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Author Topic: Bitcoin Exchange Fee's?  (Read 1071 times)
buybtc
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February 05, 2013, 04:51:49 AM
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What is the average fee these exchanges for you buying Bitcoin typically?

I saw bitcoinordic was 9 percent fee this is about right ?
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mitty
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February 05, 2013, 05:19:53 AM
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I think MtGox is 0.6% and BitInstant is 2% with Dwolla and 4% with cash deposit.
I think Coinbase charges $0.15 + 1% fee. (source: http://blog.coinbase.com/post/34357253898/you-can-now-buy-and-sell-bitcoin-by-connecting-any-u-s)

Not sure about any others but they're probably similar.
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February 05, 2013, 05:23:40 AM
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I think BitInstant is $4 + 3.99% with cash deposit
I think BitFloor has two options.  With option one (a market order) you pay a 0.4% fee.  With option two (a limit order) they pay you a 0.1% bonus.
I think MtGox is between 0.55% and 0.6% depending on the size of the order.  (although you may pay some fees just to transfer your money to them in the first place as well)

EDIT: As of 2013-04-17 BitFloor has ceased all operations.

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February 05, 2013, 05:24:11 AM
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I think MtGox is 0.6% and BitInstant is 2% with Dwolla and 4% with cash deposit.
I think Coinbase charges $0.15 + 1% fee. (source: http://blog.coinbase.com/post/34357253898/you-can-now-buy-and-sell-bitcoin-by-connecting-any-u-s)

Not sure about any others but they're probably similar.

Oh yes that's about right. What would be fair if someone bought w/ credit card if you could?

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February 05, 2013, 05:26:38 AM
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I think BitInstant is $4 + 3.99% with cash deposit
I think BitFloor has two options.  With option one (a market order) you pay a 0.4% fee.  With option two (a limit order) they pay you a 0.1% bonus.
I think MtGox is between 0.55% and 0.6% depending on the size of the order.  (although you may pay some fees just to transfer your money to them in the first place as well)

Yes, so mt. Gox is .55% so $10 worth of Bitcoin would be a $5 fee roughly ?
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February 05, 2013, 05:30:16 AM
 #6

I think BitInstant is $4 + 3.99% with cash deposit
I think BitFloor has two options.  With option one (a market order) you pay a 0.4% fee.  With option two (a limit order) they pay you a 0.1% bonus.
I think MtGox is between 0.55% and 0.6% depending on the size of the order.  (although you may pay some fees just to transfer your money to them in the first place as well)

Yes, so mt. Gox is .55% so $10 worth of Bitcoin would be a $5 fee roughly ?
It's a 0.55% fee so 10 worth of bitcoin would have a fee of $0.055

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February 05, 2013, 05:31:16 AM
 #7

I think BitInstant is $4 + 3.99% with cash deposit
I think BitFloor has two options.  With option one (a market order) you pay a 0.4% fee.  With option two (a limit order) they pay you a 0.1% bonus.
I think MtGox is between 0.55% and 0.6% depending on the size of the order.  (although you may pay some fees just to transfer your money to them in the first place as well)

EDIT: As of 2013-04-17 BitFloor has ceased all operations.
Yes, so mt. Gox is .55% so $10 worth of Bitcoin would be a $5 fee roughly ?
A $5 fee on $10 worth of Bitcoin would be 50%

.55% would be a $0.06 fee on $10 worth of Bitcoin ($0.055 rounded up to $0.06)

buybtc
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February 05, 2013, 05:31:27 AM
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I think BitInstant is $4 + 3.99% with cash deposit
I think BitFloor has two options.  With option one (a market order) you pay a 0.4% fee.  With option two (a limit order) they pay you a 0.1% bonus.
I think MtGox is between 0.55% and 0.6% depending on the size of the order.  (although you may pay some fees just to transfer your money to them in the first place as well)

Yes, so mt. Gox is .55% so $10 worth of Bitcoin would be a $5 fee roughly ?
It's a 0.55% fee so 10 worth of bitcoin would have a fee of $0.055

Oops ya read that wrong got it!
mitty
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February 05, 2013, 05:35:27 AM
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I think BitInstant is $4 + 3.99% with cash deposit
I think BitFloor has two options.  With option one (a market order) you pay a 0.4% fee.  With option two (a limit order) they pay you a 0.1% bonus.
I think MtGox is between 0.55% and 0.6% depending on the size of the order.  (although you may pay some fees just to transfer your money to them in the first place as well)

Yes, so mt. Gox is .55% so $10 worth of Bitcoin would be a $5 fee roughly ?
MtGox is 0.6% for less than 100 BTC, then 0.55%, and continues to decrease based on volume.  You can see their fee schedule here: https://mtgox.com/fee-schedule
$10 worth of BTC would have a 0.6% fee so 6 cents worth of fees. (unless you previously bought 100+ BTC)

Oh yes that's about right. What would be fair if someone bought w/ credit card if you could?
I don't think you can buy BTC via credit card anywhere since credit card transactions are easily reversed.  You could get a cash advance and then buy BTC using cash deposit, but there are huge fees involved with doing this. (most credit cards charge ~20% for cash advances)

The cheapest option is probably to create and verify a MtGox account and transfer funds in using Dwolla.  Your easiest option is to use BitInstant and pay via Dwolla.

