Most Bitcoin ATMs charge a fee between 9% and 12% to purchase cryptocurrency. However, you can find fees as low as 4% and as high as 20%. In comparison, many online cryptocurrency exchanges will charge less than 1.5% on transactions in highly liquid currencies such as Bitcoin. On average, Bitcoin ATM fees range from 11% to 25%.
Coinsource has the lowest Bitcoin ATM fee of 11% nationwide, with an exact Bitcoin price and no hidden fees. The fees charged by Bitcoin ATM operators are fixed and cover the costs of operating and maintaining the machine. According to Radar data from coin ATMs, the average rate for Bitcoin ATMs is between 11 and 12%. However, many Bitcoin ATM companies do not disclose their fee structure, which means this data could be biased.
Our research shows that some companies charge a fee of more than 25% on Bitcoin ATM transactions, while most of them charge a fee of between 11 and 12%. Most ATMs ask for an average of about 8.5% on each transaction. This rate could be higher for some ATMs, or it could even be as low as 5%. Bitcoin miners prioritize companies that give them the most incentive, meaning you have to pay more to have your transaction verified faster.
Being a money services company within the Bitcoin industry requires a strong program and compliance department to comply with state and federal regulations. The ease of buying Bitcoin through a Bitcoin ATM makes it an attractive alternative that is also easy for beginners to adopt. Bitcoin cash kiosks look similar to traditional ATMs, but they don't connect to a bank account and instead connect the user directly to a Bitcoin wallet or exchange. Although this doesn't seem like a large commission, the amount does deter the practice of making small and frequent transactions with Bitcoin.
In addition, the spot indices used to calculate vary depending on accuracy and efficiency, such as BitcoinAverage, Gemini, Coinbase, & GDAX. In some cases, Bitcoin ATM providers require users to have an existing account to make transactions on the machine. However, in order for you to make an informed decision, you should know that people who use Bitcoin ATMs and other transaction methods often choose the lowest price. Using a Bitcoin ATM to buy and sell cryptocurrency has several advantages, even with a slightly higher than average fee. Bitcoin's own blockchain has its own fluctuating fee given to network miners as a reward for processing transactions.
The countries in the Union with the highest number of Bitcoin ATMs are Spain (17), Austria (13), Poland (11), Romania (8), Czechia (6), Greece (6) and Italy (60). When it comes to Bitcoin ATMs, the most important way to empower yourself is to understand where the fees go, how they are calculated, and how to find the ATM with the lowest or most consistent fees. In other words, understanding Bitcoin fees makes a lot of sense when you consider the broader ecosystem, which has a history of criminal activity that has harmed customers. People are familiar with using ATMs, so it is a short step to build ATMs designed to buy and sell cryptocurrency.