Exchanges allowing fixed monthly investment in BItcoin

Faisal2202

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Quote from: Z-tight on October 29, 2023, 03:24:52 PM

This is simply calling for trouble, you don't have to buy a hardware wallet in that case, you have the option to use Electrum offline, by creating your own airgapped wallet.

Yeah, but I don't even have any device to make it air-gapped, and at the moment I have no intentions to make one because I already divided funds and kept more than 80% on CEX because I have to use them for some trading purposes, which I do often. Therefore, storing them in an Airgapped wallet would be of no use. But I will make an Airgapped wallet one day and store my funds there. Thanks for the advice.

Quote from: Z-tight on October 29, 2023, 03:24:52 PM

I don't think stompix was talking about a paper wallet, but rather that you use a self custodial wallet like Electrum that gives you your seed phrase, which you have to back up on paper. Not your keys, not your coins, to use BTC you must find a way to back up your seed phrase safely, it should be easy to write 12 words down and hide it somewhere.

That also comes under the category of paper wallet,

Quote from: https://www.investopedia.com/terms/p/paper-wallet.asp

A paper wallet is a printed piece of paper containing keys and QR codes used to facilitate your cryptocurrency transactions.

I know it is easy to write 12 words down, but dear, it is not easy for me to hide it somewhere due to the issue of having no permanent place (it's not that I move too much). It's like I don't have any storage place for me yet. I only have one bag on me; I used to keep my personal traveling belongings in it and a drawer that has no keys (the lock is broken).

Sorry for late reply.

sunsilk

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Quote from: doomloop on October 31, 2023, 01:29:09 PM

A lot of people make the mistake of using centralized exchanges as their wallets and keeping their funds there, but it is not a recommended way of keeping your funds since anything can happen at any given time as we have seen several times in the past happening with several different centralized exchanges.

We've been telling that. Even if we trust the exchange, decentralized or centralized and it's all about trusting them with our funds and we get some return from doing it, that's still not enough reason to leave your funds there and let it stay there for so long for the interest they'll give you in return.

Well, if we have already told them the risk that it's going to give them when they're too pushy of the potential profit they'll make from these exchanges without having the trade which makes it sounds good and easy.

There's always the exchange of it and that's the risk whatever happens to them.

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Quote from: krishnaverma on October 30, 2023, 07:13:17 PM

Are you aware of how mutual fund operates? Most popular scheme there is SIP only. There also you can do manually each month but that is not what most people actually do. Ever thought, why?

You can't differentiate between currency and scheme. Obviously, it is not possible to invest in mutual funds without going through an investment app, because the only way to run the scheme is with a centralized entity that is systematic and more regulated.

EmpoEX

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Quote from: krishnaverma on October 27, 2023, 09:12:37 AM

What are some good exchanges allowing fixed monthly investment in BItcoin? I need options where my funds will be secure.

What if the exchange just ran away with your money?
What if they go bankrupt or some authorities shut down their platform?
You should not invest your Bitcoin in some exchanges or any centralized services if you want your funds to be secured. Of course, you can invest anywhere if you can afford to lose it.

tabas

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It's a trap that exchanges give you fixed monthly/yearly income for your deposit. How much are they going to give you? 1% and the highest could be is 10% but I haven't seen that one but usually most of them are only giving that small percentage and that's and annual income. I don't think it's worth it, better if my Bitcoins are on my hand and kept by myself than giving them the custody of it. It's not actually worth it, you put your bitcoins in danger by depositing it to them while they give you in return little amounts that are just like certainly small amounts. Maybe if you have huge amounts, that will give you some nice figure but even with that. That's not even the case because when we talk about huge amounts, we don't trust anyone but only ourselves to hold it.

doomloop

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Quote from: krishnaverma on October 27, 2023, 09:12:37 AM

What are some good exchanges allowing fixed monthly investment in BItcoin? I need options where my funds will be secure.