Good luck!
buybtc
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February 05, 2013, 05:38:11 AM
 #10

Oh yes that's about right. What would be fair if someone bought w/ credit card if you could?

Quote
I don't think you can buy BTC via credit card anywhere since credit card transactions are easily reversed.  You could get a cash advance then buy using cash deposit, but there are huge fees involved with doing that.

Yes, just using a hypothetical what would be a fair charge if someone could use it.

Quote
I don't think you can buy BTC via credit card anywhere since credit card transactions are easily reversed.  You could get a cash advance and then buy BTC using cash deposit, but there are huge fees involved with doing this. (most credit cards charge ~20% for cash advances) The cheapest option is probably to create and verify a MtGox account and transfer funds in using Dwolla.  Your easiest option is to use BitInstant and pay via Dwolla.
Good luck!

Thanks! yes, I had a feeling this would be the best route agreed thanks for the input.
mitty
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February 05, 2013, 05:53:25 AM
 #11

I think credit card transaction fees are around 2-3% so I'd guess the fee for buying BTC with a credit card would be 4-5% if it ever became a reality.  I highly doubt credit card companies would protect people running bitcoin exchanges from chargebacks though.

Another option is https://localbitcoins.com/ - LocalBitcoins lets you search for people in your area who are selling coins so you don't have to deal with online exchanges, moneygram, bank transfers, etc.  The downside is that you need to find someone in your area (could be hard depending on where you live) and that it seems like a lot of people on that site charge huge fees.
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February 05, 2013, 09:22:23 AM
 #12

I think credit card transaction fees are around 2-3% so I'd guess the fee for buying BTC with a credit card would be 4-5% if it ever became a reality.  I highly doubt credit card companies would protect people running bitcoin exchanges from chargebacks though.

Another option is https://localbitcoins.com/ - LocalBitcoins lets you search for people in your area who are selling coins so you don't have to deal with online exchanges, moneygram, bank transfers, etc.  The downside is that you need to find someone in your area (could be hard depending on where you live) and that it seems like a lot of people on that site charge huge fees.

I tried to charge huge fees, too until I couldn't wait anymore. Then I accepted some 5% offer and reduced my fees to 0%. Now people queued up.

I really hope localbitcoins doesn't turn greedy and stays as a low fee high anonymity platform for those who are flexible.

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February 05, 2013, 02:41:02 PM
 #13

I think credit card transaction fees are around 2-3% so I'd guess the fee for buying BTC with a credit card would be 4-5% if it ever became a reality.  I highly doubt credit card companies would protect people running bitcoin exchanges from chargebacks though.

Another option is https://localbitcoins.com/ - LocalBitcoins lets you search for people in your area who are selling coins so you don't have to deal with online exchanges, moneygram, bank transfers, etc.  The downside is that you need to find someone in your area (could be hard depending on where you live) and that it seems like a lot of people on that site charge huge fees.

I tried to charge huge fees, too until I couldn't wait anymore. Then I accepted some 5% offer and reduced my fees to 0%. Now people queued up.

I really hope localbitcoins doesn't turn greedy and stays as a low fee high anonymity platform for those who are flexible.

Doesn't that guarantee you have a loss? Assuming you buy those coins back from an exchange, you'll have to pay their fees. And that's before taking in the risk that the cost to buy them back rises? None of that is an issue, of course, if you are just looking to get out of bitcoins and someoe else is looking to get in. Then everyone saves on fees.
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February 05, 2013, 08:40:32 PM
 #14

I think credit card transaction fees are around 2-3% so I'd guess the fee for buying BTC with a credit card would be 4-5% if it ever became a reality.  I highly doubt credit card companies would protect people running bitcoin exchanges from chargebacks though.

Another option is https://localbitcoins.com/ - LocalBitcoins lets you search for people in your area who are selling coins so you don't have to deal with online exchanges, moneygram, bank transfers, etc.  The downside is that you need to find someone in your area (could be hard depending on where you live) and that it seems like a lot of people on that site charge huge fees.

I tried to charge huge fees, too until I couldn't wait anymore. Then I accepted some 5% offer and reduced my fees to 0%. Now people queued up.

I really hope localbitcoins doesn't turn greedy and stays as a low fee high anonymity platform for those who are flexible.

Doesn't that guarantee you have a loss? Assuming you buy those coins back from an exchange, you'll have to pay their fees. And that's before taking in the risk that the cost to buy them back rises? None of that is an issue, of course, if you are just looking to get out of bitcoins and someoe else is looking to get in. Then everyone saves on fees.

That's my point: If you have no time, you accept the fees of market makers. If you have tons of time, be an expensive market maker, too. If you have somewhat time, act as a really cheap market maker.

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