Is there a way to set recurring BTC buys, without a lot of fees?

Dread Pirate Roberts

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Quote from: DrBitcoin on September 28, 2019, 05:34:55 AM

Coinbase lets you set recurring buys of BTC (daily, weekly, monthly.) but their fees are ridiculous.
Coinbase Pro has much lower fees, but no ability to do this.

I want to dollar cost average in. Is there a way to use Coinbase Pro API to set recurring buys?
Or is there a better solution? (Doesn’t have to be coinbase)

Can someone please give me some advice. Thanks.

Coinbase is a market service that offers to buying to saving bitcoin as simply as possible, but has a high fee that is considered by some people. and as an optional I think of the 2 best choices as an alternative to saving bitcoin regularly,

1. buying through trusted people. In this bitcointalk forum I see some trusted people who accept bitcoin exchanges with other currencies. the cons is fear of becoming a victim of fraud, so choose someone who is trusted.

2.You can see in the sub forum service. and exchange for that, and the second option is to buy directly through local exchange. You can deposit your money with a local bank or other options provided and buy directly according to the market price that should be.

audaciousbeing

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Quote from: DrBitcoin on September 28, 2019, 05:34:55 AM

Coinbase lets you set recurring buys of BTC (daily, weekly, monthly.) but their fees are ridiculous.
Coinbase Pro has much lower fees, but no ability to do this.

I want to dollar cost average in. Is there a way to use Coinbase Pro API to set recurring buys?
Or is there a better solution? (Doesn’t have to be coinbase)

Can someone please give me some advice. Thanks.

The reason for the fees is because they are also trying to be on the safe side considering the volatility around price. You are only paying for the risk that they are taking to ensure the btc is available for you to buy at the specific date. Looking for places where the fees is not ridiculous is about getting ready to do it yourself at the specified date and be ready to buy at the current market price which could either be higher or lower. Its a simple business decision and nothing else. Another way around is to have a stable supplier with an agreed hedge price that would be favorable to both parties that irrespective what the price says, this is the amount we are going to be buying. Its that simple. Nothing else.

n0ne

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Quote from: buwaytress on September 30, 2019, 03:32:47 AM

Localbitcoins or Bisq or some other P2P.

I'm not saying there are no fees, but if you set up a buy Order and wait for people to fill the trade, you will almost certainly get a far higher price than you would buying at Coinbase or any other exchange for that matter.

It won't fill as fast (depending on how far below the market average you're setting your order for) but once you've built up a reputation, you will get them fairly quickly.

Localbitcoins has got lot of traders with varied selling prices. Also they've got more and more payment support which is far better than the coinbase. As mentioned we need to open the order and have patience. Here trust plays a big role along with the volume associated with the respective localbitcoins account.

buwaytress

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Localbitcoins or Bisq or some other P2P.

I'm not saying there are no fees, but if you set up a buy Order and wait for people to fill the trade, you will almost certainly get a far higher price than you would buying at Coinbase or any other exchange for that matter.

It won't fill as fast (depending on how far below the market average you're setting your order for) but once you've built up a reputation, you will get them fairly quickly.

funchiestz

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Quote from: elda34b on September 30, 2019, 02:01:09 AM

Quote from: doomistake on September 30, 2019, 01:02:11 AM

I recommend XRP when OP is going to make his another purchase, XRP is a good investment and a stable coin in my opinion. XRP does have a lightning network with a very low transaction fee. However, the final decision would still yours, I am just giving an advice because I see XRP as a coin that could make me profits in the long run, just like bitcoin, the only difference they have is their transaction fees and their network.

Are you serious?

XRP is a stable coin? How would you explain the crazy fluctuation on the charts?

What Naida mean by the stable coin is USDC, TUSD, GUSD, or even better, DAI. If you use another alts to save your money just to buy Bitcoin later, then there's a huge risk that you'll get less Bitcoin than if you buy with DAI or other stable coins. Not to mention that XRP supply is crazy af and the majority is owned by Ripple.

