LocalBitcoins fee's

[Hhampuz]

Alright, so I'm not sure if anyone has already brought this up but today when I made a deposit to Localbitcoins it says they will deduct a deposit fee from my deposit. How is it even possible to deduct a fee from a deposit? Can't cost them money to receive money? Holy hell...

Do you guys know of any other places similar to Localbitcoins that I could use? I'm based in Sweden and like "safe" peer to peer trading.

[reflector]

Alright, so I'm not sure if anyone has already brought this up but today when I made a deposit to Localbitcoins it says they will deduct a deposit fee from my deposit. How is it even possible to deduct a fee from a deposit? Can't cost them money to receive money? Holy hell...

Do you guys know of any other places similar to Localbitcoins that I could use? I'm based in Sweden and like "safe" peer to peer trading.

I made a transaction to localbitcoin two days before I didn't get any deposit fees for it. I think you get confused network fees which is transfer from the localbitcoins wallet. Please refer the below link.
https://localbitcoins.com/fees

[Hhampuz]

Alright, so I'm not sure if anyone has already brought this up but today when I made a deposit to Localbitcoins it says they will deduct a deposit fee from my deposit. How is it even possible to deduct a fee from a deposit? Can't cost them money to receive money? Holy hell...

Do you guys know of any other places similar to Localbitcoins that I could use? I'm based in Sweden and like "safe" peer to peer trading.

I made a transaction to localbitcoin two days before I didn't get any deposit fees for it. I think you get confused network fees which is transfer from the localbitcoins wallet. Please refer the below link.
https://localbitcoins.com/fees

I can guarantee you that I am not confusing anything. I've used Localbitcoins for well over 2 years now and today when I sent BTC to my LB wallet I saw a "!" under my incoming transaction. Hovering over it displayed a message stating that they would take a deposit fee. That's right, it worded out deposit fee. That's why it was very strange, and I'd hope that it is not something new they implemented because it makes absoluteley no sense to me why they'd do that..

[bryant.coleman]

I have used Localbitcoins for trade at least two dozen times (since 2014), and not even once did I paid any sort of deposit fees. I used LBC for the last time two weeks back, and then also I didn't paid any fee for the deposit. I am not sure whether their fee structure has changed or not, but I just hope that it won't change. I don't want to pay fee multiple times, while converting my BTC to fiat.

[BitcoinHodler]

Alright, so I'm not sure if anyone has already brought this up but today when I made a deposit to Localbitcoins it says they will deduct a deposit fee from my deposit. How is it even possible to deduct a fee from a deposit? Can't cost them money to receive money? Holy hell...

Do you guys know of any other places similar to Localbitcoins that I could use? I'm based in Sweden and like "safe" peer to peer trading.

I made a transaction to localbitcoin two days before I didn't get any deposit fees for it. I think you get confused network fees which is transfer from the localbitcoins wallet. Please refer the below link.
https://localbitcoins.com/fees

I can guarantee you that I am not confusing anything. I've used Localbitcoins for well over 2 years now and today when I sent BTC to my LB wallet I saw a "!" under my incoming transaction. Hovering over it displayed a message stating that they would take a deposit fee. That's right, it worded out deposit fee. That's why it was very strange, and I'd hope that it is not something new they implemented because it makes absoluteley no sense to me why they'd do that..

then if it is the first time that is happening and you don't know what it is maybe you should ask localbitcoins, maybe they have recently changed their fee rules somehow or maybe it is a bug which in both cases the support staff of LBC can only help you.

[buwaytress]

On June 13, localbitcoins informed that they will be charging a deposit fee actually. My last deposit there was 2 days ago but I wasn't charged anything so I assume it has begun implementation today as it indicates 19-21 in the email. Outgoing fees are supposed to be less though. Could you share the % of the fee you paid?
Personally, I feel this is a bad move, since we already pay the fees when we deposit, now we are charged on both ends. I don't mind paying fees for withdrawals but I guess they are thinking "hey, we don't get anything from sellers".

