Bitcoin Forum

Hello guys. Im not begginer in crypto but i still have long way to walk. So i have a question. Currently i have some Bitcoin and some alts. Recently i bought ledger device and i want to transfer my crypto, from Binance to the ledger, BUT i have a plan, at some point to convert some of the alts into Bitcon, so here is the dilema. Is it worth transfering those alts which i want to convert or its better to keep it on exchange. Whats your advice ? Is PARASWAP worth the time and taxes, thanks !

I would NEVER keep any coins on centralized exchange (they are used only for trading) and if you ask me I would convert all shitcoins to Bitcoin and send it all to your hardware wallet.
I have no idea how Paraswap works but this is probably one of those ethereum fake dex exchanges that is unusable for any trading with current crazy high eth fees, and you can't use it for trading real Bitcoin.
Bisq is a good alternative decentralized exchange you can use for trading Bitcoin with fiat and other coins, and good thing is that you are really holding your own keys.

Im asking about PARASWAP becouse it can be used via ledger live app. Im not familiar with ledger and ways to use it, so im asking. Simply, i just want to know, if i can converte those alts via ledger live, or i should fist send them to an exchange.

You can't exchange alts for Bitcoin on Paraswap as it's used only  for swapping ERC-20 tokens, meaning those on Ethereum blockchain. As @dkbit98 told you, best is to sell those alts for BTC on the exchange and then send that BTC to Ledger. But if you really wan't to hodl those altcoins for some time (which is always very risky), send them to Ledger rather than leaving them on centralized exchange.

Some people might suggest using ParaSwap to get Wrapped BTC but I wouldn't. It's better to hold the real thing, and in order to do that, you will need to send your funds an exchange first.

Or, if you want to experiment a little bit, then there is ThorSwap/THORChain which allows CROSS-CHAIN trades. It's still in its early stages though, and not many tokens are currently supported.

Okay guys, understood. Another question i've frogot to ask. Why taxes sending form ledger to binance is 1 usd for my bitcoins, and from binance to ledger 30 usdt ? Is it same for antoher cryptos ?

1. It's not tax, but transaction fee (when you send from Ledger) or withdraw fee (when you send from Binance)
2. The reason sending from Ledger is cheap, but from Binance is expensive because Binance take profit from withdraw fee (where only small amount of withdraw fee is used for transaction fee on coin used).

@vht, If you are an active trader then the only option is for your cryptocurrencies to be on exchange, especially if it is Bitcoin that withdrawal fees are quite high. It's up to you to decide what to do, but once you have a hardware wallet, you can at least move Bitcoin to a safe place.

When it comes to alts, it is logical that you want to make as much profit as possible and sell them at the highest possible price, and there is always the dilemma of whether to sell today or wait for an even higher price. If it's not a significant amount, I wouldn't move them to Ledger because you're only incurring additional costs.

Honestly I feel out of place when you mentioned Paraswap in big Caps. You can use some cross chain exchange to swap btc to some altcoin. Not sure if safepal wallet can do it using native SegWit but they do have btc for swapping to other altcoins just not so sure for the supported format.

Paraswap isn't a crosschain yet for btc and alts so it's not possible using their dapp.

You mean, https://paraswap.io? It's aggregator, it works fine for exchanging tokens. They also will have retrospective airdrop, idk when was snapshot was taken but you might get lucky.

Paraswap is just an aggregator of several dexes looking for the cheapest cost for swaps (as in the metamask feature). The swap fee will still be according to the swap platform you choose and is usually more expensive than if you swapped it first on Binance.

This is a list of Binance withdrawal fees. https://www.binance.com/en/fee/cryptoFee

If the alts you want to withdraw have several alternative networks (and are Ledger supported) such as BEP20 tokens, you just need to find the cheapest one. But, it is highly recommended to use alts native network, as not all exchanges support certain networks (unless you only use Binance).

However, you will be charged for each withdrawal. Consider the value of the asset you want to withdraw and also the number of withdrawals.