usual fees for selling btc

[pferdi]

Hi all, I was wondering what your experience is.

I had a look at two major site and it seemed it would pay 1% to sell btc to usd/eur.
Is that normal?
Any advice?

Thanks a lot!

[Charles-Tim]

What is the site URL?

Worth knowing that fake exchanges are very common these days. It is good to know very well about a site and know that they are well known before you can call then major site.

If we know the site URL, we will be ale to let you know if you should trust the site or not, or if it is a scam site or not.

[pferdi]

What is the site URL?

Worth knowing that fake exchanges are very common these days. It is good to know very well about a site and know that they are well known before you can call then major site.

If we know the site URL, we will be ale to let you know if you should trust the site or not, or if it is a scam site or not.

sites i looked at are legit: kraken, coinbase

i dont know fees of others. Just wondering if 1% is normal.

[Charles-Tim]

sites i looked at are legit: kraken, coinbase

i dont know fees of others. Just wondering if 1% is normal.

On most exchanges that I know, the trading fee is between 0.02% (0% for maker) to 0.1% for spot trading, while 0.02% (0% for maker) to 0.06% for derivative trading. But the exchanges are not available for US citizens.

[BitMaxz]

i dont know fees of others. Just wondering if 1% is normal.

1% is high unless you are trying to withdraw your fiat from Coinbase to the bank or any supported withdrawal option.

According to Coinbase, their trading fees for takers are around 0.05% to 0.60%, and for makers are around 0% to 0.4%.

You can check all fees including fiat deposit and withdrawal from this link below

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

On Kraken, they offer lower than Coinbase fees.

So how did you get the 1%?

[Charles-Tim]

On Kraken, they offer lower than Coinbase fees.

So how did you get the 1%?

This link can be used for the comparison for now:

https://www.investopedia.com/kraken-vs-coinbase-5120700



I am not neither using Coinbase nor Kraken but I get the information from two different sites (one for Coinbase and other other for Kraken) which have the same information about both exchanges pertaining the trading fee.

[logfiles]

OP, it's "normal" since the platform you are trying to use are legitimate, however each of those two platforms has 2 different trading options. There is the simplified version and then the advanced version.
The simplified version which you are trying to use charges exorbitant fees while the advanced version is much cheaper.

So for Kraken
There is Kraken.com and pro.kraken.com(advanced version with lower trading fees)

For Coinbase
There is coinbase.com and https://www.coinbase.com/en-gb/advanced-trade (Formby coinbase pro)

I hope this helps.

[PX-Z]

i dont know fees of others. Just wondering if 1% is normal.

It's not, that's huge fee to be exact for an exchange to ask 1% fee either when buying and selling. Well if you used cards like cc to buy, normally they charge much higher depends on their backend provider, so platform matters to be choosed.

[BitMaxz]

This link can be used for the comparison for now:

https://www.investopedia.com/kraken-vs-coinbase-5120700



I am not neither using Coinbase nor Kraken but I get the information from two different sites (one for Coinbase and other other for Kraken) which have the same information about both exchanges pertaining the trading fee.

The image shows different info some of fiat deposit are free according to the link I provided.

Code:

Fiat Deposit and Withdrawal Fees

Deposit Fee                    Withdrawal Fee

ACH            Free.           Free

Wire (USD)     $10 USD.        $25 USD

SEPA (EUR)     €0.15 EUR       Free

Swift (GBP)    Free.           £1 GBP

ACH deposit and withdrawal is free so maybe to 1.49% fee is only when you directly buy BTC or any crypto?

If that's the case then I suggest to OP instead of directly sell crypto exchange your BTC to USDC and then convert it to USD according to the link I provided conversion fee is 0% up to 40mil.
Which I think is a better choice to avoid 1.49% fee because taker and makers fee are pretty cheap or almost free.

[pferdi]

i dont know fees of others. Just wondering if 1% is normal.

So how did you get the 1%?

I just clicked "sell" for btc and eth and it showed me the fee. It was about 1%. I was surprised too as I can seem to find this anywhere on their own fee tables.

Guess it got to sign up for the advanced account then.

[logfiles]

Guess it got to sign up for the advanced account then.

lease let us know if you succeed on selling the BTC at lower fees or not

[bias]

Guess it got to sign up for the advanced account then.

lease let us know if you succeed on selling the BTC at lower fees or not

I think that Op makes an instant selling payment which is different from opening a trade account, getting verified, and depending on the level (tier in Krake's case) to have different fees. For example, my fees on Kraken is 0.20/ 0.35% but if I want to buy/ sell instantly goes to this ~1%. The same goes for Coinbase.
Then depending on how you want to get the money from the sale, they have fixed fees. Like our beloved banks.

[logfiles]

I think that Op makes an instant selling payment which is different from opening a trade account, getting verified, and depending on the level (tier in Krake's case) to have different fees. For example, my fees on Kraken is 0.20/ 0.35% but if I want to buy/ sell instantly goes to this ~1%. The same goes for Coinbase.
Then depending on how you want to get the money from the sale, they have fixed fees. Like our beloved banks.

Exactly!
The instant sell option looks simplified and convenient, but is at a higher fee (with some hidden fees the user might not be aware about). The advanced trading modes need some bit of learning and getting used to, but the learning curve is not steep. If one wants to lower fees, they need to learn how to use advanced mode and p2p trading on other platforms.

[Lucius]

When I see that someone says that 1% fee is a lot, it honestly seems ridiculously small to me considering that I don't use CEXs and banks in general whenever I sell/buy BTC - and without KYC fees are around 4-5% in physical exchanges or crypto ATMs. Of course, every service has its price - although 1% doesn't seem like much, it's not the same if you withdraw $100 and $10 000.