LocalBitcoins - very high fees to send out

[coinsgod]

Bought $1,000 worth of BTC on LocalBitcoins then sent them out to my local wallet. The amount they allowed to be sent out was about $970, therefore they are hitting me up with a $30 fee to send it out, that's a 3% fee. Is this normal?

[Velkro]

Bought $1,000 worth of BTC on LocalBitcoins then sent them out to my local wallet. The amount they allowed to be sent out was about $970, therefore they are hitting me up with a $30 fee to send it out, that's a 3% fee. Is this normal?

Seems high but also in termes of percents its still reasonable.
Check theirs prices and search for fee's.
If u can't find contanct their support.

[BitcoinSupremo]

For that sum it is normal in percentage speaking, but 30 dollars is a lot of fee in case you have bought these 1000 dollars worth of bitcoin in one transaction only. If you have bought in many different transactions than it is normal to have a high fee.

Contact their support as is better to ask them directly for a more adequate response.

[coinsgod]

Bought $1,000 worth of BTC on LocalBitcoins then sent them out to my local wallet. The amount they allowed to be sent out was about $970, therefore they are hitting me up with a $30 fee to send it out, that's a 3% fee. Is this normal?

Seems high but also in termes of percents its still reasonable.
Check theirs prices and search for fee's.
If u can't find contanct their support.

This was the only thing I could find: https://localbitcoins.com/blog/new-bitcoin-network-fee-model/

Basically it says depositing should cost more and withdrawing should cost less as of June 2017. It also says "Deposit fees will be larger than the new sending fees, generally we expect it to be about 3x the amount of sending fees."

That means if it costs me $30 to withdraw then it's costing people $90 to deposit $1k. Holy shit, that's expensive!!

[coinsgod]

For that sum it is normal in percentage speaking, but 30 dollars is a lot of fee in case you have bought these 1000 dollars worth of bitcoin in one transaction only. If you have bought in many different transactions than it is normal to have a high fee.

Bought it in 2 lots of about $500 each.

[Zionatin]

Wow that is so much. They should make it 1% for large amounts. I've never had this problem since I buy in small amounts and mostly go there to sell.

[coinsgod]

Wow that is so much. They should make it 1% for large amounts. I've never had this problem since I buy in small amounts and mostly go there to sell.

As a seller you must be absolutely getting killed in the fees. Sellers (deposits) get charged 3 times the amount of buyers (withdrawals)

[coinsgod]

With a 3% fee to get your funds out and also paying a 1.5% premium or more above market rates when buying from LocalBitcoins, you might as well just go and use a Bitcoin ATM and pay a 5-6% fee. It only costs you about 1% extra anyway, and you don't have to stuff around with the site, reading through all the sellers to see which ones you can work with, opening trades, waiting for sellers to reply, etc. The Bitcoin ATM will just send it straight to your wallet quick and you can buy as much or as little as you want. No getting stuck with sellers setting limits on how much you can buy.

[jmaresca]

Bought $1,000 worth of BTC on LocalBitcoins then sent them out to my local wallet. The amount they allowed to be sent out was about $970, therefore they are hitting me up with a $30 fee to send it out, that's a 3% fee. Is this normal?

The fee is even higher on coinbase. Coinbase is 3.99% so you actually did better than those who are using Coinbase to buy, sell and send bitcoin. There are exchanges that have lower fees than 3% such as Kraken and Bittrex.

[SuperPower]

The fees were so high. But it's also a good news that the transaction has compleated successfully. so chill man.A few days ago I spend 6$ for 700$ withdrawing.

[welligon]

Are you buy bitcoin using digital currency? that is the reality you should receive when transacting on localbitcoins.

[coinsgod]

LocalBitcoins support has said:

Current outgoing bitcoin network fee: 0.00029576 BTC (Withdrawals)
Current incoming bitcoin network fee: 0.00086688 BTC (Deposits)


Does this seem very high?

[BitHodler]

LocalBitcoins support has said:

Current incoming bitcoin network fee: 0.00029576 BTC (Withdrawals)
Current incoming bitcoin network fee: 0.00086688 BTC (Deposits)


Does this seem very high?

The fees as stated here are perfectly normal in current circumstances. This however doesn't include the other fees that come on top of that ~ which results in you ending up paying like $30 in total fees.

LocalBitcoins has been known for operating with these (in my opinion) insane fees. If you want to avoid paying such fees in the future, you'll be forced to move away from that platform.

If possible, just sign up at a properly licensed exchange, verify yourself, and buy/sell whatever you want at much lower cost ~ seriously, the fees that LocalBitcoins is charging is beyond insane!

Everything above the 1% fee mark is something I would avoid without hesitation. Nowadays with such a competitive market, one would expect the fees to decrease significantly, but not in this case.

[coinsgod]

LocalBitcoins support has said:

Current incoming bitcoin network fee: 0.00029576 BTC (Withdrawals)
Current incoming bitcoin network fee: 0.00086688 BTC (Deposits)


Does this seem very high?

The fees as stated here are perfectly normal in current circumstances. This however doesn't include the other fees that come on top of that ~ which results in you ending up paying like $30 in total fees.

Other fees? What other fees do you mean?

Everything above the 1% fee mark is something I would avoid without hesitation. Nowadays with such a competitive market, one would expect the fees to decrease significantly, but not in this case.

Even the well known exchanges charge a fortune. Coinbase charges 3.99% fees for non-US peeps as you need to use a credit card. On top of that your credit card company would be charging you a certain percentage for an overseas transaction fee. In the end of the day you might as well use a Bitcoin ATM as you will get charged very similar.

Everywhere is a bloody ripoff to buy Bitcoin! And they expect crypto to become the future when you get ripped off everywhere to convert fiat to BTC...

[coinsgod]

Ok I checked Blockexplorer that site and it says my fee was 0.00435292 BTC.

Anyway, when I asked LocalBitcoin why my fee wasn't about $1.50 and was $30, all they said was "The fee is automatically calculated in an optimal way. If you do not like the fee, you can choose other wallet service."

Wow, great response from LocalBitoins!  Roll Eyes Roll Eyes Roll Eyes


Anyway, if their site says "Current outgoing bitcoin network fee: 0.00029576 BTC (Withdrawals)" then how does my fee charged end up being 0.00435292 BTC? That's an absolutely huge difference between and $1.40 quoted on their site and the $20 actually charged!!