*This article was originally published on February 24, 2021, but was updated on April 8, 2023, to reflect current information.As bitcoin rises in value and popularity, so does the prevalence of Bitcoin ATMs. As one of the safest and easiest ways to buy bitcoin and other cryptocurrencies fast, Bitcoin ATMs have been popping up worldwide to make cryptocurrency more accessible. To better prepare you for using a Bitcoin ATM, today, we are demystifying the fees associated with using one.
Key Takeaways:
All fees are included in the price of the cryptocurrency sold.
The fee for purchasing crypto at CoinFlip Bitcoin ATMs is 15.99%.
The Bitcoin blockchain itself has its own fluctuating fee given to the network miners as a reward for processing transactions.
Do Bitcoin ATMs charge a fee?
Bitcoin ATMs charge a fee for the convenience of converting cash into cryptocurrency. However, not all Bitcoin ATMs are the same, with some companies charging higher fees than others.
What are average Bitcoin ATM fees?
The average Bitcoin ATM fee is approximately 23% for buying cryptocurrency. However, many Bitcoin ATM companies do not advertise their fee structure openly and clearly, which means that their fees can be difficult for many customers to calculate. According to our research, some companies charge a fee greater than 30% on Bitcoin ATM transactions, while most of them charge a fee between 16-25%. On average, CoinFlip charges 30% less in fees than our leading competitors. (Data compiled by CoinFlip in February 2023.)
What are CoinFlip Bitcoin ATM fees?
At CoinFlip, we strive to offer some of the most competitive fees in the industry. That is why our ATM fees are 15.99% plus a minimum $2.49 fluctuating network mining fee for buying and a 4.99% fee for selling cryptocurrencies at CoinFlip Bitcoin ATMs. CoinFlip Bitcoin ATMs.
When using our Bitcoin ATM, all fees are included in the price of the cryptocurrency sold. This is displayed on the main screen of the ATM for all of the coins/tokens listed.
Also, keep in mind that a CoinFlip Bitcoin ATM does not accept $1s or coins, so you may have to insert more than enough money to cover the fees. In this case, any additional funds will be added to your crypto purchase and be made available in your wallet.
Network Miner Fees
The blockchain has its own fluctuating fee given to the network miners as a reward for processing transactions. You will also be charged this network fee, which is a minimum network fee of $2.49 for all Bitcoin purchases and a variable fee for other token purchases. The variable fee is determined by how busy the blockchain is. The higher the fee paid, the faster the transaction will be processed. Customers cannot adjust the ATM fee, and the fee will automatically be changed when needed. All transactions will display the miner fee at the time of the transaction.
We’re Constantly Updating
To ensure our customers always get the correct pricing, our prices and fees are updated every 15 seconds. By doing this, we ensure that you will always be buying the true value of bitcoin at the moment of your transaction, and paying fair fees.
Here is an example of how our fees work:
If you want to purchase exactly $100 worth of bitcoin, you will need to insert an additional $20.00 into the machine to cover the fees. This $20.00 should cover the ATMs fee of $15.99 plus the network miner fee, which is a minimum network fee of $2.49 for all bitcoin purchases and a variable fee for other token purchases.Alternatively, if you insert $100 into the machine, the fees will be deducted from that total, and you will receive around $81 worth of bitcoin in your account. (Fee calculations are approximate and subject to change.)
Are you interested in buying bitcoin and other cryptocurrencies but aren't sure where to start? Check out our Beginner's Guide to Buying Bitcoin.
Are you looking to buy bitcoin with cash? Find your closest CoinFlip Bitcoin ATM location, and convert your cash to crypto safely, securely, and fast.
