Ledger - how to keep processing fees low?

[Reyer]

Hey guys,
I'm new to the board and want to say hello in the first place .
A few to my background: I'm an IT guy and started with bitcoin and several other coins in ~2014. Unfortunately I sold everything about a year later because I lost the hope that Cryptos will become a big thing in the future for several reasons. Obviously I was wrong .


Now to my question:
I'm using a Ledger Nano and I have an account at Coinbase and Binance.
When I buy Bitcoin I want to store them on the Ledger. While the network fee is very low, the processing fees are about 4% of the whole transaction value, no matter wich way I go.

Buying at Coinbase (2% fee) -> Transferring to Ledger (another 2% fee) = 4%
Buying at Binance (2 to 3% fee) -> Transferring to Ledger (another 2% fee) = 4 to 5%
Buying within the Ledger App and paying via Moonpay (4% fee)
Buying within the Ledger App and paying Coinify (not possible; payment process gets stuck because a button is unresponsive).

Is there a way to feed my Ledger with Bitcoin paying less than 4% processing fees every time?

Thank you in advance!

(I used the search but I did not find a topic that fits my problem)

[OmegaStarScream]

If you want to minimize the fees, you have to eliminate the third parties from the equation. I'd suggest you use Binance P2P, there are no escrow fees. Just make sure to buy from individuals with good rates. You only have a fixed fee of 0.0006 BTC (~25$ with the current rates) when you want to withdraw the funds to your ledger.

Another good P2P platform is LocalCryptos. You only have a 0.75% fee but the liquidity is low compared to Binance, you may find a difficult time finding people to buy from (depending on the payment method)

[jayoh]

A few to my background: I'm an IT guy and started with bitcoin and several other coins in ~2014. Unfortunately I sold everything about a year later because I lost the hope that Cryptos will become a big thing in the future for several reasons. Obviously I was wrong .

I think we all went through phases of doubt, but glad to see we were both wrong.

[Reyer]

0,75 % sounds good, thank you very much.
I actually also don't care about transaction times. Even if it takes a month. For now want to do long term investments.
The cheaper, the better .

[coupable]

0,75 % sounds good, thank you very much.
I actually also don't care about transaction times. Even if it takes a month. For now want to do long term investments.
The cheaper, the better .

Even for long term investment, i think you should have the minimum knowledge about transaction speed and fees ; as mentioned above, by avoiding third part entities, you use just non custodial wallets, you will have full control of all those elements. Electrum is the most recommended wallet and you can use it with your ledger as well, it's friendly use for both experienced users and new comers. Those fees are so flat to chose beteen :
Buying at Coinbase (2% fee) -> Transferring to Ledger (another 2% fee) = 4%
Buying at Binance (2 to 3% fee) -> Transferring to Ledger (another 2% fee) = 4 to 5%

[CaVO32]

0,75 % sounds good, thank you very much.
I actually also don't care about transaction times. Even if it takes a month. For now want to do long term investments.
The cheaper, the better .

But make sure that you are dealing a legit platform. Because the long waiting time will give you doubt if they will ever send you money. This is why, in most instances, I prefer to use a trading platform with very good liquidity because your orders are getting executed fast and you can get your funds fast also. The fees are just secondary if you want an assurance that you can get your money back. I can also vouch for binance p2p, I have been using their services for quite a while now instead of my local exchange. Surprisingly, the rates are good and you can get your funds in your own currency very fast.

[Darker45]

Why don't you try buying through this forum's currency exchange board? If you're buying a moderate amount, somebody might fill your order sooner rather than later. There would be no fees. The price is usually 1:1, meaning, your $1 would be given an equivalent of $1 in Bitcoin. You could state your preferred way of paying. If you prefer to use escrow, that would only cost you 1% more or less. If you're trading with a trusted member, you could even avoid escrow. You might want to visit that section for yourself and see if it's a good alternative for you.

[crwth]

P2P it’s going to be the best way for you so that you could directly have them send the bitcoin to your Ledger wallet address. Try it here in the forum and make sure to use trusted service providers and use escrow when necessary. It will be tricky if there are no middlemen like in Binance.

[Reyer]

Thank you, guys. Next time I will buy (in a few weeks) I will check out Binance P2P and Electrum first.

Why don't you try buying through this forum's currency exchange board? If you're buying a moderate amount, somebody might fill your order sooner rather than later.

It's usually 500 or 1000 € per buy. Probably less if I try P2P for the first time. Thank you for suggestion, I will keep that in mind as well.


EDIT:
But besides this: Those platforms must be real cash cows if they earn 2% or more for each transaction. Interesting business model .

[m2017]

Hey guys,
I'm new to the board and want to say hello in the first place .
A few to my background: I'm an IT guy and started with bitcoin and several other coins in ~2014. Unfortunately I sold everything about a year later because I lost the hope that Cryptos will become a big thing in the future for several reasons. Obviously I was wrong .

If you hold your savings from the 14th year and didn't sell, then your investment portfolio could show a very good return. Faith is exactly what crypto rests on. Now your faith is backed up by new numbers on the  crypto price tags and the second time you definitely don't make a mistake.

Now to my question:
I'm using a Ledger Nano and I have an account at Coinbase and Binance.
When I buy Bitcoin I want to store them on the Ledger. While the network fee is very low, the processing fees are about 4% of the whole transaction value, no matter wich way I go.

Buying at Coinbase (2% fee) -> Transferring to Ledger (another 2% fee) = 4%
Buying at Binance (2 to 3% fee) -> Transferring to Ledger (another 2% fee) = 4 to 5%
Buying within the Ledger App and paying via Moonpay (4% fee)
Buying within the Ledger App and paying Coinify (not possible; payment process gets stuck because a button is unresponsive).

Is there a way to feed my Ledger with Bitcoin paying less than 4% processing fees every time?

Thank you in advance!

(I used the search but I did not find a topic that fits my problem)

You don't seem to know anything about BestChange . After trying to buy from them once, you are unlikely to return for Coinbase or Binance due to their gigantic commissions.

For the use Ledger, see the topics on "Hardware wallets" section dedicated to this brand. I am sure you will discover many surprises.