I just noticed the trade fees are really high, both in BSQ and in BTC. (not transaction fees)
It used to be 3 BSQ, then it became 9 BSQ and now it is 48 BSQ ($45!) and even $120 in trading fee when you use BTC. (With max trade amounts, still adds up to be significantly higher than most other exchanges, certainly when trading volume.)
These fees are insane. I don’t know what happened but it doesn’t seem right. Is there some kind of network congestion or something?
EDIT:
I see this change is only of the past few days, and with that trading volume has dropped 90%.
My understanding is that the parameters change voted in the DAO are implemented automatically and immediately following the vote result phase end.
There is no more human intervention and no need for. Apart if the change provokes bugs etc.
This proposal was accepted through voting on the latest cycle (3).
This increased both the BTC and BSQ trading fees. It increased the BTC trading fees by a 2 times. I’m still trying to wrap my head around the BSQ numbers.
BTC fees
Maker
Taker
Before
0,1%
0,3%
After
0,2%
0,6%
The fees are expressed in percentage of the trade amount.
Old offers will have “old” fees, or are the offers upgraded and now I’ll have to pay higher trading fees? If it’s the second option, a popup informing about the new fees would be needed.
The problem is that the results of the vote are implemented immediately and automatically, and this is atm not synchronized with the release date.
Maybe for next time we should plan to deliver a release a bit after the vote, so we can add some information popup as you suggest. Or any other mean.
Large volume traders generally do not pay such heavy fees on normal exchanges. Normal taker fees are around 0.10-0.15% and 0-0.05% maker fee for high tier traders.
Not sure what happened on the BSQ end either, 9 to 45 certainly isn’t double.
You’re absolutely right, but the change to 0.25% are pushing it. The privacy and freedom features that Bisq offers are mostly of interest to individuals. For people that trade daily and in large volumes like me, these fees become a problem. There is nothing we can do anonymously, our books have to account for every single trade and cent. This makes Bisq a regular exchange without some of the little hassle they sometimes bring, that hassle is not worth 0.25% to me.
I noticed today the fees doubled again and went up to 0.5%.
I pay 0.01-0.05% maker fee and 0.10-0.20% taker fee on the other exchanges that i use.
The only thing i think this fee-greed brings to Bisq is suffocation of the market, push out legitimate traders and volume and only service shady individuals who’s priority it is to exchange in the dark at any cost.
You have to realize what the fees are for. This is the business model for exchanges, they have huge operational cost, and they can do with much lower fees. Of course they often run much higher volume as well, but you can’t tell me Bisq needs these fees to keep it going.
I’ve personally paid well over $30.000 in Bisq fees just this month, and that’s with the decreased volume resulting of the high fees.
0.25% was a bottleneck for a significant number of trades. 0.50% is an absolute deal breaker for basically any serious trader in this space.
I’m sure some of you will argue that in other markets fees are much higher still, however true that may be, that is not the market Bisq is in, it’s a different world, with different players to account for.
I don’t want to rant about this too much, i guess it’s been voted upon fairly. I’ve used Bisq very pleasantly for the past year, i hate to let go of it for now. I’ll surely keep my eyes on the fees and markets to see when it becomes relevant to my strategy again.