This was the first part of the email I received:

Dear LocalBitcoins customer,

Due to the rising Bitcoin network fees we feel there is a need to revisit the LocalBitcoins transaction fee system. In order divide the costs of handling Bitcoin transactions in a fair manner we are introducing deposit fees for incoming transactions. At the same we will lower Bitcoin sending fees for all customers. The new fee system will be put in to effect around 19th-21st June.

With our old transaction fee system you pay a transaction fee when you send Bitcoins out from LocalBitcoins to a different Bitcoin wallet. This fee covers the cost for us to send your transaction and the costs for us to manage the deposit(s) that we used to send your transaction.

In the Bitcoin network managing deposits uses up a lot of blockchain space while handling a withdrawal uses up much less space. This means that a large part of the old Bitcoin transaction fee was for covering costs related to deposits. This means that customers who make many small deposits to their LocalBitcoins wallet causes the sending transaction fees to rise, and these costs were paid by customers who were sending Bitcoins.

We want to spread these costs more fairly between our customers. By introducing deposit fees customers who make many small deposits will pay a larger share of the overall transaction costs and customers who send out transactions will enjoy lower fees.

All fees will be adjusted dynamically based on how congested the bitcoin network is.

[Hhampuz]

On June 13, localbitcoins informed that they will be charging a deposit fee actually. My last deposit there was 2 days ago but I wasn't charged anything so I assume it has begun implementation today as it indicates 19-21 in the email. Outgoing fees are supposed to be less though. Could you share the % of the fee you paid?
Personally, I feel this is a bad move, since we already pay the fees when we deposit, now we are charged on both ends. I don't mind paying fees for withdrawals but I guess they are thinking "hey, we don't get anything from sellers".

This was the first part of the email I received:

Dear LocalBitcoins customer,

Due to the rising Bitcoin network fees we feel there is a need to revisit the LocalBitcoins transaction fee system. In order divide the costs of handling Bitcoin transactions in a fair manner we are introducing deposit fees for incoming transactions. At the same we will lower Bitcoin sending fees for all customers. The new fee system will be put in to effect around 19th-21st June.

With our old transaction fee system you pay a transaction fee when you send Bitcoins out from LocalBitcoins to a different Bitcoin wallet. This fee covers the cost for us to send your transaction and the costs for us to manage the deposit(s) that we used to send your transaction.

In the Bitcoin network managing deposits uses up a lot of blockchain space while handling a withdrawal uses up much less space. This means that a large part of the old Bitcoin transaction fee was for covering costs related to deposits. This means that customers who make many small deposits to their LocalBitcoins wallet causes the sending transaction fees to rise, and these costs were paid by customers who were sending Bitcoins.

We want to spread these costs more fairly between our customers. By introducing deposit fees customers who make many small deposits will pay a larger share of the overall transaction costs and customers who send out transactions will enjoy lower fees.

All fees will be adjusted dynamically based on how congested the bitcoin network is.

Hmm, I was not aware of such an email but makes sense I guess. I do agree with you that it is a bad move since it makes localbitcoins less attractive from here on out. I'd expect them to earn enough for this to not be needed.

About %: I deposited 0.2 BTC and the fee was 0.0005xxx BTC. That seems a bit excessive if they do go by %. Can't imagine anyone would be willing to deposit several bitcoins and have to pay for the ability to sell other than the fee's LB already takes from the sale.

Ohwell, not much to do I guess.

[Hhampuz]

I have used Localbitcoins for trade at least two dozen times (since 2014), and not even once did I paid any sort of deposit fees. I used LBC for the last time two weeks back, and then also I didn't paid any fee for the deposit. I am not sure whether their fee structure has changed or not, but I just hope that it won't change. I don't want to pay fee multiple times, while converting my BTC to fiat.

Yeah it does seem like they have changed the structure. A bad move IMO. I had to pay 0.0005XXX BTC on a 0.2 BTC deposit. Makes little sense to me but not much to be done about I guess.. Other than the obvious of switching over to another service, which is a shame since I really enjoy localbitcoins the few times I have to convert some to FIAT quickly.

