I’m using both Coinbase and Gemini, that’s it. Got verified on both platforms. No other exchanges for me. So if I wanna sell like $100 worth of BTC, which one's cheaper? Buying should be the same, right? What if I’m selling $1,000? Does the exchange you pick change for larger amounts? Overall, which one has lower fees?
Now, if I decide to sell $5,000 or $10,000 worth of BTC, what kind of fees am I looking at? And for something huge like $50,000 or $100,000?
I heard that no matter which exchange you use, going for the advanced version instead of the basic one means lower fees. Is that legit? What confuses me is when I use the advanced section, I’m selling BTC or crypto to other users, right? But on the regular Coinbase site, am I selling directly to them? That part trips me up.
I came across something saying if you want to unload a lot of crypto in one or a few trades and save on fees, there are two ways to do it. One is to sell a certain amount of crypto at once. After that, you pay the fees and move up to level 2, where you can sell a precise amount of crypto. By doing this each time, you could potentially save a ton on fees if you're moving big amounts. Is that accurate? Is it only for Coinbase and not Gemini? Also, I heard about signing up for Coin.
Which is Cheaper for Selling Bitcoin: Coinbase or Gemini?
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Which site of the 2 has the lower fees?
I'm pretty sure most exchanges are open about their fee structure. For example, you can find their fees FAQs here[1] and there[2]. I think you need to simplify your case to make it easier for others to analyze which fees they'll apply to you. I'm not sure about the level of the account either, but you need to understand that not every exchange has the same rules. Even if they offer a tiered package, you still need to check the details carefully.
[1] https://help.coinbase.com/en/coinbase/trading-and-funding/pricing-and-fees/fees
[2] https://www.gemini.com/fees
I noticed those fees. So let's say in these examples of how much btc or crypto a person wants to sell below? I know that you should used advanced option to sell to pay less fees. But If someone wants to sell like $50000 worth of crypto, which site costs less and how should they do it? Obviously this is different from someone wanting to sell $1000 only? Now what if someone wants to sell $500000?
I read a post a while back on someone says what if someone wants to sell a million dollars. I read something like that person should do it on Coinbase and advanced. Then said you first sell like $1000. Then you go to level 2. Then sell $4000 and go to level 3. Then keep doing that until you get to a certain level so you pay a certain percentage fee each time. Then once you get to the highest level, you sell the rest. So imagine you pay 0.6% and then 0.3% and then 0.2% etc. That is what I mean by that. I then recall someone said just sign up for Coinbase one and pay that monthly fee. Then I'm not sure if they say just sell everything you want at once as opposed to having to sell many different amounts to pay the least percentage of fees. I just recalled a person mentioned if you sell x amount up to so and so at each level, eventually you save like at least $8000 or so or even more if someone was to sell a million dollars or so.
So in general, Gemini for smaller amounts but Coinbase advanced for bigger amounts? Let say it's someone that wants to sell it all at once or around the same time. Not someone that is actively daytrading? But if someone is daytrading, I got to assume a coinbase one monthly fee is the best for that?
1. $1000
2. $5000
3. $10000
4. $50000
5. $100000
6. $500000
7. $1000000
I just checked this out on Gemini. I went to BTC and market order as opposed to limit. Market is if you want to do it now right?
it shows last price as $107047
The sell price is $106504
The buy price is $106930
That makes sense as the buy price would be higher than the sell price. The fees seem to show 0.004 percent. That is if you are the maker right and someone accepts? Is this spread normal and reasonable?
The thing is why is the buy price 117 dollars less? That means the highest someone is willing to buy on Gemini is 106930 BTC price right? So say you want to sell 1000 or 50000 dollars worth of BTC. You could accept the sell price of $106930 but that total amount being offered might be a lot less right so you need someone else to fill it? Now if you want to sell it at the highest price that you can, what price are you putting? If you put $1069290 and say put 1000 dollars or 50000 dollars of BTC available, then someone who buys BTC would then buy it at your price because that would be the lowest right? It's not like they would be buying from someone charging a higher price?
So limit buy or sell is when you set the price at when you want to buy or sell and then the system automatically does the buy or sell for you right? But market is when you have to manually do it? The issue is what if you put the market price at 106929 and then the BTC price goes up really fast to 108000, what happens if its a market order and not limit order?
Does anyone have information on the numbers I mentioned?
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