I’m truly concerned about the way Bux introduced Crypto trading.
Bux is very cheap for trading stocks and the app is working fine. However nothing is the same for crypto.
- The app isn’t refreshing, so you have to constantly tap on different buttons to see the ‘actual’ price.
- They are not clear about the costs. They refer to the website, but there the only thing shown about costs is the 0,5% fee. Not a word about spread on crypto, but they let you pay for it once you tap the ‘buy’ button.
- The shown prices are lower than the real prices.
Please Bux, fix all of this very very soon! I post it here, because I really like the thing you do on stocks, and I don’t wanna run to the AFM directly. But support is lying about this too, so please show that you take your customers seriously.
Don’t forget about the fact that limit orders (which should be the most basic of investing functions), is also not available. And for many crypto people (not me) withdrawal and deposit is also a basic function.
Your points are also very very valid.
That being said, I do think it was the best decision to launch it (seeing as it had been delayed a few times already). Now they just need to fix those things ASAP.
As for the costs, there might be an extended utility plan for their bux token coming out in the coming weeks. So maybe the clarity of all the costs will be included in that part.
I’m sure the bux crypto team works very hard. But they said the utility plan release would be revealed at the end of this month… Well, this month is almost over. Not surprised if there is a delay, like always. And that’s only the plan, so the actual utilities come in a year? 2 years? With tons of delays…?
A roadmap would also be nice at a start of a year. A roadmap for the next 3 or 5 or 10 years. It would be great if bux crypto team makes a plan with achievable deadlines, and not just say dates and delay a couple of times. I still believe that bux crypto and bux token can grow very big (if team do what they say), but I’m getting more and more doubts. I read a lot of online comments/reviews about bux crypto and bux token and the number of doubting people is rising. Of course there are still a lot of enthusiasts. I hope that there are enough enthusiasts and not going down further. Like I said before in an other post: delays create FUD, FUD is killing.
I hope that they, at least, announce a regular
token burn in the utility plan or roadmap.
The crypto team close to sharing more information. If you want a more close up conversation with the bux crypto community you should join the telegram group below.
Hopefully they can answer your questions.
Btw short term pain, is long term gain.
Thank you very much for reaching out and sharing your thoughts and welcome to the BUX community!
I believe you are using an Andoid phone, as the first bullet you mention is a bug that we found on Android and are currently fixing, so hopefully that issue will not persist much longer
Regarding the pricing, we have some answers that address these points in the crypto FAQ on the website, but I will try to go into a bit more detail here.
Generally, there is always a spread between the bid and the ask price of financial instruments, including stocks, ETFs but also crypto. In BUX Zero, the charts and your portfolio are based on the bid price, so the price that you can sell your assets for, this way we can ensure that you see the value that you would really receive when selling. When you send in a buy order you will buy at the ask price. This ask price is shown when you make the order so you will always know at what price you will be buying. In crypto currencies the difference between bid and ask can be relatively large due to the nature of the market, the assets liquidity and current volatility.
As the spread is not a fee and can vary significantly based on the coin and in time through market volatility and liquidity, it cannot be included in the price list, however you can always see the full spread within BUX Zero directly. Note that other brokers may be using the mid-price to value your portfolio, or even the ask price, but then when you sell your assets it is done on the bid price. Please also note that BUX is a broker and not an exchange, within crypto currencies, exchanges can often have a tighter spread, but then charge fees. As a broker you have to have a different underlying infrastructure and execution partners, that’s why brokers tend to have wider spreads.
I hope to have been able to give a bit more clarity on this. We are also internally assessing on how to increase the transparency around this, however changing the way the charts and portfolio are calculated is rather complex and touches many core parts of the app.
Dude, You are complaining about a broker that is doing broker things? The only thing that brokers do is sending your order to a marketmaker. The marketmaker decides the spread. You invest in unregulated markets with high volatile products and you complain about the spreads… and then also threaten with the AFM. Damn bro that is the most stupid thing and snitchy thing I heard this year… I would like to recommend some podcast about how the market is working. Or maybe you should read the terms before you agree with them blind…. But that’s me. I hope I informed you well (p.s. nobody likes snitches)
Little bit pathetic i.m.o. to complain about things that the broker does, isn’t it? I think if you may go to the AFM they will laugh about your complain because you don’t know how the market works.
Agreed with this one!
And if it may be that you pay the “spread” they are obviously less high then by other brokers or websites. But that is what I think