10% Deposit Fee Coinbase?

[Plumberman]

I sold 6 LTC and deposited it back into my checking account. Was $277 LTC and deposit was $1800. Fee was $27.25??? WTF??? Website says ACH deposits are free? Are they charging to convert the money or something because I already paid the fees when I put it in there to begin with.

It's either 1.5 percent checking account fee or a whopping 10 percent LTC fee. Since it was $277 and $27 assuming it's a 10% which is outrageous!

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[silverstar43]

ACH is free, the fee came from selling.
Also try using gdax instead and watch the market sell button.
If there is not enough liquid in the books, you can actually sell much lower then intended.

[Plumberman]

 It's the first time I have sold! So do they really, seriously charge TEN freaking percent to sell?  Oh my god that's a lot of money!!!!  So if I happen to hit it big and I want to sell $20,000 worth, CB is going to take $2,000?  That sounds like highway robbery to me.

[pedrog]

It's the first time I have sold! So do they really, seriously charge TEN freaking percent to sell?  Oh my god that's a lot of money!!!!  So if I happen to hit it big and I want to sell $20,000 worth, CB is going to take $2,000?  That sounds like highway robbery to me.

I've sold and withdrew from Coinbase a few times, fees are negligible, don't know what you're talking about.

Are you from USA?

Maybe it's you're bank taking the money.

[silverstar43]

I keep my spending btc in gdax till needed and I moved some btc to play with the Shift debit card.
Just a quote for selling 0.00164800 btc on coinbase.

0.00164800 BTC $24.31
Coinbase Fee $1.49
Total Payout $22.8

I see what your talking about, coinbase calls it a "Conversion Fees"
https://support.coinbase.com/customer/portal/articles/2109597

From what I can tell, its a "Conversion Service."  It looks like an add on fee for making it easy to trade.
Perhaps use gdax limit sell and ACH withdraw to avoid that fee.

[Plumberman]

It's the first time I have sold! So do they really, seriously charge TEN freaking percent to sell?  Oh my god that's a lot of money!!!!  So if I happen to hit it big and I want to sell $20,000 worth, CB is going to take $2,000?  That sounds like highway robbery to me.

I've sold and withdrew from Coinbase a few times, fees are negligible, don't know what you're talking about.

Are you from USA?

Maybe it's you're bank taking the money.

I'm not sure what you're saying? Other than maybe you consider 10% negligible?  I do not I think that's extremely high to sell.

[Plumberman]

I keep my spending btc in gdax till needed and I moved some btc to play with the Shift debit card.
Just a quote for selling 0.00164800 btc on coinbase.

0.00164800 BTC $24.31
Coinbase Fee $1.49
Total Payout $22.8

I see what your talking about, coinbase calls it a "Conversion Fees"
https://support.coinbase.com/customer/portal/articles/2109597

From what I can tell, its a "Conversion Service."  It looks like an add on fee for making it easy to trade.
Perhaps use gdax limit sell and ACH withdraw to avoid that fee.

Thanks for sending that link because I was unaware of it myself. I have made 100 different buy/sell back-and-forth from Binance to Coinbase and the fees are not even worth mentioning they were so cheap.  It's why I had a heart attack when they charged it.
 
I find that to be totally unacceptable!  Just ridiculously high!

[Plumberman]

 I wonder how many people know about this? If most people are like me the money stays somewhere other and not many people are depositing the money back into their checking accounts so it may not be more widely known.  That sounds like a terrorist kind of charge. Like they're holding your money hostage. Well if you want your money back you HAVE to pay us a "release hostage" fee

[silverstar43]

Fun Fact, Coinbase/Gdax & Gemini provide free BTC withdraws.  They pay the miner fees  
Its free to a cretin point, I believe 30 per month.

Binance and Bittrex charge a withdraw fee of 0.001btc, and I assume the remainder of the miner fee.

[Shrihari]

10% is too much and incorrect.
I am pretty sure you used the coin base USA for this exchange.

[Plumberman]

10% is too much and incorrect.
I am pretty sure you used the coin base USA for this exchange.

I'm not sure what you mean. It was pretty simple. I hit sell LTC from my Coinbase account, chose deposit money into my checking account..  all over.
Of course  I did it in USA.

[Granxis]

10% is a very high fee, but Coinbase is always doing it. They have recently increased their wages to earn more. Last week there were friends who paid 0.014 Bitcoin fee, maybe still the same fee.

[Plumberman]

 I tried to post a screenshot but I guess that option isnt open.
Says sold: 6.58 /$1801.81
Price $277.97
Payment method: My bank
Fee: $27.25


 I was even more shocked they only took 24 hours

[Plumberman]

 Actually yes something is wrong. I went back and looked at one I did a couple weeks ago I forgot all about as a test and there was NO fee at all

[pedrog]

I tried to post a screenshot but I guess that option isnt open.
Says sold: 6.58 /$1801.81
Price $277.97
Payment method: My bank
Fee: $27.25


 I was even more shocked they only took 24 hours

That's the 1.49% Buy/Sell fee.

In that particular trade it was a bit less, it was 1.39%.

