Coins.ph offers a robust platform for cryptocurrency trading, particularly through its Coins Pro - Spot Trade feature. Understanding the trading fees associated with Spot Trade is essential for maximizing your profits and making informed trading decisions.
What Are Spot Trade Fees?
Spot trading on Coins Pro involves buying and selling cryptocurrencies at current order book prices. The platform employs a maker-taker fee model, which distinguishes between two types of orders:
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Maker Fees
These fees apply to orders that add liquidity to the market. If you place an order that is not immediately matched with an existing order on the order book, you are considered a "maker." Your order remains on the order book until it is matched with a counterparty.
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Taker Fees
These fees apply to orders that remove liquidity from the market. When you place an order that is executed immediately against an existing order on the order book, you are considered a "taker."
How Maker and Taker Fees Work
Understanding how these fees are calculated can help you manage your trading costs effectively.
- Example of Maker Fees: If you place a limit order to buy 1 BTC at PHP 1,950,000 while the current ask price is PHP 2,000,000, your order will remain on the order book until someone sells at your price. Once executed, you incur a maker fee based on your VIP tier.
- Example of Taker Fees: If you place a market order to buy BTC at the current market price (e.g., PHP 2,000,000), your order will be filled immediately, and you will incur a taker fee.
- Partial Matches: If your order is partially matched immediately, the matched portion incurs a taker fee while the remaining portion stays on the order book and will incur a maker fee when executed later.
Fee Structure Based on Trading Volume
Coins Pro employs a tiered fee structure based on your monthly trading volume (Rolling Trade Volume or RTV). You may refer to the article here for the specific table.
Frequently Asked Questions
How can I reduce my trading fees on Spot Trade?
You can reduce your trading fees by increasing your monthly trading volume to reach higher VIP tiers that offer lower rates.
What is the difference between spot trading and converting cryptocurrencies?
Spot trading allows users to buy and sell cryptocurrencies with each other, while converting involves buying or selling cryptocurrencies at current market prices.
How do I check my current VIP tier?
You can check your current VIP tier by logging into your Coins.ph account and navigating to the account settings or profile section where your trading volume is displayed.