Are trading apps robbing the people?
I saw today’s dip and decided to move the small amount of cash I have sitting around in my Revolut account to crypto, just so I can grow it by a dozen pounds or so. Why not. Why not cover the inflation while paying for this month’s phone bill at the same time? And for free.
I picked Litecoin from the list provided in Coinbase because I thought it had the best % movement compared to the rest. It’s also associated with the lowest fees of the bunch, especially since I couldn’t set my own price.
*Trading with Revolut is exactly that; **with** Revolut. You are simply buying a share of their portfolio at whatever the price they set*
I was ok with that. It was just a little bit of cash - not worth transferring to a proper exchange - decentralised or otherwise. Then I got the shocker. The fees! What?! Daylight robbery.
The way it is, the market will have to move nearly 8% for me to break even. That’s absolute madness. I can’t believe this is what people have been dealing with trying to “trade crypto”.
Peace & Love