507 ✭✭✭ Stormington


    I used Binance and i believe the fee i paid was 15 euro from what i can remember. Coinbase was much more expensive so i opted to use Binance.

    I then withdrew to Exodos. Do they charge a fee for storing them aswell?
    Ouch. Did you use a referral when joining Binance or other sites? They can give free crypto bonus or cut trading fees.

    You paid fees when buying on Binance, you pay a fee when moving crypto from Binance to Exodus (if an ERC-20 or Eth token the gas is high now).

    You will pay a relatively high fee to Exodus if you move it out of there too: they pay the highest fees to move your funds quickly (you will notice this option is missing on Exodus). You pay for convenience. Also, never do an exchange on Exodus as they will gouge you.


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  • Site Banned Posts: 113 ✭✭ Dunfyy
    Banned


    What altcoins
    Did you buy
    Some dropped


  • Registered Users Posts: 5,672 ✭✭✭ seannash
    Registered User


    Just because its showing up the past 24 hrs doesn't mean its up from when you bought it. If you bought at 1pm for $10 and at 2pm it was $6 the 24hr increase wont be an increase on your amount, it'll be an increase based on what price it was exactly 24hrs ago


  • Registered Users Posts: 475 ✭✭ baalad
    Registered User


    Ouch. Did you use a referral when joining Binance or other sites? They can give free crypto bonus or cut trading fees.

    You paid fees when buying on Binance, you pay a fee when moving crypto from Binance to Exodus (if an ERC-20 or Eth token the gas is high now).

    You will pay a relatively high fee to Exodus if you move it out of there too: they pay the highest fees to move your funds quickly (you will notice this option is missing on Exodus). You pay for convenience. Also, never do an exchange on Exodus as they will gouge you.

    N i had no referral and the weird thing is that i don't recall paying any fees at all on my first buy. It was only on my second buy that i saw a charge of 15 euro!

    I did indeed transfer ETH to Exodos btw and i have indeed noticed the they rob you on exchange because i very nearly got caught with that but didnt bother in the end


  • Registered Users Posts: 24 ✭✭✭ Lexio7
    Registered User


    Moving an ETH token can be very expensive if the gas fees are high at that point in time. I have seen gas fees over $30 for transactions.


  • Registered Users Posts: 507 ✭✭✭ Stormington


    Lexio7 wrote: »
    Moving an ETH token can be very expensive if the gas fees are high at that point in time. I have seen gas fees over $30 for transactions.
    Bullish.

    1. Raise gas fees
    2. Price out plebs
    3. Lower gas fees
    4. Plebs FOMO
    5. The Dump


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  • Registered Users Posts: 11,195 ✭✭✭✭ Lex Luthor
    Registered User


    Lexio7 wrote: »
    Moving an ETH token can be very expensive if the gas fees are high at that point in time. I have seen gas fees over $30 for transactions.

    I can see many projects move from ETH because of this


  • Registered Users Posts: 475 ✭✭ baalad
    Registered User


    Anyone have a referal code for binance so i can pick up a few extra coins ha


  • Registered Users Posts: 507 ✭✭✭ Stormington


    RK6CLLX2
    That should give 10% off trading fees on Binance.


  • Registered Users Posts: 1,022 ✭✭✭ bfa1509
    Registered User


    Lex Luthor wrote: »
    there would have been a charge in the initial transaction as you said, €15 sounds steep, even for €1000 transaction that 1.5% which I didnt think binance charged that much Kraken is about 0.26%
    In terms of tax returns, are you better off paying higher fees for a better price or does it make a difference?

    Thinking about it, it probably makes more sense to pay a higher fee for a better entry point.


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