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Coinbase fees

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  • 23-12-2017 4:58pm
    #1
    Autochange
    Banned (with Prison Access) Posts: 1,648 ✭✭✭


    If I were to buy 1 litecoin now at example 250 euro on coinbase when I enter 1 litecoin I am given a price of 287!

    The fees cant be that high are they?


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    #2
    macnab
    Registered Users Posts: 1,505 ✭✭✭macnab


    Autochange wrote: »
    If I were to buy 1 litecoin now at example 250 euro on coinbase when I enter 1 litecoin I am given a price of 287!

    The fees cant be that high are they?

    I bought €400 of Bitcoin earlier, they charged me €5.87 fees. For my €394.13 I got .02883592 BTC. I bought at an indicated €12,800 but on completion they charged me €13,668, which is over 6% of a difference. So they charged me 1.48% fees and I lost about 6.5% seemingly due to a lousy currency converter.
    That means that BTC has to go to €13,824 before I am in profit, even though I bought at €12,800.


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    #3
    Autochange
    Banned (with Prison Access) Posts: 1,648 ✭✭✭Autochange


    macnab wrote: »
    I bought €400 of Bitcoin earlier, they charged me €5.87 fees. For my €394.13 I got .02883592 BTC. I bought at an indicated €12,800 but on completion they charged me €13,668, which is over 6% of a difference. So they charged me 1.48% fees and I lost about 6.5% seemingly due to a lousy currency converter.
    That means that BTC has to go to €13,824 before I am in profit, even though I bought at €12,800.

    I just double checked with Ethereum. The price per coin in the main page is 638 euro. I entered .5 of a coin and the charge displayed at 350 euro meaning 1 coin costs 700.


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    #4
    Autochange
    Banned (with Prison Access) Posts: 1,648 ✭✭✭Autochange


    Upon looking into it the correct way to go about purchasing is:

    Lodge Euro into your euro wallet.
    Transfer to gdax
    Purchase coins on gdax
    Resend to coinbase if you wish.

    I'll know for future purchases


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    #5
    Negative_G
    Registered Users Posts: 1,338 ✭✭✭Negative_G


    Autochange wrote: »
    Upon looking into it the correct way to go about purchasing is:

    Lodge Euro into your euro wallet.
    Transfer to gdax
    Purchase coins on gdax
    Resend to coinbase if you wish.

    I'll know for future purchases

    Trying to get ID verified on GDAX has been a disaster for me. It has seemingly accepted my passport but wont accept either my driving license and/or 'selfie' picture. It is infuriating.


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    #6
    macnab
    Registered Users Posts: 1,505 ✭✭✭macnab


    Negative_G wrote: »
    Trying to get ID verified on GDAX has been a disaster for me. It has seemingly accepted my passport but wont accept either my driving license and/or 'selfie' picture. It is infuriating.

    Add your passport on Coinbase, GDAX will automatically accept it


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    #7
    Autochange
    Banned (with Prison Access) Posts: 1,648 ✭✭✭Autochange


    macnab wrote: »
    Add your passport on Coinbase, GDAX will automatically accept it

    Yeah use coinbase app. I had the same problem. Using the app and phone camera worked first time


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    #8
    macnab
    Registered Users Posts: 1,505 ✭✭✭macnab


    OP Thanks, this post got my ass in gear.
    I have a GDAX account but I got pissed off with the 2nd identity verification so I just reverted to using Counbase.
    In the last few minutes I have moved funds from my Coinbase Euro wallet to my GDAX account, easy as can be.

    On the dodgy currency issue, GDAX shows that the € value of BTC was €13,688.50 at the time I purchased, which reflects the price I paid.


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    #9
    Negative_G
    Registered Users Posts: 1,338 ✭✭✭Negative_G


    macnab wrote: »
    Add your passport on Coinbase, GDAX will automatically accept it

    I've done that but its still asking me for a second form of ID.


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    #10
    Autochange
    Banned (with Prison Access) Posts: 1,648 ✭✭✭Autochange


    Negative_G wrote: »
    I've done that but its still asking me for a second form of ID.

