Coinbase fees?

[photonfanatic]

So I transferred $2500 to my coinbase account. A week later, the money finally hits my account on Coinbase. Only instead of $2500, or a bit less because of a fee, my account only shows $2196. Where is all the rest? Was the fee for one transfer really $304? That can't be right. If it is they can kiss my business goodbye.

After reading through their help section, it looks to me like the fee should have been about $36. Kind of high if you ask me, but I can accept it I guess. What I can not accept is $304. Anyone know what may be happening here? I sent them a support request but of course that will take days.

[photonfanatic]

May have just made an idiot thread lol. Might have been thrown off by the $ sign in front of my total balance. It must be showing the total dollar amount, when converted to bitcoin. Which will of course go up, if bitcoin goes up. Can anyone confirm?

[OmegaStarScream]

May have just made an idiot thread lol. Might have been thrown off by the $ sign in front of my total balance. It must be showing the total dollar amount, when converted to bitcoin. Which will of course go up, if bitcoin goes up. Can anyone confirm?

That's exactly how it works in every service yes. It's impossible to have +300$ as fees logically. Just as a tip, It's early a little bit but make sure to move your coins out of Coinbase before 1st August.

[photonfanatic]

Thanks very much for the reply!

Can you tell me if there are fees for transferring to your wallet? Or is that free?

[heretolearn]

Coinbase does not charge a fee to use our Hosted Digital Currency Wallet service. Transfers of virtual currency to an address off the Coinbase platform may incur network transaction fees, such as bitcoin miner’s fees, which Coinbase may pass through to you. Any such transfer fees will be disclosed to you at the time of the transaction.it has percentages 1.49%, with a $0.15 minimum.

[xIIImaL]

Thanks very much for the reply!

Can you tell me if there are fees for transferring to your wallet? Or is that free?

Not only Coinbase most of the online wallet will consumes a fees to transacting money from one wallet to another. I hope Coinbase consumes 0.0006 bitcoins to transfer to another. If you low fees consuming wallet means you can have choices lime multibit, bitcoin core and etc to having manual fees.

[johnwest]

Thanks very much for the reply!

Can you tell me if there are fees for transferring to your wallet? Or is that free?

There will be a transaction fee each time you send BTC/ETH/LTC from your coinbase account to any other website or wallets. Coinbase or any other exchange for that matter is only for buying or selling Bitcoins. If you want to hold them then download electrum or some other secured wallet on your mobile or computer. Transfer everything there and save your private key somewhere else or better is to write it down physically.

[goinmerry]

Thanks very much for the reply!

Can you tell me if there are fees for transferring to your wallet? Or is that free?

There is a fee. It was automatically setup by Coinbase. Just for reference, just few days ago, my standard fees is about 80,000+ satoshis. You can check how much fees you will spend once you put the amount to be send to other wallet before clicking PROCEED.

It's free if the transaction is between Coinbase to Coinbase but of course, the recommendations would be transfer your bitcoin to wallet other than web wallet.

[photonfanatic]

That's exactly how it works in every service yes. It's impossible to have +300$ as fees logically. Just as a tip, It's early a little bit but make sure to move your coins out of Coinbase before 1st August.

Thanks everyone for the help.


But now to address the quote. I'll get my coins out of coinbase, but the article below seems to think that even moving them to a wallet may not be enough. Is a standard desktop wallet good enough to shield me from what will happen on august 1st? Or do I need a hardware wallet?

From the article:

"If you don’t control your keys during a chain split three main things may happen:

    1. Your bitcoin balance will stay the same and you will be able to use that bitcoin token as usual.
    2. Your bitcoin balance will be zero over night since your wallet chose the wrong chain
    3. Your wallet provider will offer you a chance to keep your token balance on both chains or to choose one of them"

https://hackernoon.com/casual-bitcoin-users-you-need-to-know-about-aug-1st-d568e07418cb

[cpfreeplz]

That's exactly how it works in every service yes. It's impossible to have +300$ as fees logically. Just as a tip, It's early a little bit but make sure to move your coins out of Coinbase before 1st August.

Thanks everyone for the help.


But now tp address the quote. I'll get my coins out of coinbase, but the article below seems to think that even moving them to a wallet may not be enough. Is a standard desktop wallet good enough to shield me from what will happen on august first? Or do I need a hardware wallet?

From the article:

"If you don’t control your keys during a chain split three main things may happen:

    1. Your bitcoin balance will stay the same and you will be able to use that bitcoin token as usual.
    2. Your bitcoin balance will be zero over night since your wallet chose the wrong chain
    3. Your wallet provider will offer you a chance to keep your token balance on both chains or to choose one of them"

https://hackernoon.com/casual-bitcoin-users-you-need-to-know-about-aug-1st-d568e07418cb

Controlling your own private keys only means you have access to your private keys. You don't need a hardware wallet. Mycelium, Bitcoin core, electrum, armory, and any other desktop or most android wallets will let you have access to your private keys. Don't keep your coins on coinbase, Xapo, blockchain.info or any Web wallet or exchange.

[photonfanatic]

Thanks

Time for another dumb newb question:

I'm assuming that I don't need to worry about any of my other coins when it comes to August 1st?

[bL4nkcode]

Thanks

Time for another dumb newb question:

I'm assuming that I don't need to worry about any of my other coins when it comes to August 1st?

If you will research in google about what will happen to august 1st, its always recommended that you have to store your funds in a wallet that you control the private keys of it, since coinbase is an exchange then they are not safe to store with because you cant control and access your private keys there, you can read here why its not safe to store your coins in any exchanges https://bitcointalk.org/index.php?topic=2012799.0

[photonfanatic]

To be clear I was asking about altcoins being affected by August 1st. Since its happening to bitcoin, I'm going to go with no, they won't be affected by August 1st.