Which to use for cheap initial BTC purchase?

mk4

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Quote from: LeGaulois on April 15, 2020, 02:37:17 PM

No, you can't transfer out the bitcoins from your eToro account, it uses CFDs (but even if they changed and own really the bitcoins you can't transfer them out still). And talking about the fees I suggest you be careful if you're not using USD, you may see a big difference.

Just a heads up: While I definitely don't think that eToro is the best option to use in this case, but people are able to trade non-CFDs(both crypto and stocks) on eToro for a while now, and they do allow crypto withdrawals.

eToro > eToro wallet > non-custodial wallet.

https://www.etoro.com/customer-service/help/1343545362/how-do-i-send-coins-from-my-etoro-wallet-to-another-wallet/

crytpohodl

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Quote from: figmentofmyass on April 15, 2020, 04:01:50 PM

Quote from: crytpohodl on April 15, 2020, 02:42:12 PM

Thanks for the reply. I'm US-based, and depositing funds will essentially be nil cost for me, unless I understood that wrong. Primarily it'd be the maker/taker fees which would be high as I would be in the lowest tier.

binance.us is gonna be your cheapest option across the board. $0 deposit/withdrawal fee for ACH transfers and 0.1% trading commission at the lowest tier. https://www.binance.us/en/fee/schedule

kraken is next cheapest in terms of trading commissions at 0.16% maker fees, but you have to use fedwire to deposit/withdraw. usually that means incurring a wire fee from your bank + possibly a $5 fee on kraken's side depending which service you use. https://support.kraken.com/hc/en-us/articles/360000381846-Fiat-currency-deposit-options-fees-minimums-and-processing-times-

coinbase pro has free ACH deposit but 0.5% commissions.

Quote from: crytpohodl on April 15, 2020, 02:53:59 PM

About Binance, you can buy bitcoins with a debit card only right? Forget it as well the fees usually suck when using a card.

avoid cards. there are always big unnecessary fees. ACH bank transfer may take a couple days (requires a little planning) but it's free.

Yeah, as far as I can tell, Binance would most likely be the cheapest and most efficient way for me to go about it. I may get some BNB to further reduce the fees. Anyways, thanks for your feedback.

UserU

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Quote from: crytpohodl on April 15, 2020, 02:53:59 PM

The CFD I was initially unsure about. I know they now have eToroX, I guess it's their wallet.

Just so you know, you dont own anything on CFD/ margin trades. Basically you pay to speculate the price movements.

And, eToroX is more or less a crypto exchange instead of their fiat-focused eToro. Once again, margin trading.

stadus

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If you have a chance to buy in Binance, I think this is a good choice, about the fee, I guess Binance fee is cheap and its withdrawal as will.
Since you are into long term hold, just gather the money first their just buy in bulk, that way you would not feel the fee you are paying.

Binance is a trusted site, I never had any problem using it so I'll recommend it, and just make sure also that you have a hard wallet to save your bitcoins for your long term holding.

Malvika_sitlani

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Quote from: crytpohodl on April 15, 2020, 01:56:32 PM

Complete novice here. I have accounts on Binance, eToro, and Coinbase(pro). I'm looking to cut costs and purchase coins cheaply. I'll be hodling, not trading. If I understand correctly(based on the above), eToro may be the cheapest way to buy some bitcoin. Is it possible to purchase on eToro and then immediately (once showing on eToro account) transfer to my personal wallet? Based on their site, I couldn't understand specifically if that is possible.

Thanks in advance.

According to you if you want to buy a coin cheaply then you can buy some small amount of coins or the coin which has some low-value so if you lose at any point you are n't in a big loss. If you are asking about any particular exchange and you don't understand how they are system works then please contact their support team for better clarifications.

figmentofmyass

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Quote from: crytpohodl on April 15, 2020, 02:42:12 PM

Thanks for the reply. I'm US-based, and depositing funds will essentially be nil cost for me, unless I understood that wrong. Primarily it'd be the maker/taker fees which would be high as I would be in the lowest tier.

binance.us is gonna be your cheapest option across the board. $0 deposit/withdrawal fee for ACH transfers and 0.1% trading commission at the lowest tier. https://www.binance.us/en/fee/schedule

kraken is next cheapest in terms of trading commissions at 0.16% maker fees, but you have to use fedwire to deposit/withdraw. usually that means incurring a wire fee from your bank + possibly a $5 fee on kraken's side depending which service you use. https://support.kraken.com/hc/en-us/articles/360000381846-Fiat-currency-deposit-options-fees-minimums-and-processing-times-

coinbase pro has free ACH deposit but 0.5% commissions.

Quote from: crytpohodl on April 15, 2020, 02:53:59 PM

About Binance, you can buy bitcoins with a debit card only right? Forget it as well the fees usually suck when using a card.

avoid cards. there are always big unnecessary fees. ACH bank transfer may take a couple days (requires a little planning) but it's free.

crytpohodl

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[/quote]

No, you can't transfer out the bitcoins from your eToro account, it uses CFDs (but even if they changed and own really the bitcoins you can't transfer them out still). And talking about the fees I suggest you be careful if you're not using USD, you may see a big difference.