Alright, so I'm not sure if anyone has already brought this up but today when I made a deposit to Localbitcoins it says they will deduct a deposit fee from my deposit. How is it even possible to deduct a fee from a deposit? Can't cost them money to receive money? Holy hell...

Do you guys know of any other places similar to Localbitcoins that I could use? I'm based in Sweden and like "safe" peer to peer trading.

I made a transaction to localbitcoin two days before I didn't get any deposit fees for it. I think you get confused network fees which is transfer from the localbitcoins wallet. Please refer the below link.
https://localbitcoins.com/fees

I can guarantee you that I am not confusing anything. I've used Localbitcoins for well over 2 years now and today when I sent BTC to my LB wallet I saw a "!" under my incoming transaction. Hovering over it displayed a message stating that they would take a deposit fee. That's right, it worded out deposit fee. That's why it was very strange, and I'd hope that it is not something new they implemented because it makes absoluteley no sense to me why they'd do that..

then if it is the first time that is happening and you don't know what it is maybe you should ask localbitcoins, maybe they have recently changed their fee rules somehow or maybe it is a bug which in both cases the support staff of LBC can only help you.

I've already sent out an email to the LB staff regarding this matter. Figured I'd make this thread to see if anyone else had noticed it as well or perhaps was a bit more informed than I. I'll eagerly await the reply from LB and will share it here once I've received it. Seems very likely that they've changed their fee structure though.

[BitcoinHodler]

...
I've already sent out an email to the LB staff regarding this matter. Figured I'd make this thread to see if anyone else had noticed it as well or perhaps was a bit more informed than I. I'll eagerly await the reply from LB and will share it here once I've received it. Seems very likely that they've changed their fee structure though.

yeah that is the likely assumption. specially after that quote above and also the fact that literary all other exchanges have increased their fees.
although i have to admit adding "deposit fee" is very weird!

[Juggy777]

On June 13, localbitcoins informed that they will be charging a deposit fee actually. My last deposit there was 2 days ago but I wasn't charged anything so I assume it has begun implementation today as it indicates 19-21 in the email. Outgoing fees are supposed to be less though. Could you share the % of the fee you paid?
Personally, I feel this is a bad move, since we already pay the fees when we deposit, now we are charged on both ends. I don't mind paying fees for withdrawals but I guess they are thinking "hey, we don't get anything from sellers".

This was the first part of the email I received:

Dear LocalBitcoins customer,

Due to the rising Bitcoin network fees we feel there is a need to revisit the LocalBitcoins transaction fee system. In order divide the costs of handling Bitcoin transactions in a fair manner we are introducing deposit fees for incoming transactions. At the same we will lower Bitcoin sending fees for all customers. The new fee system will be put in to effect around 19th-21st June.

With our old transaction fee system you pay a transaction fee when you send Bitcoins out from LocalBitcoins to a different Bitcoin wallet. This fee covers the cost for us to send your transaction and the costs for us to manage the deposit(s) that we used to send your transaction.

In the Bitcoin network managing deposits uses up a lot of blockchain space while handling a withdrawal uses up much less space. This means that a large part of the old Bitcoin transaction fee was for covering costs related to deposits. This means that customers who make many small deposits to their LocalBitcoins wallet causes the sending transaction fees to rise, and these costs were paid by customers who were sending Bitcoins.

We want to spread these costs more fairly between our customers. By introducing deposit fees customers who make many small deposits will pay a larger share of the overall transaction costs and customers who send out transactions will enjoy lower fees.

All fees will be adjusted dynamically based on how congested the bitcoin network is.

Hmm, I was not aware of such an email but makes sense I guess. I do agree with you that it is a bad move since it makes localbitcoins less attractive from here on out. I'd expect them to earn enough for this to not be needed.

