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I moved 0.16 BTC from my Coinbase online wallet to another one. I got 0.0017 BTC of transaction fees which looks a little bit too much. I was expecting an order of magnitude less, something like 0.00017 BTC

How Coinbase work out the fees? Is it possible to choose from different fees options?

EDIT:

I just moved a much higher volume of BTC at almost no fees, very weird :-)

Why Coinbase doesn't let the user choose the fees?

  • There 4% fee is a joke, what alternatives are there? – SuperUberDuper Aug 1 '16 at 11:49
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Coinbase likely calculates the fees dynamically based on the current fees being included in recent blocks. This is to keep your transaction competitive so it makes it into a block. One of the worst feelings is when your transaction is sitting there for days unable to make it into a block because the site you sent from didn't use high enough fees.

Is the fee you're reference the fee you actually paid, like your 0.16BTC ended up only having 0.1583BTC? My guess is your looking at the total batch fee on the transaction your BTC was included in rather than what you personally paid. I haven't seen my bitcoind fees as low as 0.00017 in a long time, 0.0005 is more like it at the moment, but like you say 0.0017 does seem high, especially if it that was paid entirely by you.

Its possible recent blocks contained significantly higher fees that caused Coinbase to jump their tx fees as well. As we know with the 1MB block limit, transactions have been experiencing high competition to get included in a block. But my suspicion is you're looking at the total fee for the tx that Coinbase sent out (which would include other peoples addresses).

From Coinbase: https://support.coinbase.com/customer/en/portal/articles/815435-does-coinbase-pay-bitcoin-miner-fees-?b_id=13521

Yes, Coinbase pays the miner fees (typically 0.0003 BTC) on external transactions in order to ensure these transactions propagate throughout the bitcoin network quickly. For very small transaction amounts you may be prompted to pay the transaction / miner fee.

This claims you shouldn't have paid a fee at all. Is it possible you're just looking at the TX fee that Coinbase paid for your transaction?

  • the destination wallet has received 0.0017 BTC less than the original amount so I guess I paid for it – Gianluca Ghettini Jul 16 '16 at 20:21
  • @GianlucaGhettini Did they prompt you like they say on their support link? If not I would contact support and ask for a refund. That fee is way too high and you were under the impression they covered the fees based on their website stating they do so. – Brandon Jul 16 '16 at 20:23
  • @Brandon The bottom of your answer is outdated. – gommb Nov 4 '17 at 21:53
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Use Gdax from now on. Deposit I to gdax. No fee. Iyts wallet is connected to coinbase. If you respond into gdax. And look on coinbase you will see the money in the wallet.

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