How to minimize fee's?


#1

Hey guys a new trader here,

I only started trading last week but have noticed that the fees can be quite large after a whole buying process

Any tips on minimizing the fees?

Different exchanges and what not.

Currently trading with BTC using coinbase and bittrex.
Thanks in advance


#2

For new entrants in North America, Coinbase is probably your best entry point for bitcoin purchases. As you get comfortable with exchanges, wallets, etc, you may want to switch over to Coinbase’s other site (GDAX). The GDAX platform and interface is designed for traders more so than for consumers (like Coinbase). GDAX fees are a bit lower than Coinbase, however, as of today, you can not purchase Bitcoin with a credit card on GDAX. You can fund your account with a bank wire transfer. Another option for you may be to use Bitstamp.net. I find that site to be excellent when it comes to making purchases. Finally, gemini.com is an American based company and another excellent option. Bittrex is the most reliable place to purchase ADA as of today. Wishing you success in your trading.


#3

Hi Splatty!
What I do to minimize fees is, is the following. I send money to Kraken (SEPA), buy XRP and tranfer that to Bittrex or Binance. The sending fee is 0.02 XRP, which is something like 4/5 cents. On Bittrex I change the XRP to BTC and with that BTC I buy the coin I want.

Now if I had used the fiat to buy BTC and transfer that to Bittrex it would cost me 0.001 BTC (which is approx 10 dollar). I’m a small time investor and usually buy for 100-150 dollar per month. If I would use the BTC this would really hurt my ROI

There are a few downsides though:

  • I have to make sure the money is on Kraken in time (requires planning / regular payments)
  • The price change during the transfer (XRP is not that volatile and the transfer is really fast!)