Question re buying and fees | Bitcointalksearch.org

Ridwan Fauzi

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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?

Have you check with the calculator? I mean, at what price you bought 1 XRP in euro so you will get the certain amount and you can multiply 1 coin xrp by the price of 1 XRP coin in euro. So as you will know the problem between fee or the volatility of xrp price.

Usually, the exchange just take a few percent to charge for every transaction. I never use coinbase before but so far I never had the problem like yours in another exchange like binance or OKEx. However, I often to find when I bought a coin and my money just decreased a lot due to the volatility price the coin that I bought.

chip1994

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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?

it may be due to a system error displaying the price at that time. In Coinbase I still run into such cases, but the value of my coin is still the same. Or it could be because the price of XRP has suddenly plummeted when you bought it. Please double check and report to Coinbase supporters.

Sanitough

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Can't tell, but it's only you that can tell since you can check the history, but probably it's the little fee and high volatility that affect the value of your coin now.

If we look at here, https://coinmarketcap.com/currencies/xrp/markets/.. there's a little changes, that 2.31% in usd value ( will change from time to time)..
and you only lose £13 of £500 in value, so you loss 2.6%... I guess it's the volatility.

bitgolden

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It could very well be, there is tons of fees all around the exchange world, I do not know what yours is and why XRP would be etc, but I had something similar, I had about 3900 fiat (of my nation) and with the trading fees it has become 3890 which means 10 fiat gone, and with withdrawing to my bank account it became 3887, so all in all I did lost 13 fiat as well, obviously that is a lot less compared to dollar or euro but it is still 13 fiat.

If you had the same amount of trading fees and all that, you could have dropped it as well. Plus there could be fall in the price as well that you didn't notice, or you could have bought overpriced without realizing and make a loss instantly as well. These are all possibilities and that could cause you to lose money right away.

alani123

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Quote from: LbtalkL on August 02, 2020, 11:46:56 AM

Sad to say if you bought with banks/credit/debit cards that is always the case aside from fees you are buying those coins at highest possible price, that is not a volatility issue, that is always the case if you are buying with credit cards. If you are not convince try other platform like binance. I have notice it on variuos platforms, like binance, Trustwallet, Blockchain wallet, etc. they are all the same, maybe that is their way so they could earn more from us.

EDIT: Just test binance now, their rate is more cr*zy look at that difference.

Card payments are seen as more convenient by many people that just don't know any better. And in some instances like for example in America, even domestic bank transfers can take long and often are quite expensive. So it can be convenient to pay a small levy and just get coins if you need them fast.

But for the merchant completing a large volume of card transactions, it is often that they face card fraud. So this is what makes cards really expensive for crypto, along with the bank fees of course. It's not always a good comparison.

Coinbase wallet also takes bank deposits, like a normal exchange. This should make buying with bank funds cheaper, but they apply the same fees.

Shasha80

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It must be remembered that the price of XRP is very volatile, so in a few minutes the price can change drastically. So the change
in your XRP value is not necessarily due to transaction fees from Coinbase. Just hold in a few days your XRP value will definitely
change again. Just hope the value changes become bigger, even if it changes to low just hold it, wait until the value returns to
what value you want.

Renampun

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Quote from: btcholder on August 04, 2020, 01:52:19 PM

I think it depends on various platforms. I saw that kinda thing too. When i calculate with Preev and check other exchange too, the result always came different.
The problem OP facing is probably because of volatility. In crypto currency market that's not new. Price can be rise up/down hugely under a minute. So it can be happen anytime with anyone.

what the OP is experiencing is not just a price volatility...
each exchange has a different policy regarding buying and selling fees and the higher the purchase or sale made, the more costs are deducted, experienced by the OP purely because of price volatility + withholding costs.

Cryptoababe

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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?

It may be due to downward in price of ripple. When you purchase crypto with fiat. And the current market volatility is high, this kind of fund reduction may happen

Mumbeeptind1963

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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?

You should take not that there is some fees you will need to pay, also maybe when you deposit the amount that is the price, but when you received your fund, the market maybe change its price that's why you get it in different price. There is a different price in buying and selling.

Cryptoababe

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Quote from: mk4 on August 01, 2020, 11:14:57 AM

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.

How can one Signup for coinbase Pro to be able save more and enjoy low fees and his coinbase Pro supported by every country?

