Replying to Avatar Filou

I love cash app but gosh I wish their fees were lower tbh. They really are pretty steep. #[5]
Avatar
Carla šŸ§”āš”ļø 2y ago

I donā€™t have CashApp. What are their fees?

Reply to this note

Please Login to reply.

Discussion

Avatar
Filou 2y ago

Depends on the spreads at time of purchase but generally >2% or thereabouts

Avatar
The Daniel āš”ļø 2y ago

A little over 2% but if you have direct deposit itā€™s free.

Avatar
Carla šŸ§”āš”ļø 2y ago

Overall pretty convenient

Avatar
Filou 2y ago

Definitely! Price of convenienceā€¦ I use it regularly but just wish it was more in line with other similar services

Avatar
Filou 2y ago

I didnā€™t know about DD! No fees?

Avatar
J 2y ago

Fees are what they are. Itā€™s like driving extra miles to save .05 per gallon of fuel. By the time you put in the work. The ā€œsavingsā€ is hardly worth the effort.

Avatar
Filou 2y ago

It doesnā€™t really take any extra ā€˜workā€™ to buy from a different exchange though. Kraken (for example) only takes 0.16% fees, and it takes the same amount of time/effort to buy bitcoin there instead of cashapp. On a $1000 purchase thatā€™s an extra 70,000 sats or so (at current exchange rate). Not too bad.

Or think of it a different way: I can pay 2% on cashapp the ā€˜easyā€™ way -OR- I can do the work as you put it and buy no-KYC sats instead at a pretty similar 2-3% premium.

So basically, if youā€™re going to KYC anyway why not buy cheaper bitcoin? Or if youā€™re going to pay a premium, why buy KYC coin at all?

Avatar
Rocket 2y ago

I now only use cashapp for free utxo consolidation and lightning withdrawal. (My current mining pool pays out daily.)