Coinstar Bitcoin ATM Review: Buy $100 BTC, Get $15 BTC Promo, But Still a Pass

Coinstar kiosks count your physical coins for you and take a pretty big 11.9% cut, unless you redeem for a gift card (where they still get a cut from the retailer). Walmart and Amazon are my favorite options, although I usually save up my coins for their occasional bonus promos. I just received this peculiar $15 BTC promo from them:

Curious about crypto? Try purchasing at a Coinstar Bitcoin ATM powered by Coinme. Through June 30, 2022, when you create a new Coinme account and purchase $100 or more of crypto at a Coinstar Bitcoin ATM you’ll get $15 in bitcoin!* Use the promo code CoinstarBTC and be sure to use the same email address when you create your new Coinme account.

Purchasing crypto at a Coinstar Bitcoin ATM is simple:

– Create a Coinme account
– Find a Coinstar Bitcoin ATM
– Purchase a crypto voucher with cash (coins are not accepted for crypto transactions)
– Redeem your voucher to instantly claim crypto with Coinme

Did you catch that? You can’t buy Bitcoin with physical metal coins. Even at a Coinstar kiosk, of all places! Why not? How are paper bills somehow different??

*Terms apply. Valid for new Coinme accounts only. The $100 crypto purchase must be made in a single transaction at a participating Coinstar location using your Coinme account. This offer begins May 16th and ends June 30th, 2022. If a qualifying purchase is made during the offer period, $15 in BTC will be deposited to your Coinme wallet within seven (7) business days of purchase. See Official Rules for more details.

In addition, there are some serious fees:

Each crypto purchase carries a transaction fee of 4% and a cash exchange fee of 7%.

So you put in $100 in paper bills (don’t even get to return coins back into circulation), only get $89 of Bitcoin plus $15 of bonus Bitcoin, but then when you sell you have to pay another fee. All this along with BTC high price volatility. And you have to sign up for another crypto broker. Pass.