Pinnacle's Cryptopay Fees are Ridiculous

[panther11]

Was about to make a deposit with BTC into Pinnacle with their Cryptopay method. The rate they give for BTC deposits at this moment is $5065.72/BTC. The current price in my Blockchain wallet is around $5250/BTC. That's around 3.5% to deposit, which is very disappointing for a book like Pinnacle.

Also received a withdrawal a few weeks back. The rate they payed out was about 2% less than the average price of BTC at the moment the transaction was sent.

So Cryptopay charges anywhere between 2-3.5% on both deposits and withdrawals. I don't even know if it's worth it to play there anymore if funding with BTC.

[Ruifgalmeida]

Pinnacle has loads of deposit options, and by far BTC are the worst, BTC only as last resort

[PD77]

I deposited at 5Dimes yesterday and their price was a good $100 off of my blockchain wallet price. I've noticed blockchain's price is usually higher than most exchanges. I also noticed when I moved my BTC from one exchange to Blockchain that I had about $200 more than I had so I would blame Blockchain on this more than Pinnacle or 5dimes.
I'm transitioning over to a Ledger Live wallet, you can set the BTC price to the exchange of your choice. Once Ledger finally rolls out the Nano X I will stop using my Blockchain wallet altogether.

[Limited]

Pinnacle at the moment to deposit 1000 € requires 0.21644 BTC Bitstamp rate is 4628 €/BTC So if you do the math you will get 1001 €

I never had experienced any fees on BTC deposits to PIN. Could only be a small difference caused by a BTC volatility.

[Limited]

What Pinnacle needs to improve is their joke BTC WD limit of 2k per day.

[cincy]

Pinny says they offer one free bitcoin withdrawal per month but I agree the amount received is about 2% less than the market price right when it is sent by Pinny so someone is taking a cut (it is not 2% market fluctuation in a few seconds). so Is there anyway to avoid the 2% fee if you want a bitcoin withdrawal from Pinny? Is the fee also 2% if you get a bitcoin cash withdrawal from pinny? I heard Pinny btc withdrawal limits are now higher than $2k.

[Krashman]

I agree with the OP, I deposited last week at Pinnacle with the new Cryptopay and there is a fee now.

Cryptopay is using their own Bitcoin value at the time of the transaction instead of the actual, and the difference is their fee. (It's not Pinnacle taking the fee)

It's not currency fluctuation. It's easy to confirm for yourself.

Go through the deposit option with Cryptopay at Pinny, enter how much you want to send. Scan the code with your wallet on an iphone, it pops up with the amount to send which will be higher than the amount you are depositing. And the miner fees are additional so it's not that.

That's before you hit confirm to send, so it is not value fluctuation.

It's about 1.4% extra for me. Plus the miner fee.

I cancelled, and repeated 3 times, same result.

The Bitpay option was free, and according to another thread some people still have that option.

[Limited]

The Bitpay option was free, and according to another thread some people still have that option.

Yeah, I'm still on Bitpay and 2k WD limits.

[panther11]

Yeah, I'm still on Bitpay and 2k WD limits.

Cryptopay limits are daily $50k for both deposits and withdrawals, which is great. However, the Cryptopay fees/rates I have experienced are anywhere between 2-4% on both deposits and withdrawals. Having to pay up to $10,400 for a $10,000 deposit or receiving as little as $9,600 on a $10,000 withdrawal is a bit much.

[gentruchi]

Just made my fisrt withdrawal using Cryptopay and I also noticed a 2.5% reduction on my money. When I was using bitpay there where a few occasions that even received more money than I withdrawed (probably small fluctuations and currency) now this is ridiculous.

[GREATPOKERFACE]

Don't pay fees when depositing or taking out money with BTC. There are many books out there that won't charge you when using BTC. You have to shop around to get your moneys worth.

[Paaek]

Pinnacle has by far the worst fees for all bitcoin transactions. Would use another book if they have nothing clearly better in value. You will lose close to 5% on the deposit and withdrawal when it is all said and done.

[icon]

Pinnacle has by far the worst fees for all bitcoin transactions. Would use another book if they have nothing clearly better in value. You will lose close to 5% on the deposit and withdrawal when it is all said and done.

If you can use Pinnacle then you really don't need to use bitcoin. You can deposit $250k via wire at a cost of approx $25 and receive a payout the same way. For smaller deposits you can use Skrill, Ecopayz, Muchbetter, instadebit, e-chek, Instant banking, Idebit, credt card etc etc etc.

Bitcoin is for offshore US facing books like Bookmaker 5Dimes etc.

These are the options Pinnacle offers for Canadians. Bitcoin should be a last resort.

[icon]

Heads up: If you are in Canada the "much better" app is the best way to deposit and withdraw from Pinnacle for amounts up to $10K. Fund via interac e-transfer for free.

Fee for withdrawing from muchbetter is $4 USD for an interac email transfer direct to your bank account.

[ronald]

Heads up: If you are in Canada the "much better" app is the best way to deposit and withdraw from Pinnacle for amounts up to $10K. Fund via interac e-transfer for free.

