Coinbase charging 5% for every transaction

[rudystyle]

I mostly buy bitcoins  from here or through bitmit selling Amazon Gift Cards. Everyone pays using MT Gox exchange rates. I transfer my bitcoins to coinbase and use coinbase to buy stuff from a merchant who has integrated coinbase payment API.  I checked coinbase exchange rates today and I was shocked to see that its exchange rates was 5% below Mt Gox rates. Thus effectively I was paying 5% extra bitcoins for each transaction. Coinbase is simple to use  and I do like using it for its simplicity, however the huge gap in exchange rates feels that I am fleeced an extra 5% in each transaction just for using them

[elor70]

yeah i use them too and 5% is very greedy...

[btceic]

Quit spreading FUD, you are clearly getting a discount to mtgox prices, how you can perceive this as a fee is beyond me.

[naphto]

If coinbase is simpler it is normal that it would have some fees. You can't have everything for free...

[Rygon]

I mostly buy bitcoins  from here or through bitmit selling Amazon Gift Cards. Everyone pays using MT Gox exchange rates. I transfer my bitcoins to coinbase and use coinbase to buy stuff from a merchant who has integrated coinbase payment API.  I checked coinbase exchange rates today and I was shocked to see that its exchange rates was 5% below Mt Gox rates. Thus effectively I was paying 5% extra bitcoins for each transaction. Coinbase is simple to use  and I do like using it for its simplicity, however the huge gap in exchange rates feels that I am fleeced an extra 5% in each transaction just for using them

To the best of my knowledge, Bitpay processes more transactions than anyone, and they use Bitstamp rates, which are 8% less than MtGox as of today. Coinbase has the best exchange rate right now for the those of us who don't want to wait 3+ months for a withdrawal.

Just stop looking at the MtGox exchange rates, and you'll feel better.

[rudystyle]

Quit spreading FUD, you are clearly getting a discount to mtgox prices, how you can perceive this as a fee is beyond me.

What are you saying ? I am not from the US , there is no way for me to buy bitcoins from coinbase . I can only use my coinbase btc to buy stuff. So I buy my bitcoins from other people at $105/btc . When I use coinbase to purchase stuff from online stores which use coinbase API ,  I end up selling my bitcoins at $98 .  So that's a loss of $7 for every BTC that I spend.  Coinbase already charges fee from the seller , in  the meantime the buyer is also losing 5% per transaction, that's is a huge loss for the buyer. Even Paypal  does NOT charge any fee from the buyer

[rudystyle]

If coinbase is simpler it is normal that it would have some fees. You can't have everything for free...

Usually only sellers pay the transaction fees not buyers. And I am not adverse to paying transaction fees even as  a buyer but 5% is way too greedy. Paypal and credit cards has 0 fees for buyer

[rudystyle]

I mostly buy bitcoins  from here or through bitmit selling Amazon Gift Cards. Everyone pays using MT Gox exchange rates. I transfer my bitcoins to coinbase and use coinbase to buy stuff from a merchant who has integrated coinbase payment API.  I checked coinbase exchange rates today and I was shocked to see that its exchange rates was 5% below Mt Gox rates. Thus effectively I was paying 5% extra bitcoins for each transaction. Coinbase is simple to use  and I do like using it for its simplicity, however the huge gap in exchange rates feels that I am fleeced an extra 5% in each transaction just for using them

To the best of my knowledge, Bitpay processes more transactions than anyone, and they use Bitstamp rates, which are 8% less than MtGox as of today. Coinbase has the best exchange rate right now for the those of us who don't want to wait 3+ months for a withdrawal.

Just stop looking at the MtGox exchange rates, and you'll feel better.

I am not the one looking at MtGox rates, Bitcoin sellers are the ones who sell at Mt Gox rates. I have no option but to pay MtGox rates while buying BTC. Coinbase only allows US citizens to buy at their rates.  Also I dont convert my BTC  to USD, I use my bitcoins to buy stuff online. I am not a speculator,investor or geek. I am just using it to buy stuff online.

I am not too amused that I  have to buy BTC at $105 and then while paying through coinbase or Bitpay (the two most popular payment processor used by online stores for bitcoins) my 1 BTC has  a purchasing power of $98.

