Do you consider Faucet Pay swap fees of 3% too high?

[Fidelia]

Faucet Pay is one of the most recognized decentralized exchange. With it's peer to peer, you can send crypto to a fellow user at zero fees.

They have a Swap feature that allows you to swap one crypto coin to another. For instance, you have BTC and you need Ethereum, you can swap your BTC for Ethereum using Faucet Pay in minutes.

The fee for their swap though is 3%. Do you think this is too expensive to pay for a Coin swap?

 

[oldbuddy]

Not if you are making a profit when all is said and done. I don't use Faucet Pay since they do not accept members from the USA. but your question is a general one and it all comes down to the net cost after all transactions are completed.

 

[timewo]

Even larger exchanges which claim that they do not charge a fee will give a lower conversion rate to cover their expenses. So though the faucetpay fees are high, they are similar to what other exchanges indirectly charge.

 

[kirubel]

Personally i like faucetpay and the coin swapping options, it is easy and fast no waiting to swap the coin and no confirmations, and yeah i don't think 3% fee is that much money compared to its use and its offers.

 

[nomad]

Why do you have to pay 3 percent swap fees on Faucet pay when you can use convert feature for free on Binance. I think anything above 1 percent will be high fees.

 

[Stardom22]

For me l don't see the 3% swap fees as high as most people would look at. I think this is likely to be the right amount though not engaged in that venture.

 

[kirubel]

I don't mind with the exchanging fee of 3% on faucet pay to pay for exchanging but the problem is that when i try to exchange USDT to another crypto coin it says there is not enough fun in their site,

 

[deucher]

In my opinion, this is really a lot, because most of the users of this service are people who earn from crypto faucets and everyone knows that it is impossible to earn a lot there, so when they want to exchange a token, 3 percent is already a lot. In my opinion, the commission should be at the level of 1 percent, although this it would also be unprofitable for the company

 

[Golden9]

3% for swap fees doesn't seem too high for me, considering the range of services faucet pay provides for users especially this who claim from faucets. The pay is usually small and they have to process many transactions.

 

[Nite]

For some people, the 3% fee may be relatively high. It would be more reasonable to expect lower fees, especially considering that other decentralized exchanges offer similar services at lower costs. I think, FaucetPay should consider reducing their fees in order to attract more users and provide a more competitive service in the market.

 

[riberet19]

on the cryptocurrency exchange I think it's higher, I have there some bitcoin worth $25 and I wanted to exchange it for USDT and they charged me more than $1.3 in total, so that's not 3% but just over 5%

 

[IB D]

on the cryptocurrency exchange I think it's higher, I have there some bitcoin worth $25 and I wanted to exchange it for USDT and they charged me more than $1.3 in total, so that's not 3% but just over 5%

I don't know the wallet that you used but it seems the feature to swap crypto is completely free on Binance.

 

[riberet19]

I don't know the wallet that you used but it seems the feature to swap crypto is completely free on Binance.

The Microwallet that the OP is talking about, Faucetpay.