Hey guys, I’ve been buying and selling crypto for a couple months now and I STILL cannot find a way to purchase bitcoin w/ usd and deposit it into my hardware wallet w/ out paying about 50$ total in fees… ive tried nearly EVERY SINGLE option they all seem to be under back logs, have heavy fees, or have new registration suspended… How do you all buy your coin ?? I understand I’m being provided a service when i buy bitcoin w/ USD… but 50 bucks ???
BTC is broken. Expect high fees, forever.
Consider Bitcoin Cash or altcoins.
Bitcoin is degraded right now, the long term upgrade that the core team is developing may fix the problem but that won’t be implemented for about two years. Better to go with other coins, but there’s even fewer services offering the option to buy altcoins directly.
Coinbase is one of the easiest and most popular solutions, or you can use GDAX directly, which is Coinbase’s backend. You can purchase Ethereum, Litecoin, and Bitcoin Cash there. But it’s not very popular amongst avid crypto users/libertarians because they ask for personal information which they are required to share with the feds, and they have other problems. To stay under the radar, you could use LocalBitcoin, a nearby crypto vending machine, or friends that have crypto.
Sorry it’s not easy, but the state is doing everything it can to make it hard.
I just used a crypto vending machine and it asked for my name, address, and phone number. It also said residents of New York are prohibited from using it. Ouch.
The glory days are over. But remember that you had to upload ID for Mt. Gox and BitInstant back in the day too.
i found this one from one Chris Dunn’s videos its called gemini… it looks really nice, im still waiting for them to verify my ID, but they use a “dynamic fee schedule” - this is straight from their site im hoping an expert can take the time to explain this to me like im 5,
Gemini’s real-time, dynamic maker-taker fee schedule provides an institutional-grade trading experience that allows market participants to be charged as low as a 0 bps (0.00%) fee on all liquidity-making trades and be charged as low as a 10 bps (0.10%) fee on all liquidity-taking trades.
DYNAMIC FEE SCHEDULE
Your fee rate for each trading pair is determined by your gross trading volume for that trading pair over a 30 calendar day trailing window. Your fee rate for each trading pair will be recalculated every day at midnight UTC (7:00 p.m. EST/8:00 p.m. EDT) and applied to all your trades going forward from that time.
REAL-TIME FEE CALCULATION
We calculate fees as a fraction of the notional value of each trade (i.e., price × amount). We use units of basis points (“bps”), which represent 1/100th of a percent of notional value. For example, a fee of 25 bps means that 0.25% of the denominated value of the trade will be kept by our exchange, either deducted from the gross proceeds of a trade or charged to the account at the time a trade is executed. Any fees will be applied in real-time at the time a trade is executed. For partially filled orders, only the executed portion is subject to trading fees.
MAKER VS. TAKER
Every trade on a continuous order book involves two orders: one that provides liquidity to the order book, and another that removes liquidity from the order book. For a buy or sell order to provide liquidity, it must first be posted to the order book. This means that it doesn’t fill immediately since it doesn’t match with and trade against an existing order; instead it must rest on the order book until another order matches and trades against it. This kind of buy or sell order adds liquidity to the marketplace and is called liquidity-making1 — the customer who places it is referred to as a maker. On the other hand, a buy or sell order that immediately matches with and trades against an existing order on an order book removes liquidity from the marketplace and is called liquidity-taking — the customer who places it is referred to as a taker. Because liquidity-making orders do not fill immediately and, therefore, bear more market risk, they receive greater incentives.
The base fee for all liquidity-making and liquidity-taking trades for each trading pair is 25 bps (0.25%); however, your fee rate for each trading pair is determined by your gross trading volume on both the continuous and auction order books for that trading pair over a 30 calendar day trailing window.
I didn’t have to upload any ID to BitInstant. I filled out a form with a name on it and gave the bank cash.
It’s hard as fuck now to get on exchanges - some locked down signups because they couldn’t handle the demand - and the regulatory compliance involved.
US Domestic options include:
Also, you can still buy bitcoins with cash and bank deposits via Localbitcoins, but BOLO for fraud attempts. They are quite common.
Here is what I am considering doing.
Purse.io> Choose to be an earner> Get BTC after package is delivered> go on Binance and trade. You could also use your BTC Wallet from Binance and place the coins there first to avoid fees, because the person who you bought the amazon packages for is the person who pays the fee. You can also find better mark up on Purse.io- and you dont have to give personal info.
**update – was finally able to get thru registration w/ Gdax… Buy from coinbase - transfer to Gdax (no fee) - transfer to exchange and/or cold storage for next to nothing… i mostly buy ETH