The only option that will keep your funds safe is keeping them in your own non-custodial wallet and keeping the seed phrase and private keys somewhere very safe so that no one can access them. You don't need an exchange to do that for you but you need to learn the ways that you can use to keep your wallet safe and secure and how you can actually keep your Bitcoins safely without keeping them in a centralized exchange since they are vulnerable and always exposed to hacks and exploits.

A lot of people make the mistake of using centralized exchanges as their wallets and keeping their funds there, but it is not a recommended way of keeping your funds since anything can happen at any given time as we have seen several times in the past happening with several different centralized exchanges.

krishnaverma

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Quote from: Z-tight on October 30, 2023, 02:35:27 AM

Quote from: krishnaverma on October 29, 2023, 08:43:43 PM

This thread can be helpful for newbies. There can be live services or upcoming ones which will allow automatic SIP deduction of payment to buy Bitcoin and then transfer it to some safe wallet.

I don't know why you need a 'bot' to help you buy BTC automatically and send it to your address when you can easily to that in a matter of minutes. What you are saying here is just dca, but you can do that yourself, buy BTC in a p2p exchange at intervals of your choosing and store them in your self custodial wallet. Take note that this is different from what the op wants to do, they want to lock their money in an exchange to earn APY, which is not a recommended thing to do.

Are you aware of how mutual fund operates? Most popular scheme there is SIP only. There also you can do manually each month but that is not what most people actually do. Ever thought, why?

The Cryptovator

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Your question drives me to wonder: really, are you connected to the crypto world or are you in another world? Haven't you seen how centralised crypto exchanges are collapsing? Don't you feel storing cryptocurrency on a central exchange is risky? You may lose everything you invested. Rather, think of earning more important matters to secure your funds. You can simply earn by holding your crypto on a secure, non-custodial wallet; when the price goes up, you can sell.

Z-tight

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Quote from: krishnaverma on October 29, 2023, 08:43:43 PM

This thread can be helpful for newbies. There can be live services or upcoming ones which will allow automatic SIP deduction of payment to buy Bitcoin and then transfer it to some safe wallet.

I don't know why you need a 'bot' to help you buy BTC automatically and send it to your address when you can easily to that in a matter of minutes. What you are saying here is just dca, but you can do that yourself, buy BTC in a p2p exchange at intervals of your choosing and store them in your self custodial wallet. Take note that this is different from what the op wants to do, they want to lock their money in an exchange to earn APY, which is not a recommended thing to do.

Ayers

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Quote from: Learn Bitcoin on October 28, 2023, 09:27:49 AM

Quote from: Ayers on October 28, 2023, 02:59:05 AM

Frankly speaking, exchanges are also a part of the cryptocurrency industry and even an indispensable part. I believe that all cryptocurrency investors will at least use 1 or 2 centralized exchanges, only a rare few will use no centralized exchanges at all. We should not deny the role of centralized exchanges and their contributions to the cryptocurrency industry.

We cannot deny that centralized exchanges also played a vital role in spreading awareness of Bitcoin and other cryptocurrencies. It helped many users to know about Bitcoin. But I assume, you don't really care about privacy concerns. Just imagine you have submitted your personal documents in a centralized exchange and a few years later you notice that your life become a living hell because of that. There is a story where a romanian guy was arrested because they said this did some crimes while he is aware of anything. Then they figured out that his personal information were stolen and the criminals used his info do to the crimes. This is identity theft. Even coinbase sold their users info on the darknet.

Do you have any bank account? Are you using any centralized government services? And what ensures the bank does not sell your information to third parties? What do you have to ensure your personal information and privacy are not exposed when living in a completely centralized world?

If you are concerned about your financial privacy then I agree that you should not use centralized exchanges, because if the government requires exchanges to provide user information for them to tax the same like what the US government is doing with Kraken. And if you think using an exchange exposes your personal information, you first need to make sure that you have never had a bank account, a social insurance card or are completely separate from the world.

krishnaverma

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Quote from: DaveF on October 27, 2023, 09:15:28 AM

Where are you in the world? Not every exchange operates in every country.

