Bitcoin Forum

Hey all, I'm back with another question! I'm looking to buy some bitcoin over time, probably around ?100 a month. I have used Coinbase in the past and have a Coinbase wallet but as you may also know I have a Ledger hardware wallet that I'd like all my bitcoin on. Does anyone know if I can select that wallet as the address for the crypto to be sent to rather than my Coinbase wallet, as I don't fancy losing fees when transferring unnecessarily.
I have looked on Google but can't find anything specifically, and the only way I can see to find out is to make a transaction and see if I get asked for a bitcoin address.. but unsure if that would be before or after payment is taken.

Thanks!

I think fee's is how exchanges make their money, so I think it would be unlikely that's an option. Happy to be educated otherwise though.

I use Binance where the Faster Transfer to deposit and withdraw fiat is free, but to transfer to another wallet (e.g. a Ledger or whatever) costs about £15. I was advised it may be best to work out your acceptable loss and then transfer when you hit that minimising your transfer fees.

I'm doing similar to you but £50 a month. I stick £50 on Binance and then watch the rate and do Limit buys of what I'm prepared to pay.

You can use coinbase to buy bitcoin, the address which you buy the bitcoin will be given by coinbase and you will be able to access it and use the address to transfer all the bitcoin from coinbase to your hardware wallet. You can not use ledger wallet address to buy from coinbase, you will use coinbase given bitcoin address, but after you make the purchase, then send the bitcoin to your hardware wallet.

Nope, you can't. When you buy from Coinbase, the funds are automatically credited to your Coinbase wallet; and it will be the same with literally any kind of exchange unless you transact peer-to-peer(without a exchange/service to mediate the transaction).

You can not.

When you use centralized exchanges, your bought bitcoin will be credited to your bitcoin addresses on exchanges. You will have to withdraw and move them to your wallet (Ledger in this case). You will lose double fee.

One bad thing is exchanges set up their fixed withdrawal fees (that will cover many fees: transaction fees, fee when their staff verify your withdrawal request, and do it for you; fee to consolidate bitcoin inputs from deposits, etc.). Exchanges don't say it publicly but you will be charged such expensive fees.

You can check fees (taker, maker, deposit, withdrawal) with

• Cryptowisser.com (https://www.cryptowisser.com/exchanges/)
• Guide to check fees: Taker, maker, deposit, withdrawal, transaction fees (https://bitcointalk.org/index.php?topic=5309545.0)
• Old story. Exchanges get profits from users' withdrawal fees. (https://bitcointalk.org/index.php?topic=5306935.0)

Well that clears that up then!

Thanks for the info folks, really appreciate that.