Cash out fees

[MikeSD]

Say I had $2000 in bitcoin, through Coinbase. If I wanted to cash out, what could I expect thr total fees I would pay?

I'm not looking for best way to buy bitcoin. I'm just looking for an answer to that direct question.

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[bitbollo]

It depends from the nation/fiat currency you are using.
If you have to exchange your coins into fiat you should take in count fees for the service
https://help.coinbase.com/en/coinbase/trading-and-funding/pricing-and-fees/fees
(assuming your crypto are already deposited you should take a look only about fees of exchage).

...and then fees for sending to your address....You can use coinbase pro to save fees for withdrawal, take a look here. https://boxmining.com/coinbase-gdax-avoid-withdrawal-fees/

[passwordnow]

It's been a long time since I didn't used Coinbase but with some groups that I've been reading, they all complain about the fees. If you're from the US, you'll have to deal with high fees that they'll charge you. That's what I've read from the US citizens that were using Coinbase.
And an additional link source for Coinbase Pro that indicates withdrawals and deposits.
https://help.coinbase.com/en/pro/trading-and-funding/trading-rules-and-fees/fees

[bob123]

Say I had $2000 in bitcoin, through Coinbase. If I wanted to cash out, what could I expect thr total fees I would pay?

Visit coinbase and check their fees section maybe?
Then further, check their withdrawal fees (transfer to bank account or whatever you are using).

Sum up those fees and deduct them from your total value. Pretty straight forward.

[lolxxxx]

Say I had $2000 in bitcoin, through Coinbase. If I wanted to cash out, what could I expect thr total fees I would pay?

I'm not looking for best way to buy bitcoin. I'm just looking for an answer to that direct question.

Hi there,

I found some information about Coinbase pricing and fees disclosures. You can find the information country-by-country I have attached some information below rest you can find on the link at the bottom.

• If the total transaction amount is less than or equal to $10, the fee is $0.99 | €0,99 | £0,99 | C$.99
• If the total transaction amount is more than $10 but less than or equal to $25, the fee is $1.49 | €1,49 | £1,49 | C$1.49
• If the total transaction amount is more than $25 but less than or equal to $50, the fee is $1.99 | €1,99 | £1,99 | C$1.99
• If the total transaction amount is more than $50 but less than or equal to $200, the fee is $2.99 | €2,99 | £2,99 | C$2.99

Reference: https://help.coinbase.com/en/coinbase/trading-and-funding/pricing-and-fees/fees

Regards

[MikeSD]

Ok, please bear with me.

This is one of the main reasons I haven't used bitcoin (crypto currencies). It's practically impossible to get a straight answer on what it might cost to cash out.

Crypto currency is only useful for buying oe selling something, if buyers and sellers even accept it, OR for speculation. For me, there isn't much I need that uses crypto. However speculation on the future value is interesting. I'm not sure I trust it yet, but that's beside the point.  Eventually everyone has to cash out.

I did a test a few years ago. I bought $50 in bitcoin, through coinbase.  I wanted to see how it all works. Buying was pretty straight forward.  I got a desktop wallet to see how that worked. I put a few $$ in that wallet. Again pretty straight forward. But I forgot that password so that money is gone. Valuable lesson learned.

Then I wanted to see how transferring back to my bank worked. I transfered some of my $50 back to bank. That was my first shock. The fees ate up about half of the amount transferred to bank.

I did check coinbase fees but it's near impossible to get an estimate on how much it will cost. I know the bitcoin must be converted to a fiat currency my bank accepts. That's the first puzzle. Which one?

Then the actual fee is a mystery.

It seems that a ballpark answer should be possible. Yet as many times I have asked this no one can give an answer.  Thats the problem, it's too complicated.

I am considering again because what was left of my original $50 ($24 to be exact) is now over $200 in 3 years.  I'd like to put some more in someday but not if the cashout fee will eat it all up.

So as to my original question, let's just make it ballpark. For $2000 in bitcoin, through any coinbase-like broker, if I wanted to cash out to bank would the total fees be

1) Less than $10
2) Less than $25
3) Less than $50
4) Less than $100
5) It could be anything

Thanks

[TryNinja]

I did check coinbase fees but it's near impossible to get an estimate on how much it will cost. I know the bitcoin must be converted to a fiat currency my bank accepts. That's the first puzzle. Which one?

You don't know which fiat currency your bank accepts? If you are on the US, you use USD; if you are on (most) part of Europe, you use EUR. What's so difficulty about it?

You clearly made a mistake somewhere since you lost half of your $50 withdrawal amount without even knowing where it went. That's not anyone's fault but yours. I'm sure you can Google "exchange X bank withdrawal fees" and you'll get a clear answer.

After a Google search, I found out that Coinbase, charges 1.49% for US bank accounts (after waiver) and free through SEPA for European banks. Not that costy, huh?

Moreover, if the exchange charges a fixed fee per withdrawal regardless of the amount, then it may not be the best idea to withdrawal a mere $50. I can't know if that's what happened to you, but it's clearly a possibility.

[Findingnemo]

Ok, please bear with me.

This is one of the main reasons I haven't used bitcoin (crypto currencies). It's practically impossible to get a straight answer on what it might cost to cash out.

