Exchanges and Fees

Status
Archived
Joined
Jan 2018
From
UK
Hi

im from the UK and am about to start investing in alt coins. I have a question on fees. I have a Coinbase account.

Can anyone tell me if the below is correct.

Deposit £500 into coinbase acct = No Fees
Buy £500 bitcoin = Fee charged
Transfer Bitcoin to an exchange for eg Binance = Fee charged
On Binance buy alt coin with bitcoin = Fee Charged
If alt coin makes profit transfer it back to bitcoin = Fee charged
Transfer bitcoin back to coinbase = Fee charged
Transfer bitcoin back to £ on coinbase = Fee Charged
WIdthraw £ back to bank account = Fee charged.

Im trying to get my head around exactly where the fees are charged and how high they could be £10, £15?.

Thanks
 

V4Vendetta

Moderator
Joined
Apr 2017
From
Texas
Hi

im from the UK and am about to start investing in alt coins. I have a question on fees. I have a Coinbase account.

Can anyone tell me if the below is correct.

Deposit £500 into coinbase acct = No Fees
Buy £500 bitcoin = Fee charged
Transfer Bitcoin to an exchange for eg Binance = Fee charged
On Binance buy alt coin with bitcoin = Fee Charged
If alt coin makes profit transfer it back to bitcoin = Fee charged
Transfer bitcoin back to coinbase = Fee charged
Transfer bitcoin back to £ on coinbase = Fee Charged
WIdthraw £ back to bank account = Fee charged.

Im trying to get my head around exactly where the fees are charged and how high they could be £10, £15?.

Thanks
You're correct. In general transaction fees are either based on miner fees to process the transaction and/or the exchanges fee for hosting the digital asset. Here is Coinbase's fee disclosure breakdown. Also, a lot of people like to use GDAX for part of this equation for either cheaper or free fees, depending on what you're doing.
 
Joined
Jan 2018
From
UK
You're correct. In general transaction fees are either based on miner fees to process the transaction and/or the exchanges fee for hosting the digital asset. Here is Coinbase's fee disclosure breakdown. Also, a lot of people like to use GDAX for part of this equation for either cheaper or free fees, depending on what you're doing.

Thanks for your reply. My plan is to invest on alt coins then hold them for some time and then sell for a profit. I would like to pay minimal fees. im from the UK and on GDAX website it does not give an option to make a deposit using UK debit card or bank transfer etc for me to buy bitcoin you can only make a deposit using USD . This means i would have to use coinbase to make a deposit in £ {high fees}. If thats the case them i dont see how GDAX can save UK users on fees. Unless im looking at it wrong.
 

V4Vendetta

Moderator
Joined
Apr 2017
From
Texas
Thanks for your reply. My plan is to invest on alt coins then hold them for some time and then sell for a profit. I would like to pay minimal fees. im from the UK and on GDAX website it does not give an option to make a deposit using UK debit card or bank transfer etc for me to buy bitcoin you can only make a deposit using USD . This means i would have to use coinbase to make a deposit in £ {high fees}. If thats the case them i dont see how GDAX can save UK users on fees. Unless im looking at it wrong.
I think where GDAX comes into play is if you want to swing trade between GDAX's assets, and I can't remember now but I want to say that GDAX has lower fees to transfer out, but I could be wrong. They've recently changed a few things. I don't use GDAX much as I don't really swing trade. But also I would say, whichever alt coins you decide to hold on to, make sure there is a viable wallet solution (aka not leaving them on an exchange). Exodus wallet or Jaxx wallet are good options for this, and some coins have their own official wallet. It can be a hassle dealing with a ton of wallets but it's better to have them spread out in some safer solutions than all in one exchange that runs the risk of being hacked or locked up.
 
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Archived

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