Cryptocurrency Explained: How Much Are Bitcoin ATM Fees?
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.
All fees are included in the price of the cryptocurrency sold.
The fee for purchasing crypto across all CoinFlip Bitcoin ATMs is a flat 6.99%.
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?
According to Coin ATM Radar data, the average Bitcoin ATM fee is 8.4% for buying cryptocurrency. However, many Bitcoin ATM companies do not advertise their fee structure which means that this data could be skewed. According to our research, some companies charge a fee greater than 25% on Bitcoin ATM transactions, while most of them charge a fee between 10-15%.
At CoinFlip, we strive to offer some of the lowest fees in the industry. That is why we charge a 6.99% fee plus a $1.00 fluctuating network mining fee for buying and a 4.99% fee for selling cryptocurrencies across all 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. As the fee for purchasing bitcoin and other cryptos across all CoinFlip ATMs is a flat 6.99%, that amount will be listed on top of the spot price of the coin you are purchasing or selling.
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 Bitcoin blockchain has its own fluctuating fee given to the network miners as a reward for processing transactions. CoinFlip does not collect this fee, and it is delivered directly to the miners that process the transaction. The fee can range from a minimum of $0.99 to over $3.00, depending on how busy the blockchain becomes. 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 $10.00 into the machine to cover the fees. This $10.00 should cover the ATMs fee of $6.99 plus the network miner fee, which could be anywhere from $ 0.99 to more than $3.00.
Alternatively, if you insert $100 into the machine, the fees will be deducted from that total, and you will receive around $90 worth of bitcoin in your account.
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.
Sign up to get the latest in CoinFlip news, discounts, and more.
What is Bitcoin?
From hobbyists to advanced users, our informational guides make Bitcoin easy to understand for everyone.
New crypto ATM locations are popping up every day. Stay informed on new CoinFlip ATM locations near you.
Stay up to date on the latest CoinFlip news, discounts, industry trends, and more