The Complete Guide to Coinbase Fees (and How to Avoid Them)

bitcoin on top of coins

Coinbase is one of the most widely used crypto exchanges around. It is the main go-to for people who like to invest in cryptocurrency since Coinbase is one of the safest exchanges.

People love its user-friendly interface and convenience, but Coinbase comes with some major fees you should be aware of. In fact, there's a fee for every transaction!

If you want to know how the process of Coinbase fees works, including how to avoid them, continue reading this article. We've got some tips and information you're going to need. And, please, if you don't already have an account, use my link below to sign up:

A Breakdown of Coinbase Fees

When you look over the Coinbase user agreement, you might find that the fees are a bit confusing. Plus you have imposed limits and other regulations hidden in the small print.

In this section, we'll start with the fees.

There is a fee for every digital currency transaction you make on Coinbase, whether you're buying or selling.

Buying Fees

When you are buying BTC through Coinbase, the amount of your fees is automatically deducted from the total amount of your order.

So, let's say, for example, you entered $100 into the app as the amount you are wishing to buy. For that transaction, you will be charged $2.99.

With that added fee, your full total for the transaction will end up being $100, but you will only get $97.01 worth of BTC.

Here is an example of a $100 BTC purchase while paying from a bank account:

Coinbase Fee Transaction Example

Here is an example of a $1000 BTC purchase while paying from a bank account:

Coinbase Fee Transaction

Here is an example of a $100 BTC purchase while paying from a debit card:

Coinbase Fee Example

Selling Fees

When you are selling on digital currency on Coinbase, the fees you’re responsible for will be automatically deducted from the amount you initially entered. In this example, we’ll use $100 again.

If you key in $100 is the amount you’re selling, the fee is 1.49%. Since the fees are automatically deducted, the total amount you are selling the cryptocurrency for is going to be $98.51.

That is also the amount you will see applied for your payment method of choice. However, a full $100 of BTC is going to be removed from your account.

Where You’ll Find Your Trading Fees

Regardless of whether you’re buying or selling the digital currency BTC, you will always receive an automatic charge for any necessary fees. You will see a full write up of your transactions in digital and local currency in addition to the fees you’re being debited on the confirmation screen.

How Much Money Does Coinbase Charge?

The fees charged by Coinbase are pretty low. But they can add up, especially if you use the service often. You will see the buying and selling fees we described above.

There may also be fixed and variable fees depending on the amount of the transaction. And when your purchases are smaller, there is a flat fee charged.

Here are the flat fees for the smaller transactions:

  • If you are buying or selling in the amount of $10.99 or less, the trading fee is $0.99
  • If you are buying or selling between $11 and 26.49, the trading fee is $1.49
  • If you are buying or selling from $26.50 to $51.99, the trading fee is $1.99
  • If you are buying or selling from $52 to $78.05, the trading fee is $2.99

Now that we’ve covered the flat fees, here are the variables.

You can make a transaction of up to $200 within the Coinbase system if you use either your bank account or USD wallet to buy or sell cryptocurrency.

However, if you are making a purchase or sale of $201 or more, the variable of 1.49% kicks in.

If you make a transaction of $78.06 or more, with a credit card or debit card and then transfer all your proceeds into your PayPal account, you will have to pay a variable fee in the amount of 3.99%.

The Possibility of Bank Fees

On top of the Coinbase transaction fees, you may see some fees outside of your Coinbase account – we’re talking fees from your own bank.

Some users are charged a 3% foreign transaction fee if a transaction is made via a credit card or debit card. The 3% is standard for international conversions, but it really depends on your bank.

The reason some people get these charges is that Coinbase works with a company that’s based in London to process its credit card and debit card transactions.

Just so you can have a clear understanding of what to expect, you should speak with your bank to find out if those are fees you’ll ever need to worry about when buying digital currency.

Can You Really Avoid Paying Coinbase Fees?

