Buying:
Our Bitcoin ATMs charge 2 fees when buying cryptocurrency: a flat fee and a percent fee. Both of these differ depending on the cryptocurrency, all of which are shown in the chart below:
|
Cryptocurrency |
% Fee - Buy |
Flat Fee - Buy |
% Fee - Sell |
|---|---|---|---|
|
BTC |
19% |
$4.00 |
6% |
|
ETH |
19% |
$3.00 |
|
|
USDT |
19% |
$3.00 |
|
|
XRP |
19% |
$1.00 |
|
|
DOGE |
19% |
$3.00 |
|
|
ADA |
19% |
$1.00 |
|
|
LTC |
19% |
$2.00 |
6% |
|
SHIB |
19% |
$2.00 |
|
|
USDC |
19% |
$3.00 |
|
The percent fee is included in the price of bitcoin shown and agreed upon on the machine. When purchasing at our BATMs, you will notice our machines show a rate that is slightly higher than the market price.
Machine Sell & Pre-Sell Online:
We charge a fee of 6% on both these types of sell transactions.
This fee is included in the price of Bitcoin shown on the machine. When selling at our BATMs, you will notice our machines show a slightly different rate shown on the machine versus the current market rate for Bitcoin.
Online INTERAC e-Transfer Sell:
We charge a fee of 6% on all online INTERAC e-Transfer Sell transactions.
This fee is accounted for in the amount of Bitcoin requested when the sell transaction is initiated.
How Are Fees Calculated:
To provide an example, if the market rate for Bitcoin is $50,000 CAD when you use our ATM, you will be paying a price of $58,000 CAD per Bitcoin (assuming a 16% fee). There is also a $4.00 flat fee that goes directly to the Bitcoin network to validate your transaction.
Here is a sample calculation for our fees assuming a $100 Cash amount, a 16% Percent fee, a $4 Fixed fee and the Market Rate for Bitcoin is $50,000 CAD.
- First, calculate the Cryptocurrency Amount purchased
(Cash amount - Fixed fee) / (Market Rate x Percent fee) = Cryptocurrency Amount
($100-$4)/($50,000/BTC X 1.16)
= 0.00165517241 BTC
- Then, to calculate the value of BTC purchased, use the Market Price and the Cryptocurrency Amount
Crypto amount X Market Rate = value of BTC purchased
0.00165517241 BTC X $50,000/BTC = value of BTC purchased
= $82.75 worth of BTC
- So, the amount paid in fees would be equal to:
Cash amount - the value of BTC purchased = Amount paid in fees
$100 - $82.75 worth of BTC = $17.25 paid in fees
Please note: When a discount code is used it only reduces the fees charged for the transaction.
Please refer to this page for the most accurate information: https://localcoinatm.com/fees/
Comments
0 comments
Article is closed for comments.