Bitcoin Forum

Economy => Exchanges => Topic started by: justmyname on December 21, 2019, 07:28:12 PM



Title: Best, inexpensive, convenient, and safe way to cash out BTC and other Crypto.
Post by: justmyname on December 21, 2019, 07:28:12 PM
Coinbase is going to cost about a total of 3% of your BTC to cash out. You first have to change the BTC to US Dollars. Then you can bank wire it to your checking account. Up to whatever your limit is. Their is also Coinbase Pro which is a little  more complicated. I think you have to trade yourself but it is cheaper.

Is there another better way? I want to know the facts before the next run up. Not after.  ???


Title: Re: Best, inexpensive, convenient, and safe way to cash out BTC and other Crypto.
Post by: squatter on December 21, 2019, 08:17:54 PM
Coinbase is going to cost about a total of 3% of your BTC to cash out. You first have to change the BTC to US Dollars. Then you can bank wire it to your checking account. Up to whatever your limit is. Their is also Coinbase Pro which is a little  more complicated. I think you have to trade yourself but it is cheaper.

It's a lot cheaper. Coinbase Pro charges 0.5% in trading commissions -- that's it. Coinbase charges a 0.5% price spread and a 1.5%-10% fee, depending on the amount traded.

Is there another better way? I want to know the facts before the next run up. Not after.  ???

There are cheaper options. It sounds like you're in the US? Gemini and Kraken come to mind.


Title: Re: Best, inexpensive, convenient, and safe way to cash out BTC and other Crypto.
Post by: justmyname on December 21, 2019, 09:52:45 PM
Quote
Coinbase charges a 0.5% price spread and a 1.5%-10% fee, depending on the amount traded

Thanks. Do you happen to know how much you have to trade to get the fee's down?



Title: Re: Best, inexpensive, convenient, and safe way to cash out BTC and other Crypto.
Post by: squatter on December 22, 2019, 08:00:08 PM
Quote
Coinbase charges a 0.5% price spread and a 1.5%-10% fee, depending on the amount traded

Thanks. Do you happen to know how much you have to trade to get the fee's down?

It's needlessly complex. You can find all the info here (https://support.coinbase.com/customer/en/portal/articles/2109597-coinbase-pricing-fees-disclosures). The flat fee works like this:

Quote
  • If the total transaction amount is less than or equal to $10, the fee is $0.99.
  • If the total transaction amount is more than $10 but less than or equal to $25, the fee is $1.49.
  • If the total transaction amount is more than $25 but less than or equal to $50, the fee is $1.99.
  • If the total transaction amount is more than $50 but less than or equal to $200, the fee is $2.99.

I recommend depositing to Coinbase Pro and selling there. You'll save a boatload on fees. You can withdraw USD to your checking account from there, no need to transfer to Coinbase.


Title: Re: Best, inexpensive, convenient, and safe way to cash out BTC and other Crypto.
Post by: Findingnemo on December 22, 2019, 08:36:21 PM
Definitely there are better ways to cashout with much cheaper fees, for example, p2p sites like localbitcoin only will collect 1% as a fee from the total traded amount ad the advertiser end and also their withdrawal fee is pretty cheaper comparably coinbase and any other centralized exchange.

Paxful and Bisq also can be a better option but these are not from exchange account, it will be from someone's account to your account.


Title: Re: Best, inexpensive, convenient, and safe way to cash out BTC and other Crypto.
Post by: justmyname on December 23, 2019, 04:26:25 PM
Quote
Coinbase charges a 0.5% price spread and a 1.5%-10% fee, depending on the amount traded

Thanks. Do you happen to know how much you have to trade to get the fee's down?

It's needlessly complex. You can find all the info here (https://support.coinbase.com/customer/en/portal/articles/2109597-coinbase-pricing-fees-disclosures). The flat fee works like this:

Quote
  • If the total transaction amount is less than or equal to $10, the fee is $0.99.
  • If the total transaction amount is more than $10 but less than or equal to $25, the fee is $1.49.
  • If the total transaction amount is more than $25 but less than or equal to $50, the fee is $1.99.
  • If the total transaction amount is more than $50 but less than or equal to $200, the fee is $2.99.

I recommend depositing to Coinbase Pro and selling there. You'll save a boatload on fees. You can withdraw USD to your checking account from there, no need to transfer to Coinbase.
I started an account on Coinbase Pro but they won't yet raise my limits until I do some trading. I'm done trading I want and want to cash out most of my Crypto. So far that's all I have tried is Coinbase and Coinbase Pro. ON Coinbase I have 3rd level clearance. It looks like I will pay 3% on Coinbase. I don't mind paying some modest fee's to get larger amounts out quickly. I'm not a whale but I have a significant amount. I'll probably do both until I get familiar with Coinbase Pro. I might even hook my accounts up to 2 banks in case I have trouble with one of them.     