While Coinbase’s fees are pretty reasonable in comparison to other brokers, it’s still nice to avoid paying them if you can. To start, you will need to start using Coinbase Pro. Read the article linked, if you’re unsure what’s the difference between Coinbase and Coinbase Pro.

While its name implies that it is a version that should only be used for professional traders, don’t allow it to intimidate you. There are a few extra steps while using Coinbase pro, but it isn’t much more difficult than the standard version you are already used to.

The main difference between the platforms is that the standard Coinbase is a broker. In other words, it helps you get access to Bitcoin and it charges you a fee for it.

Coinbase Pro, on the other hand, is an exchange. This means you can freely buy and sell Bitcoin on the open market.

One major bonus here is that if you already have a Coinbase account you also have access to a Coinbase Pro account, you just may not have realized. You will simply log in using your same username and password.

And the fees are vastly different between the two.

Withdrawal Fees

With Coinbase & Coinbase Pro, there isn’t a direct withdraw fee. However, there is a ‘network fee’ at the time of withdrawing that varies depending on how busy the network is of the selected coin.

So unfortunately, there is no way to skip this fee. In past years, you could transfer your coins to Coinbase Pro to skip this fee but that was changed a while back.

To lower your fees during your withdrawal, I recommend selecting a fast and low fee coin to do so. But please do be vigilant of taxes when trading coins to move them out of Coinbase.

Personally, I move from exchange to exchange with LTC or XLM. However, if I’m worried about the price slipping or taxes, I just transfer the coin as-is and eat the fees. Odds are in favor the fee’s are quite low anyways!

For example, I just moved 1 BTC the other day and it cost 0.0000417 BTC – which was around $1.35 to move over $35K in BTC (1/11/2021).

Crypto Ryancy

"

While we're on the subject of withdrawing, make sure you have a secure wallet off the exchange when you're holding long term and not actively trading. And ALWAYS buy hardware wallets directly from the manufacturer.


I personally use the Ledger Nano X.


-Crypto Ryan

 
 
 
 
 
 
 
 

Buying Fee

If you want to buy Bitcoin with a debit card, you will receive your Bitcoin instantly, but there's a fee associated with it. But if you are willing to wait for the transfer, use your bank account to avoid the associated fees.

With that said, Coinbase Pro doesn't charge a fee to add money to your account because it isn't a broker. However, there is simply a fee to use your money to buy Bitcoin. On the other hand, there is a trading fee.

Trading Fees

Buying cryptocurrency using a limit purchase or limit order is a simple way to save money on trading fees.

Coinbase Pro utilizes a popular trading module called maker-taker in order to determine its trading fees. Here's how the module works:

A Maker order is one where you add liquidity. This means your order is added to the order book as either a buy or sell order.

In a transaction as a maker, you will be making your own offers. The buying price you choose should be lower than the current selling price in the limit order.

As a 'maker', you have to pay a trading fee due to an update to Coinbase's terms on March 22nd, 2019.

A 'taker' is when you remove part of the order book. So, you're either buying or selling to a trade that's been listed in the order book.

These trades are completed instantly, but you will have to pay a fee between .0% and .50% for this transaction depending on how much you transact during the a given month.

Coinbase Spending Limits

Coinbase fees take a bit of time to understand. But while you're still learning about those parts of the app, it's also important to understand its spending limits.

You will have limitations on how much you can purchase and sell through Coinbase each week. But keep in mind that this can change with time. Coinbase expands spending limits based on a few different things.

Such as, how long you've been trading and how much you've traded. They will also look at whether you've completed your identity verification with personal details like your government ID and phone number.

Another thing not many people know is that you can help increase your limits by adding more financial information to your account. This includes bank accounts, debit cards, and credit cards.

Doing so is also useful if you plan on becoming a heavy investor.

Keep in mind though that these spending limits only apply to Coinbase. You will need to communicate with your bank to find out what your limits are if you have them.

Honestly, Coinbase fees aren't worth the hassle. Buy and trade at Binance.us.

