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Title: What's the best method for buying altcoins? Post by: Phriend on January 06, 2018, 07:11:00 PM I recently wanted to buy an ethereum-based altcoin that was on the Coss.io exchange. So I am currently trying to fund a GDAX account... and once it is funded, I will buy some Ethereum on GDAX and transfer it to the Coss.io exchange... at which time I will exchange my Etherium for the altcoin... and then send the altcoin to my Ethereum wallet.
Am I doing this right? I funded a GDAX account because I heard they were more trustworthy and because they had lower fees. But now I'm wondering if I should have directly funded a Coss account instead. (Am I going to get hit with a ton of fees by first going through GDAX?) Title: Re: What's the best method for buying altcoins? Post by: TryNinja on January 06, 2018, 07:27:01 PM AFAIK GDAX pays your miner fees when you withdrawal to a different address. So you shouldn't lose anything. Just buy your ETH, send them directly to your Coss.io account and buy your altcoins.
Title: Re: What's the best method for buying altcoins? Post by: Intensity on January 06, 2018, 07:32:19 PM Cheapest option will be GDAX. I personally use them since limit orders are free and they pay the tx cost for sending funds. Normally on another exchange, I would buy LTC, exchange it for BTC, then buy my alt-coin. This process takes longer and I'm paying fees each time I'm converting my coins. With GDAX, I can just buy BTC and send it to another exchange at no extra cost.
Title: Re: What's the best method for buying altcoins? Post by: Phriend on January 06, 2018, 07:41:47 PM With GDAX, I can just buy BTC and send it to another exchange at no extra cost. If it's an Ethereum-based coin, I assume you buy Ethereum on GDAX and then send it to the other exchange, yes? Title: Re: What's the best method for buying altcoins? Post by: AlexaSonda on January 07, 2018, 11:34:43 AM what you are doing is a waste of time, and there are two reasons you should consider.
1. you will issue 2x withdrawal fee, from coss and gdax. 2. there is also a risk of rapid price changes and the price difference between the two exchanges. Title: Re: What's the best method for buying altcoins? Post by: Phriend on January 07, 2018, 06:44:27 PM 1. you will issue 2x withdrawal fee, from coss and gdax. I don't think GDAX has a withdrawal fee for U.S. customers... do they? https://support.gdax.com/customer/en/portal/articles/2425097-what-are-the-fees-on-gdax- Title: Re: What's the best method for buying altcoins? Post by: Phriend on January 07, 2018, 06:54:05 PM Normally on another exchange, I would buy LTC, exchange it for BTC, then buy my alt-coin. This process takes longer and I'm paying fees each time I'm converting my coins. I don't understand why you do it this way. Why buy LTC first? Are there lower fees?Title: Re: What's the best method for buying altcoins? Post by: carlfebz2 on January 07, 2018, 09:18:30 PM I recently wanted to buy an ethereum-based altcoin that was on the Coss.io exchange. So I am currently trying to fund a GDAX account... and once it is funded, I will buy some Ethereum on GDAX and transfer it to the Coss.io exchange... at which time I will exchange my Etherium for the altcoin... and then send the altcoin to my Ethereum wallet. If you don't like to be hassled then better on making direct purchase of ETH on Coss.io then directly buy that ethbased altcoin. Fees might have difference but I would see it is just on few spreads compared on the thing you are supposing to do. Better not to waste your time just like been said above. Fees would still piled up wherever you go on both options.Am I doing this right? I funded a GDAX account because I heard they were more trustworthy and because they had lower fees. But now I'm wondering if I should have directly funded a Coss account instead. (Am I going to get hit with a ton of fees by first going through GDAX?) |