Quoinex Trading Fees: Understanding the Cost of Trading on the Platform
If you’re considering trading on the Quoinex platform, it’s essential to understand the trading fees associated with this popular cryptocurrency exchange. In this blog post, we will break down the different types of fees you may encounter on Quoinex and provide answers to some commonly asked questions.
Types of Trading Fees on Quoinex
1. Maker and Taker Fees
Quoinex follows a maker-taker fee structure, which means that trading fees differ depending on whether you are “making” or “taking” liquidity from the order book.
– Making a trade refers to adding liquidity to the order book by placing a limit order that is not immediately matched with an existing order.
– Taking a trade refers to removing liquidity from the order book by placing an order that gets immediately matched with an existing order.
The maker fee is typically lower than the taker fee as it rewards individuals who add liquidity to the market. Quoinex’s fees range from 0.05% to 0.15% for both makers and takers, depending on the trading volume.
2. Withdrawal Fees
In addition to trading fees, Quoinex charges withdrawal fees for moving your funds from the exchange to your external wallet. These fees vary based on the type of cryptocurrency you are withdrawing. The platform provides a detailed schedule of withdrawal fees on their website, and it’s advisable to review it before making any withdrawals.
3. Margin Trading Fees
Quoinex offers margin trading, which allows users to trade with borrowed funds. However, keep in mind that margin trading comes with its own set of fees. These fees usually include interest charges on the borrowed funds and can vary depending on the platform’s margin rates.
Frequently Asked Questions (FAQs)
Q1: How are trading fees calculated on Quoinex?
A1: Quoinex’s trading fees are calculated based on a tiered system that considers your trading volume over the past 30 days. Your fee level is determined by the number of trades you have done within this timeframe. The more you trade, the higher your fee discount level will be.
Q2: Are there any deposit fees on Quoinex?
A2: No, Quoinex does not charge any fees for depositing funds into your account. However, keep in mind that transaction fees may still apply depending on the payment method you choose.
Q3: Can I reduce trading fees on Quoinex?
A3: Yes, Quoinex offers a fee reduction program called QASH Coin Rewards. By holding QASH, the platform’s native cryptocurrency, users can benefit from additional fee discounts. The more QASH you hold, the higher your fee discount will be.
Understanding the trading fees on Quoinex is crucial for traders looking to make informed decisions. By familiarizing yourself with the various fees, you can better plan your trading strategy and optimize your overall trading costs. Remember to always review the platform’s fee schedule and stay up to date with any changes that may occur.
If you have further questions or concerns about trading fees on Quoinex, it’s always recommended to reach out to their customer support for accurate and up-to-date information.