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0 pointsvkou7y ago0 comments

> I just had to pay $8 to convert USD to another currency.

That's the cost of the spread.

If you tried to convert $10000 BTC to USD today, you would pay anywhere between -$200 and $200 (Or ????$, if the market decides to go crazy), depending on the exchange rate when your transaction would clear. With a forex transaction through a bank, the bank fixes the exchange rate (And charges you money for it.)

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vinniejames7y ago

That was just the “fee” without even including the spread, which was much more, often +20% depending on the exchange.

Converting $10k BTC to USD would not cost $200 in transaction fees. If that’s how much you’re paying, find another exchange as you’re getting ripped off.

Converting BTC to another crypto currency would barely incur any cost at all.

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