Exchanges and Fees

[Hoangle1523]

Hi

im from the UK and am about to start investing in alt coins. I have a question on fees. I have a Coinbase account.

Can anyone tell me if the below is correct.

Deposit £500 into coinbase acct = No Fees
Buy £500 bitcoin = Fee charged
Transfer Bitcoin to an exchange for eg Binance = Fee charged
On Binance buy alt coin with bitcoin = Fee Charged
If alt coin makes profit transfer it back to bitcoin = Fee charged
Transfer bitcoin back to coinbase = Fee charged
Transfer bitcoin back to £ on coinbase = Fee Charged
WIdthraw £ back to bank account = Fee charged.

Im trying to get my head around exactly where the fees are charged and how high they could be £10, £15?.

Thanks

[saint_casanova]

Hi

im from the UK and am about to start investing in alt coins. I have a question on fees. I have a Coinbase account.

Can anyone tell me if the below is correct.

Deposit £500 into coinbase acct = No Fees
Buy £500 bitcoin = Fee charged
Transfer Bitcoin to an exchange for eg Binance = Fee charged
On Binance buy alt coin with bitcoin = Fee Charged
If alt coin makes profit transfer it back to bitcoin = Fee charged
Transfer bitcoin back to coinbase = Fee charged
Transfer bitcoin back to £ on coinbase = Fee Charged
WIdthraw £ back to bank account = Fee charged.

Im trying to get my head around exactly where the fees are charged and how high they could be £10, £15?.

Thanks

Do you know how the blockchain work? The fee is for miners to pick up your transaction.

[orkoso]

Hi

im from the UK and am about to start investing in alt coins. I have a question on fees. I have a Coinbase account.

Can anyone tell me if the below is correct.

Deposit £500 into coinbase acct = No Fees
Buy £500 bitcoin = Fee charged
Transfer Bitcoin to an exchange for eg Binance = Fee charged
On Binance buy alt coin with bitcoin = Fee Charged
If alt coin makes profit transfer it back to bitcoin = Fee charged
Transfer bitcoin back to coinbase = Fee charged
Transfer bitcoin back to £ on coinbase = Fee Charged
WIdthraw £ back to bank account = Fee charged.

Im trying to get my head around exactly where the fees are charged and how high they could be £10, £15?.

Thanks

Do you know how the blockchain work? The fee is for miners to pick up your transaction.

Oh, you mean, now Sterling pound can be mined? Have I been sleeping for 20 years and now the Bank of England finally decided to go Crypto?

I am afraid that many of the fees are just for the exchange.

[baileym]

Hi

im from the UK and am about to start investing in alt coins. I have a question on fees. I have a Coinbase account.

Can anyone tell me if the below is correct.

Deposit £500 into coinbase acct = No Fees
Buy £500 bitcoin = Fee charged
Transfer Bitcoin to an exchange for eg Binance = Fee charged
On Binance buy alt coin with bitcoin = Fee Charged
If alt coin makes profit transfer it back to bitcoin = Fee charged
Transfer bitcoin back to coinbase = Fee charged
Transfer bitcoin back to £ on coinbase = Fee Charged
WIdthraw £ back to bank account = Fee charged.

Im trying to get my head around exactly where the fees are charged and how high they could be £10, £15?.

Thanks

Check other exchanges also.  Fees can vary quite a bit.  Also look into buying alt-coins like LTC from coinbase then transferring.  coinbase does not charge to withdraw, send LTC to Cryptopia no charge to deposit last I checked.  You will be charged to buy your Altcoins from there though.  This is to be expected for a trading fee.  Cryptopia is pretty high to withdraw from though.  HitBTC no charge for depositing LTC there is  withdraw fees but very low on LTC.  HitBTC is about $4 to deposit BTC and about $13 to withdraw.
With coinbase you can send in BTC, BCH, LTC, OR ETH.

My point being you need to not only look into other exchanges but the fees for each coin for deposit and withdraw.

[ElegantCy]

Poloniex charges very minimal amount for withdrawal. they don't charge deposit fee. probably the cheapest around for now. cryptopia, bittrex,stock.exchange, and coinsmarket charge very exorbitant withdrawal fees.