Ledger nano x: Nobody mentioned the 4.25% transaction fee

[WeThePe0ple]

I have purchased a Ledger Nano x device one week ago, to get started in crypto.
I bought it via Paypal.

Now I am reading about how to use the device, I can see that there is a 4.25% transaction fee for buying and selling (!!)

For every transaction, I assume. This fee is ridiculous and will eat most profit of anyone who buys and sells on a regular basis. I find anything over 0.25% ridiculous.
I don't pay any fees at all to send money to anyone. I used to have a bank that charged 4% on the exchange abroad, and I left the bank immediately for this reason.

The fee was not mentioned to me by Ledger and I will send the device back immediately if this is the case.
If you exchange 100$ worth of crypto 5 times, a whopping 21% of the total value will be gone in fees.

Which devices do you use and what are the fees?

[1715654182]

1715654182

[1715654182]

1715654182

[DdmrDdmr]

Ledger does not provide the services to buy/sell themselves – they hook you up to a delimited set of Exchanges which you may or may not use at will. There are plenty of other options on the market, with way lower fees than those you mention, where you can make the purchase and move it from there off to your Ledger device in a jiff.

The device is not the issue in terms of fees. What you need to do is use a cheaper Exchange, if that is the procedure you'll use to make the purchases/sells.

In general, you’d need to look at the fees that are involved in buying, selling and withdrawals, as well as minimum amounts that may be required in any of those operations.

Also bear in mind that credit card fees are way steeper than bank transfers in general, which is probably the case for the purchase. A fee around 4% is not unusual for card payments. Sell orders should be nowhere near that range.

People will probably chip-in with their preferred choice of Exchange in terms of fees, functionality and (alleged) trading volume.

[WeThePe0ple]

Ledger does not provide the services to buy/sell themselves – they hook you up to a delimited set of Exchanges which you may or may not use at will. There are plenty of other options on the market, with way lower fees than those you mention, where you can make the purchase and move it from there off to your Ledger device in a jift.

The device is not the issue in terms of fees. What you need to do is use a cheaper Exchange, if that is the procedure you'll use to make the purchases/sells.

In general, you’d need to look at the fees that are involved in buying, selling and withdrawals, as well as minimum amounts that may be required in any of those operations.

So concretely.. My first purchase will be $500 worth of Hedera Hashgraph (HBAR). If I understood you well, I can buy this on Binance first. Instead of buying directly via Ledger Live. I don't know what Binances exchange fee is though. https://www.binance.com/en/how-to-buy/hedera

From Binance I can send it to my Ledger for a better rate? Or maybe no rate at all. If the 4.25% I saw was a purchasing fee and not a transaction fee, I assume it does not apply for moving HBAR from Binance to Ledger.

[Rikafip]

I don't know what Binances exchange fee is though. https://www.binance.com/en/how-to-buy/hedera

Binance withdrawal fee is 1 HBAR (currently $0.06) so its not bad at all. https://withdrawalfees.com/coins/hedera-hashgraph

From Binance I can send it to my Ledger for a better rate? Or maybe no rate at all. If the 4.25% I saw was a purchasing fee and not a transaction fee, I assume it does not apply for moving HBAR from Binance to Ledger.

Yep, it is much better solution to buy crypto someplace else with low fees and then send it to Ledger for cold storage. Majority of us are doing exactly that anyway.

[DdmrDdmr]

<...>

Once registered, you’d need to get some fiat on to your account there. The fees are stated here: https://www.binance.com/en/fee/fiatFee. For Euros, it seems that Visa/Master Card implies a 1,8% fee, which is lower than I expected (someone please corroborate, although it states it on their site). SEPA is 1€.

Binance’s buy/sell fees can be seen here for spot trading:
https://www.binance.com/en/fee/schedule
The buy/sell fee should be in the 0,1% range for a regular user.

Ledger supports a wide variety of coins/tokens, amongst which lies the one you mention. You can search here to see the minimum withdrawl and the associated fee, which are seemingly low.

[WeThePe0ple]

I don't know what Binances exchange fee is though. https://www.binance.com/en/how-to-buy/hedera

Binance withdrawal fee is 1 HBAR (currently $0.06) so its not bad at all. https://withdrawalfees.com/coins/hedera-hashgraph

From Binance I can send it to my Ledger for a better rate? Or maybe no rate at all. If the 4.25% I saw was a purchasing fee and not a transaction fee, I assume it does not apply for moving HBAR from Binance to Ledger.

Yep, it is much better solution to buy crypto someplace else with low fees and then send it to Ledger for cold storage. Majority of us are doing exactly that anyway.

But concretely, what would the fee be to send $500 worth of HBAR, bought on Binance, to Ledger?
I have not set up the device yet, so I can't check. But if it's only a small amount, that would be great.

I guess (hope) I freaked out for nothing

[Rikafip]

But concretely, what would the fee be to send $500 worth of HBAR, bought on Binance, to Ledger?

