Bitcoin Forum

Hello, i'm planning to build a long-term portfolio. The problem is, i don't want to purchase bitcoins on coinbase and then send them to an exchange cause of the high fees. My idea is just buy eth or ltc, send those to the exchange, and then exchange the ltc/eth to btc, and then buy my coins with btc, what do you think guys?

I think you're right since it's not really wise to transact via Bitcoin at this time.. A huge chunk will just be wasted on transaction fees when you can use it for your investment.

Looks like a reasonable plan. I think a lot of traders have taken to using LTC to move funds from one exchange to another. The only risk is if the price moves against you while you're waiting for it to get enough confirmations. At the moment the biggest obstacle you will face is getting new accounts open as all the exchanges have a huge backlog of requests.

I agree with your plan about going for alts instead of Bitcoin. Your transaction might take weeks aside from the fees lol... By the way, what alt coin wallets directly exchange alt from fiat??

nothing to add here, u described what i do on a regular basis. i have thought of getting ethereum to the exchange then buying tether and making a portfolio but have not had an opportunity to test how fast tether deals get finalized. please update with your experience

Sure, gonna update this when I'm ready to invest the funds. Between, using usdt isn't a good choice I think, because the altcoin markets against usdt are really small, that's why I would exchange the funds to btc.

I usually always change on the DOGE, it's convenient for transferring between different exchanges and for entering funds for the stock exchange. Transactions pass very quickly and commissions are very small.

Yes you are right on your place to not to buy BTC at this point of time. You can either buy ETH or LTC or BCH for initial transfer and once your coins reach an exchange you can convert them to BTC and then make the trades. The thing is you must find a seller or an exchange which will allow you to exchange fiat for these coins. Once you do that you will be good to go. Use Binance or Bittrex for trading altcoins after you get your ETH or LTC.

Since you said you are building a long term portfolio, have you considered after buying the LTC or ETH and moving to an exchange to buy bitcoin, won't you be withdrawing the bitcoin from the exchange to a decentralized wallet where your fund is safe or you plan on leaving your funds on an exchange? At the end of the day, as long as you are going to be holding the BTC, there is no way you will avoid the fees unless you want to leave the funds on the exchange which we both know is not a safe thing to do, considering the security of your funds.

DOGE and XRP can be used also. I am using most of time doge instead of ltc or eth. But also it is matter of price where you buy and where you sell...

Don't use the Eth or LTC bro. Recent days these coins grows more in the value so you cannot get the decent amount bitcoins for the ethereum. So if you buy the bitcoin using the recent dump in the market without worrying about the fees and all. You will get the more amount of the equals to fiat cash.
If you go around the way you said you have to bear the fees in those coins also in that mean while ethereum dumped your profit will be reduced on that accordingly. So go directly to buy the bitcoin with the fiat cash you have.

I myself and many others have opted for using litecoin or one of the other alts when transferring to an exchange purely for the fees and the speed, bitcoin is not the greatest at quick cheap transactions at the moment.

if you plan on buying a with very small amount of money then you are fine. it works well enough for you and your cost will be less than bitcoin withdrawal fees.

however if you plan on buying with a medium amount of money then you'll find out that your trading fees in total in multiple trades that you do will be a lot higher than the one time bitcoin withdrawal fee that you are trying to avoid.
additionally there is the risk that those coins get dumped and you lose even more money due to the price drop. even a 1-2% drop means a lot bigger than the withdrawal fee you are trying to avoid.

You could end up spending more with this method than when you buy bitcoins directly in the case that eth/ltc decreases or bitcoin increases. Make sure you make the right calculations.

Also check if the altcoins you're planning to buy can be traded directly with ethereum or litecoin in different exchanges.

I often use Zec. Someone use it exept me)? But before transfer better look that u are not on all time high)

I think you in the right way. But for know ETH is is churning in market and if you use it for deposite, maybe you havelose some money on transfer. The good choice is, you invest with a coin that is going down right know and than you continue trading in that exchange to make raised.

You are going to spend that money on fees anyway, but what is the problem with that?

Just for buying eth, you need to purchase it with BTC, or just buy it directly from a website that allows you to buy with credit-card, or just by p2p in localbitcoins or localethereum.

You are going to need to pay fees anyway, if you use bitcoin, you need to pay fees for withdrawing them, or even if your exchange is asking you to pay incoming fees (like localbitcoins) (0.0007 for each incoming transaction)

Do a google search for GDAX. It is coupled to coinbase, but does not take the high fees