When trading cryptocurrency, you often look for a cryptocurrency exchange with low fees. At Firi, it is the customers who control the price and there are neither invisible fees nor currency surcharges.
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At Firi, our customers decide the price for the various cryptocurrencies. By using "Advanced Trading" on our website, customers can choose which price they want to sell or buy for. This is called either a "purchase order" or a "sales order". To see what price the customers have set, you can go to Advanced Trading and see all the orders under "Order book". We want to be transparent and therefore also show "Spread". Spread is the difference between the best buy price and the best sell price in the order book in real time. At the time of writing, the spread is NOK 2,700, which means that there is NOK 2,700 between the lowest price someone is willing to sell for and the highest price someone is willing to buy for.
This is a simplified example:
Ola wants to sell 1 bitcoin for 480,000 NOK and Lisa wants to buy 1 bitcoin for 470,000 NOK. It will then be a spread of 10,000 NOK. All trades at Firi will automatically always be made at the best available price, both for seller and buyer. This means that Ole and Lisa both have to wait for a customer who is willing to buy or sell at the price they have set.
If you want to buy crypto without having to go through Advanced Trading, you will get the best available price for the cryptocurrency you have chosen. This price is set by supply and demand. If we assume that you want to buy 1 bitcoin and consider the example above, you will buy Ola's bitcoin for 480,000 NOK if it is the lowest price available.
As mentioned previously, it is the customers who decide the price at Firi, and all exchanges have their own order book. If you google 1 BTC to NOK, you will get a price that is based on one of the major international exchanges. However, it is not only this that has an impact on the final price of cryptocurrency.
First of all, you must take into account that the dollar exchange rate varies between different banks. This means that the price you are given at another crypto exchange or on Google is not necessarily the price you actually pay in Norwegian kroner. At Firi, there is no exchange between currencies and you therefore all get real price in Norwegian kroner.
Secondly, your bank will charge a currency surcharge to exchange your Norwegian kroner for foreign currency when you use foreign services. The mark-up varies but can be up to approx. 2 percent. In other words, a bitcoin purchase for 10,000 NOK at a foreign exchange can cost you 200 NOK in currency surcharges. You will not receive this surcharge from Firi as we do not need to exchange from NOK.
We do not incur invisible fees in the cryptocurrency rate as many other exchanges do. We aim to be completely transparent, and it is essential for us that customers know exactly what they are paying for.
At Firi, it is free to make a deposit with bank transfer or Open Banking, and there is no currency surcharge for exchange as we use NOK.
At Firi, you pay only 0.7 percent in trading fees, regardless of whether you want to buy or sell. If you are going to make a similar trade on an international exchange, you must think about card fees, dollar exchange rates, currency surcharges and embedded fees in the exchange rate.
Our price for withdrawals/transfers is set to find the perfect balance between cost to the customer and efficiency of the transfer. When you transfer bitcoin or ethereum, you have to pay a fee to the miners who perform the transactions.
These miners secure the network and currency with their computing power or position by verifying transactions. They also ensure that the correct recipient receives the transfer and that the money can only be used once. For the miners to see any value in doing this job, they must of course get something in return for it. They must be paid for their work. The sender, who in this case is Firi on your behalf, decides how much you want to pay in fees. The miners, for their part, will always prioritize those who pay the most. When there are many who want to transfer cryptocurrency at the same time, there will be a price war, and the fees will increase.
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