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Jurassic


Total Posts: 276
Joined: Mar 2018
 
Posted: 2019-11-21 22:08
What are you paying these guys 4-6% a transaction for?

goldorak


Total Posts: 1065
Joined: Nov 2004
 
Posted: 2019-11-22 08:14
To keep on stirring up the air?

If you are not living on the edge you are taking up too much space.

nikol


Total Posts: 850
Joined: Jun 2005
 
Posted: 2019-11-22 11:26
4-6%? where did you get those? special offer? :)

(I did not look on purpose, just first pop-up example)

https://support.pro.coinbase.com/customer/en/portal/articles/2945310-fees

Jurassic


Total Posts: 276
Joined: Mar 2018
 
Posted: 2019-11-22 18:17
Coinbase is "3.99% fees on credit and debit purchases".

What is the point?

mrdivorce


Total Posts: 10
Joined: Jan 2017
 
Posted: 2019-11-22 18:59
Cause fiat's going to zero bro! Or BTC is going to infinity. Either way I'm happy to pay them fees to be able to dump my useless $$$

On a more serious note, what you're looking at is the sort of retail front end to Coinbase. Behind that is the actual exchange, https://pro.coinbase.com/. Fees there start at 0.5% taker fee and 0.5% maker fee. Which is still heinous, I think it used to start at 0.3% taker and zero fees for maker? But some ways away from 4%. As another data point Kraken starts at 0.16% maker and 0.26% taker. And BitMex is 0.025% rebate and 0.075% taker, which I believe is about the same across most crypto derivatives exchanges (that I've seen so far).

nikol


Total Posts: 850
Joined: Jun 2005
 
Posted: 2019-11-22 20:53
I see depo/withdrawal fees of 15 euro-cents for SEPA.
USD and GBP is more expensive. Sorry for you.

If you move cash with credit/debit cards, then ask your bank and, please, don't blame the crypto kitties.

PS. maybe I am missing something. Cannot find your 3.99%

jslade


Total Posts: 1195
Joined: Feb 2007
 
Posted: 2019-11-23 08:30
The 3.99% is for buying crypto retail through Conbase. It's for people who use bitcoin ATM machines so they can buy muh dope vape pens on the dork web.

The major exchanges used to have 0% maker fees for reasonable volume. Now it's only 0% on high volume, which has funny microstructure side effects. FWIIW Gemini is better. Oh yeah, never, ever use Kraken; it's 10 people in a boiler room, and their order book is literally a REST-API. Not that this makes them much different from many non-dollar denominated exchanges, but they're creepy and broken.

"Learning, n. The kind of ignorance distinguishing the studious."

Jurassic


Total Posts: 276
Joined: Mar 2018
 
Posted: 2019-11-23 12:10
"If you wanted to purchase bitcoin with a credit or debit card, we would charge a fee of 3.99% since the variable percentage fee is higher than the flat fee."

@nikol see https://support.coinbase.com/customer/en/portal/articles/2109597-coinbase-pricing-fees-disclosures

Surely though at the start you need to swap fiat money for bitcoin before you can use the exchange?

@jslade how can you work out their tech stack??

campo_de_ems


Total Posts: 6
Joined: Apr 2016
 
Posted: 2019-11-23 14:30
@jurassic @jslade how can you work out their tech stack??

once you have used crypto exchanges, compared and traded them fair a bit, you just know. I guess what jslade meant is that their tech stack is based on some crappy nodejs server, some random github orderbook implementation, possibly the worst and slowest out there and some other nonsense crap that a (web??) dev with zero finance background would use and deem appropriate.

nikol


Total Posts: 850
Joined: Jun 2005
 
Posted: 2019-11-23 14:40
I second campo_de_ems.
Trading crypto implies connection to multiple exchanges, so you know...

@jurassik As I guessed. Don't use credit/debit card. Point.

Jurassic


Total Posts: 276
Joined: Mar 2018
 
Posted: 2019-11-23 15:51
@nikol how else can you make the initial purchase?

nikol


Total Posts: 850
Joined: Jun 2005
 
Posted: 2019-11-23 17:16
How? Once again. I am puzzled.

Bank transfers (SEPA) to Coinbase is FREE
Withdrawal from Coinbase to your bank account = 15 euro-cents for SEPA

(see table at the bottom of the page through your link)


Otherwise, do it in the most expensive way, for example, via LocalBitcoin in Venezuela or Iran. You might get there hidden charge of as high as 20%.

There is some other way - get hired in bitcoin industry and charge salary or fees in bitcoins. Simple !

Jurassic


Total Posts: 276
Joined: Mar 2018
 
Posted: 2019-11-23 17:59
@nikol my bad. I didnt read this well.

Kraken's valuation is $4bn. You guys need to get into crypto exchanges. It frustates me I cant build it.
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