Hey guys! It’s been a few years since I’ve done anything on bisq, but glad to be back.
My first trade however ended with some crazy large fees… ended up paying about $38 for a $160 trade. This can’t be the normal now, is it??
What can be done to prevent this for my future trades?
Thanks!
Same story here. I think why I left a few years back was the same reason - flat fees. How does it make any sense to have flat fees (instead of, e.g., percentage of trade value) with volatile exchange rates like the ones for crypto coins? You can see the fee here: Bisq - The peer-to-peer bitcoin exchange
As long as you have to pay a flat $60+ for one trade this exchange is basically dead. It’s a shame really…
EDIT: On this site (Trading fees - Bisq Wiki) it says the fees are 0.8% of the BTC value. No idea what’s true now… According to that page you pay 0.35% (as taker) which should be $0.56. Maybe double check in the trading log CSV what really happened.
Taker pays 0.7% fees, Maker pays 0.1% fees.
It is the high mining fees currently that make trading small amounts expensive.
I changed the title of this issue, as trading fees are 0.4% paying with BSQ and 0.8% with BTC.
Mining fees indeed are expensive nowadays, with high blockspace demand. Maker needs to pay for 1 transaction and taker for 3 transactions (trading fee, deposit tx and delayed payout tx). If every tx is, let’s say, 5USD, taker will pay 15USD.
You can check the recommended trading fee at the bottom left of your Bisq node, usually mining fees are less on weekend.
After doing fee calculation, found out that mining fees are higher if you use BSQ instead of BTC and not lower. Because BSQ will downgrade your native SegWit transaction to non-segwit. Using BSQ for trade fees results into around 84% higher mining fees (source: mempool.space)
Because of this I got rid of all BSQ its to expensive and will only use BTC for trade fees from now on.
If you use BTC the fee tx size will be 42% less (according to mempool.space) with result of 42% less mining fees.
The Fee price indicator is misleading and not including this fact. Don’t trust it. Always do your own math, good luck!
Segwit for BSQ is a work in progress and it looks quite advanced. Implement Segwit for BSQ by stejbac · Pull Request #5000 · bisq-network/bisq · GitHub
I haven’t done my maths, but I don’t think that for a certain volume of trading, specially as taker, paying trading fees in BSQ will be more expensive than doing it in BTC.
Mining fees are a fixed cost while trading fee is a % of trading amount.