It totally depends on the service, and fees can vary widely because it's a totally unregulated market.
Coinbase has the lowest fees if you connect your bank account but you can sometimes wait a very long time to get approved for this method. Debit and credit card transactions are practically instant but they have high fees, like 4-5%.
I honestly don't know all the fees because sometimes the exchange will hide fees in their exchange rate. They may choose a different exchange rate, one that's more favorable to them, while at the same time they advertise low fees. In the end you pay out the same. So it's a confusing situation and a lot of it is trial and error.
Hi, everyone! I made the mistake of using Coinbase as well. 8 days later my funds finally cleared and I was able to make my first order just now. I closed and deleted my CB account and am now using CashApp, then sending to my wallet with Copay. Takes a few minutes to an hour or so.
@Amberleigh You’ll need to grasp bit or lite coin before even attempting to order here. No way round it. It seems complex and it can be. But once you’ve done it a few times you won’t have much anxiety.
Basic overview:
Get CashApp for your phone. Tie a bank debit card to it. Or get a fill as you go debit card. Let the wheels move while everything gets approved. Withdraw cash from your bank using CashApp. Buy bitcoin via CashApp. Transfer your bitcoin from CashApp to a personal wallet (like BRD) for better security and privacy.
NOW make your purchase at MM. Send EXACTLY the amount of bitcoin that MM asks you to send to the EXACT wallet address MM tells you to send it. The dollar amount you spent at MM means nothing. It is bitcoin amount you focus on. There will always be fees to buy and to send bitcoins. Bitcoin is also extremely volatile and you can gain or lose money by the time it gets to your wallet, which can take an hour or 24 hours depending on congestion in the chain. Don’t matter, ALWAYS buy more coin than you need. Then bank the remainder in your wallet for your next MM purchase, knowing the amount will go up or down. Right now bitcoin is still momenting upwards and relatively stable.
Yes Amber I know that a lot of banks have been locking down your cards against you using them to spend your own money the way you see fit, in a desperate attempt to kill Bitcoin. Personally I think it's outrageous but there's still no reason why it should stop you. I think that Cash App would still let you exchange for Bitcoin, and if not then there are Bitcoin ATMs.
I went around and around with Wells Fargo about buying bitcoin using my debit card when I first started doing it. After a couple of phone calls and a complaint, they stopped blocking my transactions.
It the hardest to use but their the only ones who let me deposit cash right then and get coins any other place wouldn't except my bank card.. Coinbase did that's why I'm using it
If you use Coinbase and a bank account make a cash deposit and DON'T convert to bitcoin until you order and have the exact amount to send from MM. that way you won't have to worry about the bitcoin price going down while you wait for the funds
to clear
Amberleigh, you send the EXACT amount posted when you make the order. The fee you pay for buying bitcoin varies depending on the bitcoin vendor you use.
Those bitcoin ATMs have absolutely brutal fees from what I've seen. Like 15-20%. That's just the ones near me, so no clue if they're all like that or not. I'd rather use localbitcoins.com if I couldn't do online purchases.
ATM fees vary all over the place. The ones with the highest fees make it hard to find their rates, but if you look online you can find some that are more reasonable. It's a little crazy that 6.5% is "reasonable" but that's what you get in an unregulated market.
@ Amberleigh I think it depends on which one you use. The one I use charges a 2% fee as well as another mining fee. I would suggest that you pay about $10-$15 over what the payment would be
I live where there is no bitcoin atm. Im going to use cashapp and find a online wallet. I'm going to creat a bank checking account to load money through cash app. Will this idea work??
I used Coinbase for my first purchase. When the holiday sale came up, I tried to use it again but ran into a weekly limit. It was easy except for that. I loaded it on 12/14 and they said it would be available 12/18. I ordered on 12/15 so I'm hoping I can still get it paid by 12/18.
Ant 123 if you use a debit card the money clears instantly and if you use it enough the limit increases ( mine did) I paid about 16$ for 431$of BC using the debit card
Yes the first time I used Coinbase I verified my identity, bought BTC and then used it to pay medboy all within an hour. But then a couple days later I heard about the holiday sale and wanted another order. I bought more coins but they said I couldn't use them for the rest of the week. I'm hoping that it's just a precaution because I'm new. But the whole process was the easiest I've tried.
Seems wells fargo doesn't want anything to do with bitcoin transactions, anybody with them getting coin somehow? Been going to bitcoin atm and getting raped with fees lately till I can open an account with bitcoin friendly entity. Wonder what banks are left that arent publicly scared of cyber fizzle?
I had to contact customer service twice after they first blocked my transactions. After the first time, the next morning I happened to be near my branch office so I went in and the customer service guy supposedly fixed the problem; though they never told me what the problem was, only that it had been "flagged."
The next time I was blocked, I immediately called the 800 number on the back of my debit card and read them the riot act (sort of). Now, when I buy bitcoin, I get a two-factor text message with a code to verify it was me buying the coin.
After that, no problems. I use a debit card and get charged for that privileged both by Coinbase and Wells Fargo so a $180 order ends up costing me $200.
Comments
It totally depends on the service, and fees can vary widely because it's a totally unregulated market.
Coinbase has the lowest fees if you connect your bank account but you can sometimes wait a very long time to get approved for this method. Debit and credit card transactions are practically instant but they have high fees, like 4-5%.
I honestly don't know all the fees because sometimes the exchange will hide fees in their exchange rate. They may choose a different exchange rate, one that's more favorable to them, while at the same time they advertise low fees. In the end you pay out the same. So it's a confusing situation and a lot of it is trial and error.