I think he meant that the price fluctuation was less than the others. But of course, it is a piece of false information. XRP is a very convenient cryptocurrency for manipulation. In addition to all the risks of this market, it carries extra risks because it can be controlled by someone.

elda34b

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Quote from: doomistake on September 30, 2019, 01:02:11 AM

I recommend XRP when OP is going to make his another purchase, XRP is a good investment and a stable coin in my opinion. XRP does have a lightning network with a very low transaction fee. However, the final decision would still yours, I am just giving an advice because I see XRP as a coin that could make me profits in the long run, just like bitcoin, the only difference they have is their transaction fees and their network.

Are you serious?

XRP is a stable coin? How would you explain the crazy fluctuation on the charts?

What Naida mean by the stable coin is USDC, TUSD, GUSD, or even better, DAI. If you use another alts to save your money just to buy Bitcoin later, then there's a huge risk that you'll get less Bitcoin than if you buy with DAI or other stable coins. Not to mention that XRP supply is crazy af and the majority is owned by Ripple.

Kyraishi

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I'm pretty sure any regular exchange allows you to set buy and sell orders, don't they? I personally would recommend Kraken, it works pretty well with fiat trades, and their verification is top of the line.

Have you looked into local bitcoin trading - or more specifically, trading the spread? You can actually have pretty large spreads (3-5 percent) and still get a lot of trades consistently - there are also barely any fees with that, just some small service fees that localbitcoins takes from both users.

Good luck with this mate!

doomistake

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Quote from: Naida_BR on September 28, 2019, 06:07:21 AM

Quote from: DrBitcoin on September 28, 2019, 05:34:55 AM

Coinbase lets you set recurring buys of BTC (daily, weekly, monthly.) but their fees are ridiculous.
Coinbase Pro has much lower fees, but no ability to do this.

I want to dollar cost average in. Is there a way to use Coinbase Pro API to set recurring buys?
Or is there a better solution? (Doesn’t have to be coinbase)

Can someone please give me some advice. Thanks.

I was wondering if there is a solution to make instant buys from fiat to bitcoin but didn't find any better than you stated above.
What I could advise you, is to make a deposit of a big amount at once, buy a stablecoin and then purchase bitcoin, in different time of period. The exchange fees in this situation are much lower.

I recommend XRP when OP is going to make his another purchase, XRP is a good investment and a stable coin in my opinion. XRP does have a lightning network with a very low transaction fee. However, the final decision would still yours, I am just giving an advice because I see XRP as a coin that could make me profits in the long run, just like bitcoin, the only difference they have is their transaction fees and their network.

bL4nkcode

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Well, if you know how to code then that's your best bet and not depending on other code base which will probably a hard time for you if you encounter such errors. So, manually buying will save you but will give you such time if its too many buy request you've made.

figmentofmyass

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Quote from: Dabs on September 28, 2019, 08:09:57 PM

On your side, I'm not sure banks have apis that allow these sort of things, but maybe a scheduled transfer, unless you use some other fiat institution that can send to your exchange.

I'd also keep the funds on exchanges at a minimum, you never know when they will go belly up so at most you lose maybe a day's worth of attempted buys.

good point. if you run this system purely as a script through an exchange API, it requires long term funds storage on the exchange. that's a risk most bitcoiners would advise against.

as a counterpoint, coinbase has FDIC insurance on USD funds and also has an insurance policy on its hot wallets. most of the risk would probably be mitigated by periodically withdrawing the coins to your own wallet but you never know.

Dabs

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You just need an exchange that allows some sort of API, that allows getting deposit addresses and allows setting withdrawals subject to whatever minimums, allows to check balances so you know what to work with, and of course allows to buy or sell.

On your side, I'm not sure banks have apis that allow these sort of things, but maybe a scheduled transfer, unless you use some other fiat institution that can send to your exchange.

I'd also keep the funds on exchanges at a minimum, you never know when they will go belly up so at most you lose maybe a day's worth of attempted buys.

figmentofmyass

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Quote from: DrBitcoin on September 28, 2019, 05:34:55 AM

Coinbase lets you set recurring buys of BTC (daily, weekly, monthly.) but their fees are ridiculous.
Coinbase Pro has much lower fees, but no ability to do this.

