Withdrawal fees - from exchange to blockfi wallet

[sonador85]

I was wondering if anyone has any advice on the most cost-effective way to transfer GBP into BTC and then winding up with it in a BlockFi wallet?

I've spent the last week or so slowly getting to grips with crypto and have mostly been using Coinbase Pro to purchase my Bitcoin and a few other cryptos - have also tried using SwissBorg and plan to dabble with Binance next. This is mostly to see which platform I prefer using and to compare fees etc.

Going forward I'll mostly be transferring into cold storage for safest keeping, but I'm keen to transfer a portion of my slowly increasing BTC/ETH/LTC portfolio into BlockFi to at least take a little advantage of their current interest rates.

I've noticed that withdrawing crypto from the likes of Coinbase Pro & Swissborg is a fairly costly transaction - I forget the exact amount but know that it was indicating something like £4-5 in fees to withdraw £30ish worth of BTC into my BlockFi wallet. I'm not sure but I think this might be a set fee regardless of the withdrawal amount so it wouldn't be too bad if transferring large sums across, but I'd prefer to transfer smaller regular sums as opposed to letting a larger amount build up.

Does anyone know if cutting out the exchange platforms I'm using & instead just buying on BlockFi (bearing in mind I'm GBP) would be best, or maybe another particular exchange platform charges lesser fees for this, or maybe there's an alternative route I'm unaware of?

Any advice or shared experiences appreciated!

[Welsh]

If its fees you're worried about then you could consider looking into Peer To Peer (P2P) exchanges, where you cut out the middleman per say, and exchange with another user. Obviously, there are risks that are associated with this route, and you might prefer trading on a more "trustworthy" exchange that's automatic, and the same every time.

However, I would like to point out that some exchanges do not have a set fee. I believe standard Coinbase (unsure about pro) charges based on the amount being transacted, and isn't a set fee.

[sonador85]

Thanks Welsh (A welsh high-five - I'm from Cardiff haha), will do some looking into the P2P to at least further educate myself on it.

Meanwhile, I've since looked into the Gemini-based exchange platform ActiveTrader and it appears they offer up to 10 free crypto withdrawals per month - suspect this probably won't be the longterm case though! I'm hoping these are free withdrawals to any wallet in any place.

They freely accept GBP (though can only directly buy BTC & ETH with GBP) though it takes a couple of hours to be bank transferred across into the platform so will report back.