OmniTrader Professional Forum
OmniTrader Pro General Discussion
Crypto questions
15 replies, 3994 viewings
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OmniTrader Professional Forum
OmniTrader Pro General Discussion
Crypto questions
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Last Activity 6/18/2025 7:38 AM 15 replies, 3994 viewings |
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Frank Birch Veteran   Posts: 174 Joined: 3/25/2006 Location: UK  User Profile |
I have some questions regarding crypto. The presentation to crypto by Ryan Olson was 2nd to none on the workings of this amazing trading vehicle. It was mentioned in the seminar the cost of coin base (slippage and comms) is on the higher side? is there an average cost of placing the trade for each symbol across all brokers and is it added to each symbol (spread?) Any strategy looks great on paper without the cost of doing business is included. will the port sim replicate the results? As the market is 365 days 24/7 are we able to use omni pilot to harness this beast? I trade the FX market every day using omni trader (with omnipilot) and I've just stuck my FX strategies in to bitcoin and tested and my results where on a different level of profit different league!! I am sold. Regards Frank Birch [Edited by Frank Birch on 1/30/2022 10:31 AM] | |||
| mgerber Regular Posts: 61 Joined: 3/30/2006 Location: Issaquah, WA User Profile |
I am brand new to Crypto. I dabbled in FX before Switzerland went tits up, the U.S. regulators got weird, and IB effectively made it too difficult/ineffective for me to trade FX. Bought CTrader and got a Coinbase account up and running. I was expecting that FX tools would work, and that *seems* to be the case. So I am glad to hear your report confirming this. Coinbase was not easy to do: Their knowledge base is seriously lacking. They seem to be very opaque about their fees. XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX I had to google some articles to get a clear understanding of their fee structure, and even *they* describe the Coinbase fees as: "the fees are a bit confusing, to say the least. Plus you have strange imposed limits and other regulations hidden in the small print." https://www.fortunebuilders.com/coinbase-review/ Complicated Fee Structure Coinbase fees vary by country, so we’ll just focus on the U.S. fees. Coinbase fees break down like this: Bank Account Payment: 1.49% Coinbase USD Wallet: 1.49% Debit/Credit Card: 3.99% ACH Transfer: Free Wire Transfer: $10 Per Deposit, $25 Per Withdrawal Crypto Conversion: 2% Most of these rates are considered “high” for crypto exchange platforms. And these aren’t the only transaction fees you’ll pay. Coinbase Fee Structure In addition to the transaction fees, you also have to pay a “Coinbase fee” depending on the value of the transaction and where you’re making your order from. That makes transaction costs difficult to gauge. XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX --Mark G. [Edited by mgerber on 1/30/2022 7:03 PM] | |||
| mgerber Regular Posts: 61 Joined: 3/30/2006 Location: Issaquah, WA User Profile |
I read somewhere that port sim capability was not set up (yet?). BTW, I tried to get a 30' chart up and running, repeatedly failed on two different computers, and ended up emailing Barry. He quickly replied: XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX Coinbase only supplies data for 1min, 5min, 15min, 60min, & Daily. To get other timeframes we need to derive them ourselves. It’s on our list, but I’m not sure when it will happen. Regards, Barry Cohen XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX I would not use 1', but I find 2' SPY very useful . . . hope they pull that off sooner rather than later. --Mark G. | |||
| Barry Cohen Idol  Posts: 2309 Joined: 1/1/1900 User Profile |
AutoTrade works for Crypto & will calculate in fractional share sizes. | |||
| mgerber Regular Posts: 61 Joined: 3/30/2006 Location: Issaquah, WA User Profile |
These were two more questions that I was going to email about directly. Thanks again for the early help :) --Mark G. BTW, today is the 31st; will the 'promised' CTrader new features be released later today? There is nothing new on the Nirvana store shelf: "Additional Features for CryptoTrader Arriving Monday January 31st!" | |||
| Frank Birch Veteran Posts: 174 Joined: 3/25/2006 Location: UK User Profile |
Thanks for the info. I've been onto coin base to find the cost of the trade and vague springs to mind ha. the real truth is to look into the Bid & Ask first then in theory once a trade is placed directly to them we should get an idea. I spoke to a crypto trader today and his paying £14.00 round trip on a small account. Also I spoke to a good friend of mine who has 30 million in crypto and his biggest problem was getting a bank to accept his money took 7 months. How funny got it cant spend it ha ha. Regards Frank | |||
| mgerber Regular Posts: 61 Joined: 3/30/2006 Location: Issaquah, WA User Profile |
