Transaction Fees

[gobs93]

New to cryptos, but been following for a while. I was looking to use one of the ATM machines in Sydney. I was wondering how high transaction fees would reach if I send bitcoin from the ATM to breadwallet, followed by breadwallet to Binance. Been considering around $800 (AUD) but wondering how much of a wedge the two transactions will take out of that.

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[Steamtyme]

Sorry I don't use Binance, but I'm wondering why you don't just buy your BTC on the exchange?

I know in Canada the ATM's are cool but generally don't give you the best exchange when purchasing. 

Also if you are planning on sending the funds to your exchange wallet anyways, why not send it direct to the exchange? This way you only have to pay the fee once. That's what I do with my mining rewards when it's time to cover monthly expenses.

Does the ATM not tell you what the fee would be when you are buying? I would think it would be part of the transaction.

[iDogLover]

I agree you should just deposit straight to your exchange wallet so you only have to pay the fees 1 time.

[gobs93]

Okay thanks for that! What would you recommend as the best way to buy BTC/ETH from fiat currency to send to the exchange?

I cannot use Coinbase as my verification is from the UK but app location locked for Australia and I cannot use BTC markets as I am not an Australian citizen (just living here) - those are the main two ive looked at. Struggling to figure out the best way to purchase.

[Steamtyme]

It kinda depends on what your plans are.

I don't think you will find anyone who is going to sell you BTC at a low enough price for you to benefit from going directly to an exchange and selling it right away. Also if you are having trouble depositing to an exchange you will probably have just as hard a time withdrawing funds from an exchange.

Where are you from? the odds are there is an exchange that services your country, and you could use them. You can also try and buy bitcoins using localbitcoins, again I've never used them so I can't say how well you will make out there, might catch a deal with people being scared at the moment.

I use QuadrigaCX being Canadian, but there are larger ones like Kraken and Poloniex, again I have not used either of those.

[SamReomo]

Well, if your main motive is to send Bitcoins into your Binance wallet then why would you use another wallet that can double the transaction fees. Like others said in the comments that if you really want to deposit your bitcoins to your exchange then try to do it directly instead of using other wallets.

I have done such kind of transactions many times and for me the fees were very high. I used services like Localbitcoins in past, but the transaction and other fees were very high. Those transaction fees can't be reduced anyway, but with direct deposit to the exchange wallet you'll save some money.