Cryptocurrency is becoming increasingly popular, and with it, the need to understand how to calculate Bitcoin ATM fees. We'll explain the different fees associated with using a Bitcoin ATM, and how to make sure you're getting the best deal. At Coinsource, we apply a 12% exchange fee for all ATM and Bitcoin ATM transactions. This rate is determined by referring to publicly available price data returned by APIs from several major cryptocurrency exchanges.
We have the lowest Bitcoin ATM fee nationwide, with an accurate bitcoin price and absolutely no hidden fees. Bitcoin ATM operator fees are fixed fees that include operating and equipment costs that need to be covered. 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, say, 5%.
Most Bitcoin ATMs charge a fee of between 9% and 12% to buy. 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. Fees are a small price to pay for financial freedom that is not burdened by government-issued fiat currency.
Considering the many benefits of digital assets, going to a Bitcoin ATM to buy or sell cryptocurrencies is an attractive alternative to existing cash formats. Bitcoin mining fees have dropped tremendously in recent years, mainly due to innovations such as SegWit and inherent design features. For example, a provider that showed a purchase rate lower than Coinsource's low daily commission also showed a Bitcoin price that was more than 6% higher than the actual price of Bitcoin. As a consumer, you may only be concerned about the general transfer fee rather than the mining fee, which is the most technical specification.
Therefore, if you want to save as much money as possible, you should choose an ATM company that has already been around for several years or more. Bitcoin miners receive a transaction fee for carrying out these operations measured on a small unit of Bitcoin known as Satoshi. AML and KYC regulations have imposed stricter measures for identity verification, and the result is that you can buy or sell Bitcoin without worrying about losing your funds. Crypto Dispensers offers financial services that make it more accessible to buy cryptocurrencies such as Bitcoin, Ethereum, Litecoin, and more. For example, some companies may keep their declared commission low, but then inflate the cost of Bitcoin, or add miner fees or other fees, which increases the true transaction fee. Whether you want Bitcoin, Marscoin, Etherium, or all of the above, an ATM will make the process much easier than if you buy these coins in another way. With this in mind, it shouldn't surprise you to learn that fees can be added to your transactions when you use a Bitcoin ATM.
Whenever possible, use Bitcoin ATMs from reputable and established companies with clearly announced rates. However, instead of putting money on a card, you're converting money directly into Bitcoin, stored in a wallet on your phone. Regardless of which ATM you choose, you can ensure that it works with as many regulations as a casino machine.