Coinbase is a great product for new users. But Coinbase fees are not worth the ease of use. So, go ahead and check out Coinbase Pro to save some money on your withdrawals, purchases, and trades.

But really you should consider trading and buying over at Binance.us not Coinbase. With Binance, your fees will be astronomically lower than Coinbase and Coinbase Pro. For example, if you wanted to buy $100 in BTC from Binance.us the fee would be only $0.05 vs. Coinbase at $3.00!!!!! You can learn more about this comparison by reading my new blog:

Coinbase vs. Binance... A Game of Inches

Also, please do make sure to get a secure hardware wallet to store your cryptocurrency off exchanges when you're holding mid or longterm. I recommend the Ledger Nano X since it's so easy to to use and very safe.

Lastly, feel free to leave a comment below and I'll personally answer your questions!

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About Crypto Ryan 41 Articles
Hi, I'm Ryan. I started investing in cryptocurrency in early 2015. Naturally, I want everyone to have the chance to learn about the crypto world so I created this blog! I hope my articles help you understand blockchain and cryptocurrency. Cheers!
  • Hey Ryan, looks like you actually cannot send from coinbase to coinbase pro. just tried to send my XRP and gave me the error “You can’t send a payment from an account to itself.” Frustrating.

  • Hey Ryan, how much would Coinbase charge if I transfer 2 btc from my blockchain wallet to my coinbase btc address? I am not able to find the pricing for the same.

    • Hey! Coinbase does not charge to or from their wallets. However, you will have to pay the miners to authenticate the transaction when sending the coin on the blockchain from your wallet to Coinbase. In your personal wallet, you generally get to decide how high of rate you’d want to pay for faster or slower confirmations.

  • if say I only had $500 in my portfolio..all in litecoins say,…doesnt it cost me more then I would averagely profit in an average day just in fees alone?

  • Hi Ryan

    I appreciate your work. I wanted to know how I could buy bitcoins from Coinbase Pro rather than buying from coinbase. What is the process?

  • Every time I try to send Orchid, OX or Basic from my Coinbase Wallet back to mt Coinbase Account, details come up saying that I need ETH to pay the miners fee to send this coin? There is a yellow symbol “i” next to all three of these tokens in my wallet, can anyone tell me what this means? How do I get ETH to pay the miners fee to send my coins???? Thanks

  • Hi Ryan. I’ve been a holder up this point, but I think I want to try trading the swings for a minute. Looking for small gains, frequently… say $50 gains on $2k trades. Sounds like I need to use pro so I don’t get eaten up by fees. Is my thinking correct?

    • Hey Shawn! I def understand the want to do that. Either go with Coinbase Pro or head over to Binance.us (depending on your state). Binance’s fees are WAY lower than Coinbase Pros even.

  • Interesting article. I still have a problem with Coinbase. I tried to transfer in my account GBP, but I can’t find the Faster Payment method. They only give the option to pay with debit card. Initially I tried to setup the account while I was in Austria. Changed the country, it was approved, but I still have in my account the address in England, but the Country still Austria. I wrote to customer service, but no help from them. So frustrating.

  • You did not mention if Coinbase charges a fee if I cancel my buy or sell orders? I’m still unclear about this, after searching about this I come across your site, but nobody can simply answer this question, which I think everyone would want to know.

    • Hey Adam! Since Coinbase is basically a cryptocurrency stock exchange or a bank, I’m fairly confident to say that you cannot cancel a sell/buy and get a refund (and then fees).

      I also searched through Coinbase’s T&S and I could not find a refund/return policy on fees to make sure.

      All transactions are final.

  • have you ever heard of this experience ? My sister went to open a coinbase acc,she signed up,then they wanted her funding method,she entered it,then they wanted a oic of he ID front and back,she did that,it was excepted,then they wanted a selfie ,she did that and it was accepted and then she went to the wrp page to purchase and BAM! Account deleted, Got an email that said the acc was deleted successfully and that they could no longer do business with her.She tried C.S. and couldn’t use it because she didn’t have an account.

