Popular Bitcoin Buying App from Square Cash is Now Tacking On Fees
Jack Dorsey may claim that he loves Bitcoin, but it seems that he’s not letting his clients purchase Bitcoin for free. Starting now, Square Cash will start to charge fees that can go as high as 1.76% on any BTC purchase made on the app.
According to the company’s official website, fees can be charged when making transactions with BTC. All fees should be listed before the transaction is confirmed, so the users will be able to know how much they will end up paying this way.
No one seems to know for sure when the fees started. Back in March, no fees were charged, but this has changed recently. Coindesk was the first to point out that fees are being charged and, so far, the company has not verified whether all users are being asked to pay the fees or if they have not rolled out to all of them.
Fees Are Still Smaller Than The Ones From Coinbase
Despite the fact that nobody likes to pay fees, Square is still charging less than Coinbase. The largest American crypto exchange has fees ranging from $0.99 USD for any purchases below $10 and sometimes the flat fees can be as high as 6% in some cases.
This has surely made the company profitable, as Coinbase earned over $2 billion USD since 2012, but it did at the expense of its customers.
As Square Cash is getting more customers, fees were expected. This is how companies make money, anyway. Fortunately, there are many other services out there with smaller fees if you wish to pay less.