Topic: Cheapest way to obtain cryptos (Read 59 times)

But can buying crypto for fiat be safe? It seems to me that this is the riskiest way to exchange, because you will have to go to the exchange in person, which puts at risk not only your money. P2P seems to me not the best way, because you never know who is on the other side of the "account with a positive reputation" or when (and for what amount) this person will want to "tarnish their reputation".

Neither method will be convenient, since you will have to personally deliver and transfer the money for the exchange. You hardly want your money to be taken from your home. Which, I believe, is, in principle, possible (for an additional fee), if you exchange using exchangers (various options on the exchanger aggregator, like bestchange).

Thank you guys.

By doing this, only Binance will know where you have transferred your dogecoins or any other cryptos that you will withdraw from them. I understand that you're trying to improve and increase your privacy from anybody or even from them. You don't have to worry about that if your funds are clean and it didn't come from anything illegal or unclean. Also, if it's not that much to think of, there's nothing to worry with. Another option for you to increase your anonymity, you can simply convert it afterwards into a privacy coin but you'll have to use an exchange that supports it because Binance isn't or some instant exchange like exch.

I'm getting confused now...

Is it Binance you want to protect yourself from? or the person you're buying some goods (and not crypto) from?

It sounds to me now, like it's the latter? If so, what kind of seller are we talking about here? Is it a seller- that's using payment gateway that would automatically detect the payment? or you're going to be dealing with an individual?

A payment gateway is no issue. Just withdraw it to one wallet, and then send it to the site/seller.

If you're dealing with an individual, then that's tricky. You can go like you said Binance -> Wallet 1 -> Wallet 2 -> Seller.

But if someone wants to manually check, he can try to follow the funds... to see where they came from. He obviously won't know your identity just from the address, but might end up figuring out that you're using Binance. He won't know your Binance deposit address though. Because withdrawals are processed from Binance's main hot wallets, the funds won't come out from the address you originally deposited funds into.

Hope this makes sense.

Thanks for the infos! If I use dogecoin I should not pay much fees for each transfer right?
So in case I should pay a seller for a serivce you suggest me to do this: binance wallet > independent dogecoin wallet1 > independent dogecoin wallet2 > seller wallet ?

Sure, you should definitely do that even for no privacy purposes, you wouldn't want to store your funds in an exchange for a long period of time. But note that Binance will always have a record of that transaction of yours. The seller (again, if using P2P) is definitely not going to know where you withdrew the funds, but Binance will and if that's a concern, you might need to make a couple of transactions.

I can open an altcoin independent wallet and transfer the crypto bought from binance to the new independent wallet to improve privacy.

I'm not sure I understand the way you want to use to buy? If you're going to buy from Binance P2P (meaning dealing with individuals as I mentioned before) then the seller will see your username. And he can also generate a receipt that has your name on it (you can do that as well). He's not going to know your binance deposit address though.

As for Binance, then they will have your personal information whether you're using their P2P platform, or buying directly from them using your card for instance as you're not allowed to have an account unless you go through the KYC process.

If I buy crypto with Binance every seller I purchase goods/services from that receive my crypto know my Binance wallet info right?
For more privacy as you said I should withdraw from Binance to a safe wallet (spending other fees) and then pay a seller right?

Every method has pro's and con's i'm afraid... an usually it's a tradeoff between trust, physical security and how easy the system is.

You could go for non custodial exchanges: https://bisq.wiki/Frequently_asked_questions#Is_Bisq_safe.3F
The risks on these exchanges are fairly limited (but they still exist!!!) and they're relatively easy to use (but they do have a learning curve)

or, you could go for centralised exchanges (like binance), which require KYC and have loads of rules and regulations... but if you use them to exchange fiat for crypto and immediately withdraw to a safe wallet, they're relatively easy and secure to use (but you offer up your privacy)

or, maybe use a bitcoin ATM? Easy to use, safe if you use a trustworthy atm, but usually quite expensive and hard to find (and they require you to physically go to the ATM, which might threaten your physical security).

or, a face to face trade, which gives you pretty good guarantees that you'll receive your crypto (if you use decent opsec), but there's a risk for your physical security.

Like i said, i don't think there's an option that's super easy to use, super safe (so you don't get scammed), super safe (for your physical security), cheap, private,... It's always a tradeoff.
For a beginner, i'd probably tell you to use a trusted, big, regulated centralized exchange... Do your homework, follow the KYC procedure, read the rules,... and offer up your privacy... This way you can buy crypto in a relatively safe way with a minimal learning curve, but it will cost you a little bit of privacy.

Either use P2P by trading with other individuals or buy straight from the exchange (Coinbase, Kraken, etc.). There isn't much difference in terms of "fees" when you're using the same payment methods. Using an exchange that supports your local currency also helps. So if you're from UAE for example, it might be better to find an exchange that allow you to link your local bank account and use the Dirham, instead of using something else.

Which is the most convenient (and safe) way to obtain cryptos with FIAT? (excluding mining)