NOT YOUR KEYS NOT YOUR COINS

NO MATTER WHICH EXCHNAGE YOU USE

Don't leave your BTC on an exchange, deposit -> trade -> move coins to your own wallet.

-Dave

This thread can be helpful for newbies. There can be live services or upcoming ones which will allow automatic SIP deduction of payment to buy Bitcoin and then transfer it to some safe wallet.

Z-tight

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Quote from: Faisal2202 on October 28, 2023, 12:42:39 PM

You are right, even my 80%+ funds are on centralized exchange, but that's on purpose. I cannot buy Cold wallets in my country as crypto is banned but arrangements can be made but I don't want to take the risk. Waiting for it to be unbanned again and then I might consider buying one.

This is simply calling for trouble, you don't have to buy a hardware wallet in that case, you have the option to use Electrum offline, by creating your own airgapped wallet.

Quote from: Faisal2202 on October 29, 2023, 06:44:28 AM

I was also going to mention it as we can use paper wallet to but I avoid it, it is so difficult for me to carry or safe a paper wallet, I don't have any someplace in my home where I can keep it away from others hand. And there are other reasons too so I avoid it but a air gapped wallet can do the work instead.

I don't think stompix was talking about a paper wallet, but rather that you use a self custodial wallet like Electrum that gives you your seed phrase, which you have to back up on paper. Not your keys, not your coins, to use BTC you must find a way to back up your seed phrase safely, it should be easy to write 12 words down and hide it somewhere.

Faisal2202

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Quote from: stompix on October 28, 2023, 02:01:42 PM

/s > sarcasm
https://linguaholic.com/linguablog/the-meaning-of-slash-s/
I forget sometimes this is an international forum, my bad!

Ok Ok, its mean I got the right meaning of it, I got confused when I read that line for the very first time so I ignore it but when you quoted it again I thought it must meant something so I searched it and found out that it represents non serious mode (sarcasm). Well thanks for mentioning it, new word added to my dictionary (after all I am a logophile Cheesy

)

Quote from: stompix on October 28, 2023, 02:01:42 PM

You don't need a hardware cold wallet for that!
You either go with the cheap solution of pen and paper or you put a bit more effort into it and follow this
https://bitcointalksearch.org/topic/securing-your-seed-phrase-with-washers-5389446

I was also going to mention it as we can use paper wallet to but I avoid it, it is so difficult for me to carry or safe a paper wallet, I don't have any someplace in my home where I can keep it away from others hand. And there are other reasons too so I avoid it but a air gapped wallet can do the work instead.

Quote from: stompix on October 28, 2023, 02:01:42 PM

And to be honest, after the last leak of ledger customer's database with full home addresses I would also not be that thrilled to buy something from an online shop.

I was not aware from this news, thanks for bringing it in front of me too. I will look into it more.

noorman0

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Quote from: Agbamoni on October 28, 2023, 05:23:25 AM

OP you should have been aware of this before now. Am surprised you are still searching for an exchange where you will give away your money.

The general reason is not being confident in managing investment money, especially having a poor level of security knowledge. That's the conventional way for investors to hold a portfolio that relies on centralized institutions.

Quote from: bettercrypto on October 28, 2023, 05:57:55 AM

-snip-
And this is the transaction link on how to transfer bitcoin to Metamask. Just read and follow the instructions on how to do it, as long as you understand it correctly, so you don't make a mistake.

That's worse advice, metamask only supports wrapped bitcoins (fake). It's not much different from storing bitcoins on an exchange.

stompix

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Quote from: Faisal2202 on October 28, 2023, 12:42:39 PM

but what does it mean -->/S From what I have learned, it means, you are talking in a non-serious mode.

/s > sarcasm
https://linguaholic.com/linguablog/the-meaning-of-slash-s/
I forget sometimes this is an international forum, my bad!

Quote from: Faisal2202 on October 28, 2023, 12:42:39 PM

You are right, even my 80%+ funds are on centralized exchange, but that's on purpose. I cannot buy Cold wallets in my country as crypto is banned but arrangements can be made but I don't want to take the risk. Waiting for it to be unbanned again and then I might consider buying one.