First of all, if you want to make trades with cheap fee then you should avoid coinbase because it is having high fee structure and especially for fiat to Crypto and vice versa conversion. Better way to avoid fee is to trade via peer to peer platform which is suitable for few hundreds of dollars to purchase.

Mistakes makes the person complete.

[bob123]

I did check coinbase fees but it's near impossible to get an estimate on how much it will cost.

Actually.. it is completely transparent.
You don't have to "estimate" anything. You can just calculate it.

Then the actual fee is a mystery.

It is not.
I told you how to calculate the total fee. And others have shown where the coinbase fee can be found.
You literally just have to add those two numbers together.

Yet as many times I have asked this no one can give an answer.  Thats the problem, it's too complicated.

Complicated? 

Subtracting the coinbase fee and trading fee from your total value is too complicated?
If so, i suppose the whole "magic internet money" is too complicated for you. You'd better just sell your remaining BTC and don't get involved in such complicated things again.

[Lordhermes]

Hey mate, we don't actually know your country of residence so it's impossible to decide on the exact percentage you will pay for a transaction of $2000.

So as to my original question, let's just make it ballpark. For $2000 in bitcoin, through any coinbase-like broker, if I wanted to cash out to bank would the total fees be

Let's assume you are a US citizen since you need a specific answer, let's use the percentage gotten from TryNinja to be 1.49%, you will pay a transaction fee of $29.8 for $2000, as simple as that, not a puzzle.
Why not try using SEPA since it's free/€0.15% it will save you some money.

[Atek33]

At present we have to work in online markets and after working in our markets we are paid and if we want to cash out that payment then we have to pay a fee then we must be the best for us if this cash out fee  If the time is reduced for us then of course we can earn very good by working in all marketplaces

[pooya87]

This is one of the main reasons I haven't used bitcoin (crypto currencies). It's practically impossible to get a straight answer on what it might cost to cash out.

Well your question and the replies have nothing to do with "bitcoin" itself. You are asking about the details of some centralized service and there was already a straight answer (first comment). This is not something we can tell you, only that centralized service can do that because THEY are setting the fees which again have nothing to do with bitcoin. They can simply decide to charge you $1900 to let you cash out $2000 or charge only $0.01.

[Atek33]

Since we are currently working online working on cryptocurrencies and working on different exchanges and we are trading if we can make a profit from every job then to take that profit in our hands of course I think from where we want to bring the question there  Of course we have to give a small fee or we can't take our profits in our hands. We think it may be a small thing for us but many people think it is a big thing.

[DannyHamilton]

Don't use Coinbase. Use Coinbase Pro.

Coinbase Pro indicates that their exchange fee for volume less than $10,000 is 0.5%.

In addition to that, you'll need to pay a small network transaction fee on the Bitcoin network to transfer your Bitcoin from a desktop wallet to Coinbase.  The cost of that fee can vary hour-to-hour, but if you're not in a hurry to sell, and are willing to wait a few days for the transaction to confirm, you can probably get away with a fee of about 100 Satoshi per byte. For a typical 250 byte transaction that would be about 0.000001 BTC * 250 bytes = 0.00025 BTC (regardless of whether you are sending $5 worth of Bitcoin or $5,000,000 worth of bitcoin).  At the current exchange rate of about $47,850 per BTC, that's a transaction fee of about $11.96.  If you're VERY patient and willing to wait a week or more, you can probably get that fee down closer to $5. (assuming you use a desktop wallet that allows you to set a custom fee).

So, to "cash out" $2000 worth of Bitcoin, you'll pay a Bitcoin transaction fee of about $5 to $12 and an exchange fee of about $10 for a total of $15 to $22.

Coinbase Pro allows you to then transfer the cash to your bank account via ACH for free, or via WIRE if you prefer for a fee of $25.

[Darkelf11]

If you are going to transfer those funds to your bank account, most probably you will be needing to convert them to your fiat which your bank accepts, and also supported by Coinbase. So your first step is to trade your bitcoins to your fiat. After that, you can cash it out through your bank account.

As much as I know, Coinbase has 1% fee for withdrawal so it will cause you a $20 fee.

[MikeSD]

Thanks for all the answers.  I think this is starting to make sense.  Still a little complicated.  However,

I did a quick test (again) to estimate a $10 cashout to my bank.

Estimated 0.99 to convert from BTC to USD
Estimated 0.55 to transfer to my bank.

Did the conversion and indeed it was exact.
$9.01 USD after conversion and $8.46 deposited into account.

$1.54 for the test. 😉

I just bought $200 additional with bank debit card and the fee was $7.62.  I thought the fee structure said it would be only $2.99. So I'm still missing something.

Update: I'm leaving my original comment about buying fee but updating that I just read a debit purchase is 3.99%. But even that is slightly off.3.99% of 200 isn't $7.62.  

But thanks, I'll figure it out with additional reading

[pakhitheboss]

Say I had $2000 in bitcoin, through Coinbase. If I wanted to cash out, what could I expect thr total fees I would pay?

If you are looking to withdraw funds in US dollar only then

For instant cash withdrawal, you will be charged up to 1.5% of any transaction and a minimum fee of $0.55. For transferring the amount to your US bank account you will be charged 1.49%.

You can find more details here - https://help.coinbase.com/en/coinbase/trading-and-funding/pricing-and-fees/fees