Topic: Warning about buying BTC via Credit Card within the APP (Read 1797 times)
I'm planning to buy BTC using the in-app option (Simplex) from Mycelium through my credit card but backed off a bit to check any reviews regarding that service and fortunately I found this thread. The amount that it deduct from your BTC as fees is so absurd and it is not clearly indicated/explained there. I think, they should just remove that in-app option because people will just feel ripped off after buying BTC from them.
XAPO has fair rate.
Both, mycelium and simplex take a 5% fee.
Simplex takes 5% or 10$ minimum,
so a 50$ purchase has 10$ of fee for simplex minus myceliums 5%.
This brings 50$ down to 35$.
Also the bitcoin amount displayed is without fees deducted and they get redacted from the bitcoin amount.
Simplex takes 5% or 10$ minimum,
so a 50$ purchase has 10$ of fee for simplex minus myceliums 5%.
This brings 50$ down to 35$.
Also the bitcoin amount displayed is without fees deducted and they get redacted from the bitcoin amount.
Yes I was shocked also what happened to that other guy you mentioned in his thread on this board. And I tried also the calculations in Simplex to buy through credit card and it seems true that it makes 14-15% the advantage on buying with CC as you have to pay 1490$ to buy 1BTC at this current price which is $1280 and its difference is $210! That is ridiculous!
Ok, after a little investigation because of the "crazy fees" post... I discovered that the Credit Card purchase in-app option that links to the Simplex service is a MASSIVE rip off.
Currently (1000 hrs UTC 2017-02-17), this service is charging USD$1200 for 1 BTC. The going rate is around USD$1050 for 1 BTC. That is a markup of around 15%!!?!
The poor guy in the crazy fees thread paid $50 and got $36 worth of bitcoins... which is a 30% difference! (And is currently what $50 will get you)
I'm not sure if the ludicrous "fees" are being charged by Simplex for use of the service, or if they are set by Mycelium or what... but come on guys, surely you need to make sure that the services you are offering are actually a worthwhile for your users!
Currently (1000 hrs UTC 2017-02-17), this service is charging USD$1200 for 1 BTC. The going rate is around USD$1050 for 1 BTC. That is a markup of around 15%!!?!
The poor guy in the crazy fees thread paid $50 and got $36 worth of bitcoins... which is a 30% difference! (And is currently what $50 will get you)
I'm not sure if the ludicrous "fees" are being charged by Simplex for use of the service, or if they are set by Mycelium or what... but come on guys, surely you need to make sure that the services you are offering are actually a worthwhile for your users!
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