Hey All,
Please tell me if this sounds right for the following..
Buy $5000 of BTC on Coinbase (Regular Coinbase, not Pro)
That fee is $73 dollars.
Transfer that purchase to a cold wallet.
The miner fee is 0.00005096 BTC which equals $2.84 dollars
So total to buy $5000 dollars of Bitcoin on Coinbase and then transfer it to a cold wallet is basically $76 dollars?
There's no other hidden fees I'm missing?
Thanks!
First, take the 5 minutes necessary to learn what a Market Order is and what a Limit Order is.
Then, use Coinbase Pro, not Coinbase. You'll save money. Not only will your transaction fee for the purchase be MUCH lower, but you'll be buying at the actual market price instead of Coinbase's marked-up price.
As for other fees, you'll need to figure out how you're going to convert $5000 cash into a $5000 balance at Coinbase. This will probably involve the use of a bank account (which may or may not have fees of their own) or a credit card account, and the use of some sort of electronic transfer service (which also may or may not have fees associated).
Assuming that you already have a bank account somewhere that does not charge you any fees for depositing or storing $5000 with them, and that you use something like ACH or SWIFT to transfer the funds (and that your bank doesn't charge you any fees for that service), then you'll just have the $25 exchange fee when you acquire the bitcoins, and then the Bitcoin transaction fee when you send the funds to your cold wallet.
Also, be aware that Coinbase may enforce a period of time after you acquire the bitcoins during which you cannot transfer the bitcoins out of Coinbase to your cold wallet. This delay will vary depending on what method you use to transfer the funds to Coinbase from your bank (or credit card), and how long before you made the purchase the funds were transferred.
Finally, be aware that there may be some withdrawal limitations. Coinbase may not allow you to transfer any bitcoins out to your cold wallet unless you provide some identifying details first. The total amount that they'll allow you to send per unit of time (such as day or week) may vary depending on how much identifying information you provide and what type. I think their lowest limit is larger than $5000, so you shouldn't have too much trouble. It's worth knowing about though, especially in case you decide to engage in a larger transaction in the future.