[joesmoe2012]

The rates on coinbase have been getting progressively worse over the past month.

[Rygon]

I mostly buy bitcoins  from here or through bitmit selling Amazon Gift Cards. Everyone pays using MT Gox exchange rates. I transfer my bitcoins to coinbase and use coinbase to buy stuff from a merchant who has integrated coinbase payment API.  I checked coinbase exchange rates today and I was shocked to see that its exchange rates was 5% below Mt Gox rates. Thus effectively I was paying 5% extra bitcoins for each transaction. Coinbase is simple to use  and I do like using it for its simplicity, however the huge gap in exchange rates feels that I am fleeced an extra 5% in each transaction just for using them

To the best of my knowledge, Bitpay processes more transactions than anyone, and they use Bitstamp rates, which are 8% less than MtGox as of today. Coinbase has the best exchange rate right now for the those of us who don't want to wait 3+ months for a withdrawal.

Just stop looking at the MtGox exchange rates, and you'll feel better.

I am not the one looking at MtGox rates, Bitcoin sellers are the ones who sell at Mt Gox rates. I have no option but to pay MtGox rates while buying BTC. Coinbase only allows US citizens to buy at their rates.  Also I dont convert my BTC  to USD, I use my bitcoins to buy stuff online. I am not a speculator,investor or geek. I am just using it to buy stuff online.

I am not too amused that I  have to buy BTC at $105 and then while paying through coinbase or Bitpay (the two most popular payment processor used by online stores for bitcoins) my 1 BTC has  a purchasing power of $98.

Ahhh, sorry to hear you can't find a good rate outside of the US. It really is a shame that the buy/sell spread has increased so much in just a few months. Blame the legacy banking system and asinine regulations, I suppose?

[twmz]

I mostly buy bitcoins  from here or through bitmit selling Amazon Gift Cards. Everyone pays using MT Gox exchange rates. I transfer my bitcoins to coinbase and use coinbase to buy stuff from a merchant who has integrated coinbase payment API.  I checked coinbase exchange rates today and I was shocked to see that its exchange rates was 5% below Mt Gox rates. Thus effectively I was paying 5% extra bitcoins for each transaction. Coinbase is simple to use  and I do like using it for its simplicity, however the huge gap in exchange rates feels that I am fleeced an extra 5% in each transaction just for using them

To the best of my knowledge, Bitpay processes more transactions than anyone, and they use Bitstamp rates, which are 8% less than MtGox as of today. Coinbase has the best exchange rate right now for the those of us who don't want to wait 3+ months for a withdrawal.

Just stop looking at the MtGox exchange rates, and you'll feel better.

I am not the one looking at MtGox rates, Bitcoin sellers are the ones who sell at Mt Gox rates. I have no option but to pay MtGox rates while buying BTC. Coinbase only allows US citizens to buy at their rates.  Also I dont convert my BTC  to USD, I use my bitcoins to buy stuff online. I am not a speculator,investor or geek. I am just using it to buy stuff online.

I am not too amused that I  have to buy BTC at $105 and then while paying through coinbase or Bitpay (the two most popular payment processor used by online stores for bitcoins) my 1 BTC has  a purchasing power of $98.

I'm not sure it's coinbase's fault that people on the internet are still using inflated (aka bogus) MtGox rates?  The reason that MtGox's rates are way higher than every other exchange is that you can't withdraw USD from MtGox if you sell bitcoins there.  Coinbase and BitPay and others are just being practical and basing their exchange rates off of exchanges other than MtGox's inflated rates.

[redwraith]

I'm not sure it's coinbase's fault that people on the internet are still using inflated (aka bogus) MtGox rates?  The reason that MtGox's rates are way higher than every other exchange is that you can't withdraw USD from MtGox if you sell bitcoins there.  Coinbase and BitPay and others are just being practical and basing their exchange rates off of exchanges other than MtGox's inflated rates.

Thank you.  Exactly this...

This is a MtGox problem, not a Coinbase one.

[TimJBenham]

MTGOX IS NO LONGER THE BITCOIN PRICE. Deal with it.

It is on Bitmit. 

[BittBurger]

The title of this thread is annoyingly inaccurate.

OP:  rephrase your title please.