Yamifoud

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The fees will appear first before hitting the send button and to confirm it. It is not accumulated with the amount of £500 you send.
You may wonder why it appears different after buying XRP it is because the price just dumps after. It is the volatility effect in the market, XRP price keeps moving up and down, and definitely you can see that the total value will also change...tried to figure it out.

Unless if you converted it to stable coins just like USD, then you can see no change its value.

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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?

The most likely explanation for this is the fees you incurred during the purchases you made and also due to the fact that you bought XRP on the high side and the price has dipped a bit since yesterday. I think that's probably the cause of the reduced funds in your account. Don't worry too much about it. Your best bet to get any figure close to the price you bought would be for XRP price to go higher.

milewilda

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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?

Buy and Sell prices are totally different and when you do make conversions then expect for such fees/deduction.It shouldnt be that high? as said where price volatility is also a factor in times
that you had made out some conversions.I havent test out Coinbase though but they are all just the same in all platforms which they do indeed have some fees and one example given above
is on Binance which is totally a rip-off.

btcholder

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I think it depends on various platforms. I saw that kinda thing too. When i calculate with Preev and check other exchange too, the result always came different.
The problem OP facing is probably because of volatility. In crypto currency market that's not new. Price can be rise up/down hugely under a minute. So it can be happen anytime with anyone.

LbtalkL

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Sad to say if you bought with banks/credit/debit cards that is always the case aside from fees you are buying those coins at highest possible price, that is not a volatility issue, that is always the case if you are buying with credit cards. If you are not convince try other platform like binance. I have notice it on variuos platforms, like binance, Trustwallet, Blockchain wallet, etc. they are all the same, maybe that is their way so they could earn more from us.

EDIT: Just test binance now, their rate is more cr*zy look at that difference.

Assface16678

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Usually, this happens why that the value is your funds and when trying to convert to the specific you want is it has now less than your unexpected.

Again there is a transaction fee every time we are using the platform and also some of them are fixed some are not it depends on the platform you are using with right now also when converting your funds it can be your total funds minus the transaction fee and the remaining funds will now be converted to the coin you want and which is the ripple.

Quote from: Shimmiry on August 02, 2020, 06:55:37 AM

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?

Exchange fees aren't affect your funds heavily.
The obvious cause why your XRP only valued £487 is because of XRP's volatility.
You bought xrp on a higher price and now XRP has a lower value so your 500 turned to 487.
If XRP's value rise soon, your balance will go near, be back, or even surpass 500.

Got a point too the market are volatile even you entry and you see at the label is you have for example an 0.20 market price then a few minute you didn't notice while you converting it drops into 0.18 this may possible.

rodskee

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Quote from: crzy on August 01, 2020, 06:50:52 PM

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.

In the sense that you are into trading so it can also go to the other side if you invest
in the right timing profits is also possible.
You need to realize that there's always difference between that particular trades
timing always your friend here.

Quote from: crzy on August 01, 2020, 06:50:52 PM

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.

Most wallets are indeed the same, as the exchange always in the positive whatever happened
to the market they'll always in profitable side.

Shimmiry

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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?

Exchange fees aren't affect your funds heavily.
The obvious cause why your XRP only valued £487 is because of XRP's volatility.
You bought xrp on a higher price and now XRP has a lower value so your 500 turned to 487.
If XRP's value rise soon, your balance will go near, be back, or even surpass 500.

exstasie

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Quote from: mk4 on August 01, 2020, 11:14:57 AM

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

Very true, but it's worth pointing out that Coinbase Pro only allows you to trade with fiat money that has cleared the bank. That can take a few days after initiating a deposit, so Coinbase (not Pro) can occasionally be useful for locking in a price when you don't have fiat on site.

1.5% is sometimes a small price to pay when BTC can move 15% in a day, not to mention the volatility of altcoins.

alani123

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Never buy via Coinbase. Always try to use the actual exchange at pro.coinbase.com if you have funds in Coinbase. See the gif below for some example.

Buying via Coinbase wallet is always a bad idea because they have tons of hidden fees. They try to fool you into thinking there aren't substantial fees by putting them in the exchange rate and other tricks. Just buy via PRO and then transfer the balance. It's always better to buy on the market rate.

crzy

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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

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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

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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.

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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

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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

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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

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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

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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 (Read 259 times)