Bitcoin Forum

Hey guys,

Does anyone have experience with sending wires to coinbase? When you start wire from coinbase application, you write in the amount you are sending. Lets say you are buying 1 whole bitcoin for the current price, Does coinbase look at what time you placed that order for wire transfer and look at the value of bitcoin at that time or do they count the value of bitcoin at the time they accept your wire (which maybe 1week time) meaning you sent the amount for 1bitcoin but the price went up after 1 week so you dont have amount for 1 bitcoin.

Which of the above scenario is correct?

First you will need to deposit the fund. You can not directly buy coins. So, after your wire transfer is completed ( could take several days) the money will be deposited in your coinbase fiat  account ( USD, GBP EURO etc). Then you can buy coin. So the price will be the price of the day when you buy the coin.

That's a good explanation. The wire transfer will deposit funds into your Coinbase account. Then you can purchase for whatever the price is. 

So once they put my wire money into coinbase fiat account (after taking $10 for wire transfer), will I still have to pay additional fees to buy bitcoin?

Unfortunately yes. There will be a miner fee.   if you are planning to do day trading then I would suggest some other exchanges. Coinbase is notorious for fees.

But if you are planning to hold long term then Coinbase is good choice.

I am planning long term, so what is the fees for buying bitcoin from their coinbase fiat account from the wire transfer?

Can't tell you exact figures because it depends on the price on that day or how much you buying etc. But if you are planning to buy a full bitcoin at today's price, the fees will be $100+

But if you are planning to hold long term then don't worry about fees. The fees will be made up in matter of days if not hours :D

at what percentage do they take fees? I know for credit card its 3.99%, for bank transfer its 1.49%. But for money thats sent to them and is in your fiat account ready to purchase, what is the percentage fee for this?

The trouble sending money to Coinbase is nothing to getting money out and back in your own bank account.

You might think they would just let you send it back to the bank account you used during the purchase
but you will be wrong and for me they made me sent up a SEPA payment to send them one Euro which takes
time but then they can send you money back but GBP needs converting both ends because SEPA is in Euro's
and you get charged during the conversion and have to wait ages to get your money.

Last month they put up a notice saying that SEPA payments would take ten days and Coinbase never did
pay me my $10 bonus joining fee so good luck trusting them with your money or getting access to the
Bitcoin Gold they owe you since they own to older account and the private BTC key they give out is fake
and has no money in it but feel lucky because with ETH you don't even get a public address.

Sorry not only do you get a big 3.99% fee from Coinbase when sending them money but you also get
a big warning from me

I am in US so i dont have to worry about conversion to other currencies. At what percentage do they take fees? I know for credit card its 3.99%, for bank transfer its 1.49%. But for money thats sent to them and is in your fiat account ready to purchase, what is the percentage fee for this?

Some clarification. The mining fee has nothing to do with Coinbase. Mining fees are to cover the cost of transferring money, which is not free.  Coinbase/GDAX fees range from free for "market making" to expensive credit card purchases. They are expensive because credit cards cost money. It's normally factored into the price of items, but when you buy gold or bitcoin you see just how expensive they really are.  


Read here:https://support.coinbase.com/customer/portal/articles/2109597-buy-sell-bank-transfer-fees

Does the wire transfer go into coinbase USD wallet?

Yes. It's credited to your account and you will see your balance in USD go up. The fee for the wire transfer is for the bank. Anytime you want to use US dollars you are going to pay. So bank transfers, credit cards those things come with fees.

What about if the buys are currently disabled (dont know why), will the wire go through and will I be able to buy bitcoin on coinbase from this wire?

Once the wire goes through and the money is in USD wallet. Can I use all of my money to buy bitcoin? or will there still be a limit to how much i can buy weekly?