If you’re new to the world of cryptocurrency, the process of buying and selling can be confusing. One of the most common questions we get is “Why is Coinbase charging me?”
Coinbase is a digital asset exchange that allows customers to buy and sell cryptocurrencies like Bitcoin, Ethereum, and Litecoin. When you buy or sell digital currency on Coinbase, you’re charged a fee for the transaction.
This fee is calculated based on a number of factors, including the currency you’re buying or selling, the payment method you’re using, and the amount of the transaction.
Coinbase charges a spread of about 0.5% for digital currency conversions. For example, if you buy $100 worth of Bitcoin, you’ll be charged a $0.50 fee.
If you then convert that Bitcoin into Ethereum, you’ll be charged an additional $0. In total, you’ll be charged a 1% fee for your two transactions.
Coinbase also charges a separate commission based on your payment method. For example, if you use a credit or debit card to buy cryptocurrency, you’ll be charged a 3.99% fee. If you use a bank transfer to buy cryptocurrency, you’ll be charged a 1.
NOTE: WARNING: Coinbase is a digital currency exchange that allows you to buy, sell and store digital currencies like Bitcoin, Ethereum, and Litecoin. Coinbase charges fees for its services, so it is important to understand why Coinbase is charging you before you make any transactions. Some of the possible reasons for Coinbase charges include: buying or selling cryptocurrencies, transferring funds between wallets, and/or conversion fees. Please be aware that Coinbase may charge additional fees depending on the payment method used. It is also important to remember that Coinbase may also charge transaction fees when withdrawing funds from your account. Before you make any transactions with Coinbase, please make sure to review their full Terms of Service and associated fees.
49% fee. These fees are in addition to the spread mentioned above.
Finally, Coinbase has a variable rate depending on the amount of currency you’re buying or selling. For transactions under $200, Coinbase charges a flat rate of $2.99. For transactions over $200, Coinbase charges 0.1% of the total transaction amount.
So if you were to buy $500 worth of Bitcoin, you’d be charged a $2.99 fee plus a 0.1% fee, for a total of $3.09 in fees.
Coinbase is transparent about its fees and offers customers several ways to avoid them altogether. For example, customers who hold US dollars in their Coinbase account can avoid conversion fees by using their USD balance to buy or sell cryptocurrencies.
Customers who use bank transfers to deposit or withdraw funds from their Coinbase account can also avoid fees by trading with other Coinbase users directly on the platform’s “Order Book.” Finally, customers who hold certain cryptocurrencies in their Coinbase account (like Bitcoin or Ethereum) can avoid conversion fees by using those currencies to buy or sell other cryptocurrencies on the platform.
Why is Coinbase charging me? In short, because they need to make money somehow and every business has operating costs! All joking aside, they do have some valid reasons: they’re providing a service that’s convenient (and becoming more so), they’re expanding that service to more countries (140+ last I checked), they’re building out features like USD wallets and instant purchases with credit cards… all while trying to keep hacking at bay (no easy task).
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