Bitcoin Forum

Hi,

I plan to buy more BTC on a regular basis now. Lets say $200 per month for the purposes of this thread.

I have a Binance and Kraken Pro account.

I also own a Ledger Nano S.

I am here for the HODL.

Which is the most cost effective and secure way to keep buying in small quantities ?

Ideally i would transfer at the moment of purchase but i realise that is not the right thing to do in this situation.

I am thinking of buying on BN or KP and then when i hit $1000 worth transfer then?

What other options are there for getting my BTC to cold storage asap but not throw away $$ ?

I would be open to P2P exchanges too.

UK based.

Binance withdrawal fee was quite high during the peak of the ordinal spam which shot up withdrawal fees to above $20 worth of Bitcoin, it may have dropped now, I'm not certain, but it's unstable and can be ridiculously high sometimes.

Withdrawing in lumps is a fair option if you don't mind leaving your funds on binance. The sum of several smaller withdrawals should be higher than a single one time withdrawal even if it's done at a time when the fees are adjusted upwards.

This would be the better option cause you receive the coins directly to your wallet. Some exchanges charge their service fee for mediating the transaction so you should do your research when choosing one.

I have heard of bisq, any others that are reputable ?

Check here for other P2P exchanges; https://kycnot.me/

It compiles and rates a list of exchanges (and other services) that do not require KYC from their users.

This would be better than buying from Binance or Kraken though your plan of moving to your hardware wallet when you buy up to $1k there in order to minimize fees since exchanges fees are relatively high and you don't have any choice of picking the fee you want is good.
But you can find non custodian/kyc exchanges offering p2p  here: https://kycnot.me
Among these non-custodian/kyc exchanges offering p2p :
Some are popular here like :

• Bisq, though I don't really know if the mobile version allows users to do p2p since it's not use for trading.
  
• Peach Bitcoin, available for even mobile devices
• Bestchange
• Exch

You should at least try to use the right terms or abbreviations for some words not to confuse others. Bitcoin is abbreviated as BTC not BC.just as @Upgrade00 said, you can leave yoir funds in binance if you dont mind. But the truth is that leaving such huge amount of funds in exchanges is very risky as they hold full control of your funds Not your keys not your funds. So you should be ready to bear the risk if anything should happen. I would advise you store your funds in cold storages and avoid leaving them on exchanges. As for ledger it's highly considered compromise since they implemented their new cloud storage feature where they help you to hold your private keys using third party cloud storages. This goes totally against the purpose of a coldstorage. So if you want to get a hardware storage, consider getting something else like Trezor.

Thanks for the recommendations above for https://kycnot.me  8)



Yes I saw that.

I haven't opted in to that so for now mine is safe (i hope).

Trezor is an option.

Are you talking about Bitcoin cash?
If you want to hold any coins for the long term then you need to transfer them to your hardware wallet because any exchange is not the place to hold any assets for the long term.
You don't have any other choice but to send them out to your hardware wallet unless you want to risk them?


Any close source hardware wallet is not safe that is why he recommends Trezor because we do not know the codes inside the Ledger wallet maybe all seed phrase generated from ledger are recorded online there are many possibilities to any close-source wallet. So for us these wallets are not safe.

I was talking about Bitcoin. (amended initial post)

*off to buy a Trezor*

Thanks

Peach Bitcoin is one of the best p2p non-kyc options for purchasing (or selling bitcoin) using cash without any kyc certification.
Bisq is better and more secure as exchange, but it's a bit more complicated to use and you can't trade unless you already have some BTC deposit there as collateral.
Moving coins to hardware wallet is good, but I would suggest other open source device instead of ledger.

Speaking the truth, binance an krakens are not the best place to save coins as you are going for the long term investment, get a good Device and install an electrum Bitcoin wallet then keep your seed phrase very far from the internet and also them them in different save locations incase something happen to one location the other one will be saved. If you are planning to buy little by little you should know about the DCA methods. Read this 👉🏼https://bitcointalk.org/index.php?topic=5132720.0 it's an old post but it's pumping everyday, that thread and the comments will lead you to a better holding and accumulating procedure.

Buying bitcoin should be the top priority for us this season. We all have plans to executes when it comes to Cryptocurrency, I'm not certain about the future but we should be always ready at all time to grab every possible chances of winning because it's what's we're all here for. Cryptocurrency have come to stay and it's our stand and decisions to bring out the good possibilities of earning in standard form. You're here spelling out the activities you would engaged, instead of planning how to activate most of these trades.

Always check the withdrawal fee, I think it's a good thing that you can dedicate $200 monthly and if you're going to wait until 5 months which is about $1k for you to withdraw, I don't advise to keep it on the exchange if that happens.

And that's why you have to check how much the fee is for you to see if it's worth it by that time with that $200 worth of Bitcoin that you're going to transfer to your hardware wallet.

It all depends on your decision if they're just like a few cents or bucks then that's fine but if it's going to exceed like $5-$10 then that's something else and your latter plan of reaching to $1k is sounding a better plan.

If I were to invest in bitcoin now and have the capital, I'll likely go in once than use the DCA method. The bull run is fast approaching, if I continue with DCA, the market migbt move miraculously and make me miss many opportunities of buying low.
Also, if your financial power is not stable and you are very much unsure of the market conditions and also you are emotionally fragile, it will be fine to use the DCA method as you pre-said.

