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Quote from: BobK71 on August 28, 2022, 11:37:53 PM

Quote from: ethereumhunter on August 28, 2022, 10:28:06 PM

Quote from: BobK71 on August 28, 2022, 01:42:30 PM

I completely agree with you. It is better to use multi-wallet for security if you have more assets. Access to one of your wallets can be problematic for any reason. Therefore, it is beneficial to share some assets in other wallets. I used to use Coinbase 2 years ago but suddenly I had a problem with my account. From that period of time i am using Binance for trading and holding activities.

If it's a coin holding, I recommend using another wallet and it's better to use a hardware wallet because we can control everything and don't depend on an exchange like Binance. But if it makes you comfortable keeping your coins, it can be done too.

Quote from: South Park on August 28, 2022, 01:53:47 PM

Since the OP wants to invest 200k on bitcoin I think it makes more sense to have at least two wallets, one of them should be a hardware wallet which should hold the majority of the funds and it should be hardly used and the second wallet could be a desktop wallet in which a small amount of bitcoin could be placed in the case the OP also wanted to make a few purchases with bitcoin, whether this is because he needs to familiarize himself with the process or simply because he wanted to buy something with bitcoin.

We assume the bitcoin price is at $20k so he will have 10 bitcoins. He can keep it in two or three wallets. Wallets with more bitcoins are long-term deposits, while other wallets are wallets for transactions such as trading or others. And another wallet to use on the exchange.

Of course, if the amount is large, it is safest to use a hardware wallet. It is much safer to use the Binance platform than other exchanges if the assets are relatively small. One thing is always remember that keeping your assets in an exchange wallet means giving control of your assets to someone else.

I have also the same feeling what you said, specially when a trader want to do long term trading. Because the withdrawal or transaction fees are high here and on the others hand when you are going to short term trading you have to pay high fees if you are going trade on those platform . In my opinion I think trade can choose Centralised exchanger when they are short term trader . And my suggestion will be for you is Binance, Kucoin .But As we know the FTX incident it better to avoid stacking or hold big fund.

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I think you should try using octa fx because it has low commission,47 trading assets to choose from and also u get +50 present to any deposit.its a very trusted trading platform and has low entry cost on stocks

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Quote from: ethereumhunter on August 28, 2022, 10:28:06 PM

Quote from: South Park on August 28, 2022, 01:53:47 PM

Since the OP wants to invest 200k on bitcoin I think it makes more sense to have at least two wallets, one of them should be a hardware wallet which should hold the majority of the funds and it should be hardly used and the second wallet could be a desktop wallet in which a small amount of bitcoin could be placed in the case the OP also wanted to make a few purchases with bitcoin, whether this is because he needs to familiarize himself with the process or simply because he wanted to buy something with bitcoin.

We assume the bitcoin price is at $20k so he will have 10 bitcoins. He can keep it in two or three wallets. Wallets with more bitcoins are long-term deposits, while other wallets are wallets for transactions such as trading or others. And another wallet to use on the exchange.

That seems like a good arrangement, I forgot that the OP also seems to like trading and as such he is going to need an account at an exchange in which he not only purchases those coins but also trades them, some people may actually also recommend to use several different hardware wallets, and while I think there is some merit to the idea since the person we are talking about is a newbie it is better for him to keep things simple and use only one hardware wallet.

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Quote from: ethereumhunter on August 28, 2022, 10:28:06 PM

Quote from: BobK71 on August 28, 2022, 01:42:30 PM

I completely agree with you. It is better to use multi-wallet for security if you have more assets. Access to one of your wallets can be problematic for any reason. Therefore, it is beneficial to share some assets in other wallets. I used to use Coinbase 2 years ago but suddenly I had a problem with my account. From that period of time i am using Binance for trading and holding activities.

If it's a coin holding, I recommend using another wallet and it's better to use a hardware wallet because we can control everything and don't depend on an exchange like Binance. But if it makes you comfortable keeping your coins, it can be done too.

Quote from: South Park on August 28, 2022, 01:53:47 PM

Since the OP wants to invest 200k on bitcoin I think it makes more sense to have at least two wallets, one of them should be a hardware wallet which should hold the majority of the funds and it should be hardly used and the second wallet could be a desktop wallet in which a small amount of bitcoin could be placed in the case the OP also wanted to make a few purchases with bitcoin, whether this is because he needs to familiarize himself with the process or simply because he wanted to buy something with bitcoin.

