Question re buying and fees - page 2.

crzy

full member

Activity: 2128

Merit: 180

Quote from: Houdini76 on August 01, 2020, 10:57:37 AM

Today I transferred £500 to my coinbase account and bought £500 of xrp . Immediately After I had bought it it showed the value as £487. Surely the fees for buying are not £13?

That’s the difference of buying and selling just like exchanging any fiat currency into dollar. Yes, you can consider that as a fees and usually those kind of transactions are more expensive than sending your money to your friends.

We also have that kind of wallet in my place where the buying price is much higher compare to their selling price, i don’t know how they computed it but we have no other choice but to convert our bitcoin and keep on investing.

TGD

hero member

Activity: 1288

Merit: 620

Wen Rolex?

Price Spread is the answer to your question. The trading fee is very minimal in any exchange. You should be aware that price spread between buy and sell are always huge in a wallet exchange because they do market order when you exchange BTC to Fiat and vice versa.

sheenshane

legendary

Activity: 2492

Merit: 1232

I tend to agree on @mk4, the fees that you have been experienced on Coinbase that you think are quite high are just because of the combination of volatility and the Coinbase fees which quite high compared Coinbase pro exchange. Go to an exchange(Coinbase pro) than buying coins to their wallet which is(Coinbase).

AFAIK, there's no fee for both sellers and the buyer on Coinbase pro exchange and I think that is good option if you are optimistic about fees. But remember, you can only use Coinbase pro if you reside in one of these places, in the US, UK, Europe, Canada, Australia, and Singapore.

Probably it is good if you will read this article, the Differences between Coinbase and Coinbase Pro.

harizen

legendary

Activity: 3122

Merit: 1398

For support ➡️ help.bc.game

Quote from: Houdini76 on August 01, 2020, 10:57:37 AM

Today I transferred £500 to my coinbase account and bought £500 of xrp . Immediately After I had bought it it showed the value as £487. Surely the fees for buying are not £13?

Every exchange does have their own buy and sell rate.

Not because you bought at £500, you will have the same selling rate in return once the amount reflected in your account.

The value of your XRP (£487) that you see is based on Coinbase current selling rate (£).

BitMaxz

legendary

Activity: 3374

Merit: 3095

Playbet.io - Crypto Casino and Sportsbook

Take note of the selling price and the buy price they are totally different, that's why you got £487 in XRP it's because the selling price is different from the buy price minus the fees.

Sample the price of bitcoin in buy price is $11,600 and the selling price is $11,100 so there is a gap between buying and selling.

Sanugarid

full member

Activity: 1442

Merit: 153

★Bitvest.io★ Play Plinko or Invest!

You should have checked the expenses before making a transaction so you'll know how much you will get and how much you will pay for the transaction. But uhmm, are you sure that you see your balance in 500 euro? coz I doubt a 13 euro charge fee for buying XRP. Conversion isn't free, you should know that when buying cryptocurrencies to avoid a 'culture shock'.

@mk4 has point the volatility of the coin is a factor also, maybe the time you buy the xrp, its price just decline a bit. Anyways XRP is moving up along with bitcoin, just hope for a better price of XRP in the next 24 hours Cheesy

mk4

legendary

Activity: 2870

Merit: 3873

Paldo.io 🤖

It's most likely a combination of Coinbase's fees, and probably the price volatility of XRP. Check out their fees here: https://help.coinbase.com/en/coinbase/trading-and-funding/pricing-and-fees/fees

Also, you're going to save more by using Coinbase Pro than Coinbase if you want to save on fees.

Houdini76

newbie

Activity: 46

Merit: 0

Today I transferred £500 to my coinbase account and bought £500 of xrp . Immediately After I had bought it it showed the value as £487. Surely the fees for buying are not £13?

Topic: Question re buying and fees - page 2. (Read 259 times)