That's far from 10%, you need to practice more your math skills.

https://support.coinbase.com/customer/portal/articles/2109597-buy-sell-bank-transfer-fees

[Plumberman]

I tried to post a screenshot but I guess that option isnt open.
Says sold: 6.58 /$1801.81
Price $277.97
Payment method: My bank
Fee: $27.25


 I was even more shocked they only took 24 hours

That's the 1.49% Buy/Sell fee.

In that particular trade it was a bit less, it was 1.39%.

That's far from 10%, you need to practice more your math skills.

https://support.coinbase.com/customer/portal/articles/2109597-buy-sell-bank-transfer-fees

 You need to practice your reading skills, I already addressed that 1.5 % in my first post... and that's NOT a buy sell price because it was already purchased and sitting in my wallet!

[pedrog]

I tried to post a screenshot but I guess that option isnt open.
Says sold: 6.58 /$1801.81
Price $277.97
Payment method: My bank
Fee: $27.25


 I was even more shocked they only took 24 hours

That's the 1.49% Buy/Sell fee.

In that particular trade it was a bit less, it was 1.39%.

That's far from 10%, you need to practice more your math skills.

https://support.coinbase.com/customer/portal/articles/2109597-buy-sell-bank-transfer-fees

 You need to practice your reading skills, I already addressed that 1.5 % in my first post... and that's NOT a buy sell price because it was already purchased and sitting in my wallet!

Yap, I got the percentage wrong, it's 1.49%.

If you sold 6.58 LTC at $277.97 each litecoin, that's $1829.04 and when you deduct 1.49% fee, 1829.04*0.9851, you got $1801.74, and the fee is 1829×0.0149 which is $27.25.

If bank transfer is free, you get $1801.74 in your bank account.

[Plumberman]

I tried to post a screenshot but I guess that option isnt open.
Says sold: 6.58 /$1801.81
Price $277.97
Payment method: My bank
Fee: $27.25


 I was even more shocked they only took 24 hours

That's the 1.49% Buy/Sell fee.

In that particular trade it was a bit less, it was 1.39%.

That's far from 10%, you need to practice more your math skills.

https://support.coinbase.com/customer/portal/articles/2109597-buy-sell-bank-transfer-fees

 You need to practice your reading skills, I already addressed that 1.5 % in my first post... and that's NOT a buy sell price because it was already purchased and sitting in my wallet!

Yap, I got the percentage wrong, it's 1.49%.

If you sold 6.58 LTC at $277.97 each litecoin, that's $1829.04 and when you deduct 1.49% fee, 1829.04*0.9851, you got $1801.74, and the fee is 1829×0.0149 which is $27.25.

If bank transfer is free, you get $1801.74 in your bank account.

 I guess what's throwing me is what I had understood ( which is wrong of course that they consider depositing the money back into my checking account "selling". So I had the coins in Binance and I paid a "fee" I guess to exchange it to Coinbase. So now my coins are sitting there and I say "hey, let's deposit it back into my Acct"

Don't ask me why, it's stupidity on my part, but for some reason I never thought that was actually selling!  Came from the notion that I was doing a lot of buying and selling but never cashing it out. I would sell, but the money would go into the account and then I would buy something else with it.  At that point all the fees are paid unless I want to buy something else.

So Lesson is learned.  Cashing out to put it into your checking account or buying something else is the exact same thing and for some reason I just did not think of it like that.  For some reason because it was already in my Coinbase account all I was doing was " depositing my LTC into my checking account with all fees previously paid"

In retrospect it was a pretty dumb way to look at it because obviously I need to sell the coins in order to convert it into cash...

CRAP!  Now that means I need to Learn to read.. LOL

[pedrog]

I guess what's throwing me is what I had understood ( which is wrong of course that they consider depositing the money back into my checking account "selling". So I had the coins in Binance and I paid a "fee" I guess to exchange it to Coinbase. So now my coins are sitting there and I say "hey, let's deposit it back into my Acct"

Don't ask me why, it's stupidity on my part, but for some reason I never thought that was actually selling!  Came from the notion that I was doing a lot of buying and selling but never cashing it out. I would sell, but the money would go into the account and then I would buy something else with it.  At that point all the fees are paid unless I want to buy something else.

So Lesson is learned.  Cashing out to put it into your checking account or buying something else is the exact same thing and for some reason I just did not think of it like that.  For some reason because it was already in my Coinbase account all I was doing was " depositing my LTC into my checking account with all fees previously paid"

In retrospect it was a pretty dumb way to look at it because obviously I need to sell the coins in order to convert it into cash...

CRAP!  Now that means I need to Learn to read.. LOL

Litecoin below $277, you made a good call, you can buy your coins back and some more.

[Plumberman]

 I made that mistake once before and it will always upset me.  Very first purchase I ever made was a month ago or so and bought 15 LTC at $176. Week later it got close to $400!!!  Being new and not knowing any better I didn't do anything just figured that's the coin world.  Had I actually studied the coin that I just bought instead of only buying it because it was the cheapest going on Coinbase I would've realized that was an all-time high and sold it for a nice tidy $2,000 profit.

 It's amazing how much I have learned in the last 30 days and still have so much more to learn