We assume the bitcoin price is at $20k so he will have 10 bitcoins. He can keep it in two or three wallets. Wallets with more bitcoins are long-term deposits, while other wallets are wallets for transactions such as trading or others. And another wallet to use on the exchange.

Of course, if the amount is large, it is safest to use a hardware wallet. It is much safer to use the Binance platform than other exchanges if the assets are relatively small. One thing is always remember that keeping your assets in an exchange wallet means giving control of your assets to someone else.

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Quote from: BobK71 on August 28, 2022, 01:42:30 PM

I completely agree with you. It is better to use multi-wallet for security if you have more assets. Access to one of your wallets can be problematic for any reason. Therefore, it is beneficial to share some assets in other wallets. I used to use Coinbase 2 years ago but suddenly I had a problem with my account. From that period of time i am using Binance for trading and holding activities.

If it's a coin holding, I recommend using another wallet and it's better to use a hardware wallet because we can control everything and don't depend on an exchange like Binance. But if it makes you comfortable keeping your coins, it can be done too.

Quote from: South Park on August 28, 2022, 01:53:47 PM

Since the OP wants to invest 200k on bitcoin I think it makes more sense to have at least two wallets, one of them should be a hardware wallet which should hold the majority of the funds and it should be hardly used and the second wallet could be a desktop wallet in which a small amount of bitcoin could be placed in the case the OP also wanted to make a few purchases with bitcoin, whether this is because he needs to familiarize himself with the process or simply because he wanted to buy something with bitcoin.

We assume the bitcoin price is at $20k so he will have 10 bitcoins. He can keep it in two or three wallets. Wallets with more bitcoins are long-term deposits, while other wallets are wallets for transactions such as trading or others. And another wallet to use on the exchange.

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Here's a list of options you can review. Do a little bit of your analysis when choosing an exchange, it will help later. If you don't mind KYC, then Binance is a good one in my opinion. I use Binance, but maybe some others don't especially if they don't like KYC.

https://coinmarketcap.com/rankings/exchanges/

Another option without KYC is Bisq. It is a decentralized exchange. The exchange also does not require registration.

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Quote from: kapalmabur on August 28, 2022, 12:49:30 PM

~snip~

I think he already clear that he is going to invest for only holding So there is no question of suggesting any centralized exchanger. OP is already using Cold wallet for that and And I think he took a good step in the first step of trading. I would also suggest OP to divide your total fund into several parts and keep them in separate wallets, I also think this will increase the security of your fund.

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Quote from: ethereumhunter on August 28, 2022, 06:32:21 AM

Quote from: rs1971 on August 27, 2022, 09:01:51 PM

Would there be any reason to split them up and put them on more than one wallet?

If the number of bitcoins I have is more than 1000, I will split it across multiple wallets because it is too risky to keep them all in one wallet. By dividing it into several wallets, at least I can use some bitcoins for trading, while other bitcoins I can save and wait for time to sell at the highest price.

When you want to trade, I recommend using binance because the choice of coins is greater and you have more opportunities to profit. I don't have much experience using coinbase and prefer using binance so I suggest that to you. But it is up to you.

Since the OP wants to invest 200k on bitcoin I think it makes more sense to have at least two wallets, one of them should be a hardware wallet which should hold the majority of the funds and it should be hardly used and the second wallet could be a desktop wallet in which a small amount of bitcoin could be placed in the case the OP also wanted to make a few purchases with bitcoin, whether this is because he needs to familiarize himself with the process or simply because he wanted to buy something with bitcoin.

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Quote from: ethereumhunter on August 28, 2022, 06:32:21 AM

Quote from: rs1971 on August 27, 2022, 09:01:51 PM

Would there be any reason to split them up and put them on more than one wallet?

If the number of bitcoins I have is more than 1000, I will split it across multiple wallets because it is too risky to keep them all in one wallet. By dividing it into several wallets, at least I can use some bitcoins for trading, while other bitcoins I can save and wait for time to sell at the highest price.

When you want to trade, I recommend using binance because the choice of coins is greater and you have more opportunities to profit. I don't have much experience using coinbase and prefer using binance so I suggest that to you. But it is up to you.