About %: I deposited 0.2 BTC and the fee was 0.0005xxx BTC. That seems a bit excessive if they do go by %. Can't imagine anyone would be willing to deposit several bitcoins and have to pay for the ability to sell other than the fee's LB already takes from the sale.

Ohwell, not much to do I guess.

This is horrible, how can they even do that network fees I understand all the wallets charge and fine we pay it to use Bitcoins lol, but deposit fees is the stupidest thing they will do, there would be so many people who would be unaware and they would be paying them in fees, now they built a brand so now do whatever they want. If you are looking for quick buy and sell then for a while you can use coinbase.com, if you are looking for a wallet take one with private key

[Smarty14392]

We dont have any deposit fees here in India. Im not sure about your region. If you are trying to deposit a huge amount then i may take some fees. I think rest all similar platforms have atleast some transaction fees like 0.0005 bitcoin. Localbitcoin is the best place for me to purchase and sell my small amount bitcoins below 0.5 bitcoin. Its a safe and a good place to trade along with escrower. You can try another exchanges like unocoin, etc for trading, but i find localbitcoin best for me. you can try zebpay too similarly as localbitcoin.

[reflector]

Alright, so I'm not sure if anyone has already brought this up but today when I made a deposit to Localbitcoins it says they will deduct a deposit fee from my deposit. How is it even possible to deduct a fee from a deposit? Can't cost them money to receive money? Holy hell...

Do you guys know of any other places similar to Localbitcoins that I could use? I'm based in Sweden and like "safe" peer to peer trading.

I made a transaction to localbitcoin two days before I didn't get any deposit fees for it. I think you get confused network fees which is transfer from the localbitcoins wallet. Please refer the below link.
https://localbitcoins.com/fees

I can guarantee you that I am not confusing anything. I've used Localbitcoins for well over 2 years now and today when I sent BTC to my LB wallet I saw a "!" under my incoming transaction. Hovering over it displayed a message stating that they would take a deposit fee. That's right, it worded out deposit fee. That's why it was very strange, and I'd hope that it is not something new they implemented because it makes absoluteley no sense to me why they'd do that..

Thank you I understand your point. I checked the site and transferred some bitcoin yesterday night, now I noticed there is a deduction of 0.0005 btc from the localbitcoins wallet amount. If localbitcoins support team or owner in forum noticed this thread. Please confirm me also why this sudden charge for using localbitcoins.

There is no fees to receive bitcoins to the exchange wallet or others as now, why localbitcoins is been doing this kind shit activity. If continuous they will loose traffic as well users.

[Hhampuz]

Alright, so I'm not sure if anyone has already brought this up but today when I made a deposit to Localbitcoins it says they will deduct a deposit fee from my deposit. How is it even possible to deduct a fee from a deposit? Can't cost them money to receive money? Holy hell...

Do you guys know of any other places similar to Localbitcoins that I could use? I'm based in Sweden and like "safe" peer to peer trading.

I made a transaction to localbitcoin two days before I didn't get any deposit fees for it. I think you get confused network fees which is transfer from the localbitcoins wallet. Please refer the below link.
https://localbitcoins.com/fees

I can guarantee you that I am not confusing anything. I've used Localbitcoins for well over 2 years now and today when I sent BTC to my LB wallet I saw a "!" under my incoming transaction. Hovering over it displayed a message stating that they would take a deposit fee. That's right, it worded out deposit fee. That's why it was very strange, and I'd hope that it is not something new they implemented because it makes absoluteley no sense to me why they'd do that..

Thank you I understand your point. I checked the site and transferred some bitcoin yesterday night, now I noticed there is a deduction of 0.0005 btc from the localbitcoins wallet amount. If localbitcoins support team or owner in forum noticed this thread. Please confirm me also why this sudden charge for using localbitcoins.

There is no fees to receive bitcoins to the exchange wallet or others as now, why localbitcoins is been doing this kind shit activity. If continuous they will loose traffic as well users.

