[mfins]

I transferred/cashed out bitcoin from 5 dimes to block chain (5 dimes was excellent and fast by the way) I then transferred from block chain to coin base. Then when the bitcoin was in coin base in order to transfer to my bank account I then had to transfer from coin base btc to cash. I can now send it to my bank. My issue is every step of the way I was charged a fee. Even transferring my btc to cash which was done all inside coin base. They took roughly 3% just for that step. In all the whole process took roughly 5% of my initial withdraw request.
Is this normal? Even the btc to cash in coin base? Thanks

I want to add that from 5 dimes to the transfer to my bank took an hour so fluctuation in bit coin price wasnt a factor

[Optional]

I transferred/cashed out bitcoin from 5 dimes to block chain (5 dimes was excellent and fast by the way) I then transferred from block chain to coin base. Then when the bitcoin was in coin base in order to transfer to my bank account I then had to transfer from coin base btc to cash. I can now send it to my bank. My issue is every step of the way I was charged a fee. Even transferring my btc to cash which was done all inside coin base. They took roughly 3% just for that step. In all the whole process took roughly 5% of my initial withdraw request.

Is this normal? Even the btc to cash in coin base? Thanks

You should have had no more than about $1 total for the bitcoin miner fees.


Coinbase charges that 3% for a full service forex transfer between currencies.

But anything else over that will have been fluctuation in the exchange rate bewteen 5D sending and you cashing out.


You can avoid the 3% Coinbase charge by doing the BTC to USD transfer yourself on the public trading exchange, CoinbasePro.

You may need extra verification there to access it.

Basically you just go sell the bitcoin direct to someone else on a regualr looking Forex platform and i think it costs 0.5% (?)

If they do that for you, it's a largish fee.


Also, trying to do your sends as soon as you see funds received, so you own BTC for the shortest possible time, usually helps too.

[mfins]

Thanks! That explains it. The 3% was the big chunk for the currency exchange.

[JoeCool20]

Thanks! That explains it. The 3% was the big chunk for the currency exchange.

The way bTC is fluctuating right now, If you get it in and out of BTC right now before you lose more than 3% then you can feel lucky!


I got a payout from a book last week that I was sitting there monitoring it so I could change it out of BTC immediately and the price of bTC dropped about 7% In between when they sent it and when I converted it to USD!!

Frown!

[Jnas]

coinbase is terrible they have horrible fees and you get a terrible exchange rate when you sell. Next time take a look at Gemini. They charge 1% fee and you can set your sell price so you aren't a victim of the bid/ask spread on Coinbase.