1. They just started phone support *recently*, the agents seem nice and try to help, but being new they are not very experienced/knowledgeable. 2. The agent I talked to admitted that they do NOT have a printed fee schedule. It is so variable (!) that one has to set up an order for execution, and see what they want to charge . . . I find this lack of transparency very troubling, and not at all what I was expecting. O.K., more searching . . . Coinbase Global, Inc has two platforms: The basic Coinbase is for inexperienced people to basicaly buy and hold. Then there is Coinbase Pro for traders. The two are linked, and assets can be switched between the two. Pro platform charges .50% a trade, decreased by a traders monthly volume. --Mark G. | |||
| mgerber Regular Posts: 61 Joined: 3/30/2006 Location: Issaquah, WA User Profile |
The knowledge base describes how to transfer funds between the two different Coinbase Global accounts, Coinbase to Coinbase Pro. The description was murky, and ill defined, and fumbling around got me nowhere. I called, got a nice agent, but she was unable to help. I finally stumbled on the methodology for "instant" transfer between accounts, and got a "transfer is complete" message with details. But in moments I got an email that the transaction was cancelled with a cryptic (no pun) error message. After a couple of cycles of doing this, I was back on phone support. This time I got a knowledgeable agent who discovered the problem: I had the USD, it was available for use, but Coinbase Global has a standard 12-day hold and would not even allow transfer from one of their accounts to another within their company (!) I think that it is safe to say that I am done with Coinbase Global's shenanigans. Lack of transparency, high fees (if you can find them), an inadequate knowledge base, etc. etc. etc. I'm voting with my feet . . . back to check out IB. --Mark G. | |||
| Ryan Olson Veteran Posts: 170 Joined: 12/29/2006 Location: Austin, Tx User Profile |
Good Morning All - I found this website that reviews different crypto exchanges and with all the questions about Coinbase this might be a good source. It looks like it is "slightly" out of date based on number of symbols it says are available but seems to be complete. https://www.nerdwallet.com/reviews/investing/brokers/coinbase#short | |||
| Barry Cohen Idol Posts: 2309 Joined: 1/1/1900 User Profile |
We understand the excitement surrounding CryptoTrader, & also know how important getting these additional features right the first time is. We will have End of Day Crypto Data available in a pre-release coming soon. Significant progress has been made in adding CoinBase & IB brokerage to CryptoTrader, but it has not been completed as of yet. Again - this component is critically important to get right the first time, & we feel it's better to take our time & get it right. We will be providing information to all CryptoTrader customers as this gets closer to finalization. Thanks for your understanding & patience. | |||
| mgerber Regular Posts: 61 Joined: 3/30/2006 Location: Issaquah, WA User Profile |
Yes, by all means, right the first time. Well worth the wait. I have seriously given up on Coinbase; looking forward to an IB connection:) --Mark G. | |||
| Barry Cohen Idol Posts: 2309 Joined: 1/1/1900 User Profile |
BTC- Bitcoin ETH- Ethereum LTC- Litecoin BCH- Bitcoin Cash | |||
| tlambie New User Posts: 2 Joined: 6/4/2009 User Profile |
PRICING TIER TAKER FEE MAKER FEE Less than $10K 0.50% 0.50% $10K to $50K 0.35% 0.35% $50K to $100K 0.25% 0.15% $100K to $1M 0.20% 0.10% $1M to $10M 0.18% 0.08% $10M to $50M 0.15% 0.05% $50M to $100M 0.10% 0.00% $100M to $300M 0.07% 0.00% $300M to $500M 0.05% 0.00% $500M and up 0.04% 0.00% Another thing to be aware of is, while I believe any customer of Coinbase will be able to trade with CryptoTrader but, as of today, only US residents can trade Crypto via IB/Paxos. Not sure what IB’s plans are for adding addtional countries. Tim [Edited by tlambie on 2/3/2022 9:06 PM] | |||
| Boris Lund Regular Posts: 59 Joined: 12/9/2021 User Profile |
You are showing the cumulative performance of BTC and ETH vs the SPY which is equal to a strategy of buy and hold. What you are selling is 3 strategies supposedly capitalizing on the high volatility i.e. the relative movement between the BTC/ETH and SPY. Not the total performance of BTC/ETH. So we would very much like to see some backtesting of those strategies. /Boris | |||
| Frank Birch Veteran Posts: 174 Joined: 3/25/2006 Location: UK User Profile |
Something I may have read on crypto is it correct you can only trade Long using coinbase?? Regards Frank Birch | |||
| TonyJ Member Posts: 5 Joined: 12/10/2006 User Profile |
https://www.coinbase.com/how-to-buy/1x-short-bitcoin-token https://www.coinbase.com/how-to-buy/3x-short-bitcoin-token Hopefully others with direct experience will chime in... |
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