Coin Buyers Club Pricing StructureCoin Buyers Club have established trade relationships through BitCaw Trading to help us secure bitcoin at favorable rates. We are however not the cheapest way to buy bitcoin. Our goal is not to be cheap but to provide excellent service & free value added services for you. Please make sure you understand the fee structure below before signing up with us.
Club Buying Costs
Bitcoin purchase costs:
- Debit order transaction fee - R20
- Failed Debit order fee - R30
(usually due to insufficient funds or incorrect account details)
- Trade commission - 5% of the Bitcoin Purchased.
To give you an example:
Lets say you sign up for a R1000 monthly order
1. We will collect R1000 from your bank account each month.
2. We then subtract the R20 Debit order transaction fee from this amount & buy Bitcoin with the balance of R980
3. From the R980 worth of Bitcoin we subtract the Trade commission of 5% leaving you with R931 worth of Bitcoin.
Club Selling Costs
Bitcoin selling costs:
- Transaction Fee:
- Sales over R1000 = no cost
- Sales less than R1000 = R10
- Trade commission - 5% of the Bitcoin Sold.
How to sell
If we are storing your Bitcoin:
- Contact us & provide your Bank Details
If you are storing your own Bitcoin:
- Contact us & request a deposit address
- Pay your Bitcoin to the address we provide
- Send us deposit details & your bank details
A common question we get is:
"Why is Bitcoin more expensive in SA than overseas".
This comes down to the balance of the supply & demand. If there are more buyers than sellers in SA that pushes the local price up. The average premium paid in SA is 5-7% above USD pricing.
The difference is not a fee some nefarious party is taking but rather just the market dynamics.
The good news is that you will get more value for your bitcoin when you sell & since that should be at a higher rate you will ultimately benefit from this premium.
Secure Cold Storage
Bitcoin Storage costs:
Coin Buyers Club can securely store your purchased bitcoin on your behalf
We always recommend members store their own Bitcoin in a wallet only they have access to but we know thats not practical for everyone especially when getting started.
We use multiple signature cold storage wallets for this with physically separated keys. This makes transacting with these coins very difficult giving you maximum security.
Should you make use of the Cold Storage service the cost is 1% of the stored bitcoin per year billed annually from your balance or prorata when you withdraw or sell your bitcoin.
Your first 6 weeks storage is at no cost, should we not have a wallet address to pay your bitcoin to at the end of those 6 weeks the Secure Cold Storage costs will apply.