Title: Re: Best, inexpensive, convenient, and safe way to cash out BTC and other Crypto.
Post by: justmyname on December 23, 2019, 04:27:10 PM
Definitely there are better ways to cashout with much cheaper fees, for example, p2p sites like localbitcoin only will collect 1% as a fee from the total traded amount ad the advertiser end and also their withdrawal fee is pretty cheaper comparably coinbase and any other centralized exchange.

Paxful and Bisq also can be a better option but these are not from exchange account, it will be from someone's account to your account.

That's ok for smaller amounts.


Title: Re: Best, inexpensive, convenient, and safe way to cash out BTC and other Crypto.
Post by: squatter on December 23, 2019, 09:53:25 PM
I recommend depositing to Coinbase Pro and selling there. You'll save a boatload on fees. You can withdraw USD to your checking account from there, no need to transfer to Coinbase.
I started an account on Coinbase Pro but they won't yet raise my limits until I do some trading. I'm done trading I want and want to cash out most of my Crypto. So far that's all I have tried is Coinbase and Coinbase Pro. ON Coinbase I have 3rd level clearance. It looks like I will pay 3% on Coinbase. I don't mind paying some modest fee's to get larger amounts out quickly. I'm not a whale but I have a significant amount. I'll probably do both until I get familiar with Coinbase Pro. I might even hook my accounts up to 2 banks in case I have trouble with one of them.     

That makes sense.

I would max out your withdrawal limits on Coinbase Pro. They should automatically raise them after that. I've never used them to "trade" really, mainly just as a fiat offramp. My experience was that they automatically raised my limit to $50,000/day after I had made a few $1,000-$5,000 withdrawals.


Title: Re: Best, inexpensive, convenient, and safe way to cash out BTC and other Crypto.
Post by: The Sceptical Chymist on December 23, 2019, 10:36:32 PM
It's needlessly complex.
Jesus, it sounds like it.  There really needs to be a service like Circle again, which was probably the easiest way I've ever used for both buying and selling bitcoin.  Unfortunately I don't even know if such a service can exist in the US again.  I'm not sure if regulations have changed, but there must be some reason why they stopped doing what they did.

From what it sounds like, Coinbase is still the best way to go for simple bitcoin transactions, even with the fee structure they have.  I'm not sure if Kraken is the best way to go, and I think Gemini has higher fees.  It really sucks when you're trying to deal with legitimate businesses and trying to use fiat and bitcoin together.  Don't know why they make it so goddamn hard.


Title: Re: Best, inexpensive, convenient, and safe way to cash out BTC and other Crypto.
Post by: justmyname on December 23, 2019, 11:33:00 PM
Quote
I'm not sure if Kraken is the best way to go, and I think Gemini has higher fees.

After researching. I found that they are for lower amounts on withdrawls.


Title: Re: Best, inexpensive, convenient, and safe way to cash out BTC and other Crypto.
Post by: justmyname on December 23, 2019, 11:36:58 PM
Quote
That makes sense.

I would max out your withdrawal limits on Coinbase Pro. They should automatically raise them after that. I've never used them to "trade" really, mainly just as a fiat offramp. My experience was that they automatically raised my limit to $50,000/day after I had made a few $1,000-$5,000 withdrawals.
I'm already up to 10,000 on Coinbase Pro. I think I can sell the limit of a 250,000 bank wire on Coinbase.  I bet their will be problems.



Title: Re: Best, inexpensive, convenient, and safe way to cash out BTC and other Crypto.
Post by: Findingnemo on December 24, 2019, 05:35:24 AM
Definitely there are better ways to cashout with much cheaper fees, for example, p2p sites like localbitcoin only will collect 1% as a fee from the total traded amount ad the advertiser end and also their withdrawal fee is pretty cheaper comparably coinbase and any other centralized exchange.

Paxful and Bisq also can be a better option but these are not from exchange account, it will be from someone's account to your account.

That's ok for smaller amounts.
For any amount, you can do this if you want to have fewer fees for your conversion. Sometimes I found people have trade limits starts from a few thousand bitcoin only so you need to realize people are trading larger amounts as well only you need to do is to pay your taxes if you cashed out your crypto profits.


Title: Re: Best, inexpensive, convenient, and safe way to cash out BTC and other Crypto.
Post by: justmyname on January 11, 2020, 10:15:56 PM
When my price comes in. I guess I will convert my crypto to US Dollar coin on Coinbase and or Coinbase Pro. Then wire it into my checking account. Any thing wrong with this plan? :P  

Would it be better to wire the US Dollar Coin from Coinbase Pro or Coinbase?