|
October 10, 2017, 03:26:35 PM |
|
I only have experience with coinbase, so my experience is limited. Consider accordingly.
In my experience, the "price" that you see quoted is only an approximation of what coinbase will pay you for your 1 BTC. My thinking is that they operate like any customary currency exchange. There is a "spread" between what they will "pay" for a currency, and what they would require you to pay for the same currency. Hence if BTC is $4700, they might only give you $4630, or if you wanted to buy 1 BTC, they would charge $4775. These are made up figures, and I don't understand how the do the actual pricing. The only way I have found out is to actually start a transaction, and then cancel it at the end if I don't like the final result.
They also then charge a "fee" which looks to be related to the overall size of the USD involved. That is all disclosed before you agree to complete the transaction. It usually takes a few days for things to complete, although it might be possible to accelerate that if you pay more in fees. My first few exchanges were slower, than later ones. I attributed that to them wanting some experience with you at the outset.
You might well want to set yourself up with them to get a real feel about it, and concrete examples of costs.
|