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Subark (OP)
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January 08, 2020, 01:12:34 AM
Last edit: April 16, 2024, 03:52:02 PM by Subark
 #1

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Loganota
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January 08, 2020, 03:23:52 AM
 #2

Where are you trying to exchange these USDC? As far as I know it works on the ethereum network, so there is a charge to transact these tokens like any other tokens that work on the ethereum network.

USDC works on the basis of dollar parity, which means that 1 USDC is a representation of 1 "real" dollar. Therefore you need to provide 1 "real" dollar to get 1 USDC.

If I misunderstood your question, I'm sorry.
Thekool1s
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January 08, 2020, 03:44:43 AM
 #3

Why does USDC keep charging me a dollar to exchange it?

What are you exchanging it to and where? According to Coinbase[1], there are no exchange fees linked to "converting" "USDC" on Coinbase at least... You can also use this website[2] to see how much each exchange charges as a withdrawal fee for USDC...


Source:
[1] https://www.coinbase.com/usdc
[2] https://withdrawalfees.com/coins/usd-coin
seoincorporation
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January 08, 2020, 04:51:00 AM
 #4

Why does USDC keep charging me a dollar to exchange it?

It's because the cost of trade is $1 in your exchange. Each site has a different fees on the buy and sells move, some are cheap and charge close to %0.01, but some other like virwox takes more than %10...

If you don't like that rate then search for another option... i will leave a list of exchanges for USDC here:

https://coinmarketcap.com/currencies/usd-coin/markets/

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Findingnemo
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January 10, 2020, 04:15:16 AM
 #5

Why does USDC keep charging me a dollar to exchange it?
Not only for USDC,you should pay trading fee for every conversion you were doing on centralized trading platforms because this is their business and from this business, they are making money to live for.

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hugeblack
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January 10, 2020, 07:39:44 AM
 #6

Why does USDC keep charging me a dollar to exchange it?

Have you converted from dollars to that currency or purchased it directly using your credit or debit card? If this is correct, see the quotes below.

Quote
For US customers only: Digital Currency Conversions ending or starting with USDC are treated as Digital Currency Purchases and Digital Currency Sales respectively, and are charged a spread and Coinbase Fee as stated above for “Buy/Sell Transactions”.

When converting from USD to USDC only, Coinbase waives the fee for transactions made with a US bank account or USD Wallet. Purchasing USDC with a credit or debit card will incur the standard fee for each transaction.

For more details read this topic ---> https://support.coinbase.com/customer/portal/articles/2109597

Generally, I do not advise you to use that currency, because you will trust that it has value. Everyone starts by saying that it is backed by 100%, but the reality is much less.
FeiYun2112
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January 10, 2020, 08:38:37 AM
 #7

Depend on how you exchange, sometime it cost more than 1% of transaction value, so $1 I guess is Ok.
hugeblack
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January 12, 2020, 03:23:10 AM
 #8

Converted from ethereum.
Did you transfer inside the platform? Or using any platform? You are supposed to pay the gas, which is supposed to be less than a dollar.
In general, I do not think that popular platforms will require fixed fees for all transfers or be limited to one dollar.
See this article for more information ----> https://support.usdc.circle.com/hc/en-us/articles/360015471331.
GreatArkansas
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January 12, 2020, 04:40:38 AM
 #9

Converted from ethereum.
Did you transfer inside the platform? Or using any platform? You are supposed to pay the gas, which is supposed to be less than a dollar.
In general, I do not think that popular platforms will require fixed fees for all transfers or be limited to one dollar.
See this article for more information ----> https://support.usdc.circle.com/hc/en-us/articles/360015471331.
Maybe he/she exchange bank wire transfer and transfer the USDC to some wallet or exchange, but if he does this, GAS will be used, as a small amount of ethereum.

Maybe what OP referring to charging him/her a dollar is the total fee of sending USDC from his/her USDC Account to external USDC address. The article shared by hugeblack will enlighten the OP.
 

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joniboini
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January 12, 2020, 04:53:44 AM
 #10

Converted from ethereum.

So you're saying that you pay $1 to swap your ETH to USDC? Where does this happen? Lots of people already asked you above but I don't see you answer it. Your answer will make this case a lot clearer.

At this point, I think you probably use an instant swap service like Flyp.me or Airswap which is why the fees are way higher than usual.

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