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Author Topic: Cheapest Way to Convert BTC to USD  (Read 216 times)
Didley1JT
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November 25, 2017, 11:36:33 PM
 #1

I have a small amount of BTC in my wallet. The online wallet it is currently in does not have a function to send to my bank.

I can send to Coinbase and transfer to my bank account, but the fees really eat into my margins. Example, I sold $500 worth of BTC and Coinbase took a $27 fee for the transfer to my bank account.

Is there a better service to use?

Also, would it be smarter to convert the BTC to LTC or ETH (only other currencies supported by Coinbase) and then sell and have sent to my account?

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Alns
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November 25, 2017, 11:44:41 PM
 #2

No, you probably have less than $15 and that is the real reason of why you want to turn it to usd.
In where are you living at the moment? Maybe you can look for a seller who is willing to buy your bitcoin balance, how much do you have in there? less than $15 or less than $10?

It doesnt matter what are you going to do, if you send that money to another website, to another exchange, or wherever are you going to send it, you are going to need to pay more than $5 for the fees.

Or maybe you can try to put lower fees, i mean $2, or $3, and wait some days until it gets confirmed.

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November 25, 2017, 11:45:51 PM
 #3

I personally use LocalBitcoins and guess what? Not only is it cheap, but you will get an additional bonus because others will pay 1-10% extra on top of the market price for your Bitcoin, therefore it is a win-win. Smiley



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Didley1JT
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November 26, 2017, 12:00:55 AM
 #4

Currently only a few hundred USD, but I won't be moving it all around at once, so I wanted to minimize the fees as much as possible.


BTC: 1GaqNkHcstajEex6LQ6caMDLNJMLKwourJ
DaMut
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November 26, 2017, 12:25:57 AM
 #5

the cheapest way to convert your money into Bitcoin or vice versa is by doing it with other users.
no matter where you go every market or platform will charge you a fees for every transaction,
they're charging you a fees for doing a trade and then transaction.
it would be best for you to find someone from your country or someone who has a conversion target,
in this forum you can find people who want to sell or buy their Bitcoin to other people directly,
try to reach them and make a deal,
you only need to pay the fees for transaction from your wallet to other wallet,no more than that.
go here for your reference :
https://bitcointalk.org/index.php?board=53.0[Currency Exchange]

Also, would it be smarter to convert the BTC to LTC or ETH (only other currencies supported by Coinbase) and then sell and have sent to my account?

No it's not,
it will only take you more fees from before.


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burky156
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November 26, 2017, 04:07:12 AM
 #6

Converting fees getting higher and higher! 2-3 years ago everything were free in cyrpto currency business, thats why we liked it at first place.. Unfortunately now we pay to much for each transaction.. Not a good news..

kapipindot
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November 26, 2017, 04:27:57 AM
 #7

We have this local bitcoin exchange site. From blockchain.info to our local wallet I think is 5$ @ most and conversion from bitcoin to peso(php) is free. From our local exchange to certain local banks are also free. To bad you have to pay for that fee.I thought our local exchange wallet rips us but then I read about this.
Didley1JT
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November 26, 2017, 04:42:22 AM
 #8

the cheapest way to convert your money into Bitcoin or vice versa is by doing it with other users.
no matter where you go every market or platform will charge you a fees for every transaction,
they're charging you a fees for doing a trade and then transaction.
it would be best for you to find someone from your country or someone who has a conversion target,
in this forum you can find people who want to sell or buy their Bitcoin to other people directly,
try to reach them and make a deal,
you only need to pay the fees for transaction from your wallet to other wallet,no more than that.
go here for your reference :
https://bitcointalk.org/index.php?board=53.0[Currency Exchange]

Also, would it be smarter to convert the BTC to LTC or ETH (only other currencies supported by Coinbase) and then sell and have sent to my account?

No it's not,
it will only take you more fees from before.



Great information. Thank you.

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November 26, 2017, 04:45:22 AM
 #9

I would go with https://localbitcoins.com/ as others have said. It elements a lot of the transfer fees, just be sure to take precautions when dealing in person.
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November 26, 2017, 04:55:11 AM
 #10

I would go with https://localbitcoins.com/ as others have said. It elements a lot of the transfer fees, just be sure to take precautions when dealing in person.
I think on localbitcoin there are people who same residence with the op or he can search the people around there
and they can make deal face to face, it will makes more cheap than direct transaction on the website,
due to the seller can get the cash money and no fees transaction must be paid, also make sure the place for meet up
don't too long with the home because it will takes cost of journey.

h0lybyte
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November 26, 2017, 05:30:09 AM
 #11

The fee to transfer bitcoins from wallet to wallet is usually same, however bank transfers may vary in fee,.
Unfortunately i am outside USA and i mostly use localbitcoins.com for my bitcoin to bank exchanges.
I suggest you to find someone nearby your location at localbitcoins and make your deal. This type of exchanges really makes difference in fee
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