I registered on Coinbase around a year ago, and made a couple of transactions with them. With bank transfer as method for pre-funding the wallet, I was charged a 1.5% total transaction fee.
Very recently I came back to make another transaction… but @#$% with the new fees at Coinbase! :facepalm:
First, in the Buy/Sell page section the Bitcoin rate seems to hover at ≈+5% (and I've seen higher) when buying. That's a good smack already but, when on top of this I am forced to pay a fixed purchase fee of €2.99, that really stinks.
Heard something about using the GDAX exchange (Coinbase operated), but I am unable to furtherly verify my ID with Coinbase because of the reasons listed in the following text I've submitted to their support staff:
Dear Coinbase staff, In order to operate on the GDAX exchange I am required to furtherly verify my identification. Due to my current financial budget and lack of personal transport needs my driving license is expired and this is not going to change short-term. I do neither have a passport. I do live in Spain, if you can accept any other sort of document please let me know. I do also post on some internet forums and always use a real photo of me, just in case this may be of help. I'll let you know your current Coinbase fees are simply outrageous, with what seems to be a 5% surcharge PLUS an extra fixed operation fee of €2.99, forcing me to pay ≈€102.50 to get €95, for example. Well my dears, rest assured I am going to open a BLF forum thread on this matter. Be it for good or for bad, this is something you are responsible for. May all beings be happy.
Best regards, Salvador Barqueros Provencio
In GDAX you can purchase assets at exchange rates (MUCH lower) and can transfer them easily to Coinbase.
Pretty crude situation as you can see. Hope this is of good service to everyone interested.
Platforms that deal with crypto-currencies have been receiving increasing pressure from government agencies across the US and Europe. It is only natural they would want to appear more compliant with AML and KYC. In the end, most digital currencies that are traded in the compliant nations will end up like all existing currencies - regulated.
Well, I just wanted to show and share some light in these matters. I can understand governments' concerns and wish for the fairest of regulations. Knowledge needs to be spread and stuff well understood for whatever to become boontastic, and this needs to include all of the involved parts.
At this point this is just a little rant about something still in its infancy, of course.
They are betting bitcoins will be taxed and their activity will be monitor by IRS. I’m sure they are just covering their ass. Also every small transactions you make already incur a small bitcoin fee. Back in the day they would piggyback these fees by making them all later or something. Nowadays it’s everywhere. I suppose imposing a small fee will stop those micro-traders sucking the life out of the bitcoin market.
I’m not even sure how they will determine how much tax u pay for bitcoin and when it goes up, I’m sure they all want that piece of the pie. Have you used 3rd party exchanges? I think they are still selling bitcoin and alt currencies $4-5 over stock/quoted prices.
Ended up paying the fees as of course I wasn't going to investigate on this any further at this time. I also had to order coins twice (more :facepalm: fees) because the miner's fees (≈4%?) are deducted from whatever amount you send. I can't recall this being so rogue like a year ago, honestly. I ended up paying above 100€ in BTC for a “91€” transaction (real value was above €93 when it reached target, part of the volatility lies in the fact that the amount of currency units is fixed at 21 million -for Bitcoin-); certain traders know this and offer discounts to for this to be offset, but still seems pretty wild for me.
yea I noticed it too. Around 2010-2013 there was really low fees, below 2% etc… nowadays the fees are quite high. There is withdrawal fees a now and cash/transfer fees both ways. Yea the miner fee 4% is quite high. I still have leftover mining btc I can’t tranfer from like 4+ pools because they haven’t reached the min. withdrawal amount.
