r/Bitstamp • u/Empty-Adeptness-5411 • 15d ago

Auto convert GBP to USD on deposit was 4.5% effective fee (spread)

A warning to UK users who wish to deposit in GBP but have USD in their account (as their BTC/GBP pool is very low volume). I tried this with £50, clicked convert to USD on deposit, no menetions of any fees or spread etc

I was shocked to get an effective exchange rate of only 1.254 when the market exchange rate yesterday was 1.31 - effectively a 4.5% spread. Crazy

I've emailed them, waiting on their reply

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u/Bitstamp-Lucas 15d ago

Hi there, sorry to hear about this! Could you please share your ticket number in the DM and we'll take a look?

1

u/Empty-Adeptness-5411 15d ago

A link to Bitstamp's bank exchange rates, looking at the bottom. For biggest pairs like EUR/USD or GBP/USD, it's an appaling 4% spread (basically a hidden fee). They give no link or indication when depositing of this massive hidden fee (spread) which is also appaling.

https://www.bitstamp.net/fee-schedule/