Can someone explain to me how trading fees are charged on the decentralized exchange on Counterwallet?
Is the 1% fee charged at the time my order is placed? Do I get a refund if I cancel my order?
I have a bad feeling they are not returning fees for cancelled orders, I have been trying to purchase SWARMPRE tokens and because problems with the interface and issues with the network ended up cancelling my order a couple times during the process. I did not notice until later my balance kept going down.
[quote author=illik link=topic=434.msg2801#msg2801 date=1404696490]
I have a bad feeling they are not returning fees for cancelled orders, I have been trying to purchase SWARMPRE tokens and because problems with the interface and issues with the network ended up cancelling my order a couple times during the process. I did not notice until later my balance kept going down.
[/quote]
Fees for cancelling are Bitcoin transactions, and as such, you need to pay a miners’ fee to get into a block. We personally do not take any money.
[quote author=ross link=topic=434.msg2799#msg2799 date=1404691241]
Can someone explain to me how trading fees are charged on the decentralized exchange on Counterwallet?
Is the 1% fee charged at the time my order is placed? Do I get a refund if I cancel my order?
[/quote]
The 1% fee charged is default, but by no means required. It goes to miners, not to us.
This fee only exists when one is selling BTC, and the reason it exists is as a preventative against “spam orders”, i.e. orders “BTC sell” orders that the user has no intention of fulfilling. You can change this fee by doing the following:
1. Click “Exchange” on the lefthand bar
2. Click "Buy & Sell"
3. Specify that you want to Sell BTC and whatever asset you want to buy
4. On the “Sell Amounts” page that follows, click 'Override Trade Options"
5. Change your “BTC Fee Provided” to whatever you like.
Thanks for explaining how to reduce the fee. 1% just to place an order is onerous.
I have another question about completing matched orders:
Do I need to send BTC manually to complete an order?
-My first trade was completed without manual send of BTC, my second trade expired seemingly because I didn’t transfer any BTC.
So, are matched orders filled automatically or not?
[quote author=ross link=topic=434.msg2806#msg2806 date=1404752339]
Thanks for explaining how to reduce the fee. 1% just to place an order is onerous.
I have another question about completing matched orders:
Do I need to send BTC manually to complete an order?
-My first trade was completed without manual send of BTC, my second trade expired seemingly because I didn’t transfer any BTC.
So, are matched orders filled automatically or not?
[/quote]
No need to send BTC manually, it’s auto-deducted from the same address (assuming there’s enough BTC there).
Orders are matched automatically although this is still an area of continuous improvments (if you use the distributed exchange a lot, it’s probably a good idea to update your counterpartyd on a weekly basis, although this is just my personal opinion).
[quote author=cityglut link=topic=434.msg2804#msg2804 date=1404732467]
[quote author=ross link=topic=434.msg2799#msg2799 date=1404691241]
Can someone explain to me how trading fees are charged on the decentralized exchange on Counterwallet?
Is the 1% fee charged at the time my order is placed? Do I get a refund if I cancel my order?
[/quote]
The 1% fee charged is default, but by no means required. It goes to miners, not to us.
This fee only exists when one is selling BTC, and the reason it exists is as a preventative against “spam orders”, i.e. orders “BTC sell” orders that the user has no intention of fulfilling. You can change this fee by doing the following:
1. Click “Exchange” on the lefthand bar
2. Click "Buy & Sell"
3. Specify that you want to Sell BTC and whatever asset you want to buy
4. On the “Sell Amounts” page that follows, click 'Override Trade Options"
5. Change your “BTC Fee Provided” to whatever you like.
[/quote]
i think it would be much better if orders would simply put into escrow. Then there would be no incentive to “spam order”. Because these orders would requirem money to be placed. the fees are actually quite high and I find them problematic.
The miners fees should be kept as low as possible, they add up so quickly at the moment.
[quote author=knircky link=topic=434.msg2825#msg2825 date=1405023933]
[quote author=cityglut link=topic=434.msg2804#msg2804 date=1404732467]
[quote author=ross link=topic=434.msg2799#msg2799 date=1404691241]
Can someone explain to me how trading fees are charged on the decentralized exchange on Counterwallet?
