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Author Topic: Best way to move money into crypto?  (Read 86 times)
Tylerizator
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January 31, 2018, 01:05:59 PM
 #1

I know a lot of people who have a hard time putting Fiat money into a crypto exchange to purchase coins. We all want a method that is fast, has low/no fees, and is secure. I’m not aware of a single entry point that offers all 3 of these together. I wanted to share my current method for going from Fiat -> any coin. Please comment if you know of a more efficient way:

  • Have a GDAX account (this is the same as your Coinbase login if you use that) and a Binance account.
  • Initiate a money wire from your bank with USD to the GDAX wallet for USD.
  • Exchange the USD for BTC/ETH/LTC on GDAX.
  • Send the newly bought crypto to the Binance wallet for the coin you just bought.
  • Find the Binance exchange between the Alt that you want and the coin you just bought and trade.

The longest step in this is the money wire to the GDAX account, which may take up to a day, but that’s much better than purchasing on Coinbase and waiting like a week for the funds to arrive to the wallet. Everything else here happens within minutes usually. I also see a lot of posts of people criticizing the use of Coinbase/GDAX—is there something else we should be using to exchange the USD? I believe this method involves the least amount of fees as possible, as well.

The reason I use Binance is because it requires no verification so you can trade almost immediately if you already have Bitcoin. Its much easier to use than Kraken (which doesn’t even work like 70% of the time) and Bittrex (which doesn’t offer as many coins). Please share your thoughts!
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January 31, 2018, 01:20:16 PM
 #2

There are several exchanges that accept fiat. I'm working with Bitstamp, but there are others too.
In my country there are also 2 or 3 exchanges that work pretty good with fiat.
After you purchase btc or eth (I like eth better because it is faster to transfer and the cost of the transfer is lower), transfer the coins to binance / cryptopia etc and buy whatever you want to buy.
Unfortunately you have to do the same steps in reverse order when you want to convert back to fiat.
The biggest problem appears in this last part.
More and more banks have blacklisted the accounts belonging to exchanges, so if you receive money from these accounts you might end up with your bank account suspended.
Here we all have a problem.
Tylerizator
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January 31, 2018, 01:23:32 PM
 #3

There are several exchanges that accept fiat. I'm working with Bitstamp, but there are others too.
In my country there are also 2 or 3 exchanges that work pretty good with fiat.
After you purchase btc or eth (I like eth better because it is faster to transfer and the cost of the transfer is lower), transfer the coins to binance / cryptopia etc and buy whatever you want to buy.
Unfortunately you have to do the same steps in reverse order when you want to convert back to fiat.
The biggest problem appears in this last part.
More and more banks have blacklisted the accounts belonging to exchanges, so if you receive money from these accounts you might end up with your bank account suspended.
Here we all have a problem.
Thanks, al1n!
what country is it ?
al1n
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January 31, 2018, 01:26:49 PM
 #4

There are several exchanges that accept fiat. I'm working with Bitstamp, but there are others too.
In my country there are also 2 or 3 exchanges that work pretty good with fiat.
After you purchase btc or eth (I like eth better because it is faster to transfer and the cost of the transfer is lower), transfer the coins to binance / cryptopia etc and buy whatever you want to buy.
Unfortunately you have to do the same steps in reverse order when you want to convert back to fiat.
The biggest problem appears in this last part.
More and more banks have blacklisted the accounts belonging to exchanges, so if you receive money from these accounts you might end up with your bank account suspended.
Here we all have a problem.
Thanks, al1n!
what country is it ?


Romania.
I'm quite happy with coinflux.com services for example.
Tylerizator
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January 31, 2018, 01:30:24 PM
 #5

There are several exchanges that accept fiat. I'm working with Bitstamp, but there are others too.
In my country there are also 2 or 3 exchanges that work pretty good with fiat.
After you purchase btc or eth (I like eth better because it is faster to transfer and the cost of the transfer is lower), transfer the coins to binance / cryptopia etc and buy whatever you want to buy.
Unfortunately you have to do the same steps in reverse order when you want to convert back to fiat.
The biggest problem appears in this last part.
More and more banks have blacklisted the accounts belonging to exchanges, so if you receive money from these accounts you might end up with your bank account suspended.
Here we all have a problem.
Thanks, al1n!
what country is it ?


