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Author Topic: Coinbase Fees - - - WOW  (Read 260 times)
knightkon (OP)
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September 04, 2017, 01:11:31 AM
 #1

It has been a bit since I have been on and I just get back to my coinbase account and see that transferring $50 to my card playing site cost me almost $5!!!  WTF.  I am looking for recommendations of a better wallet to keep my coins now.  I will never use Coinbase again, that is nuts.  I did another transaction, transferring $5,000 in USD to BTC.  The USD was in my coinbase wallet and they still charged me a fee.  WTF.
 

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LeGaulois
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September 04, 2017, 09:54:34 AM
 #2

Yep, I agree, especially since if you could lower the fees it will be still sent in a timely manner. If you're looking for a web based wallet only then take a look at Bitwala. The advantages of this wallet is that you can set yourself the fees you agree to pay while sending your transaction. And another point is you get your private key.

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BitSat
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September 04, 2017, 11:05:48 AM
 #3

It has been a bit since I have been on and I just get back to my coinbase account and see that transferring $50 to my card playing site cost me almost $5!!!  WTF.  I am looking for recommendations of a better wallet to keep my coins now.  I will never use Coinbase again, that is nuts.  I did another transaction, transferring $5,000 in USD to BTC.  The USD was in my coinbase wallet and they still charged me a fee.  WTF.
 
Now no only coinbase some other wallets charging very high fees I was also using this for long time but now I transfer my funds in Poloniex as they are charging only 0.0001 Bitcoins on every withdrawal if you feel better then you can also use this but you need to verify for high withdrawal and its taking too much time for last some weeks
jackhdt
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September 04, 2017, 01:14:51 PM
 #4

I gave up xapo and Coinbase because transaction fees are too expensive.
i use polo wallet https://poloniex.com fee 0.0001 bit/ transaction
or blockchain custom fees

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jackhdt
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September 04, 2017, 01:20:51 PM
 #5

I gave up xapo and Coinbase because transaction fees are too expensive.
i use polo wallet https://poloniex.com fee 0.0001 bit/ transaction
or blockchain custom fees
wow. me too. the same idea
I think the future of Polo will increase transaction because current cost they pay for miners is low

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sylance
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September 04, 2017, 02:24:30 PM
 #6

Coinbase charges these fees because they're really the only game in town for Americans to get fiat into crypto.  There are a few other players but Coinbase is the established way.  I see you're looking for a place to store your coins; I'm not sure I'd choose Coinbase or Polo.  There are several wallets for you to choose if you have multiple coins, but if you're only dealing with bitcoin then I'd recommend the official wallet.  Coinbase will still charge their huge fees to get it out of Coinbase and into the wallet but at least from there you'll have more control.

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September 04, 2017, 02:46:38 PM
 #7

Just go with electrum.
You'll always have your private keys with you and you can decide the fees (low fees transaction though slower, works).

erikalui
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September 04, 2017, 03:40:53 PM
 #8

Depending on the number of inputs, any wallet would be charging the same amount or even more as the btc price too has reached $4000 where even 0.0001 is $0.4 now. If you prefer to pay your own fee then use electrum but if you prefer a wallet like xapo/coinbase, you can try counterparty wallet where you can choose the amount you want to pay as a fee and it works like an exchange too. Jaxx is another option which is safe.

freundes
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September 05, 2017, 07:55:21 AM
 #9

Thats what many wallets and exchanges do, change huge amount.
I mainly use blockchain wallet for that reason, you can customise your fees and if you are not in a hurry to be credited thats a great option.
MAbtc
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September 05, 2017, 08:04:22 AM
 #10

It has been a bit since I have been on and I just get back to my coinbase account and see that transferring $50 to my card playing site cost me almost $5!!!  WTF.  I am looking for recommendations of a better wallet to keep my coins now.  I will never use Coinbase again, that is nuts.  I did another transaction, transferring $5,000 in USD to BTC.  The USD was in my coinbase wallet and they still charged me a fee.  WTF.
 

It seems like we're talking about two different things here. The first is transaction fees. Coinbase is definitely charging higher fees than they used to, to compensate for network congestion and their large transactions (lots of small inputs from people using them as a wallet). The answer there is to use a local desktop wallet instead of Coinbase, especially one that allows manual fee setting, so you can pay very low fees when payments aren't time-sensitive.

The second issue is BTC/USD conversion. You can get 0% fees for that by 1) transferring your USD from Coinbase wallet to GDAX and 2) placing a limit order for the amount you want to convert. Market orders get charged fees, but limit orders don't.
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