You don't need a hardware cold wallet for that!
You either go with the cheap solution of pen and paper or you put a bit more effort into it and follow this
https://bitcointalksearch.org/topic/securing-your-seed-phrase-with-washers-5389446

And to be honest, after the last leak of ledger customer's database with full home addresses I would also not be that thrilled to buy something from an online shop.

Faisal2202

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Quote from: stompix on October 28, 2023, 09:45:27 AM

Again quoting myself:

Quote

Do I have to add /S ?

Can you even deposit on FTX? Have you actually checked as the platform is closed!

It is not functional, and your quoted line is still not understandable by me, sorry but what does it mean -->/S From what I have learned, it means, you are talking in a non-serious mode. Well, hope you won't mind explaining it

Quote from: stompix on October 28, 2023, 09:45:27 AM

Anyhow I love how everyone is saying don't keep your money on exchange but I'm a bit suspicious everyone is also doing this, if I were to bet on it I would say at least 33% have at least a few hundred $ worth of coins on some exchange and not in their cold wallet!

You are right, even my 80%+ funds are on centralized exchange, but that's on purpose. I cannot buy Cold wallets in my country as crypto is banned but arrangements can be made but I don't want to take the risk. Waiting for it to be unbanned again and then I might consider buying one.

kryptqnick

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I agree with those who point out that it's risky and not worth it. Op, just look at BTC price. Just over the last week, it gained 15%. No centralized platform can offer returns like that. Of course, Bitcoin can also stay down for a long time, but if it's down, say, 10% over a couple of months, a measly 1-2% returns won't matter either. My point is that Bitcoin's volatility is much more impactful than fixed returns can ever be, and you can actually choose when you buy, when to sell, and what to do with your coins because they remain truly yours if you aren't using a centralized platform.

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OP, you should not automate the buying of your bitcoins, because you not going to get the most out of that money... if you have a fixed buying cycle. Roll Eyes

What happens if the price goes up to say $100 000 per Bitcoin and you are still buying at that price.... I will much rather save that money.. until there are a drop in the price and then buy more coins at a lower price. Wink

You have to buy low and sell high.... that is the secret sauce to maximize you profit. There are too many people simply buying for the sake of buying... and they are missing out on buying more coins with less money. Wink

stompix

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Quote from: Faisal2202 on October 27, 2023, 12:40:20 PM

Should we still choose FTX even after what SBF (CEO) did with it, well, at the first place, choosing a centralized exchange is itself a bad choice in the sight of many but, if OP doesn't care about that, then FTX might not be the best option. Just a thought, what do you have to say?

Again quoting myself:

Quote

Do I have to add /S ?

Can you even deposit on FTX? Have you actually checked as the platform is closed!
It was a clear as glass example of what happened to previous platforms that offered high APY, you didn't get the interest and you didn't get your coins back!

Anyhow I love how everyone is saying don't keep your money on exchange but I'm a bit suspicious everyone is also doing this, if I were to bet on it I would say at least 33% have at least a few hundred $ worth of coins on some exchange and not in their cold wallet!

Learn Bitcoin

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Quote from: Ayers on October 28, 2023, 02:59:05 AM

Frankly speaking, exchanges are also a part of the cryptocurrency industry and even an indispensable part. I believe that all cryptocurrency investors will at least use 1 or 2 centralized exchanges, only a rare few will use no centralized exchanges at all. We should not deny the role of centralized exchanges and their contributions to the cryptocurrency industry.

We cannot deny that centralized exchanges also played a vital role in spreading awareness of Bitcoin and other cryptocurrencies. It helped many users to know about Bitcoin. But I assume, you don't really care about privacy concerns. Just imagine you have submitted your personal documents in a centralized exchange and a few years later you notice that your life become a living hell because of that. There is a story where a romanian guy was arrested because they said this did some crimes while he is aware of anything. Then they figured out that his personal information were stolen and the criminals used his info do to the crimes. This is identity theft. Even coinbase sold their users info on the darknet.

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