Bitcoin Price Hits All-Time High of $19,786, Topping 2017 Record

Re:Bitcoin Price Hits All-Time High of $19,786, Topping 2017... by gruez on Monday November 30, 2020 @01:49PM (#25257375)

>InteractiveBrokers allows you to exchange at market rates on the multi trillion dollar forex market for 2/10ths of a basis point ($20 per million).

but that only covers conversion, right? Or does IB also allow you to send to arbitrary accounts?

>therefore you need to pay a 1-2% fee at origin [...] and a 1-2% fee at destination.

That's only if you use the managed exchange service. If use the trading interface (ie. placing bids/asks manually), it's much lower. eg. 0.5% for coinbase pro[1], 0.25% for gemini activetrader[2]

[1] https://help.coinbase.com/en/pro/trading-and-funding/trading...

[2] https://gemini.com/fees/activetrader-fee-schedule#section-ac...

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Re:Bitcoin Price Hits All-Time High of $19,786, Topping 2017... by arcticbull on Tuesday December 01, 2020 @03:42PM (#25269614)

Indeed the IBKR approach is longer and there are more steps. You transfer cash to the account in the source country, make the FOREX transaction, transfer the money to your own bank account in the destination and the use a local payment system. It is however the cheapest option I’m aware of in the entire world. $20 per million + 0%.

If you’re sending comparatively smaller quantities then the delta between that and TransferWise is negligible, and it is a one stop shop.

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