Romania.
I'm quite happy with coinflux.com services for example.
Now i use ePaymets + their services... But fee are huge sometimes
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January 31, 2018, 01:33:16 PM
 #6

Does coinbase work in all europe?



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Tylerizator
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January 31, 2018, 01:38:40 PM
 #7

Does coinbase work in all europe?
Supported Countries here - https://www.coinbase.com/global
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January 31, 2018, 03:32:13 PM
 #8

Well it isn't fast, but I've been flipping domain names for Bitcoin. You pay for the name or the registration in dollars, and accept Bitcoin for the sale of the name. You need to do a fair bit of research to find the right names, but it can give you a tidy profit on the transactions.

GuardPets.com - guard pets are more than just dogs - this is my latest "domains for Bitcoin" project.
Tylerizator
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January 31, 2018, 04:13:40 PM
 #9

Well it isn't fast, but I've been flipping domain names for Bitcoin. You pay for the name or the registration in dollars, and accept Bitcoin for the sale of the name. You need to do a fair bit of research to find the right names, but it can give you a tidy profit on the transactions.
Wow...
Sounds good! Never think about that...
Tks
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January 31, 2018, 04:17:42 PM
 #10

I know a lot of people who have a hard time putting Fiat money into a crypto exchange to purchase coins. We all want a method that is fast, has low/no fees, and is secure. I’m not aware of a single entry point that offers all 3 of these together. I wanted to share my current method for going from Fiat -> any coin. Please comment if you know of a more efficient way:

You didn't include the source of your copy/paste:
https://us.teamblind.com/article/Best-way-to-move-money-into-crypto-p7dWXinS

neo444
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February 01, 2018, 03:33:09 PM
 #11

unfortunately GDAX  don't work for me and i can't make an account because is not accept my country
al1n
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February 01, 2018, 03:49:53 PM
 #12

unfortunately GDAX  don't work for me and i can't make an account because is not accept my country

try bitstamp; gdax doesn't work for me either, but bitstamp does
TrynaFindaWay
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February 01, 2018, 05:04:29 PM
 #13

I know a lot of people who have a hard time putting Fiat money into a crypto exchange to purchase coins. We all want a method that is fast, has low/no fees, and is secure. I’m not aware of a single entry point that offers all 3 of these together. I wanted to share my current method for going from Fiat -> any coin. Please comment if you know of a more efficient way:

  • Have a GDAX account (this is the same as your Coinbase login if you use that) and a Binance account.
  • Initiate a money wire from your bank with USD to the GDAX wallet for USD.
  • Exchange the USD for BTC/ETH/LTC on GDAX.
  • Send the newly bought crypto to the Binance wallet for the coin you just bought.
  • Find the Binance exchange between the Alt that you want and the coin you just bought and trade.

The longest step in this is the money wire to the GDAX account, which may take up to a day, but that’s much better than purchasing on Coinbase and waiting like a week for the funds to arrive to the wallet. Everything else here happens within minutes usually. I also see a lot of posts of people criticizing the use of Coinbase/GDAX—is there something else we should be using to exchange the USD? I believe this method involves the least amount of fees as possible, as well.

The reason I use Binance is because it requires no verification so you can trade almost immediately if you already have Bitcoin. Its much easier to use than Kraken (which doesn’t even work like 70% of the time) and Bittrex (which doesn’t offer as many coins). Please share your thoughts!

This is a good method, however if you want to buy even faster than use a Credit Card. The fees will be steeper but the cryptocurrency will be available instantly in your wallet (on coinbase).
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February 02, 2018, 11:49:35 AM
 #14

unfortunately GDAX  don't work for me and i can't make an account because is not accept my country

try bitstamp; gdax doesn't work for me either, but bitstamp does

The fee of transaction in bitstamp low than coinbase or not ?
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