How do I determine exactly how much I'll be charged in fees at a Bitcoin ATM?

Discussion in 'Bitcoin and Cryptocurrency' started by Notadouche, Apr 18, 2020.

  1. Notadouche

    Notadouche Member

    I've made two smaller Atm btc purchases in the past and paid what I'd call exorbitant fees! I understand there's a convenience fee involved with using an atm and I can accept that to some extent but I'd like to know how to determine what the fee will be ahead of time so I can at least walk away with the right amount of btc and not have to make two purchases and get hit with fees twice in order to walk away with the needed btc.

    So my question is how do I determine the TOTAL FEES I'll be charged?

    I have two different Coin Source ATMs close by and several Coin Momma ATMs a fair distance drive away. Can I research these online for the fees? Do I have to go to the physical ATM to see the fees? Are the fees different from location to location for the same source (Coin Momma for instance) even if they are located across the street? From reading Google reviews of each location I believe so but not sure???

    For simplicity sake say I input $100 cash into a BTC ATM how much btc will I walk away with and how do I determine that even ballparkish from various btc ATMs?
    Last edited: Apr 18, 2020
  2. All I do know is don’t use the quick trade option, they'll hose you. Always use the advanced trade option.
    Notadouche likes this.
  3. MindlessWork

    MindlessWork Member Supporter

    The ATM should tell you how much the fee will be if you go ahead with the deposit, and you can cancel it if you change your mind.
    Nike_Town, sinewave3 and Notadouche like this.
  4. Notadouche

    Notadouche Member

    I have no idea what this means but I'll Google it thanks
  5. Notadouche

    Notadouche Member

    Didn't know that but that's good to know thanks
  6. Boss hog

    Boss hog Member

    Just used CoinFlip ATM a couple weeks ago and before you proceed with the purchase it states its fees, but off the top of my head I don't Remember the percentage it stated though.
  7. MadBret

    MadBret Member

    I've not used a btc ATM but was looking into them a bit. The ones around here look to charge around 8%.
  8. Notadouche

    Notadouche Member

    The one I ended up using was a coin cloud they had a fixed fee and a percentage. I was able to verify how much I would receive in btc from the cash amount I entered on screen before I ok'd the purchase. In my example I input $110 and received $93 in btc. My only previous use with a BTC atm which was across the street from the coin cloud I used recently I did a test and input $40 and received $20 btc. I was pretty turned off after that but this most recent time wasn't so bad for the convenience and no id transaction.
    Nike_Town likes this.
  9. Never use bitcoin atm’s ... biggest waste of money. They hose you BIG time. Use “Coinsquare” for Canadians or “Coinbase” for Americans. That’s a start.
  10. sinewave3

    sinewave3 Member

    Just watch out for those Coinbase deposit delays! Taking 10 days to get funds to my CB pro account.

    And if you transfer straight to anyone they deem “questionable” they will shut your account down...
  11. Savagesteve

    Savagesteve Member

    Fuck coinbase. Use cashapp to buy the coin and then send to another wallet like blockchain before sending to the source.
    JC Grifter likes this.
  12. Nike_Town

    Nike_Town Junior Member

    Coinbase has shunned me. Also held my funds for 7 days. Aside from that, there ok. They gave me a 5$ limit. Wtf? All my purchases were for illegal drugs but they should not have shunned me with a 5$ limit. The Convenience of the ATM is way cool. It seems there’s always some hassle when I use my card. So I just stuffed a bunch of cash in to the machines and usually occur a 20% fee using Coin Cloud. There is also another bitcoin ATM called Northwest bitcoin because I live in Oregon. I’m going to see if they have a special wallet
  13. Like I said, don’t use a bitcoin ATM. If you do make sure the price at the ATM matches the exact amount of bitcoin. Some machines say bitcoin is 10,000$ when it’s really 9,000$ they take advantage of casuals. Even if it does match the exact price, you better be comfortable being hosed with fees. They’re the biggest scam.
    Nike_Town likes this.
  14. Nike_Town

    Nike_Town Junior Member

    Agreed, I’m just cursed every time I do anything online