Title: Why does Coinbase charge 1% fees? Post by: subwoofer12 on April 18, 2016, 10:22:54 AM I guess I don't understand why they still charge 1% on the Wallet page when you can just transfer it to the exchange and sell in 5 seconds
If I sold in Wallet I would have paid $42.24 https://i.imgur.com/UjZSLXD.png So I just transferred to the Exchange https://i.imgur.com/AzyBvn3.png And paid $10.88 in fees (0.25%) https://i.imgur.com/9lSGGiW.png Title: Re: Why does Coinbase charge 1% fees? Post by: KenR on April 18, 2016, 01:10:01 PM How they're suppose to run a business without charging the service fees ? Most of the bitcoin related services survive solely on service charges.Bitcoinmixing for instance.1% by coinbase as addressed by their FAQ section,they offer you lot of other bullshit in the name of security and network propagation.Live with it.
Title: Re: Why does Coinbase charge 1% fees? Post by: alyssa85 on April 18, 2016, 02:25:54 PM The people who use the wallet are noobs and are willing to pay those charges. The people who use the exchange are speculators, and they wouldn't use coinbase's exchange if their fees were out of line with other exchanges. Coinbase can only put it's fees up on the exchange if other exchanges also do this - and they might in the future, if more exchanges fail and it's down to just one or two.
Title: Re: Why does Coinbase charge 1% fees? Post by: traderbit on April 18, 2016, 06:03:56 PM It says that the balance will appear after 1-2 business days, sometimes it does not worth especially if you plan to exchange them immediately, also as far as i know they pay the transaction fees when withdrawing bitcoins so they should cover these fee.
Title: Re: Why does Coinbase charge 1% fees? Post by: Quickseller on April 18, 2016, 10:09:11 PM When you trade on the exchange you will still need to pay a commission (unless your order is not filled immediately) of 0.2%, and not everyone is able to use their exchange, although I believe if you have their USD wallet enabled then you can use their exchange.
Interestingly enough, when you buy/sell via coinbase (not their exchange) the order is apparently routed to their exchange as a "market" order. I do agree that it is probably almost always a good idea to trade on their exchange, even if you are executing a market order as you will end up saving 0.8% in commissions. The only exception to this might be if you are selling someone some of your existing bitcoin for a premium and wish to simultaneously purchase an equal amount so you end up with the same amount of bitcoin, as if you make a deposit to your USD wallet then it will take about a week for the funds to be available for trading, however if you purchase via coinbase then you can buy right away. Title: Re: Why does Coinbase charge 1% fees? Post by: mixan on April 18, 2016, 11:55:01 PM they don't charge on sending receiving any transaction. I think this is where the company makes their money. From the buy sell transactions.
If not how would they still survive? Come on now ::) They have too make money some how to survive. Title: Re: Why does Coinbase charge 1% fees? Post by: unholycactus on April 19, 2016, 12:03:47 AM they don't charge on sending receiving any transaction. I think this is where the company makes their money. From the buy sell transactions. If not how would they still survive? Come on now ::) They have too make money some how to survive. The point OP is trying to get across is that if you use the Coinbase wallet ONLY to sell your coins, you pay 1%. As opposed to transferring your coins from the wallet to the exchange and then selling with a 0.2% fee. I suppose this is a new feature they haven't adjusted. If you're unable to sell on the exchange (which could be more restrictive than the wallet), someone would be ready to pay the 0.8% premium. Title: Re: Why does Coinbase charge 1% fees? Post by: zenitzz on April 19, 2016, 12:43:06 AM Every company has a 1 percent transaction fee for withdraw to local currency, it's not a problem because sometimes in other companies you get 3% fee transaction.
Title: Re: Why does Coinbase charge 1% fees? Post by: Karpeles on April 19, 2016, 01:27:50 AM It is a free market, so they can charge anything they want.
Since most people are dumb or lazy, and they pay for their dumbness/lazyness Accept to pay 1% instead of 0.25% by far is not the biggest dumb thing that people do without even notice Title: Re: Why does Coinbase charge 1% fees? Post by: mobnepal on April 19, 2016, 08:03:06 AM Some find it quite long process to goto exchange deposit bitcoin and exchange it there at market price. So rather than doing so they are happy to pay 1% fee to change it within their coinbase wallet. 1% is still reasonable fee looking at some service taking 10% fee in echanging cash to coin and vice versa.
Title: Re: Why does Coinbase charge 1% fees? Post by: subwoofer12 on April 19, 2016, 10:30:53 AM Since most people are dumb or lazy, and they pay for their dumbness/lazyness *lazinessIf you're unable to sell on the exchange (which could be more restrictive than the wallet), someone would be ready to pay the 0.8% premium. Slightly less, 0.75% Actually, my account was just enabled for the Exchange this week. My state doesn't even appear in the list yet https://www.coinbase.com/legal/licenses?locale=en Interestingly enough, when you buy/sell via coinbase (not their exchange) the order is apparently routed to their exchange as a "market" order. They probably changed the way the Wallet's price is calculated then, it used to use Bitstamp's API to pull the latest price and then add in their fee https://www.reddit.com/r/Bitcoin/comments/1mjjfb/how_i_successfully_manipulated_coinbases_price/ The people who use the exchange are speculators, and they wouldn't use coinbase's exchange if their fees were out of line with other exchanges. They're competing with Bitstamp, their minimum fee is also 0.25% (Bitstamp charges more in fees actually because they also charge maker fees) I trade on Huobi most the time, the only fee they charge is a withdrawal fee for CNY, they don't have any trading fees. I just use Coinbase to get back to USD https://i.imgur.com/TDxUB25.png https://i.imgur.com/4qRi3F9.png Title: Re: Why does Coinbase charge 1% fees? Post by: subwoofer12 on April 19, 2016, 09:20:45 PM You want fast? You must pay more Nope. The fee is lower and it doesn't take any longer. I swear unholycactus is the only one in this thread who understands the point I'm trying to illustrate Title: Re: Why does Coinbase charge 1% fees? Post by: Quickseller on April 20, 2016, 01:54:08 AM Interestingly enough, when you buy/sell via coinbase (not their exchange) the order is apparently routed to their exchange as a "market" order. They probably changed the way the Wallet's price is calculated then, it used to use Bitstamp's API to pull the latest price and then add in their fee https://www.reddit.com/r/Bitcoin/comments/1mjjfb/how_i_successfully_manipulated_coinbases_price/ You want fast? You must pay more Nope. The fee is lower and it doesn't take any longer. I swear unholycactus is the only one in this thread who understands the point I'm trying to illustrate A lot of people are just posting garbage after reading the topic in order to increase their post count. |