I always knew Coinbase was expensive...but never realized it was THIS expensive!
I was talking to a friend on the phone tonight who said man the price on Coinbase for Bitcoin is so high and doesn't make sense. Huh I replied...
He's like it says here on their dashboard number that Bitcoin is X, but when I got to buy it...there is like a $60 premium what gives?
I told him hold on and I opened up GDAX to see if I could find an arbitrage situation going on here 😉
Sure enough when I got there I told him the price showing on GDAX - $13,699.98
He replayed back...uh no dude not even close.
Now curious I switch over to Coinbase. Well the dashboard number looks right...
But when I went to buy some Bitcoin the number was a WHOOPING $96.51 difference!!!
This doesn't even include the 1.49% fee when you buy from a bank OR the 3.99% fee if you use a debit card/credit card.
PLUS the transfer fee if you want to send it to another exchange (Obviously not just coinbase has this, but it's still a few you'll have to pay for)
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Oh to make the situation go from BAD to WORSE....go ahead and try to sell Bitcoin you already have sitting in your Coinbase account for the EXACT same price you're about to buy it for on Coinbase...I dare you!
Oh what's that...they want to buy it back for a discount of $136.99!?!
PLEASSSSSSSSSE this is ridiculous.
Decentralized exchanges please kick this pig to the curb!
At least use Gemini guys - Cheaper Bitcoin price, cheaper fees...PLUS up to like 30 transfers a month for FREE! I mean it's a no brainer!
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As always, comments and concerns are welcome and encouraged!
PS - Is this where I should shameless plug in my Coinbase referral code!?! 🤣🤣🤣 Naw...but I'll shamelessly hit you up with my Binance and Kucoin one! :P Hook a brotha up!
~nX
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I completely agree! Just last week i bought $50 in bitcoin to purchase a coin (don't remember which but bitcoin was my only option unfortunately) and after the initial purchase fee and the fee to transfer the bitcoin to the exchange, i had spent more than half of what i bought in fees alone, and then included the ridiculous transaction time to my frustration LOL. needless to say that will be my last bitcoin purchase unless its to hold the bitcoin for long term.
Yeah I tell all my friends DON'T use coinbase unless they insist.
I won't lie, coinbase makes it DEAD simple to use so that's why they get people...but Gemini is so superior IMO.
I haven't used Abra yet, but I swore I read they only take 1-2 days for the money to be approved which if true would be AMAZING! Don't know what their fees are though.
Yes it extremely easy, it seems like that's the only painless part they provide is taking our money LOL. I never heard of Abra, nor ever looked into Gemini but will now.
Also from what i understand is that Ethos is supposed to greatly improve on Coinbases faults.
I just hope that one of these Coinbase alternatives either present or future, provide a way for Canadians to buy AND sell using fiat, right now Coinbase doesn't allow Canadians to sell on their platform.
Ahh yeah doesn't Canada have one called like CoinSquare that's like their Coinbase?
You really should check out Gemini. I like it a lot better if I have to put USD into the system.