0 sats \ 1 reply \ @SpaceHodler 13 Aug 2023 \ parent \ on: I bet you did not know these things about Bitwage bitcoin
If you are a USA person, for example, using us vs. your flow, you will end up with more Bitcoin by using us, as our spread should be 1% for Bitcoin in USA scenario.
But how is that more? For example, Kraken charges 0.16% for maker orders and 0.26% for taker orders, so your 1% fee is nearly 4x as much even in the 'impatient', taker case.
Is the 1% spread in addition to the "1% fee for local currency wage distribution*" in the Standard plan?
I'm a bit confused by the FAQ page https://support.bitwage.com/bitwage-exchange-rate-spreads . Under "International Transactions" it says "Additional base spread of 1.00%", which is followed by a table of countries. Is that "additional base spread" in addition to what's in the table? It would be clearer if you had a calculator that showed the total fees and their composition.
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0 sats \ 0 replies \ @bitwage OP 13 Aug 2023
@SpaceHodler Thank you for bringing this up. While there might be exchanges with potentially lower fees, many people prefer mainstream options due to convenience and popularity. Despite varied methods, our service ensures a competitive spread and even covers fees, offering a hassle-free experience.
If you are a USA citizen for example, and you choose to get 100% in Bitcoin, then the spread for you would be around 1%. There will be no other fees on top of that.
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