For both purchasing digital currency - and selling it where our machine supports two-way transactions - CoinMover uses CoinMarketCap.com as a rate source to form the foundation of our pricing.
We make our purchases through multiple major crypto exchanges, which are then turned around and sold to you, so it makes the most sense to use CoinMarketCap as the base rate. It's an average of all major exchanges that do business in the United States such as Gemini, Kraken, Binance.US, and Coinbase.
Each transaction at a CoinMover ATM comes with a fixed-price USD transaction fee that ranges from $0.99 to $4.00. As of April 2020, we are charging $1.95. We attempt to explain the various costs and fees involved with transacting digital currency below. This set fee is generally the amount necessary to move funds from our exchange accounts to our hot wallets, and then to your personal wallet when buying and the same in reverse when selling.
In addition to this flat fee, we also add the following:
On top of the base market price provided by CoinMarketCap.com explained above, we add a fixed 10.0% to 14.0% markup rate for all digital currency purchases. That means you are buying digital currency at a rate that is higher than the market rates on CoinMarketCap.com. The reasons for this markup are explained in the FAQ below.
For sell transactions, where you sell your digital currency back to CoinMover from your own wallet and withdraw cash from our machine, we charge between 0% and 4.0% above the current market rate. As of April 2020, this is set at 0.9%. The reason the sell rate is slower lower than the buy rate is the transaction doesn't have to make its way back into the traditional banking system and incur those additional costs. Again, see below for an explanation.
That's crazy! Why are fees high?
Fee Discounts, Loyalty Program, and Promotional Codes
CoinMover offers every registered and verified account the ability to participate in our loyalty program that will reduce fees paid over time. These may included, but are not limited to, removal of the $1.75 USD per transaction fees and/or discounts on our markup rate.
From time to time, CoinMover may run promotions on our website or in local communities with discount codes that allow you, as a user of our services, to receive fee discounts.
Once you have reached certain thresholds of purchases, sales, or combined amounts, you will receive enrollment information along with additional program details. These are also available from us on request.