I completely agree with you. It is better to use multi-wallet for security if you have more assets. Access to one of your wallets can be problematic for any reason. Therefore, it is beneficial to share some assets in other wallets. I used to use Coinbase 2 years ago but suddenly I had a problem with my account. From that period of time i am using Binance for trading and holding activities.

kapalmabur

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FTX, Binance, Kucoin, and Bitfinex, these four trading platforms are the best,
the security and convenience system for users can also be said to be very good, except for Kucoin,
because last year Kucoin was hit by hacker attacks, but they said SAFU!, of course that too good thing,
because traders and users are guaranteed. so please choose, so I use Binance for daily trade.

rs1971

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Thanks everyone for all of the replies. Very helpful; I have a lot to research!

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you do something reasonable. but with your money, want to focus more on trading or long-term investment?
Some people keep their money in exchange for trading. but some keep their long-term assets in other wallets.

According to your explanation, it looks like you will be more interested in day trading. if you already have experience with coinbase, you can try Binance. I'm sure many members here also prefer trading on Binance.

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the best trading platform in my opinion is still Binance, yes even though there is Coinbase, Ftx and Kucoin,
I still choose Binance because it has a user friendly appearance and of course makes me comfortable there,
if you haven't tried it then try it, I'm sure you will also feel happy there

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Quote from: rs1971 on August 27, 2022, 09:01:51 PM

Would there be any reason to split them up and put them on more than one wallet?

If the number of bitcoins I have is more than 1000, I will split it across multiple wallets because it is too risky to keep them all in one wallet. By dividing it into several wallets, at least I can use some bitcoins for trading, while other bitcoins I can save and wait for time to sell at the highest price.

When you want to trade, I recommend using binance because the choice of coins is greater and you have more opportunities to profit. I don't have much experience using coinbase and prefer using binance so I suggest that to you. But it is up to you.

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Quote from: Apocollapse on August 28, 2022, 12:49:36 AM

First I want to know if you're a regular trader or not, if you're a regular trader, I think FTX [1] is suit for you since the fees will decrease when your trading volume exceed for exact amount tier. While Coinbase pro do have lower fee, but it doesn't matter how much the trading volume you've make in 30 days. The fees will depends on the price you make on every transactions you make, you wouldn't get any discount even you're regularly trading.

[1] https://help.ftx.com/hc/en-us/articles/360024479432-Fees

Take note that except the trading volume, FTX also offer staking $FTT (their own utility token) and they have rebates for your trades which will also help to reduce the trading fees.
FTX is a good choice here but make sure the OP will check everything first because there are some restrictions on FTX compared to Coinbase pro, like you must undergo with KYC verification first.

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First I want to know if you're a regular trader or not, if you're a regular trader, I think FTX [1] is suit for you since the fees will decrease when your trading volume exceed for exact amount tier. While Coinbase pro do have lower fee, but it doesn't matter how much the trading volume you've make in 30 days. The fees will depends on the price you make on every transactions you make, you wouldn't get any discount even you're regularly trading.

[1] https://help.ftx.com/hc/en-us/articles/360024479432-Fees

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Farewell o_e_l_e_o

Quote from: rs1971 on August 27, 2022, 09:01:51 PM

Just holding

You are an investor and hold Bitcoin as an asset for your investment portfolio.

You don't actually trade but you can check and choose good platforms (security, daily trading volume, taker/ maker fee, withdrawal fee and reputation) for later use when you want to sell your Bitcoin to take profit.

Quote

My plan is just to keep everything (I'd only buy BITC) on that same wallet. Would there be any reason to split them up and put them on more than one wallet?

Two basic rules

Use non custodial wallets. You did it already
Never store all your money, exclusively Bitcoin, in a single wallet. Whatever that wallet is (your non custodial or custodial wallet on exchange), split and store it in different wallets

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Quote from: rs1971 on August 27, 2022, 09:01:51 PM

Yes, I have a Ledger hardware wallet that I've been moving my coins / keys to. My plan is just to keep everything (I'd only buy BITC) on that same wallet. Would there be any reason to split them up and put them on more than one wallet?

No. Just make sure that one wallet is secure, and you don't do any of the amateur mistakes that cause people to lose their funds.

https://cryptosec.info/checklist

Quote from: rs1971 on August 27, 2022, 09:01:51 PM

As an aside, what's with the hodl spelling? I guess that it was just a meme that cuaght on at some point?

It started as a typo, then it became a meme: https://bitcointalksearch.org/topic/i-am-hodling-375643

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Quote from: rs1971 on August 27, 2022, 09:01:51 PM

-snip-
Would there be any reason to split them up and put them on more than one wallet?

