Bitcoin Forum

Hi everyone,

I want to start buying some coins (btc, eth, altcoins...) but when looking at the exchanges like bitfinex, bitmex... they all charge some non neglectable fees to deposit USD or coins.
So my question is: is there a way to avoid all these fees ? Is it better to deposit cash on an exchange and buy coins directly on the exchange? Or buy coins and then transfer them to the exchange (I saw bitfinex charges had deposits but not btc deposits for example)

Also if I create an account on different exchanges, do I need to create a wallet for each one or can I use the same wallet on different places ?

Thanks guys

You can still buy coins "off exchanges" but you then lose the escrow service provided by it. (having a trusted third party handling the transaction for you).


It's ALWAYS better to keep your coins out of the exchange. "Not your private key, not your coin".
Obviously, you can manage all your coin on one wallet. Just transfer your coin to one of the addresses provided by your wallet.

Also, if your plan is to do some day trading, of course, keep what you need on the platform. Just keep in mind that any third party holding your money may shutdown without prior notice.

Exchanges don't charge fees for deposits. They charge them for withdrawals. If you want to avoid them you can use services like localbitcoin but rates will be a bit worse.

Don't use those scammers at Localbitcoins. They charge ripoff fees way more than it costs to send BTC. Over $20 in fees to withdraw from this ripoff site. Never will use them again.

Never knew local bitcoins charges that much thanks for the info will stay out of it.

I've heard we are charged when we do trasaction sending and receiving in wallets. The fees vary from wallets? I am also new to it. I wish to see a standard fees on bitcoin trasactions. As the value of bitcoin is high, the fees is also more it seems. Less fees are more appreciated.

Yes that is why only a few people uses it. Etherdelta can be a good option too for p2p crypto exchange.

Pour your money on exchange and buy bitcoins there. In this moment it is the best way what you can choose in my opinion. But i am not sure in 100%

I just came across this other thread that mentions how to avoid Coinbase fees. Could be handy to lower or eliminate the fees that you're talking about.

https://bitcointalk.org/index.php?topic=2160322.0

Etherdelta is the most confusing exchange I've come across. A pain in the ass indeed.

There are always fees. You have read exchange rules before putting your money to avoid exchanges with higher fees.

The whole point is they are not scamming but providing an escrow service.  Its probably not the cheapest for very small amounts as the fee is not a percentage ?   however they have split fee between deposits and withdrawals to even it out and they also vary the fee according to the network itself so it might be cheaper at some times and days then others. 
One site I did used to use has never varyed their withdrawal fee and right now its one tenth of bitcoin to move the money, imagine how stupid or dishonest that system is.  Localbitcoins is quite reasonable in comparison and I cant agree with much criticism of them from my experience over the last 4 years.   
Of course there might be better sites, competition is always good.

  I know for small trading the best place might be Reddit where you can switch to various shopping cards and vouchers and people up reputation and so on