    • Hey Joe! Yes, sadly, we have heard of this before. Something must have been off (like missing or inconsistent) with the application. I’ve always heard of famous cryptocurrency YouTubers getting their account closed as well. Coinbase is very much like a bank so they can approve or deny applicants for any reason they want. She could try Binance instead!

    • You’ll ever need to transfer it out and pay the mining fee (if you plan to hold it) or you’ll exchange it to cash for a fee to withdraw to your bank account. It’ll probably more expensive to use Coinbase to withdraw, but it will be the fastest.

    • I updated the article! Thanks, Same.

      “Next, click on “Portfolios” at the upper right area on the screen and then press “Deposit.” 

      After that, pick the cryptocurrency or funds you want to move over to Coinbase Pro. Once you pick this, you will then have the option to move the funds over from Coinbase.

      Now simply, enter in the amount of funds you want to move from Coinbase to Coinbase Pro, then when you want to withdraw it, you won’t have to pay any fees.”

  • Hi Ryan.Good stuff you are putting up.Have BTC in Coinbase wallet.Cannot send to my Bitflyer.
    So,I tried the via Coinbase pro way you indicated above.No luck,as that platform not supported in Japan.So…how the xxxx do I get my BTC out of Coinbase.Close account maybe.??

    • I’d recommend getting a wallet off the exchange to send to first from Coinbase and then from that wallet send it to bitflyer. If you don’t have a hardware wallet, you should get one.

  • In the past several days I have had 5 Limit buy orders filled on Coinbase and have been charged a fee for each trade. I thought Limit Orders were fee free. Can’t find any info on their site though. Did they change their fee structure or am I doing something wrong? I followed every step from an instructional YouTube video.

    • Hey Valerie,

      Unfortunately, Coinbase charges for all transactions now – even as a ‘maker’, you have to pay a trading fee due to an update to Coinbase’s terms on March 22nd, 2019.

  • Hi Ryan, I hope you’re doing well.

    My name is Javier Medina I loved your article it has such a valuable information thank you very much for sharing. I also want to tell you that I recently created a Coinbase account. And I bought 1000 in Bitcoin. Now apparently I made 50k with that investment but the person who invited me to invest is asking me to pay 10% of those 50k in commissions but she is saying that I have to pay 5k out of pocket. Do you know if that is the way they carge the commission? I think this person is a scammer. I am a newbie in this type of investments. Thank you very much in advance for your attention and your time. Please help!

    • Hi Javier,

      This is definitely a scam! Unless you have a contract with this person, I would not pay them anything or share any wallet/account information.

  • I have been buying bitcoin on Coinbase Pro and have $3,000 in by portfolio. When I sell does this convert back to cash or bitcoin. I am trying to figure out how much it is going to cost me in commission to get my cash out. Thanks.

    • When you sell the BTC, it will convert into whichever currency you chose. BTC has multiple trading pairs so if you want to cash out, I would recommend the USD pair. It is free to withdraw your cash after paying the selling fees.

  • Hey Ryan: I am in TX and unfortunately, Binance is not available for TX residents. Can you think of any other options besides Coinbase that I should consider?

  • Hey Ryan! I am still confused about coinbase pro fees. Is it when you Buy and Sell you are charged a .5% fee? So if I buy BTC and then sell it for a .9% profit I will actually lose money?

    • Hey Garrick! You’ll always need to consider the fees when determining profits. And also, consider tax implications as well. If you plan to make some gains like .9%, I recommend moving over to Binance since their fees are so much lower.

    • Hi Tammy!

      There are always fees to send bitcoin since the fees pay the miners/network to validate/verify the transaction as legitimate. The fees are quite small and can actually be adjusted based on how fast you need confirmation.

      In regards to sending BTC to an email – there are services like this out there. However, generally, you’ll be sending BTC to a ‘wallet’ (a long chain of numbers and letters or a QR code).

      I hope this helps! If not, let me know how I can clarify further.

