Using OpenLedger (which is the exchange which uses BitShares, no?) if you deposit $100 worth of Steem into it, and then trade for no profits, and then attempt to withdraw the $100 back out as Steem, you will lose about 7.5% of your Steem in this example, due to fees presumably. If we compared this to an ATM, it would be like getting charged $7 to withdraw $100 out of your account. Casinos are barely that greedy. While being TOTALLY open to how great decentralized exchanges could be, can you explain why it costs so much to withdraw funds OUT of this BitShares-based exchange?
You are viewing a single comment's thread from:
I can't, as I haven't checked the fees with OpenLedger. If someone else here knows more, please comment and respond to @harpooninvestor's question about OpenLedger fees.
I'll take a look and see what I can find out, too.
I just checked this out by doing a transfer and paying close attention to the numbers sent and received. I sent 0.638 SBD from my Steem account to openledger-dex and in my Bitshares wallet I received 0.638 SBD.
That's right. No fee at all. I got exactly the amount I sent with nothing shaved off.
Can you give a reference to the 7% (or 3.5% each way) number that you got? I'd like to check that out. From my experience, there is no fee.
Blocktrades, on the other hand, does charge a fairly high fee. That might be where those numbers are coming from. Please let me know.
No, not blocktrades, we mean OpenLedger. We also found deposit fees to be zero, so NOW you need to do the opposite, and move the Steem you deposited on OpenLedger BACK to your Steemit wallet. NOW what was the fee for that?
Just did it again with an even smaller amount, 0.087 SBD. Transferred to Bitshares via OpenLedger and I got 0.087 SBD to trade with (bought Bitshares, of course). No fee at all.
think you miss-read our post, "... then attempt to withdraw the $100 back out as Steem, you will lose about 7.5% of your Steem in this example, due to fees presumably..."
This is the key phrase, the fee is charged as an EXIT fee, so try to get your Steem back out to your Steemit wallet, and THEN tell us what you found.