I want to dollar cost average in. Is there a way to use Coinbase Pro API to set recurring buys?

do you code? a script/bot could easily do that. if you're not a coder, you should probably steer clear and take the manual route---setting periodic alarms and just manually buying. badly written bots can go very wrong.

i found an exchange with several built in algo functions, including a DCA bot. caveat emptor though. it looks sort of dodgy. i probably wouldn't put money on there.

NewBet

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Quote from: Naida_BR on September 28, 2019, 06:07:21 AM

Quote from: DrBitcoin on September 28, 2019, 05:34:55 AM

Coinbase lets you set recurring buys of BTC (daily, weekly, monthly.) but their fees are ridiculous.
Coinbase Pro has much lower fees, but no ability to do this.

I want to dollar cost average in. Is there a way to use Coinbase Pro API to set recurring buys?
Or is there a better solution? (Doesn’t have to be coinbase)

Can someone please give me some advice. Thanks.

I was wondering if there is a solution to make instant buys from fiat to bitcoin but didn't find any better than you stated above.
What I could advise you, is to make a deposit of a big amount at once, buy a stablecoin and then purchase bitcoin, in different time of period. The exchange fees in this situation are much lower.

This is my thinking
Deposit a lot of fiat and buy at regular intervals in smaller amounts. Yes, it's a bit more effort, but there is also a benefit to buying manually so i can review every transaction before making it.

gentlemand

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If you have a salary or regular income stream you could look into this - https://www.bitwage.com

I'm not sure how bad the fees are but they've been around for a long time now. There aren't too many equivalents out there.

Personally I wouldn't have a problem doing it manually. It's only a few minutes per week.

Dabs

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You'd need an exchange that would auto-accept fiat. Then trigger a market buy or other sell order, or something called an iceberg order (where the exchange allows you to buy in small chunks without displaying the whole order in the books.)

An alternative is to just do this manually. Have your fiat or bank account set aside the amount every time (probably every pay day), but you have to execute the buy order on the exchange.

I once had a python bot running on a VPS that worked on cryptopia (before it died) where it would periodically sell an altcoin for BTC, then the bot would regularly do withdrawals to my external wallet address, so I'm sure someone can make this for you, or you can figure it out yourself.

Wexnident

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You can try just posting it as a job but give it to those whom you could at least trust a 100% or possibly place a backup or contingency in case they betray you. But id rather just do it myself to be perfectly honest. Create a few appointments and make them notify myself on those days i need to buy or something similar to that. If you really want convenice though, you have to bear the costs for it and hopefully wait for it to lower to an acceptable range.

fiulpro

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I think the only way without paying a lot of fee is making a local group and adding your friends and family and and everything.. it might sound weird for a while but you should understand that it will be amazing if you could do that locally in your area ... Pay some fee to advertise about it and then it should be fine ..
I also tried it and managed to find some people ik who are willing to buy and sell Bitcoins and all .

lightningmelo

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Depends on where you're based.

For Australia, you could use Amber (amber.app).

For Europe, you can use Bittr.

Both of these allow you to setup a completely automated way of buying bitcoin and you can setup your own schedule (daily, weekly, etc.).

hatshepsut93

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Have you checked this - https://developers.coinbase.com/docs/wallet/guides/buy-sell ?

It shouldn't be hard to write a simple bot, the question is where will you host it, as it both has to run 24/7 and have access to your Coinbase account. Would you trust cloud providers with storing your API keys? Do you have an ability to host this bot yourself, maybe on a Raspberry Pi home server?

Red-Apple

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there is none that i know of and i believe lack of any other option to compete with Coinbase in this specific feature is the main reason why their fees are higher than it should be.
i think you may need to do it manually instead through Coinbase Pro .

Topic: Is there a way to set recurring BTC buys, without a lot of fees? (Read 319 times)