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Author Topic: I just realize MtGox charge so much for withdraw  (Read 3490 times)
Xiong Zhuang
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June 16, 2011, 05:02:29 PM
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I withdrawn $873.77 to my LR account, and MtGox take me $8.65(1%) for fee, and LR charge 2.99 transfer fee. And it takes 27 hours when I received
the money, I got $862.13.

Don't anyone think Mtgox withdraw fee is too much?

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d.james
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June 16, 2011, 05:50:40 PM
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do dwolla @ 25cents

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BombaUcigasa
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June 16, 2011, 05:54:05 PM
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Nope, that's barely 1.3%. I have to pay 15$ to deposit into mtgox, at any amount, and the same to withdraw. You got it cheap.
Xiong Zhuang
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June 16, 2011, 07:09:00 PM
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Nope, that's barely 1.3%. I have to pay 15$ to deposit into mtgox, at any amount, and the same to withdraw. You got it cheap.
You mean the fee is different between people?
Xiong Zhuang
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June 16, 2011, 07:10:11 PM
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do dwolla @ 25cents

Well. I don't live in US. I don't know why dwolla make itself American only.
ocharry
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June 16, 2011, 09:05:19 PM
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Nope, that's barely 1.3%. I have to pay 15$ to deposit into mtgox, at any amount, and the same to withdraw. You got it cheap.
You mean the fee is different between people?

Nah, he's talking about bank wire transfer.
twist3d1080
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June 16, 2011, 09:29:39 PM
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I really don't think that MtGox's charges are exorbitant, any who have experience in stock or bond trading would probably agree with me.  I'm mean maybe I've been broke to long but I would be happy to recieve $800 and pay the deliverer 1%.

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FlyingFlapjack
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June 16, 2011, 10:33:26 PM
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They are exorbitant compared to a typical checking or savings account, or for using a visa card, that's for sure. The service is more involved than that, of course.

Meanwhile, MTGOX is/was pulling in ~$40,000 a day recently by some estimates.

Across the field, expect fees to come down to be more in line with the relatively low costs of running the service, because more markets already have or are coming online, because it has been so wildly profitable recently. It looks like a good business model in a time when those aren't easy to come by, and the profits can get a whole lot more modest before you'd get down to the 'why bother' level.

For now, I'd expect there to be quite a few people like the OP, who will take notice of the fees, and look for an option with lower fees, and find one, and eventually MTGOX will have to respond with decreased fees and/or better or expanded services.

Probably nobody has made more cash money in the recent BTC rush than MTGOX. Some people are/were worth more on paper...but MTGOX is making cash. Deepbit is probably making pretty good money, but then again, how much is held in BTC and how much have they gotten in cash?

I do agree with twist3d1080 above me...but business is not a sentimental endeavor.

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Slab Squathrust
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June 17, 2011, 06:14:15 AM
 #9

+1 twist3d1080

I have a brokerage account with scottrade.  Any equity trade costs me $7 regardless if its 1 share or 1000.  Its nice if its 1000 shares at say $20 for example.  7/20000 = .035%.  I purchase 1 share and my commission is 35%. 

Considering I don't pay for electricity, having to pay .65% plus the $0.25 transaction fee for coins I mine is a pretty good deal.  Its free money once I pay off the cost of my mining rig.     
testerx
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June 17, 2011, 09:02:28 AM
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I really don't think that MtGox's charges are exorbitant, any who have experience in stock or bond trading would probably agree with me.  I'm mean maybe I've been broke to long but I would be happy to recieve $800 and pay the deliverer 1%.
You have to be kidding me, I used to trade all the time and the fees were almost always far lower.  Plenty of brokers charge a flat $4 (zecco) or $7-$10 up to a certain number of shares,  and usually that means you can trade over $20,000 of shares for $4.  The equivalent trade at MtGox would cost you 0.65% or $130.
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June 17, 2011, 10:10:31 AM
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I really don't think that MtGox's charges are exorbitant, any who have experience in stock or bond trading would probably agree with me.  I'm mean maybe I've been broke to long but I would be happy to recieve $800 and pay the deliverer 1%.
You have to be kidding me, I used to trade all the time and the fees were almost always far lower.  Plenty of brokers charge a flat $4 (zecco) or $7-$10 up to a certain number of shares,  and usually that means you can trade over $20,000 of shares for $4.  The equivalent trade at MtGox would cost you 0.65% or $130.
Do you pay any spread?
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June 17, 2011, 06:39:17 PM
 #12

No that is very good. 27 hours is also fast btw. Try betting sports and see how hard it is to get money out of bookies.

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