Recently I got involved deeply in DCA practice and applying DCA approach also comes with it own risk which most time is as a result of volitile market situations and outcomes so is much more better before you DCA you need to have the knowledge of the risk that could come along the line, and if I were to suggest for a newbie, DCA is quite risky for them and should be avoided in other to save the investors from losing profits and also missing out on market advantages, so there for I will suggest that the ops hold Bitcoin for the long term while also having a sell price at heart at all time should in case the opportunity present itself along the way while holding to the Bitcoin.

Leaving your bitcoin until it gets to $1000 before initiating a withdrawal means you'll have to keep it in Binance or Kraken for about 5 months. Within this period anything can happen so I'm totally against the idea. Since you're trying to avoid withdrawal fees on exchange, here's my suggestion. Buy Bitcoin with CashApp, it's available in UK and you can send your Bitcoin to your personal wallet instantly for free at no cost.

I support your decision to buy Bitcoin. Here you have made the right decision to use Binance exchange and kraken exchange p2p to buy bitcoins for safety. To be safe here you must pay a bit more fee also you can buy non KYC option in unique system but it might be a little hassle for you. But you can use Binance and Kraken exchanges and transfer to your own wallet for a slightly higher fee which will be more convenient for you if the fee is higher.

I don't use Kraken, so I'm not sure about it, but the withdrawal fees on Binance are normal now and aren't that high. However, as you have planned, you should withdraw only after you reach a certain threshold that you set so that you don't pay a lot of fees for your withdrawals when you are buying. It's true that there can be issues on exchanges sometimes, but hopefully that wouldn't happen very soon and you stay safe.

Talking about non-custodial and hardware wallets, as suggested by others, you should go for a wallet that is completely open-source which makes it a safer option for you to store your Bitcoin because a closed-source software or wallet can have hidden risks that we might not be aware of.

That site is slowly with information update so you have to double check information about KYC with exchanges you get from kycnot.me website.

Exchanges can change from no KYC to KYC anytime and that site with its slow update can give you incorrect information.

I wouldn't suggest buying shitcoins, specially centralized ones and specially if you are new. You first have to learn to detect pumps and avoid becoming a bag holder who gets dumped on.

As for bitcoin, you have to learn what the risks are in whatever you do and then reach a balance. Buying bitcoin on a centralized exchange and leaving your coins there is risky but also withdrawing is costly. I can't tell you how or when to withdraw because it is a personal thing, you have to see how much risk you are willing to take. I personally won't take such risks and never leave anything above $10 on CEX accounts but others could be more flexible.

It's the same with other solutions other users suggested like Bisq. They come with disadvantages and shortcomings. You have to try them and find out if they can fulfill your specific needs.

Have you thought about the option to "borrow" say $1000 and immediately buy BTC, and then pay back $200 every month? In this way, you will save on fees, and at the same time you will have BTC in your wallet immediately after the purchase.


Are you planning to invest only in BTC? If the answer is yes, then consider a hardware wallet that is only for Bitcoin, and also one of the most secure on the market -> Foundation Passport Official Thread (https://bitcointalk.org/index.php?topic=5441422.0)

I have read all your replies and appreciate them all thank you.

Particularly like the idea of borrowing $1000 and buying in one hit. This seems like a much more sensible approach!

Will also look at Foundation wallet too!

It is good to consider all options, but be sure that you will be able to return what you borrowed and that the $1000 is not money that can create problems in your life. In other words, try to stick to the golden rule "never invest more than you can afford to lose".

Also take into account that the DCA method (dollar-cost average) has its advantages because you can be lucky and buy at an average lower price than what you will achieve with a single purchase. Of course, that's where fees and security come into play, so we're back to the beginning.

if you plan to hodl in your custodial wallet then using p2p is a better solution. because you can get bitcoin and the seller will immediately transfer it to you, and the fees incurred for this transaction are lower compared to using cex. you can try binance p2p or any other p2p service you trust, and it shouldn't be too difficult to do this.

I second Peach too, great platform, easy to use, good liquidity ^{plenty of users}.


I use Coinbase, I transfer my FIAT from Revolut to Coinbase, it takes about 10 seconds
for that transfer. I can transfer as little as €15 at a time. I have done this also with Binance
but I cant remember how fast the transfer was.


Well ATM fees are very low, I transferred about €600 last night with fees of less than €2 and
secure in my hardware wallet in about 10 minutes.

I would rather spend a few $'s on fees for the safety of my coins! I wouldnt leave €1000 on an
exchange for any length of time over 24 hours.

Living your coins in the exchange market is a big risk, which I will never allow my brother or sister to do such a thing, because anything can happen that will make you to loss all your BTC in the exchange you have stored BTC because it is very easy for strangers to have access to your coins without your notice.

Saving $200 every month to BTC is a big sacrifice, that will earn a good results in the future, if the person can use the most secure wallet to store the BTC and hodl for a long period of time before supply to the market to accumulate profits .

I guess electrum wallet, is the best wallet you can confidently store your BTC without worry of scammers because it is very difficult for scammers to break through to remove your coins like the way they use to have access to people coin in the exchanges.

If you must buy from centralized exchanges, then I think the idea you've proposed is fine, but however, it's risky to leave your funds on a centralized exchange for a long, if you are buying $200 worth of bitcoin every month, that means that it will take 5 months before you are able to own $1000 worth of bitcoins so you withdraw them to your private wallet, 5 months is a long time to leave your money on the exchange as things can go wrong at any given time.

On that note, I think a better option would be to go the way of p2p, it will cost you a little more since the seller may want you to bear the transaction fees, but this route is safer since he or she will be sending directly to your private wallet.
And also, with p2p, you have to look for some one that is trusted, someone that doesn't run away after receiving money from you.