Is there anyway to send payment besides bitcoin? My card doesn't allow this
Hi, everyone! I made the mistake of using Coinbase as well. 8 days later my funds finally cleared and I was able to make my first order just now. I closed and deleted my CB account and am now using CashApp, then sending to my wallet with Copay. Takes a few minutes to an hour or so.
@Amberleigh - (from the FAQ on the order page)
Can I pay with paypal, credit card, western unions etc etc?
No! We do not accept any other payment methods besides bitcoin, litecoin and monero. Please don’t write to us to ask!
@Amberleigh You’ll need to grasp bit or lite coin before even attempting to order here. No way round it. It seems complex and it can be. But once you’ve done it a few times you won’t have much anxiety.
Basic overview:
Get CashApp for your phone. Tie a bank debit card to it. Or get a fill as you go debit card. Let the wheels move while everything gets approved. Withdraw cash from your bank using CashApp. Buy bitcoin via CashApp. Transfer your bitcoin from CashApp to a personal wallet (like BRD) for better security and privacy.
NOW make your purchase at MM. Send EXACTLY the amount of bitcoin that MM asks you to send to the EXACT wallet address MM tells you to send it. The dollar amount you spent at MM means nothing. It is bitcoin amount you focus on. There will always be fees to buy and to send bitcoins. Bitcoin is also extremely volatile and you can gain or lose money by the time it gets to your wallet, which can take an hour or 24 hours depending on congestion in the chain. Don’t matter, ALWAYS buy more coin than you need. Then bank the remainder in your wallet for your next MM purchase, knowing the amount will go up or down. Right now bitcoin is still momenting upwards and relatively stable.
There’s more to it but that’s my advice.
Yes Amber I know that a lot of banks have been locking down your cards against you using them to spend your own money the way you see fit, in a desperate attempt to kill Bitcoin. Personally I think it's outrageous but there's still no reason why it should stop you. I think that Cash App would still let you exchange for Bitcoin, and if not then there are Bitcoin ATMs.
@Amberleigh each transaction varies: https://cash.app/help/us/en-us/3103-bitcoin-fees
I went around and around with Wells Fargo about buying bitcoin using my debit card when I first started doing it. After a couple of phone calls and a complaint, they stopped blocking my transactions.
Wow, reviewing this thread has stoked my hatred of big corporate banks. Viva la revolucion, amigos!!!
I use Chime as an online bank account and they don't block anything. I can get bitcoin instantly on Coinbase with my debit card.
It the hardest to use but their the only ones who let me deposit cash right then and get coins any other place wouldn't except my bank card.. Coinbase did that's why I'm using it
Thank you guys. Soon as i get money together ill be trying lol. Thank you agian.
Any one know the fee for 120 bitcoin?
I sure wish I had 120 Bitcoin...
If you use Coinbase and a bank account make a cash deposit and DON'T convert to bitcoin until you order and have the exact amount to send from MM. that way you won't have to worry about the bitcoin price going down while you wait for the funds
to clear
Hey that's great advice!
Okay no offense i suck at math lol.
Biglew anyway to simplfiy that LOL
Amberleigh, you send the EXACT amount posted when you make the order. The fee you pay for buying bitcoin varies depending on the bitcoin vendor you use.
Those bitcoin ATMs have absolutely brutal fees from what I've seen. Like 15-20%. That's just the ones near me, so no clue if they're all like that or not. I'd rather use localbitcoins.com if I couldn't do online purchases.
ATM fees vary all over the place. The ones with the highest fees make it hard to find their rates, but if you look online you can find some that are more reasonable. It's a little crazy that 6.5% is "reasonable" but that's what you get in an unregulated market.
@ Amberleigh I think it depends on which one you use. The one I use charges a 2% fee as well as another mining fee. I would suggest that you pay about $10-$15 over what the payment would be
I live where there is no bitcoin atm. Im going to use cashapp and find a online wallet. I'm going to creat a bank checking account to load money through cash app. Will this idea work??
I used Coinbase for my first purchase. When the holiday sale came up, I tried to use it again but ran into a weekly limit. It was easy except for that. I loaded it on 12/14 and they said it would be available 12/18. I ordered on 12/15 so I'm hoping I can still get it paid by 12/18.
Ant 123 if you use a debit card the money clears instantly and if you use it enough the limit increases ( mine did) I paid about 16$ for 431$of BC using the debit card
Yes the first time I used Coinbase I verified my identity, bought BTC and then used it to pay medboy all within an hour. But then a couple days later I heard about the holiday sale and wanted another order. I bought more coins but they said I couldn't use them for the rest of the week. I'm hoping that it's just a precaution because I'm new. But the whole process was the easiest I've tried.
Coinbase restricts new account holders on weekly transactions.
I don't remember how long it takes but if you continue to use Coinbase the restrictions will be lifted.
Seems wells fargo doesn't want anything to do with bitcoin transactions, anybody with them getting coin somehow? Been going to bitcoin atm and getting raped with fees lately till I can open an account with bitcoin friendly entity. Wonder what banks are left that arent publicly scared of cyber fizzle?
I use Wells Fargo.
I had to contact customer service twice after they first blocked my transactions. After the first time, the next morning I happened to be near my branch office so I went in and the customer service guy supposedly fixed the problem; though they never told me what the problem was, only that it had been "flagged."
The next time I was blocked, I immediately called the 800 number on the back of my debit card and read them the riot act (sort of). Now, when I buy bitcoin, I get a two-factor text message with a code to verify it was me buying the coin.
After that, no problems. I use a debit card and get charged for that privileged both by Coinbase and Wells Fargo so a $180 order ends up costing me $200.
I also use Wells Fargo debit card used during Thanksgiving. Had to call them also and tell the to approve all transactions .