      • Thank you for your response. I have another question. On Coinbase, when you send crypto to someone’s email, is it tied to the original sender in any way? Or is the crypto completely owned by the person who receives the crypto with no ties to the sender? I would like to give some people crypto for Christmas by sending to their email, but do not want my name tied to it in any way from the point that they receive it. What do they get in their email? Will it have my name, the sender, on it? Or is it now completely owned by them in their name? This should be my last question.

        • Hi Tammy! I have never personally done this before so I’m not sure and I don’t want to give the wrong information.

          My assumption is the email address you send it to will get an alert that you sent it to them. From there, they would have ownership of that BTC in the personal Coinbase account attached to the email address. If they don’t have an account, they’ll have time to create one and claim it.

          Now personally, I would buy them a hardware wallet and put them $50 or whatever on it. But this would be a bit more difficult and costly (but way safer!). I suppose it depends on how much you’re gifting.

  • Hello sir , I read your article thats really help full for us. I have one question. Sir if I send $100 from coinbase to my friend wallet other than coinbase. How much fees they deduct from me ?

    Thanks

    • Hi Uzair! From my understanding, Coinbase doesn’t charge a fee to transfer to a different Coinbase wallet, BUT you do have to pay the network fee to withdraw from Coinbase and send to a wallet off the exchange.

      Previously, if you transferred your crypto to Coinbase Pro first and then sent it from Coinbase Pro vs Coinbase, it was completely free to do so. However, currently you do have to pay a small network fee.

  • Hello, Ryan,

    Say I’d like to transfer from Coinbase to, say, Binance. Is the procedure to transfer from Coinbase Vault, where I have my coins stored, to Coinbase Wallet, then to Coinbase Pro, then from Coinbase Pro to my Ledger Nano S, and from there to Binance?

    • Yes!

      1. Get the crypto out of the Coinbase Vault in your Coinbase account wallet.
      2. Withdraw the crypto to your ledger (small network fee) OR send it directly to Binance (small network fee).

      **You’ll only pay extra fees with the steps above IF you send your crypto to your ledger and then to Binance (vs. CBP to Binance directly).

      I used to always send from exchanges to my wallet first and then to the next exchange – but lately, I’ve been going from exchange to exchange with no issues. Always test with small amounts first though to make sure the QR code or wallet address is correct.

      If you don’t have a Binance account yet, please us my referral code for Binance.us or Binance.com.

      • Thanks, Ryan. Would you, personally, if starting today, skip using Coinbase altogether and just go immediately with Binance?

        • Without a question if you plan to trade and buy/sell more crypto! The fees are so so so much better on Binance.

          If you are just holding long term, Coinbase is a safe place to hold your coin (for an exchange). BUT since you have a ledger, might as well store it there vs. Coinbase if that’s the case.

          • Again, thanks. Last question. If I wanted to convert crypto to fiat (US $) on Coinbase, should I do so on their site and suffer the fees, or is there a better option (e.g. transfer to Kraken, Binance, etc…)?

          • If you’re converting to fiat or stable coin (to buy back later or trade/reinvest), get the crypto over to Binance.us since the fees are much lower.

            If you’re cashing out or taking profits in fiat, I would move the crypto from Coinbase to Coinbase Pro to sell it and then withdraw to fiat from CBP. There is no fee to withdraw cash via ACH on CBP. That will be the safest, quickest, and reasonably low cost.

  • Hi Ryan,

    Nice article!

    I’m currently holding some crypto in my Coinbase wallet and want to exit.
    So should I transfer to Coinbase Pro and sell, also based on your article I’m assuming there would be no transfer fees?

    Additionally, will there be a fee if I transfer from my coinbase Wallet to someone else’s coinbase pro?

    Or – should I could transfer to WazirX (owned by Binance now) and then sell from there? Would there be a transfer fee from Coinbase to Wazir X?

    TIA!

    • Hi Pari!

