Question
What are the fees associated with using the Cove Markets app?
Answer
Currently there is no cost to setting up an account with Cove Markets and using all its features. The only fees you should expect to pay are the trading fees set by each individual exchange. Most have volume tiers, which allow users to lower their trading fee by trading more volume. Most have different fees based on whether you are a “maker” or a “taker”. For a primer on this topic, please see our blog post covering maker and taker fees.
By default, exchange fees are set to the taker fee for the lowest volume tier. Users can override this setting by clicking in the top-right to access Settings.
Widgets such as the Order Book and BBO allow the user to display orders with or without fees. Users of our platform will most often send marketable orders and pay the taker fee. Fees on most exchanges are around 0.25%, which equates to about $17 when BTC is at $6800. Since prices across exchanges are often within $5-10 of one another, the fee on each exchange usually is a VERY important factor to consider.