How are the cryptocurrency prices calculated on BCM ?
BCM buys its own cryptocurrencies on different international exchanges and is therefore susceptible to the crypto volatility between buy and sell prices. Prices vary minute by minute, hour by hour and day by day. Prices will depend and be determined by the spread and impacted by slippage in some cases. What’s that, we’ll take a look!
What is the spread on BCM?
On BCM, the spread is the difference between the buying price and selling price of a cryptocurrency. For example, if you buy a coin for 0.000019 BTC and want to sell it at the same time, you can sell the coin for 0.000016 BTC. The difference between these two prices is the spread. This applies to all cryptocurrencies traded on BCM.
As in the traditional stock market, the spread is the difference between the bid and ask price. The bid price is the price at which someone is willing to buy, while the ask price is the price at which someone is willing to sell. The difference between these two prices is called the spread.
On BCM, the spread can change from minute to minute, hour to hour and day to day, depending on market conditions. Therefore, it is important to keep an eye on the spread when trading on the exchange.
Due to volatility the height of the spread can change continuously.This difference does not seem that much but it can be as much as 20% on low liquidity coins. Be aware!
What is slippage on BCM?
How could it be that the price given was different from the price I paid? Well, small cryptocurrencies have the problem that they have very small order books. This can impact the price of a coin considerably.
When purchasing 100 coins all in once, it could be that;
30 coins cost 6 cents
30 coins cost 8 cents
40 coins cost 12 cents
This is known as slippage! It results in a purchase more expensive than firstly calculated by the price calculator.
What are the fees of BCM?
At the time of writing BCM uses variable trading fees. The standard fee is around 1%. Note that this can change depending on the cryptocurrency.
In addition BCM uses the any-to-any exchange method. It allows you to exchange your crypto directly for other crypto, without having to sell first to fiat. This functionality of Bitladon halves the transaction fees and is a big advantage by saving costs and improves convenience.
What are the cryptocurrency deposit fees on BCM?
BCM requires the amount sent to your Bitladon account to have a minimum value of €5. Because they have to pay a transactional fee to process the coins.
What are the withdrawal fees on BCM?
When sending or withdrawing cryptocurrency, BCM withholds a fee. The withdrawal fee varies depending on the cryptocurrency being withdrawn. Be aware of those additional costs before withdrawing.
- Bitcoin (BTC) – 0.00030000 BTC
- Ethereum (ETH) – 0.00141351 ETH
- XRP (XRP) – 0.25000000 XRP
What is BCM VIP Program?
The big advantage of trading a lot at BCM is that you will be rewarded with a discount on the trading fees. The more you trade the more discounts you earn. Your VIP status will be determined by your 30 day trading volume.
There are 8 different VIP levels, each with its own discount ranging from the standard fee of 1% to 0.10%.