How Coinbase is LEECHING money from small investors and is the BIGGEST barrier to entry into crypto-world
Market is bleeding today. For a small investor like me, this is a good entry point. Although, if we don't have SPARE BTC, it is difficult to take advantage of the market.
That's where the shittttttiest exchange comes to our rescue. Not quite. It comes to leech on our vulnerability. I don't mind paying the fees for the service. That's fine.
But a $200 mark up on the unit price itself??
Don't believe me?
See below. Both screenshots taken at the same time.
First coinmarketcap shows the price of BTC.
Now, see what our friends at CB are charging for BTC.
After including fees, that's a mark up of $243! Isn't this a GREAT barrier to entry for small investors?
Personally, I cannot wait for WCEX and other exchanges to come into market that make FIAT to Crypto cheaper and within reach for all and throw the greedy and incompetent companies like these out of the water!
Anyone else felt the burn?
Opinion.
I have rounded the fees on full BTC (13.42/914*4504) to arrive at fees of $67 for a full BTC;
I feel the burn every day. :(
There gotto be better way and the new exchanges and FIAT/Crypto bridges are going to swipe these greedys off the planet!
I believe Bittrex will take a wire transfer. I was recently reading a help post on it. How ever its a pain in the ass, or seems to be. The only way I can see to bypass Coinbase. Gemini is another option, you can wire money to them too and put a bid on the price you want to buy at. I don't wire but at least Gemini you can transfer up to $500 a day thru your bank account. I know people outside of USA have more Options. But this is it for us here in USA. That I Know of.
Gemini takes close to 4-6 business days to make the transfer etc...and even when you buy...you cannot transfer it UNTIL the money is cleared...if you just want to take advantage of the dip in ETH/BTC it makes sense but not when you want to take advantage of other cryptos! Gemini is FAR better than Coinbase though in fees!
Yes I agree, that's my point. The trick is to have usd sitting in Gemini and buy when price dips or when you want bitcoin to buy other cripto. To bad not a better way to buy USDT.
I noticed this as well. It seems that there isn't such a crazy mark up on Ethereum though. So would it make sense to buy Ethereum on coinbase and then transfer it to another exchange like Bittrex and swap Eth for Bitcoin? I could be wrong about this. It makes sense in my head but does it to others?
But the time you transfer, sell, pay commissions on buying/transferring/selling/converting, the price changes and you could lose on all fronts?!! There should be a way to pay FIAT and get whatever the fuck we want in crypto...just my thoughts!
Yeah its more of a work around strategy but there are definitely risks. I guess it comes down to whether all of the fees and crap equal more than the $240 mark up on coinbase? I definitely agree in that I wish the process was easier.