Can someone assist me. I took a withdraw from my broker. It was from BTC FROM my broker to cash app. The actual amount that I took out didn’t reflect what was in my cash app. I understand there are fees, but this time it was a $18 fee. This is an unusual amount because I have withdrew this particular amount from my broker and I wasn’t not charged an $18.
Does this have something to do with how BTC is fluctuating in the matket. Someone please help
Hi Danni and welcome to Babypips forum. I don’t think anyone can answer your question because there is insufficient information for valid comments.
1 how much BTC did you withdraw?
2 Was the cash app currency USD or another?
3 What was the buy/sell spread of BTC to the USD at the time of your withdrawal? Note here that USD, USDT, USDC all will have different buy/sell rates to BTC and they can fluctuate very wildly if you sell at market.
4 Knowing that one BTC has a value of approximately $60,000, the fee of $18 may be very high or very low, as a percentage of the total transaction. With very low amounts (say 1/1000 of one BTC, or $60 worth), $18 seems like a high fee but it is not uncommon for gas fees for crypto exchange to exceed the value of the transaction.
The discrepancy could be due to transaction fees from your broker or Cash App, which might vary. Additionally, fluctuations in Bitcoin’s price and conversion rates can impact the final amount received. Check the transaction details from both platforms and contact their support if needed.