Topic: What is cheapest way to buy Bitcoin? (Read 237 times)

No, my external addresses are now segwit and taproot

Thank you guys i think that is time to close the post I already have enough answers

In resume is the next

• avoid using debit/credit card for it
• search another token currency to pay less fee for withdraw
• search for the best exchange rate in P2P
• buy when the price is low

By the way i post a topic in the Currency Exchange section: I want to buy bitcoin periodically

Are you using legacy addresses to store your Bitcoin? Using a sweet or lightning network can lower the transaction cost even from the exchange. I think it's below $0.1 so 7 to 10% seems too much for me. If it is the bank who is charging most of the fees then I think you can not do anything. Because most of the bank has similar fee structures. Anyway, there are a few exchanges that change high withdrawal fees.

First, the way to buy bitcoin cheap is dependent on the market. If you buy bitcoin with patience then you can buy bitcoin at cheap price. Because bitcoin is constantly up/down. You will always try to buy when it is down.
Second, it will depend on your country how cheap it is to trade in the country you live in. Still you can buy bitcoin very cheaply on Binance p2p. If your country has legalized this.

For me the cheapest is via P2P whether on-site meetup or in exchanges like Binance. I tried both when buying and selling BTC and so far so good.

It’s a good thing that my friend is trusted and an old high school batchmate of mine when I deal with him in Bitcoin. Then I also had an on-site transaction with another referral coming from a very good colleague where everything went smooth in doing the P2P transaction.

I find this much cheaper than buying in custodial wallets where transaction fees are really too much for me to handle.

Try LocalCoinSwap and Paxful first. Then, look for the good traders/sellers. Loads of feedback and reputation. Make trades then try to ask for direct contact especially in Mexico.

Direct transfer on future trades for faster/cheaper. Risk is always on you because you send first but that's why you build trust.

https://paxful.com/buy/bitcoin/mexico

https://localcoinswap.com/buy/bitcoin/mexico

Patience find cheap buy

Is Remitano available in Mexico?

I see it is available for Mexico but not sure, OP can try.
https://remitano.com/home/mx

On Remitano, they did not charge fiat deposit or withdrawal and only charge withdrawal in cryptocurrency like Bitcoin.
Withdrawal fees are not cheap but if OP can wait for withdrawals after some DCA rounds, I think the fee is acceptable.

https://remitano.com/forum/mx/fees

Paying $14 in fees for a $300 cryptocurrency purchase is quite steep. That's almost a 5% fee! Personally, I wouldn't agree with a fee higher than 1% to 2% for fiat to crypto conversion.

Are there any local crypto exchanges available in your area? I'm not sure about the regulations in Mexico and whether cryptocurrency trading is allowed there, but in general, making direct bank payments to your CEX account should be more favorable than using credit cards. That's how it works here where I'm from. I can transfer Fiat to my local exchange with minimal fees and then use those funds in my balance to trade on the platform.

Another option could be to check with your local community. P2P transactions are often the best choice. See if there's anyone nearby who's interested in trading in person or through bank transfers.

Bitcoin transaction fees don't seem too unusual to me now. Bitcoin transaction fees are much more normal than before. If I'm not mistaken now it costs around 0.40$-0.70$ per transaction to trade bitcoin. If you have such a transaction cost then you should also look at it as normal because you may not be able to transact bitcoins with less than this and even if you do you may have to wait a long time for a transaction to complete.
A few days ago Bitcoin transaction fee situation was unusual because at that time we had to spend about $15 to $20 per transaction to do Bitcoin transaction which is really unusual. However, compared to that time, the current Bitcoin transaction fees are quite normal.

Now check these withdrawal fees comparison. I've checked some exchange accounts and they match the latest fees.
I suggest you to go to okx, the minimum purchase using fiat is $30 (note the minimum withdrawal is BTC.0001), and you are required to KYC.

Agree, it alone doesn't consume that amount but i mean all the process fees (Bank fees, exchange fees, network feess)


I know this and it is not a problem for me, once than send the balance to my Non-custodial wallet (sparrow) i can use the some mixer.


Thank you i am going to check it.


I know that p2p on those sites sucks, that is why i am trying to find alternatives

I am from mexico btw...


Yes I'm considering it, i will try some of it maybe in some month or two, first i need to deal with some personal stuff.


Thank you i am going to try something like that. thanks.


Thank you again I am pretty aware of that, in telegram i deal with that people all the time, i know more or less their tactics..


Good thanks, i am going to read it right now.


I am going to put two examples:

On August 14, 2023 I buy 314 USD in bitcoin on CEX blockchain.com but they charge 14 USD for the purchase (I pay with bank card), And when i withdraw it from the CEX to my non-custodial wallet the amount was reduced to 280 USD

Another was yesterday, I buy near 56 USD in my local currency on P2P in binance.com when i check the amount of bitcoin in current price it was only 53 USD, but when i send it to my non-custodial wallet it was only 51 USD

Binance is the finest exchange for me, except that it is a trusted exchange and there is a small fee. If you want to avoid paying bank transfer costs, I recommend Binance P2P. In my country, the best e-wallet to use is Gcash, which has no fees. After that, you can transfer funds from your bank to your wallet by using the bep20 network and selecting a wallet that accepts bep20 tokens. Because I've been using the trustwallet app for a long period, I can suggest it.

Thinking from the other side, be careful and avoid agreeing to send money to any user without any reputation that sends you a private message with any kind of message in the form of they being able to sell bitcoins to you at a cheap rate if you will send money. It is a scam!