If your bitcoins are a large number and you think it's too much of a risk factor in real-life situations, then it's good to store in several places and use one of them to store fewer and more frequent transactions (hardware wallet for long term holding).

Quote from: rs1971 on August 27, 2022, 09:01:51 PM

-snip-
As an aside, what's with the hodl spelling? I guess that it was just a meme that cuaght on at some point?

It starts here.

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Quote from: sheenshane on August 27, 2022, 06:59:12 PM

Coinsbase.pro is good for a newbie like you because it has a simple interface that is easy to understand.
I've been Googling it but it seems Coinbase.pro has a 0% fee upon buying Bitcoin when you reside in the US or EU which I think you're on the right track.

I have paid $5.96 US for each $1000 transaction. Having only ever made $1000 transactions, I'm not sure if that is a flat fee or a percentage of $1000. Their online documentation is a bit wonky. I'm assuming that it's the latter; if it were the former than I guess there would be no reason to go anywhere else.

Thanks for taking the time to reply (and I'll have a look at your link).

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Quote from: TheBeardedBaby on August 27, 2022, 06:38:44 PM

Are you planning to trade with the BTCs or just holding?

Just holding

Quote from: TheBeardedBaby on August 27, 2022, 06:38:44 PM

If you just want to HODL then you should move your money from the exchange as soon as you make the purchase. Do you have a plan where you will be keeping those coins?

If you don't, then you should sit and read a bit about securing your funds. The crypto currency is nothing like the monetary system we all know. You can lose your funds forever by doing some small mistakes and there is no coming back. I don't want to scare you, I just want you to know that you have to make a plan how to keep your funds safe. A hardware wallet seems to be the best option.

Yes, I have a Ledger hardware wallet that I've been moving my coins / keys to. My plan is just to keep everything (I'd only buy BITC) on that same wallet. Would there be any reason to split them up and put them on more than one wallet?

As an aside, what's with the hodl spelling? I guess that it was just a meme that cuaght on at some point?

Anyway, thanks for the response!

jackg

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https://bit.ly/387FXHi lightning theory

I don't know where your limit comes from, have you don't kyc (submitted ID documents and completed all that)?

Did you send your funds on the last occasions to the same place? If you want to wire a large amount and you can send to the same place and your bank account accepts it, I'd send a small amount, a larger amount and then the rest of the amount and do it that way.

I'd be careful about trying to do this though if you're wanting your funds to be fully secure you should get a hardware or airgapped wallet and experiment with a few $ hundred in bitcoin before doing such a large move just to be sure you've done everything as correctly as possible (and not make yourself worry if you get a scam email or something too).

sheenshane

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Coinsbase.pro is good for a newbie like you because it has a simple interface that is easy to understand.
I've been Googling it but it seems Coinbase.pro has a 0% fee upon buying Bitcoin when you reside in the US or EU which I think you're on the right track.

You can try alternatively the signature I wore below.
You can calculate also the possible fees that you're going to pay.

Just a tip, don't store Bitcoin on an exchange, make sure you have full control over your Bitcoin, and transfer it to an external wallet like a hardware wallet.

TheBeardedBaby

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₿uy / $ell ..oeleo ;(

Hello and welcome 😊
It's always good to ask, no worries.
Same as for your other question regarding the taxes, it depends on where you are located.
With that sum you'll need to go through KYC to be able to withdraw the bitcoin.

Are you planning to trade with the BTCs or just holding?

If you just want to HODL then you should move your money from the exchange as soon as you make the purchase. Do you have a plan where you will be keeping those coins?

If you don't, then you should sit and read a bit about securing your funds. The crypto currency is nothing like the monetary system we all know. You can lose your funds forever by doing some small mistakes and there is no coming back. I don't want to scare you, I just want you to know that you have to make a plan how to keep your funds safe. A hardware wallet seems to be the best option.

rs1971

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Hi,

Apologies for such a basic question, but I am new to bitcoin and it can all be a bit overwhelming. So far I've just dipped my toe in the water and I've made all of my trades (9x$1000) on coinbase pro. The money is free to ack into the account ($2000 / day limit) and each trade is $6.95. I'm toying with the idea of making a larger purchase ~$200k and I'm not sure how to do it. The most straight forward option would be to wire the money into my coinbase account and make the trade just like I've made the others. Is this a reasonable way to do the transaction or is there a cheaper and or safer and or better way to do this?

Thanks!

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