Tuesday 27 October 2020

Warning - Buying Bitcoin through TrustWallet - misleading quotes - high fees


Hi all,Usually I use Cashapp to buy my Bitcoin (weekly, I DCA) and then I store in in Trustwallet, which is a mobile wallet owned by Binance.I noticed they added a "buy BTC" option directly in the TrustWallet app, so I gave it a shot.Unfortunately, they outsource the actual crypto buying process to a sketchy company, which uses misleading tactics.As you can see from this screenshot: https://bit.ly/3mGwpdV was to purchase 0.41635 BTC, an amount that I'm happy with.However, at checkout, they change the deal to this: https://bit.ly/31MJlqm simple terms, they wanted to sell me 0.43092 BTC for $5000, and then added a $175 "processing" fee. That's more Bitcoin than I wanted to buy, more fiat than I wanted to spend, and it brings the base price of the bitcoin from $11,603, to $12,009, a far larger number.I would have no problem with this if they were upfront about the fees and what they are doing, but now I have sour taste in my mouth. I've been into crypto for a little while. Can you imagine how predatory this would seem to a new user who's going through their first buy?This is my first post, so I hope I did it properly. via /r/Bitcoin https://bit.ly/3mqeA2v

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