About Binance, you can buy bitcoins with a debit card only right? Forget it as well the fees usually suck when using a card.

Simply use an exchange like Bitstamp, Kraken, and others. It's the most efficient method regarding the fees (you deposit with 0 fees, buy for ~0.15% and that's all)

[/quote]

The CFD I was initially unsure about. I know they now have eToroX, I guess it's their wallet.

Yeah, hard pass on the CC route, too expensive.

Just looking to streamline a process in which to buy/hod that is a reasonably priced way to do it.

Thanks for your thoughts.

crytpohodl

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Quote from: bakasabo on April 15, 2020, 02:27:27 PM

It is all about how much you want to buy and transfer. Just compare fees

eToro fees (minimum 30$ and 5$ fee for withdrawal)
Coinbase fee (lets take same 30$ as minimam - 1.99$ fee for withdrawal)
Binance fee (minimum 0.001 BTC (about 6.7$ on April 15) and 0.0005 BTC withdrawal fee aka 3.35$)

From my point of view - Coinbase is the cheapest way to withdraw. But all depends on the amount you wish to withdraw

P.S. You will transfer usd or eur (dont know about other currency, because I used eur) first to coinbase and it will cost you 1 euro/usd to make a bitcoin purchase

Thanks for the reply. I'm US-based, and depositing funds will essentially be nil cost for me, unless I understood that wrong. Primarily it'd be the maker/taker fees which would be high as I would be in the lowest tier.

LeGaulois

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Quote from: crytpohodl on April 15, 2020, 01:56:32 PM

Complete novice here. I have accounts on Binance, eToro, and Coinbase(pro). I'm looking to cut costs and purchase coins cheaply. I'll be hodling, not trading. If I understand correctly(based on the above), eToro may be the cheapest way to buy some bitcoin. Is it possible to purchase on eToro and then immediately (once showing on eToro account) transfer to my personal wallet? Based on their site, I couldn't understand specifically if that is possible.

Thanks in advance.

No, you can't transfer out the bitcoins from your eToro account, it uses CFDs (but even if they changed and own really the bitcoins you can't transfer them out still). And talking about the fees I suggest you be careful if you're not using USD, you may see a big difference.

About Binance, you can buy bitcoins with a debit card only right? Forget it as well the fees usually suck when using a card.

Simply use an exchange like Bitstamp, Kraken, and others. It's the most efficient method regarding the fees (you deposit with 0 fees, buy for ~0.15% and that's all)

crytpohodl

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Quote from: Charles-Tim on April 15, 2020, 02:15:59 PM

But, I will advise you to use the wallet you want to use to hold for the purchase, look for any feature like PayPal or Credit card, most wallets now have Credit card means of payment, you can use it directly to purchase directly without the use of any exchange. But if you are doubing anonymity, you can make use of exchanges.

Make sure you use a very secure wallet with strong reputation and security for the hodl. Hardware wallet is recommended but if you have just little amount to hold you can consider using electrum wallet for bitcoin. For multiple cryptocurrencies, you can try coinomi.

Thanks for the reply.

I currently have a Ledger and BC Vault. Yeah, I was sorta' wanting to avoid that route (CC), wanting to keep fees low. Anonymity is not my top concern, however. Just doing research and looking for others' input. Thanks again.

bakasabo

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It is all about how much you want to buy and transfer. Just compare fees

eToro fees (minimum 30$ and 5$ fee for withdrawal)
Coinbase fee (lets take same 30$ as minimam - 1.99$ fee for withdrawal)
Binance fee (minimum 0.001 BTC (about 6.7$ on April 15) and 0.0005 BTC withdrawal fee aka 3.35$)

From my point of view - Coinbase is the cheapest way to withdraw. But all depends on the amount you wish to withdraw

P.S. You will transfer usd or eur (dont know about other currency, because I used eur) first to coinbase and it will cost you 1 euro/usd to make a bitcoin purchase

Charles-Tim

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But, I will advise you to use the wallet you want to use to hold for the purchase, look for any feature like PayPal or Credit card, most wallets now have Credit card means of payment, you can use it directly to purchase directly without the use of any exchange. But if you are doubting anonymity, you can make use of exchanges.

Make sure you use a very secure wallet with strong reputation and security for the hodl. Hardware wallet is recommended but if you have just little amount to hold you can consider using electrum wallet for bitcoin. For multiple cryptocurrencies, you can try coinomi.

crytpohodl

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Complete novice here. I have accounts on Binance, eToro, and Coinbase(pro). I'm looking to cut costs and purchase coins cheaply. I'll be hodling, not trading. If I understand correctly(based on the above), eToro may be the cheapest way to buy some bitcoin. Is it possible to purchase on eToro and then immediately (once showing on eToro account) transfer to my personal wallet? Based on their site, I couldn't understand specifically if that is possible.

Thanks in advance.

Topic: Which to use for cheap initial BTC purchase? (Read 223 times)