I agree, it's not so much as "Only a couple of $" either. It's a matter of right or wrong, and in this case Localbitcoins are definitely wrong! This is not how Bitcoin was intended to be used, and I'd also like it if some representative from LB would come here they could explain themselves. Bringing this problem up at another place did not work, those guys called me cheap and a bum for not being able to pay $1 for a great service. They have no clue..

[PhAnToMtRaDeR84]

That's awfully shocking and "Cheaty", I've used plenty of bitcoin sites before and no one deducts a deposit fee, even if they do not want people using them as wallets they should prevent withdrawal without using or opening a trade but just taking a fee is outrageous, particularly it's additional to the high transaction fee.

[Prodigan786]

Alright, so I'm not sure if anyone has already brought this up but today when I made a deposit to Localbitcoins it says they will deduct a deposit fee from my deposit. How is it even possible to deduct a fee from a deposit? Can't cost them money to receive money? Holy hell...

Do you guys know of any other places similar to Localbitcoins that I could use? I'm based in Sweden and like "safe" peer to peer trading.

Of course lots of exchange wallets charging deposit charges and also there will be high buying rate and low selling rate . Even while adding local currency and try to buy bitcoin we should pay the charges.

[Hhampuz]

Alright, so I'm not sure if anyone has already brought this up but today when I made a deposit to Localbitcoins it says they will deduct a deposit fee from my deposit. How is it even possible to deduct a fee from a deposit? Can't cost them money to receive money? Holy hell...

Do you guys know of any other places similar to Localbitcoins that I could use? I'm based in Sweden and like "safe" peer to peer trading.

Of course lots of exchange wallets charging deposit charges and also there will be high buying rate and low selling rate . Even while adding local currency and try to buy bitcoin we should pay the charges.

Tell me any exchange wallet that decuts a part of your balance for simply depositing to their service? I can't think of a single one. And why should we pay for these charges? There's no cost for them to hold a wallet, none at all. They are simply stealing money from us more or less..

[mostkey]

Here there is a slight inconsistency about the deposit transaction fee,
some say it is disconnected from the deposit amount and some are not, but the fact that the transaction cost deductions really happen at the end of this period.
Perhaps it is because of their shortcomings of Ability to bear the cost they can forward

[buwaytress]

Here there is a slight inconsistency about the deposit transaction fee,
some say it is disconnected from the deposit amount and some are not, but the fact that the transaction cost deductions really happen at the end of this period.
Perhaps it is because of their shortcomings of Ability to bear the cost they can forward

I think now that I've tested it myself, it seems to be a FLAT fee that will adjust according to the current network state. I've tried 0.01 to 1 values and all show the same deposit fee of 5x,xxx satoshi.

I can understand that a site like lbc, like most sites, automatically transfer deposits out into a main wallet. Almost every site I deposit into immediately sweeps up my balance into another address, while my deposit shows in my account. That does add to cost as each tx of course spends fees.

But that's on THEM, not on users. I don't know any service currently that charges a fee on deposit. Hope they know what they're doing.

[mostkey]

Here there is a slight inconsistency about the deposit transaction fee,
some say it is disconnected from the deposit amount and some are not, but the fact that the transaction cost deductions really happen at the end of this period.
Perhaps it is because of their shortcomings of Ability to bear the cost they can forward

I think now that I've tested it myself, it seems to be a FLAT fee that will adjust according to the current network state. I've tried 0.01 to 1 values and all show the same deposit fee of 5x,xxx satoshi.

I can understand that a site like lbc, like most sites, automatically transfer deposits out into a main wallet. Almost every site I deposit into immediately sweeps up my balance into another address, while my deposit shows in my account. That does add to cost as each tx of course spends fees.

But that's on THEM, not on users. I don't know any service currently that charges a fee on deposit. Hope they know what they're doing.

Wow, you are very shocking, by way of putting it straight. I really admire your performance in searching for information.Thank you for the follow-up that you have done, maybe all who join in this discussion can understand.
thanks.

[rifiuti]

Couple times this happened, it seems like they charge about %7 off what you deposit. Why tf there is a deposit fee?