Calculating Trading Fees on Bitcoiva: A Comprehensive Guide
Introduction: Trading cryptocurrencies like Bitcoin on platforms like Bitcoiva can be exciting and potentially profitable. However, it’s essential to understand the various costs associated with trading, including trading fees. In this guide, we’ll walk you through calculating trading fees on Bitcoiva, ensuring you clearly understand how much you’re spending on each trade.
Step-by-Step Guide:
- Access Your Bitcoiva Account: Log in to your Bitcoiva account using your credentials. You must sign up and complete the necessary verification steps for an account.
- Navigate to the Trading Section: Once logged in, navigate to the trading section of the platform. It is where you’ll execute your buy and sell orders for Bitcoin and other cryptocurrencies.
- Choose Your Trading Pair: Select the trading pair you’re interested in. For example, if you’re trading Bitcoin with USD, make sure you’ve selected the BTC/USD trading pair.
- Determine Your Trade Type: Decide whether to place a market or limit order. Market orders execute at the current market price, while limit orders allow you to set a specific price at which you’re willing to buy or sell.
- Enter Trade Details: Enter the details of your trade, including the amount of currency you want to buy or sell. The trading interface will show you real-time market data, including the current price and the order book.
- Review Order and Fees: Before finalizing your trade, review the order details. Here, you should also see the trading fee associated with your order. Bitcoiva typically displays the fee in the cryptocurrency you’re trading, equivalent to your base currency (e.g., USD). Bitcoiva takes 0.2% fee for every trade and 0.1% TDS from your buy and sell order.
- Calculating the Fee: The trading fee on Bitcoiva is usually a percentage of the total transaction value. Multiply your trade amount by the trading fee percentage to calculate the fee amount. Make sure to double-check the fee percentage to ensure accuracy.
- For example, Let us assume the current price of BCA/INR is 800, and the user will buy BCA for 10000 INR. The equivalent BCA for 10000 INR is 12.5. Now, 0.2% will be deducted from the 12.500 BCA, which is to be calculated as 12.5*0.002 or 12.5*0.2/100=0.025. Finally, the user will get 12.475 BCA. The TDS will not be deducted from the buy order.
- Accordingly, the user wishes to sell the 12.475 BCA with a profit of 50 INR each.
12.475*850 =10,603.75 INR, the actual profit will be calculated after deducting the trading fee and TDS.
Deducting trading fee from INR
10,603.75*0.2/100=21.2075
Deducting TDS from INR
10,582.5425*1/100=105.82
Now, the user will get
10,603.75-(21.2075+105.82)
10,603.75-127.03=10,476.71 INR
8. Complete Your Trade: If you’re satisfied with the trade details and the calculated trading fee, you can execute the trade. Confirm the order, and the Cryptocurrency platform in India will process your trade according to your instructions.
9. Monitor Your Account: After executing the trade, monitor your Bitcoiva account to ensure the transaction goes as expected. You should see the updated balance of Bitcoin in your account.
Conclusion: Calculating trading fees on Bitcoiva is fundamental to effective cryptocurrency trading. By understanding how these fees are calculated and factoring them into your trading strategy, you can make more informed decisions and optimize your trading profitability. Stay informed about any updates to Bitcoiva’s fee structure and other trading-related policies.
Visit us at: www.bitcoiva.com