04-14-2021, 03:18 PM
So I did a little math on Coinbase's $20 Bitcoin "Recurring buy reward"
<!-- SC_OFF --><div class="md"><p><em>EDIT: With help of this lovely community we unearthed a method of claiming all $20 with minimal fees! This still goes to show the importance of fee difference on Coinbase vs Pro</em> </p> <p>Being the super math wiz that I am, I calculated out how much $ you really get for using this award considering you have to buy on Coinbase and not Pro. </p> <p>A quick piggy back off of my post about making sure you always buy on Pro.</p> <p>Using the minimum $50 recurring investment where you would earn $10 BTC at the 4th and 8th buy: </p> <p><em>Coinbase fee per trade: $1.99 (2) in fees x 8 trades = $16 bucks in fees.</em></p> <p><em>Coinbase PRO doing the same trades: $0.25 in fees x 8 trades = $2 in fees</em></p> <p>$20 reward - $14 extra you'd pay in fees = a whopping 6 bucks in free BTC. Looks can be deceiving. </p> <p>If you want that solid 6 bucks of free BTC, go for it, but cancel recurring immediately after that 8th buy or you start losing $$ in fees.</p> <p><em>ALWAYS BUY ON COINBASE PRO</em></p> <p><em>UPDATE</em> As <a href="/u/ccjimbo87">u/ccjimbo87</a> points out; setting up a recurring buy for USDC DOESN'T have any fees! A nice loophole. <a href="/u/phigitz">u/phigitz</a> and <a href="/u/ccjimbo87">u/ccjimbo87</a> with the game plan </p> <ol> <li><p>Reccuring buy 8x for $50 USDC (no fees)</p></li> <li><p>Send USDC to Pro (no fees) <em>5 day waiting period to transfer if deposited from bank</em></p></li> <li><p>Convert USDC to USD for free on Pro and buy whatever coin you wanted. </p></li> <li><p>Save a butt-load in fees and get $20 BTC</p></li> </ol> <p>Previous post: <a href="https://www.reddit.com/r/CryptoCurrency/comments/mq72n2/new_to_crypto_and_plan_to_use_coinbase/?utm_source=share&utm_medium=web2x&context=3">https://www.reddit.com/r/CryptoCurrency/comments/mq72n2/new_to_crypto_and_plan_to_use_coinbase/?utm_source=share&utm_medium=web2x&context=3</a></p> </div><!-- SC_ON --> submitted by <a href="https://www.reddit.com/user/siccamel"> /u/siccamel </a> <br/> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/mq9qow/so_i_did_a_little_math_on_coinbases_20_bitcoin/">[link]</a></span> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/mq9qow/so_i_did_a_little_math_on_coinbases_20_bitcoin/">[comments]</a></span>Kind Regards R
<!-- SC_OFF --><div class="md"><p><em>EDIT: With help of this lovely community we unearthed a method of claiming all $20 with minimal fees! This still goes to show the importance of fee difference on Coinbase vs Pro</em> </p> <p>Being the super math wiz that I am, I calculated out how much $ you really get for using this award considering you have to buy on Coinbase and not Pro. </p> <p>A quick piggy back off of my post about making sure you always buy on Pro.</p> <p>Using the minimum $50 recurring investment where you would earn $10 BTC at the 4th and 8th buy: </p> <p><em>Coinbase fee per trade: $1.99 (2) in fees x 8 trades = $16 bucks in fees.</em></p> <p><em>Coinbase PRO doing the same trades: $0.25 in fees x 8 trades = $2 in fees</em></p> <p>$20 reward - $14 extra you'd pay in fees = a whopping 6 bucks in free BTC. Looks can be deceiving. </p> <p>If you want that solid 6 bucks of free BTC, go for it, but cancel recurring immediately after that 8th buy or you start losing $$ in fees.</p> <p><em>ALWAYS BUY ON COINBASE PRO</em></p> <p><em>UPDATE</em> As <a href="/u/ccjimbo87">u/ccjimbo87</a> points out; setting up a recurring buy for USDC DOESN'T have any fees! A nice loophole. <a href="/u/phigitz">u/phigitz</a> and <a href="/u/ccjimbo87">u/ccjimbo87</a> with the game plan </p> <ol> <li><p>Reccuring buy 8x for $50 USDC (no fees)</p></li> <li><p>Send USDC to Pro (no fees) <em>5 day waiting period to transfer if deposited from bank</em></p></li> <li><p>Convert USDC to USD for free on Pro and buy whatever coin you wanted. </p></li> <li><p>Save a butt-load in fees and get $20 BTC</p></li> </ol> <p>Previous post: <a href="https://www.reddit.com/r/CryptoCurrency/comments/mq72n2/new_to_crypto_and_plan_to_use_coinbase/?utm_source=share&utm_medium=web2x&context=3">https://www.reddit.com/r/CryptoCurrency/comments/mq72n2/new_to_crypto_and_plan_to_use_coinbase/?utm_source=share&utm_medium=web2x&context=3</a></p> </div><!-- SC_ON --> submitted by <a href="https://www.reddit.com/user/siccamel"> /u/siccamel </a> <br/> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/mq9qow/so_i_did_a_little_math_on_coinbases_20_bitcoin/">[link]</a></span> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/mq9qow/so_i_did_a_little_math_on_coinbases_20_bitcoin/">[comments]</a></span>Kind Regards R