You have put yourself in the radar of these people by showing interest to know the cheapest way to buy bitcoins, so you have to be careful.

Just a friendly warning.

I always buy my bitcoins through P2P exchanges, I found that these sites charge people less than with any other way there is. So you basically need to just prepare a payment method which in my case is my digital banking app, use P2P on something like Binance, and from there buy other cryptocurrencies first, TRX as many have mentioned here is a pretty good coin to buy if you're doing this as it's cheap as heck even after network fees. After this you just need to convert the TRX you have into bitcoin, and send it over to a hot wallet and then to your self-custodial wallet to make sure you're safe and secure.

It's quite easy if you know what you're doing, and if there's any other method out there that doesn't involve mutual trust between another person who you don't have any idea who is, let us know.

Is your goal to buy Bitcoin for the long term?
or do you just want to trade on CEX?
If your goal is for the long term then using P2P is best.
There will be a price difference but it will be worth the long-term goal.

The difference is also only a little and now all exchanges have their own P2P, just do KYC if you don't mind that.
But if you don't want to do KYC, then you can't use the P2P feature.

Actually, there will be many ways, it's just that the fees for transactions will vary but let's just say it's a fee for the long term that will be replaced by the benefits of your Bitcoin investment.

As far as I know, crypto exchanges in each country or region have varying rules, where transaction fee deductions are not the same, maybe you should be able to differentiate the CEX exchange from the exchange that operates in your area, I'm sure the fees are not much different from other exchanges, regarding transaction fees.

OP, one thing to show you about the comparison of fees between exchanges that I've seen, maybe if you want to review it here: Topic: Crypto exchanges comparison [trade fee + listing fee + age + mobile app + more!]

Hopefully the topic above can be an answer and an option for you to exchange and compare cheap costs.

What... How can you lose 7% to 10% on the network fees and transaction costs.. Buddy, can you please elaborate as far as I know it cant cost that much.. While transferring from the custodial wallet to a centralized exchange or even if the exchange has some fixed withdrawal fees it still cant be 7%.

if you really want most cheaper way as suggested below use P2P + if you are doing DCA with a small amount and the exchange has any kind of fixed fees and you are losing much in transection better to hold till a specific amount then withdraw on a suitable time to custodial wallet.

Looks like I just misunderstood the context.. You are moving your BTC from custodial to CEX and from CEX to Local .. Am I right.. buddy if you are doing this soo firstly you are playing with your identity as in this whole process you lose your privacy + on the second end its costs much, but I think in P2P the system fees like Bank transection fees should be paid by the Buyer who is sending you the Local amount. I would say you better find a way to sell BTC to locals directly in a single transaction.. It's possible with a Local retailer or with a P2P transaction.


Wasnt expecting such type of Promotion in the posts... it sounds like some Ponzi scheme ... Why 100$ for just 25$ really do you consider it a good way to obtain some extra bucks... anyway I'm not aware of it much (authenticity & legitimacy).

I was reading a couple of reviews that need to have a look as in reviews the top reviewers rated it 3 to 4 stars... anyway I'm not enodrsing this portion at all. Juat for fact.

Just the cost of doing business. Think of it as a fee for buying BTC and then a withdrawal fee as well. If you can find a BTC holder within your city I guess that's the cheapest way if he agrees to meet up and directly send the coins to your wallet.

You would be glad to actually just pay the withdrawal fee from the CEX as long as you are safe and your coins are safe. A few satoshis for the fee is nothing if you make it thru the bull run.

When buying bitcoin at a cheaper rate and low of transactions fee, I think that the best way you can buy bitcoin without more of fees is when you buy through p2p, the transaction fee will be lesser than when you purchase through exchange, what exchange does during purchasing of bitcoin in their platform is that they will change you a transactions fee in which its what they use to run the exchange whereas when you purchase through someone you know or the one you don't know what will actually take place is the block chain fee which will not be up to 1dollars, but it's obvious that the higher the transaction the higher the fee and the lower the transaction the lower the fee as well.

Sorry, correct me if I get wrong that by peer-to-peer system do you mean only Binance's peer-to-peer system?
Yes, Binance's p2p trading is also within the peer-to-peer system, but it is limited to that centralized exchange. As I am seeing that you are a senior member rank holder, and your local community is Spanish, I will now give you the initial suggestion that you build a good network with your local community members (reputable) or with other members on the forum.
Then you can do your transaction in the forum through currency exchange.
I am sure that on your local community or in the Forum here lots of users are using Binance.  And I think you know that these kinds of CEX  don't charge any fee for the internal transactions.
So you can create a thread on currency exchange board  and mention that you have dollars or  Bitcoin on your Binance account,  you want X.XXX  amount of BTC on your non-custodial wallet. Now you basically need to bring those BTCs to your non-custodial wallet at a low rate(withdrawal).
Now you need a person who has that X.XXX amount of BTC in his non-custodial wallet, and the withdrawal fee in a non-custodial wallet is usually a few cents, so you have to bear the cost for the transaction. I think this way is the least you can complete your transaction with small fee.
Like:
Trust-wallet to Trust-wallet
Binance-ID to Binance-ID
I completed this type of small transaction few days ago You can visit the thread if you want for in details.

Another suggestion is to offer a service or sell an item and ask the client or customer to pay you in Bitcoin if they don't mind. This way you do not lose any part of it on transaction fee.

Another suggestion is that if you are part of the winners in a competition, you can request that whatever physical prize they want to give you be converted to its Bitcoin equivalent and sent to your wallet.