    Are you using the app?


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    #11
    Negative_G
    Registered Users Posts: 1,338 ✭✭✭Negative_G


    Autochange wrote: »
    Are you using the app?

    The coinbase app yes, primarily. I set up the account through the app initially.


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    #12
    Autochange
    Banned (with Prison Access) Posts: 1,648 ✭✭✭Autochange


    Negative_G wrote: »
    The coinbase app yes, primarily. I set up the account through the app initially.

    Use the app to verify all of your documents. My driving license failed repeatedly using the laptop version. Worked first time on the phone.


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    #13
    Negative_G
    Registered Users Posts: 1,338 ✭✭✭Negative_G


    Autochange wrote: »
    Use the app to verify all of your documents. My driving license failed repeatedly using the laptop version. Worked first time on the phone.

    I just tried twice and it 'timed out' on both occasions.

    What do you use for a picture of the rear? I still have the old paper fold out out license so the front is straightforward but I've tried using both the rear with the Ireland page with no joy.


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    #14
    Autochange
    Banned (with Prison Access) Posts: 1,648 ✭✭✭Autochange


    Negative_G wrote: »
    I just tried twice and it 'timed out' on both occasions.

    What do you use for a picture of the rear? I still have the old paper fold out out license so the front is straightforward but I've tried using both the rear with the Ireland page with no joy.


    My applications didnt time out. They just failed. Might be a site problem
    Can you try something else in the identity card section rather than the license one?
    Any other cards with your pic on them


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    #15
    august12
    Registered Users Posts: 1,275 ✭✭✭august12


    I have the same and just took a photo of the front 1/3rd section with my picture on it and took a photo of the back where Ireland Driving licence is written, I used an app called Office lens as I failed to import using the phone camera, try this app.


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    #16
    Negative_G
    Registered Users Posts: 1,338 ✭✭✭Negative_G


    Autochange wrote: »
    My applications didnt time out. They just failed. Might be a site problem
    Can you try something else in the identity card section rather than the license one?
    Any other cards with your pic on them

    I have a couple of others but I assumed they had to be official. Would work ID suffice?


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    #17
    Chancer3001
    Registered Users Posts: 5,480 ✭✭✭Chancer3001


    Can someone explain best way of using gdax instead of coinbase?

    Do I get an app ? Use the website ? Do I need a new verified account for gdax?

    The fees on coinbase are a bit of a joke


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    #18
    Autochange
    Banned (with Prison Access) Posts: 1,648 ✭✭✭Autochange


    Chancer3001 wrote: »
    Can someone explain best way of using gdax instead of coinbase?

    Do I get an app ? Use the website ? Do I need a new verified account for gdax?

    The fees on coinbase are a bit of a joke

    Gdax is linked to coinbase so your log in id and password are the same. You need to have 2 forms of id verified before you can trade. Best option is to put funds with your credit card into coinbase euro wallet then transfer it to gdax. Buy whatever you wan tand transfer the coins to an online or offline wallet. Gdax only has bitcoin, bicoin cash, ethereum and litecoin available though. I use binance to buy other coins but there are other sites.
    There are probably better ways to do it though.


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    #19
    garrettod
    Registered Users Posts: 2,420 ✭✭✭garrettod


    Autochange wrote: »
    Upon looking into it the correct way to go about purchasing is:

    Lodge Euro into your euro wallet.
    Transfer to gdax
    Purchase coins on gdax
    Resend to coinbase if you wish.

    I'll know for future purchases


    I believe the prices are better on GDAX, but I hear it's a lot more awkward to use and people have regularly made mistakes with trades as a result.

    How do people here find it to use ?

    Thanks,

    G.



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    #20
    sReq | uTeK
    Registered Users Posts: 5,999 ✭✭✭sReq | uTeK


    Negative_G wrote: »
    Trying to get ID verified on GDAX has been a disaster for me. It has seemingly accepted my passport but wont accept either my driving license and/or 'selfie' picture. It is infuriating.

    Have you turned on flash in the app when picture comes up. I had similar issues but flash fixed it


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