      There is no fee to transfer crypto from Coinbase to Coinbase Pro. It’s also instant. There will be a small fee to sell the coin on Coinbase Pro but compared to the fees on Coinbase it will be a WAY better option.

      There will be a fee (network fee) to transfer from your Coinbase wallet to someone else’s Coinbase Pro wallet. What you could do is send the crypto from your Coinbase account to their Coinbase account and then have them transfer the crypto from their Coinbase to their Coinbase Pro account to save on fees.

      I am not familiar with WazirX since it’s not available in the US. But the trading fee’s seem to be 0.2% so this is better than Coinbase and Coinbase Pro. There will be a network fee to send the crypto from Coinbase/Coinbase Pro to Wazir X. Depending on the size of your trade, you still could save on overall fees due to Coinbase/CBP having such high fees.

  • Ryan,

    Would you not recommend using Coinbase Pro at all due to the fees or is there another particular reason. I been buying and selling on CB Pro and the only thing I don’t like is the maker and taker fee. Is that translated to Binance? Or Binance just charges you a flat fee per trade.

    Thanks for the help!!

    • Hey Maurice,

      This is purely based on fees. I personally love CBP due to it’s safety and legitimacy as a business. I mean they will be going public soon…

      But here’s the comparison for you… it’s drastic:

      Coinbase Pro Fees
      Coinbase Pro Fee Schedule

      Binance.us Fees
      Binance.us Fee Schedule

      I always keep some BNB in my account with Binance to keep my fees even lower.

      • Wow you are right. That is a considerate amount.

        Thank you my man, I really appreciate the help!!!

        What would be the best way to move the money over, I sold half of my position in BTC last week when it hit 40K (very happy about that). So, I want to move the money over to Binance but as a coin.

        What do you recommend ?

        • This may sound crazy considering the news recently, but XRP is the cheapest and fastest way to transfer between exchanges (in the short term). But you’d want to make sure you factor in any price changes whether up or down (and how fast you convert it).

          If you want do transfer in maybe a less worrisome coin, due to the SEC stuff with Ripple, I would use LTC since it’s very fast and low cost. ETH is great too but the gas fees are really high right now.

          The safest bet is USDT since it’ll hold your monetary value at the exact dollar while you figure out your next moves.

          BUT if you don’t plan to sell or trade or convert, just send it the coin as-is for simplicity.

          LASTLY, don’t forget about tax implications…. if you’re worried about that, just transfer your coins out as-is – the fees to move the cash will probably be less than your taxes.

  • I found I have a tiny amount of Bitcoin in Binance. This is from a couple of years ago, but now they say no longer allow do business w US customers. I can’t transfer it out as crypto, and they only work w one US bank for transferring fiat. It’s called Silvergate located in La Jolla. Any advice? Don’t really want to leave $100 worth of Bitcoin in Binance. Thanks!

    • Hey Jeff,

      If you can’t transfer for the BTC out anymore, I guess your only option is to use Silvergate. I’ve never needed to do that before so I’m not familiar with this bank or process.

      I did however have to move all my trading from Binance.com to Binance.us a while ago. They gave me 14 days to get everything out.

      I have another Binance.com account that just got put on notice 5 days ago (that I forgot about) that has some BCHA in it from an Airdrop but I can’t get that out due to the network being on pause so I’ll see what happens when my 14 days ends.

  • Hey Ryan,

    I transferred my crypto from coinbase to coinbase pro so that I could reduce or eliminate the fees associated with transferring. The fee was the exact same whether I tried transferring from coinbase or coinbase pro. They are charging me $16 to transfer $100 dollars. I don’t see how that can be right. That’s so high. Am I doing something wrong? What am I missing?

    Thanks

    • Hey Jared!

      What are you trying to transfer out? Are you sending fiat to another exchange or your bank account? Or a coin to a different exchange/wallet? I can help once I have that info.

