Why Coinbase Charged me 50% fees? | Bitcointalksearch.org

Festus Maximus

newbie

Activity: 30

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Quote from: European Central Bank on October 27, 2017, 11:30:58 AM

Quote from: ractex11 on October 27, 2017, 11:22:56 AM

You mean they will charge me $0.99 every times i purchased bitcoin from them?

nope. they'll charge you more if you buy more. it ain't free to get on the bitcoin train. there are fees to pay and coinbase may actually be paying less than the raw network frees sometimes.

It's free if you use GDAX with limit order. You have to wait a week for the free bank transfer though.

Theb

hero member

Activity: 1680

Merit: 655

It seems to me that you, ractex11 ha a misconception about the fees of coinbase which a lot of members agreed on. The amount of Bitcoin you bought has been overcome by the fees by almost half of your buying power. Next time in order to fully utilize the .99$ fees you must always choose the the maximum amount possible on that level or at least near that because you sill lose in terms of the amount your purchase vs. the transaction fees.

SummonKing2

full member

Activity: 210

Merit: 128

Actually you do not charge 50% that is actually a fee per transaction. Now if you withdraw only 2 $ sure 50% charge because the fee today at 10 $ down is 0.99 $ almost half. if you only run 2 $ on your wallet, especially if you send only $ 1 $ 0.01 left. And I'm looking at it will no longer be accepted by the processor

Yakamoto

legendary

Activity: 1218

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Quote from: ractex11 on October 27, 2017, 11:11:36 AM

I just bought 2$ worth bitcoin from Coinbase but only received $1.01 worth of bitcoin, which they just charged me $0.99. Why Coinbase Charged me 50% fees?

Did you bother looking at the fee rates? Typically they don't charge 50% and I know for a fact Coinbase charges flat rates for various brackets. Other posters have listed what the taxes are like here too, you got taxed $0.99 for a <$10 purchase, and in this case it was 50% because you only purchased $2 worth.

I don't know what you want us to tell you but a lot of exchanges, every exchange, really, has some way of charging fees or the like so that they are able to keep their service running and earn a profit, you just have to be aware of what they're actually charging you before just barreling in.

nareshrohra

full member

Activity: 158

Merit: 100

Coinbase is one of the most competitive when it comes to pricing. 50% seems higher but actually the trade amount itself was quite low in your case. I have heard the GDAX is also competitive. You can try that

richardsNY

legendary

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Merit: 1091

Quote from: stompix on October 27, 2017, 11:20:06 AM

And honestly...who is buying 2$ worth of bitcoins nowadays and why...why?

It's either them being in need of a small amount to complete a certain order, or they are looking to empty their accounts by buying Bitcoin with the fiat they have left and withdraw it. I personally think the "problem" comes from the side of Coinbase. From there you can better ask -- what exchange allows people to buy $2 worth of Bitcoin? Yup, Coinbase.

Other than that, I am fairly sure that it's quite a common occurrence where people buy just a few bucks worth of Bitcoin, and for that reason there is enough demand for Coinbase to justify offering ultra low minimum purchase amounts.

European Central Bank

legendary

Activity: 1288

Merit: 1087

Quote from: ractex11 on October 27, 2017, 11:22:56 AM

You mean they will charge me $0.99 every times i purchased bitcoin from them?

nope. they'll charge you more if you buy more. it ain't free to get on the bitcoin train. there are fees to pay and coinbase may actually be paying less than the raw network frees sometimes.

stompix

legendary

Activity: 2912

Merit: 6403

Blackjack.fun

Quote from: ractex11 on October 27, 2017, 11:22:56 AM

You mean they will charge me $0.99 every times i purchased bitcoin from them?

Yes, it is a flat fee you will be charged no matter what.
After that they charge you a 4%.

So if you buy 100$ worth of you are going to pay 4$ (4%).
If you are going to buy 10$ it should be 0.99 (which is bigger than 4% out of 10$ , 40 cents).

But again this is from my past experience so it might be outdated.

o_e_l_e_o

legendary

Activity: 2268

Merit: 18711

Last time I checked, Coinbase fees are as follows:

$10 or less = $0.99 fee
$10.01 to $25 = $1.49 fee
$25.01 to $50 = $1.99 fee
$50.01 to $200 = $2.99 fee
>$200.01 = Flat 1.49% fee

The purchase confirmation screen clearly displays the fee you will be charged. If you weren't happy with the fee, you shouldn't have clicked "accept".

In future, just move all your money from Coinbase to GDAX (free and instant), and place limit orders on GDAX for zero fees.

specimen23

newbie

Activity: 63

Merit: 0

i am surprised your transaction was even processed. But why exactly did u buy just $2 worth of bitcoin? its not worth the time loggin into your account to consunmate such transaction.

ractex11

newbie

Activity: 48

Merit: 0

You mean they will charge me $0.99 every times i purchased bitcoin from them?

stompix

legendary

Activity: 2912

Merit: 6403

Blackjack.fun

Quote from: ractex11 on October 27, 2017, 11:11:36 AM

I just bought 2$ worth bitcoin from Coinbase but only received $1.01 worth of bitcoin, which they just charged me $0.99. Why Coinbase Charged me 50% fees?

They didn't charge you 50% fees.They charged you 99 cents.
Check your receipt you received when you made the purchase.

And honestly...who is buying 2$ worth of bitcoins nowadays and why...why?

ps:
https://www.reddit.com/r/Bitcoin/comments/6cgo8i/wtf_coinbase_new_higher_fees/

ractex11

newbie

Activity: 48

Merit: 0

I just bought 2$ worth bitcoin from Coinbase but only received $1.01 worth of bitcoin, which they just charged me $0.99. Why Coinbase Charged me 50% fees? http://img116.imagetwist.com/i/18694/4h45twecj3re.png/Screenshot__16_.png

Topic: Why Coinbase Charged me 50% fees? (Read 264 times)