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://i.imgur.com/eknji0Z.png

US$5000 was to purchase 0.41635 BTC, an amount that I'm happy with.

However, at checkout, they change the deal to this: https://i.imgur.com/oSQoNPd.png

In 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.



Submitted October 28, 2020 at 05:39AM by markpaul00 https://ift.tt/31LR2gI

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