Is the 1% fee charged at the time my order is placed? Do I get a refund if I cancel my order?
[/quote]
The 1% fee charged is default, but by no means required. It goes to miners, not to us.
This fee only exists when one is selling BTC, and the reason it exists is as a preventative against “spam orders”, i.e. orders “BTC sell” orders that the user has no intention of fulfilling. You can change this fee by doing the following:
1. Click “Exchange” on the lefthand bar
2. Click "Buy & Sell"
3. Specify that you want to Sell BTC and whatever asset you want to buy
4. On the “Sell Amounts” page that follows, click 'Override Trade Options"
5. Change your “BTC Fee Provided” to whatever you like.
[/quote]
i think it would be much better if orders would simply put into escrow. Then there would be no incentive to “spam order”. Because these orders would requirem money to be placed. the fees are actually quite high and I find them problematic.
The miners fees should be kept as low as possible, they add up so quickly at the moment.
[/quote]
What do you mean by put into escrow?
It seems to me that somebody got to pay for the underlying Bitcoin transactions, there’s no way to avoid that on the higher, “virtualized” level like counterpartyd.
Also, I think when you trade on DEx, your XCP orders are in fact put into escrow, but I don’t think that can help you avoid bitcoin miner fees. Even when a trade doesn’t complete, you still need to temporarily move the tokens into this escrow account, which is also a bitcoin transaction (or several).
It could be that I’m wrong…
Not all DEX transactions execute.
I dont understand the details but from a user perspective you cannot trust the dex because you cannot trust the order book and thus you dont know what the price actually is to buy or sell something.
A match can fail for:
1. miners fees not paid
2. client is offline and btc pay wont work
So ideally when u make an order the money from both sides ought to be escrowed and then executed whether client is online or not.
I don’t know how the DEX works, its in-transparent and you cannot read anywhere how it works.
The usability is key to allow for adoption in my mind. I think its ok if we need to wait for a block and paying some small miners fee, if keep it as low as possible? It seems like the fees are pretty high. But its paramount that it works and that we can trust the order book. i.e if we see an order the order should execute if we match it.
[quote author=knircky link=topic=434.msg2837#msg2837 date=1405136276]
Not all DEX transactions execute.
I dont understand the details but from a user perspective you cannot trust the dex because you cannot trust the order book and thus you dont know what the price actually is to buy or sell something.
A match can fail for:
1. miners fees not paid
2. client is offline and btc pay wont work
So ideally when u make an order the money from both sides ought to be escrowed and then executed whether client is online or not.
I don’t know how the DEX works, its in-transparent and you cannot read anywhere how it works.
The usability is key to allow for adoption in my mind. I think its ok if we need to wait for a block and paying some small miners fee, if keep it as low as possible? It seems like the fees are pretty high. But its paramount that it works and that we can trust the order book. i.e if we see an order the order should execute if we match it.
[/quote]
There are known problems and some aren’t that easy to solve. You can follow known open issues here:
https://github.com/CounterpartyXCP/counterwallet/issues?page=1&state=open
You can also see here that issues are closed at a decent pace.
https://github.com/CounterpartyXCP/counterwallet/issues?page=1&state=closed
IMO Counterwallet has made tremendous progress in just 2-3 months ago, but on the other hand I do not use the DEX functionality (partially because I think it’s not easy to make it work well and if you look around there aren’t many distributed exchanges out there…).
Even smaller (fiat-based) stock exchanges sometimes can’t match orders well - it’s not uncommon to have a pending sell order for $11.21 and see trades happening at $11.22 without your order being filled.
I still use centralized XCP exchanges at the moment.
About the escrow idea: as I understand it Counterwallet doesn’t have your private keys, so while you can create an offer, the execution of it still requires your online presence. I hope one of the dev’s can explain this better.
I think fees on Counterwallet will always be lower than non-subsidized fees elsewhere because everyone has the same transaction cost. Sure 0% that you can find on some exchanges is cheap, but it’s a subsidized price.