      • Hey Ryan, I was using Coinbase Pro last year because of the lower fees for buying any crypto with fiat, I noticed though that since January 1st, 2021 the fees on Pro are the same as the normal Coinbase for the Maker/Taker transactions. I guess Coinbase noticed what people were doing and made it all the same for the transaction fees between Coinbase and Coinbase Pro. Can you confirm? Thanks.

        • I’m still seeing a massive difference between Coinbase and Coinbase Pro.

          Coinbase charges a base rate and a variable fee that can with a US bank account will cost 3.99% for $1000 in BTC.

          Coinbase Pro looks like this way lower:

  • Hey Ryan, Can you make a comparison on fees between Gemini and Coinbase (or Binance.us). Seems that Gemini charges a percentage on the spread, instead the others charge based on the amount of transaction. I cannot figure out which one is cheaper. Greatly appreciate your thoughts. Thanks.

    • Hey Matt! I plan to write about an article comparing the two. I do have a new article coming out soon directly talking about Coinbase Pro vs. Binance.

      But for now, here’s the breakdown…Gemini is cheaper than Coinbase and Binance is cheaper than Gemini. Gemini is simpler to use than Binance.us but more expensive. Coinbase is the simplest to use though.

      I would do all crypto buying/selling/trading at Binance.us due to their low fee model. Gemini is my second favorite though.

      Here’s my referral link for Binance.us & Gemini if you need to sign up still.

      This is what $100 in BTC looks like on Gemini, Coinbase & Binance.us:

      For Binance.us, the instant buy fee is 0.5% so at most your looking at $0.50 fee – talk about a massive difference (no helpful screenshot available due to how they show fees on Binance.us)! Now see the examples below…

      Gemini Instant Buy $100
      Gemini fees for $100 in BTC instant buy

      Coinbase Instant Buy $100
      Coinbase fees for $100 in BTC instant buy

  • Hey Ryan,

    Quick question. I just moved .00282029 or $100 of BTC to an external wallet from Coinbase. Coinbase charged .00002699 or $1.25 for the withdrawal. My external wallet now has .0027993 BTC or $100.25 (dollar value of BTC increased slightly between time of transaction and my writing this), however my transaction summary shows the transaction was 2276 bytes which cost .00181940 BTC or $65.30. My muddled understanding of Coinbase’s terms is that they estimate transaction costs and include them in the network fee. Did Coinbase incorrectly estimate the transaction cost but still pay it? Should I expect the $65.30 to be deducted from my account some time in the future? I don’t understand how any of this adds up. This is the first time I’ve moved any BTC to an external wallet so hopefully it’s just something simple that I don’t understand.

    Thanks so much for all the info you put on your website. It is very helpful!

    Thanks,
    Jesse

    • Hi Jesse,

      Thanks for sending me this question!

      I would assume you’re incorrectly reading something within your wallet because the transaction looks good to me.

      And a $65 fee would not make sense to send $100 for BTC.

      I am sure you will not be charged more down the road – you already paid the .00002699 to move the BTC out and now you’re coin is safe in your wallet.

      I can look at the transaction summary if you want to send me the blockchain.com information (hash, or block) – send it to ryan@cryptoryancy.com if you want it off the site.

  • Hi there, great article! Question, I would like to accept crypto as a form of donation for my non-profit, what would you suggest to minimize the transaction fee? After reading your post, I suppose I should (1) setup a coinbase (and pro) account, then ask the donor to transfer to my coinbase wallet. (2) move cryptos from coinbase to coinbase pro (3) liquidate from there and transfer USD to bank. Do I miss anything? Thanks!

    • Hi Ray!

      I would personally buy a hardware wallet (my recommended nano ledger x will be best) or set up a hot wallet (or better yet a cold wallet) for all your donations. I recommend this because these off-exchange crypto addresses will be static. Your crypto addresses on the exchange could change or update over time.

      If you do plan to turn the crypto to fiat rather quickly, I would then just set up a Coinbase and Coinbase Pro account. You can have them transfer the coin directly to your CBP account with the most updated address and then withdraw to fiat. You will not pay any fees with CBP to do this.

      I hope this helps!!!