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Author Topic: Is MtGox the best way to withdraw BTC as USD?  (Read 4234 times)
SgtSpike
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May 26, 2011, 12:03:50 AM
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Well, it's easy to change it from BTC into USD via a trade, but is it the best route to go as far as withdrawing that USD into one's bank account?

Right now, I'm mining 50/50.  I keep 50%, and use 50% to help pay for the hardware I purchased.  It's working well so far withdrawing through Virwox/SL, but I'm all for an easier/cheaper solution.  Going the Virwox/SL route, I end up paying about 5% in fees on average.  Of course, it's not exact since I go through another exchange, which may be under or overvalued compared to MtGox, but it does the trick.

Going the MtGox route though, all I see are two fees:  The 0.65% fee for making a trade from BTC to USD, and the $0.25 fee from dwolla to receive money into my account.  Are there any other fees I am not considering?
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FooDSt4mP
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May 26, 2011, 12:10:05 AM
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Well, it's easy to change it from BTC into USD via a trade, but is it the best route to go as far as withdrawing that USD into one's bank account?

Right now, I'm mining 50/50.  I keep 50%, and use 50% to help pay for the hardware I purchased.  It's working well so far withdrawing through Virwox/SL, but I'm all for an easier/cheaper solution.  Going the Virwox/SL route, I end up paying about 5% in fees on average.  Of course, it's not exact since I go through another exchange, which may be under or overvalued compared to MtGox, but it does the trick.

Going the MtGox route though, all I see are two fees:  The 0.65% fee for making a trade from BTC to USD, and the $0.25 fee from dwolla to receive money into my account.  Are there any other fees I am not considering?

Nope.. that's it.

As we slide down the banister of life, this is just another splinter in our ass.
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May 26, 2011, 12:20:26 AM
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Going the MtGox route though, all I see are two fees:  The 0.65% fee for making a trade from BTC to USD, and the $0.25 fee from dwolla to receive money into my account.  Are there any other fees I am not considering?

There's also the (semi-optional) 0.01 bitcoin transaction fee to factor into your calculations.

However, the real advantage of dwolla is that you get to talk to friends about bitcoins and dwolla and sound like you're a huge nerd with a speech impediment who can't pronounce "dollar."

Try saying "I changed my bitcoins into dwolla dwolla bills y'all" without sounding like you're a speech-impaired gangster nerd from Brooklyn.

It's all about the dwollas, yo.

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nickwit
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May 26, 2011, 12:51:40 AM
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Well, that is the 64000$ question.

I'm in NZ... how do I get bitcoins into $NZD? Or any currency.

I'm in NZ, all my clients are in the EU - at the moment, I take cash out of an ATM using a UK card... and there are costs associated with that. Right now it costs 0 to transfer bitcoins around the world. It'd be worth a lot to know a fast, reliable way of getting them into local currencies without massive fees.
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May 26, 2011, 05:21:41 AM
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Well, that is the 64000$ question.

I'm in NZ... how do I get bitcoins into $NZD? Or any currency.

I'm in NZ, all my clients are in the EU - at the moment, I take cash out of an ATM using a UK card... and there are costs associated with that. Right now it costs 0 to transfer bitcoins around the world. It'd be worth a lot to know a fast, reliable way of getting them into local currencies without massive fees.


I'm in NZ too. I sell them on MtGox then withdraw into Liberty Reserve, then exchange into NZD in my bank account with webmoney.co.nz which is an e-currency exchanger service.

There's probably a better/cheaper way to do it though.
eturnerx
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May 26, 2011, 10:34:50 AM
 #6

I'm in NZ too. And yes, the chain is MTGOX -> Liberty Reserve -> Webmoney.co.nz

I think the webmoney minimum fee is quite step ($10NZD) since a domestic bank transfer only costs $0.35 cents.

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May 26, 2011, 12:42:11 PM
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Mtgox has an AUD bank account now. Maybe that helps you NZ guys?

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Gilboa
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May 26, 2011, 07:34:10 PM
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I remember reading that MT Gox was working on enabling direct deposits to and from US bank accounts. Is that still going to happen or was I mistaken?

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May 27, 2011, 01:40:32 AM
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I remember reading that MT Gox was working on enabling direct deposits to and from US bank accounts. Is that still going to happen or was I mistaken?
I suspect that Dwolla usurped the need for that. Once you set it up, it's no slower than MtGox would be able to do directly. Not to mention, $0.25 each way is pretty cheap.

FooDSt4mP
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May 27, 2011, 03:04:26 AM
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I remember reading that MT Gox was working on enabling direct deposits to and from US bank accounts. Is that still going to happen or was I mistaken?
I suspect that Dwolla usurped the need for that. Once you set it up, it's no slower than MtGox would be able to do directly. Not to mention, $0.25 each way is pretty cheap.

Yeah, if I were MagicalTux, I'd leave it at that.  Then Dwolla is there to arbitrate if there is a dispute.

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Syke
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May 27, 2011, 04:54:01 AM
 #11

Going the MtGox route though, all I see are two fees:  The 0.65% fee for making a trade from BTC to USD, and the $0.25 fee from dwolla to receive money into my account.  Are there any other fees I am not considering?

Nothing else. I'm quite pleased with the MtGox->Dwolla->Bank Account transfer. It take a few days to get Dwolla all setup, but once that's done, then the conversion from BTC all the way to USD is quite easy and quick.

Now that the Dwolla fee is only $.25, the .65% MtGox fee is looking enormous.

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SgtSpike
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May 27, 2011, 05:20:56 AM
 #12

Thanks for the feedback guys - looks like that's what I'll be doing from here on out then!
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March 12, 2014, 01:26:11 AM
 #13

Thanks for the feedback guys - looks like that's what I'll be doing from here on out then!

DONT DO IT!
Kazimir
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March 12, 2014, 02:22:45 PM
 #14

Thanks for the feedback guys - looks like that's what I'll be doing from here on out then!

DONT DO IT!
Congratis on bumping a 3 year old thread, about some exchange that doesn't even exist anymore  Wink

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Simon8x
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March 12, 2014, 02:48:34 PM
 #15

Thanks for the feedback guys - looks like that's what I'll be doing from here on out then!

DONT DO IT!

I bet you haven't noticed the thread creation time lol.

cooltoadfrommoon
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March 12, 2014, 03:11:32 PM
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lol , quite funny to see a thread with this title Tongue
b!z
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March 13, 2014, 09:49:53 AM
 #17

Thanks for the feedback guys - looks like that's what I'll be doing from here on out then!

DONT DO IT!

too late Wink
ns12123
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March 15, 2014, 07:30:25 PM
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Yes, it's late now ... i hated mt gox from the beginning
redwhitenblue
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June 08, 2014, 02:43:41 AM
 #19

I would not recommend using MtGox for BTC trading.
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June 08, 2014, 02:46:29 AM
 #20

I would not recommend using MtGox for BTC trading.

Oh really?

You mean the non-existent exchange to trade BTC for nothing?

mtgox.com

lolz

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