Nostr Web Client

I just purchased 0.195 bitcoin from nostr:npub1xkere5pd94672h8w8r77uf4ustcazhfujkqgqzcykrdzakm4zl4qeud0en for 15,000 IRS utility tokens.

I have been using and recommending river exclusively, but help me understand, the price of bitcoin at the time of purchase, as recorded on the buy order was 76,086 and the fee was 148.51.

Essentially, this comes out to a purchase price of 76,847 which is almost 1,000 more than the price of bitcoin at the time of my purchase.

Even if you consider the fee of 148 dollars, I acquired 0.195 bitcoin for 14,851 which is 76,158.

It just seems like these fees are a bit harsh, particularly when most of the customers never even move their coins from the exchange.

nostr:npub139nl9yxvwayl60fr97m3zrq9md6x5v0uup344mkyuyg6mzlusyxs4zkwf4

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Discussion

B.O.P 1y ago

Those fees are the only thing keeping those companies alive. Before a large buy if this bothers you, you can always shop around for who has the lowest fee by going to Strike, coinbase etc.

OceanSlim 1y ago

They all have competitive fee. ~%1. Large exchanges have terrible spread. River, cash app and strike all have the lowest spread in my experience.

OceanSlim 1y ago

It's not a fee. This is spread. There is always $500-1000 spread. Rivers spread is actually pretty good and competitive to any other exchange. Coinbase has ginormous spread on top of high fees.

mrclownworld 1y ago

Doesn’t help with buying, but when selling, robosats is great because you get a premium for the non-kyc of it all

OceanSlim 1y ago

Spread is the gap between buying and selling price of an asset in any given market. For this reason, spread is always better on a Bitcoin only Exchange/broker.

Bryan 1y ago

I understand the spread. It just seems a bit misleading to state the purchase price as 76,000 when in fact you paid 76,876.

We should normalize the final ticket order to include this:

Bitcoin Acquired: X

USD Total = Fee + Spread + Amt into BITCOIN

It's more transparent.

Rand 1y ago

did U read the fineprint regarding River policy? i am hesitant but probably over zealous

Bryan 1y ago

Yes, river is, by far, the best bitcoin exchange, particularly for larger purchases.

Spaniard 1y ago

Strike is better. Has lower fees

SuiGenerisJohn 1y ago

At least the fee becomes part of your cost basis for tax purposes (my understanding not a tax lawyer not legal advice gfy)

Mark Sea 1y ago

River does have higher fees than some exchanges and they have a spread. IMO for a kyc exchange, they offer enough in their platform for it to be worth it though.

Bryan 1y ago

I agree.