Fee for withdrawing from muchbetter is $4 USD for an interac email transfer direct to your bank account.

Tried to send you a PM today. Are they blocked?

[Optional]

If needed, and not private, you can pass a message via me.

[Tyler S]

Pinnacle is one of the scariest and edgiest sites to wager on.

I would tread lightly, they also make you do a 3x rollover without a DEPOSIT bonus. That's insane.

[TennisAceE]

Fiat books are meant to be for just that, fiat. Bitcoin sportsbook don't take fees and are much easier to deal with when you want to withdrawl.

[cincy]

Pinny withdrawals still seem to deduct about 2% fees. Pinny claims they have no bitcoin withdrawal fees but the Cryptopay service they use charges the fee. Not sure why a great sportsbook like Pinny can't process the withdrawals themselves so only miniscule minor fees or why they can't find a better payment service with lower fees. I don't believe Matchbook or Neteller offer bitcoin withdrawals so at least Pinny has this option with $50K limits but it would be good if there was an option to get bitcoin withdrawals from any of these with lower fees.

[icon]

Pinny withdrawals still seem to deduct about 2% fees. Pinny claims they have no bitcoin withdrawal fees but the Cryptopay service they use charges the fee. Not sure why a great sportsbook like Pinny can't process the withdrawals themselves so only miniscule minor fees or why they can't find a better payment service with lower fees. I don't believe Matchbook or Neteller offer bitcoin withdrawals so at least Pinny has this option with $50K limits but it would be good if there was an option to get bitcoin withdrawals from any of these with lower fees.

I think Pinnacle grudgingly offers bitcoin as an option for deposits and withdrawals so the fees may be there to discourage use or as a way to protect themselves from the daily price fluctuations of bitcoin.


Bitcoin is one of the worst ways (for Pinnacle specifically) to deposit as they offer so many other funding methods.
There are better ways to deposit/withdraw at Pinnacle.

Pinnacle's Cryptopay Fees are Ridiculous (sportsbookreview.com)

[ronald]

Does anyone know if Pinnacle is still charging 2-3% on Bitcoin deposits and payouts?

[Vyasports]

If you can use Pinnacle then you really don't need to use bitcoin. You can deposit $250k via wire at a cost of approx $25 and receive a payout the same way. For smaller deposits you can use Skrill, Ecopayz, Muchbetter, instadebit, e-chek, Instant banking, Idebit, credt card etc etc etc.

Bitcoin is for offshore US facing books like Bookmaker 5Dimes etc.

These are the options Pinnacle offers for Canadians. Bitcoin should be a last resort.

wow!!
i can ony use neteler as deposit/withdrawal option, and the funny thing is neteler dnt allow me to withdraw (not even wire) I have to pay an extra fees to send it to skrill which is weird cause both ewallet same company no?

[Judge Crater]

I can remember when they were deemed odd because they did not take phone calls.

[Mugsy777]

Is and has always been the most over rated business on the planet

[icon]

Is and has always been the most over rated business on the planet

Over rated? I would never say that about them.

Last month I took 6 withdrawals via interac e-transfer and they were processed in as little as 5 minutes - cash in my bank account - to 8 hours when I requested a payout late on a Sat night and my cash was autodeposited to my bank acct early Sunday AM.

They are easily the best online book in the world overall.

[ronald]

Over rated? I would never say that about them.

Last month I took 6 withdrawals via interac e-transfer and they were processed in as little as 5 minutes - cash in my bank account - to 8 hours when I requested a payout late on a Sat night and my cash was autodeposited to my bank acct early Sunday AM.

They are easily the best online book in the world overall.

What's the interac e-transfer option called in the Cashier?

[icon]

What's the interac e-transfer option called in the Cashier?

[ronald]

Ahhhhh. I assume your Pinnacle account is in CAD?

[Krashman]

My Pinnacle account is USD so no Interac for me.

Instadebit is so cheap though that I don't really care.

Nice to have more options though.

[Vyasports]

My account is in AUD (hahahhaha) jokes on me !! So NOTHING for me

any other user with AUD here?

[jjgold]

Pinnacle liquidity decreases every year therefore you see much wider margins all sports combined

[ronald]

My Pinnacle account is USD so no Interac for me.

Instadebit is so cheap though that I don't really care.

Nice to have more options though.

Bitcoin is cheaper than Instadebit when you factor in the currency conversion fees charged by Instadebit.

[harvesters]

No question in my mind they are making money off this. I deposited with bitcoin and some other methods over the years and they told me I had to withdraw via bitcoin until my bitcoin withdrawals equaled my bitcoin deposits.

[Krashman]

Bitcoin is cheaper than Instadebit when you factor in the currency conversion fees charged by Instadebit.

Has not been my experience with the new BTC processor at Pinnacle. In fact that's what this thread is about.

You have got to compare apples to apples also, factor in the hidden forex fees as well as any disclosed fees when you buy BTC with CAD currency.

So many people buy BTC with Shakepay and think it is free. No fees. lol.

Always use independant 3rd source to find the true value of BTC or USD, so you know how much you SHOULD be getting, then buy your BTC or USD and prepare for disappointment.