Scam
I’m small-time in crypto investing. I wanted to use cash to buy Bitcoin. I had used Coinme before and it went smoothly but they are feuding with Coinstar and that feature wasn’t available on the Coinstar kiosks. I decided to try Bitcoin Depot. I deposited $100. I was incredibly surprised when my balance of Bitcoin was only $68. I understand there are fees, but $32 for a $100 deposit. I contacted the company. They take a 3% fee (reasonable) but they also charge a spread of 17.3% up to 50% of the transaction amount!!! I was charged over 30%! Of course, this is in the fine print which very few people would read while holding a significant amount of cash at a kiosk in a gas station. If I would have known this, I would not have deposited my money. These are exorbitant fees which are basically hidden. Do NOT use these kiosks or this company! They are crooks.
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Bitcoin
Unclear on how to sell, so I’m stuck with bitcoin with nothing to do with it, plus I put 20 dollars in but it had a huge tax and I only have 8 dollars worth of bitcoin now. Unbelievable.
Bitcoin checkout
I have used this app for years but the recent update has me confused. I can see the BTM location and the online purchase options, but I can’t see the bitcoin checkout options. I prefer the bitcoin checkout option because it’s more convenient for me..
Don’t you dare use their kiosks to buy BTC
I’m a pretty new resident in the community where I am now, and found myself needing to buy some bitcoin yesterday. I looked around, searching the usual ways for finding a bitcoin ATM or retailer/dealer. It seemed Bitcoin Depot kiosks were going to be the most convenient way to go. So I got my cash in this case $190 worth, and got to the closest kiosk. Went through the process of setting up a profile which was very painless and got to the stage of feeding my money into the machine. So $20 after $20 would disappear into the machine and then finally a $10 bill to complete the $190. And so I stand there and I wait for confirmation of a purchase of I was thinking close to $190 worth of bitcoin. And I waited. Finally decided to leave the kiosk as the transaction still was processing and then some 10 minutes later I received a notification that there is $136 in my wallet on the Bitcoin Depot app. It turned out that was $136 in bitcoin and some $60 that I had fed into the machine was consumed as fees to buy the coin that I did receive. That’s absurd. $60 worth of fees. I expected some fees, but not to be ripped off by nearly a third of the amount that I fed into the machine. Whatever you do, never use one of their kiosks to buy bitcoin.
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Terrible Experience.
So I live in Alaska and I am a life long Crypto investor, I deposited 440 dollars into the atm and only received 306 dollars, which is very unnecessary, it’s wayyy cheaper to just deposit money into your bank and buy crypto. I then tried calling customer service. No one was available for the first couple calls then about 30 mins later they answer. I called back today because my money wouldn’t send thru the app they have, both times I spoke with what sounded to be Indians, and we know how they are, nothing but scammers and schemes. Good luck finding a better crypto ATM.
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If you’re looking for a review this is it.
I downloaded this app to think I could get cash from atm selling my btc. Sure you can but this fees are absurd, anyways my money disappeared after updating to 3.0.0 after 3 days still nothing. Support keeps telling me it’s a glitch they’re working on but so far I’ve been scammed out of $45. Did I mention I had this app for one day ? Ridiculous. Stay far away from this app
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Response from developer
We are sorry you are experiencing difficulties. Please reach out to us at support@bitcoindepot.com if you are still seeing any issues with seeing your bitcoin in the app.
Easy peazy
Man I’ve tried tons of apps and ways to deposit bit coin but always got ripped off or couldn’t get it in my wallet! This was simple and easy! It was in my wallet in minutes
Response from developer
Thanks so much for the positive review. We appreciate you as a customer!
Fees!!!
I put $20 in the bitcoin machine knowing I had to pay a $3 fee. Fine… I can deal with $17 . What I didn’t know was they were going to take over half of my $ leaving me with $8.63 to use out of the $20 I started with . The only reason why I didn’t give them 1 star was because I didn’t get robbed completely of my $. The fees are out of this world man. They must do something about that cause ASAP before word gets out and they lose a lot of business. Paying $12 in fees is absurd. It’s not logical at all!!!!
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Worked with no problem
This was the second time going to the Bitcoin Depot atm to buy bitcoin with cash. It worked very smoothly. The bitcoin went to my wallet and was available for sending within an hour!! The only “con” issue is the built in exchange fee. This machine was set at $36,363/BTC. With the current price at $27,900, there is nearly a 20% difference. The ramifications of this difference is similar to my experience; I deposited $10,000 in cash and received $7,692 in btc. I’ll come back here when none of my other methods work good!
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Secret Fees
I was excited to find a bitcoin ATM only to be disappointed with this scam. I wanted to be sure I wasn’t mistaken so I went back and used it again to be sure. At no point in time or ANYWHERE does the ATM mention a 28% service fee. In fact, it clearly displays a 3.00USD fee. It would have you believe that like other ATMs it is charging you 3 bucks for the transaction. Not so. I put 260 dollars in the ATM and got 200 in bitcoin. 28% or in this case, 60 dollar “convenience fee” for using their ATM. Obviously they don’t advertise or announce this charge anywhere. It’s an absurd fee and nobody would use their product if they were honest about it. They got me, but I’m warning everyone of theirs dishonest business practices. Let’s run them out of Holiday Gas stations! Unbelievable!
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