Fee for sending from Binance to Ledger would be 1 HBAR, no matter the amount you are sending. Just keep in mind that minimum withdrawal from Binance (according to that link I shared in my previous post) is 2 HBAR, which in your case shouldn't be a problem.

I guess (hope) I freaked out for nothing

Just to be safe ( nd since you are new with Ledger) I suggest you do to a test withdrawal first, sending some small amount of HBAR to Ledger and when you see its there, you can send the rest. Fee is so small that shouldn't be a problem.

[WeThePe0ple]

But concretely, what would the fee be to send $500 worth of HBAR, bought on Binance, to Ledger?

Fee for sending from Binance to Ledger would be 1 HBAR, no matter the amount you are sending. Just keep in mind that minimum withdrawal from Binance (according to that link I shared in my previous post) is 2 HBAR, which in your case shouldn't be a problem.

I guess (hope) I freaked out for nothing

Just to be safe ( nd since you are new with Ledger) I suggest you do to a test withdrawal first, sending some small amount of HBAR to Ledger and when you see its there, you can send the rest. Fee is so small that shouldn't be a problem.

Thanks man. I like this forum. I joined multiple facebook groups with 500k users but the advice is usually worthless.
I've learned more here in 2 days than there in 3 months.

[dkbit98]

Now I am reading about how to use the device, I can see that there is a 4.25% transaction fee for buying and selling (!!)

This fee for purchasing and selling Bitcoin for fiat currencies using their Ledger app, but you can buy it without fee using P2P trading or with any other exchange.
Ledger app is made just for lazy people who don't use their brain very much.

For every transaction, I assume. This fee is ridiculous and will eat most profit of anyone who buys and sells on a regular basis. I find anything over 0.25% ridiculous.
I don't pay any fees at all to send money to anyone. I used to have a bank that charged 4% on the exchange abroad, and I left the bank immediately for this reason.

For every blockchain transactions you will have to pay fee, but you are mixing apples and oranges, and adding fiat payments in the mix.
You are paying fees when you send fiat money and Paypal you used for purchasing ledger wallet, and it's easy to confirm that in your account.

Which devices do you use and what are the fees?

I use many electronic devices and pay normal blockchain fees, I certainly don't use stupid ledger app for buying something with fiat money.

[WeThePe0ple]

Now I am reading about how to use the device, I can see that there is a 4.25% transaction fee for buying and selling (!!)

This fee for purchasing and selling Bitcoin for fiat currencies using their Ledger app, but you can buy it without fee using P2P trading or with any other exchange.
Ledger app is made just for lazy people who don't use their brain very much.

I assume you mean Ledger Live. I only bought the hardware Ledger wallet for security reasons.
In that regard I am very curious about the effect of coming regulations in the EU/USA on exchanges.

[mk4]

I assume you mean Ledger Live. I only bought the hardware Ledger wallet for security reasons.
In that regard I am very curious about the effect of coming regulations in the EU/USA on exchanges.

Just use Ledger Live solely for updating the software. For wallet purposes, personally I'd say using Ledger+Electrum/Wasabi is far better than using Ledger Live. Ledger Live is simply too slow and clunky for me; with too much unnecessary bloat.

[NeuroticFish]

I assume you mean Ledger Live. I only bought the hardware Ledger wallet for security reasons.
In that regard I am very curious about the effect of coming regulations in the EU/USA on exchanges.

Just use Ledger Live solely for updating the software. For wallet purposes, personally I'd say using Ledger+Electrum/Wasabi is far better than using Ledger Live. Ledger Live is simply too slow and clunky for me; with too much unnecessary bloat.

Since OP is using Ledger also for altcoins (see his second post in here // HBAR), I think that this advice is not OK/enough for him.
There may be a proper HBAR wallet around there that works with Ledger, but I don't know. Electrum/Wasabi will probably not.

[Lucius]

There may be a proper xxx wallet around there that works with Ledger, but I don't know.

There is a wallet that supports this token and at the same time it can be connected to HW, which is visible on the official Ledger website. The real issue here is not that the OP doesn't understand some things, but that he will invests in shitcoin, which he mentioned by the way in at least 50% of his posts on the forum so far. Discussion of such things is for Altcoins, not B&H or Bitcoin discussion.

[mk4]

Since OP is using Ledger also for altcoins (see his second post in here // HBAR), I think that this advice is not OK/enough for him.
There may be a proper HBAR wallet around there that works with Ledger, but I don't know. Electrum/Wasabi will probably not.

I've used Ledger with altcoins as well, with Ethereum through MetaMask and with Solana through Phantom. If the altcoin's wallet developers are at the very least slightly competent, they should have native Ledger support.

[WeThePe0ple]

There may be a proper xxx wallet around there that works with Ledger, but I don't know.

There is a wallet that supports this token and at the same time it can be connected to HW, which is visible on the official Ledger website. The real issue here is not that the OP doesn't understand some things, but that he will invests in shitcoin, which he mentioned by the way in at least 50% of his posts on the forum so far. Discussion of such things is for Altcoins, not B&H or Bitcoin discussion.

I posted a topic about the specific coin in altcoin discussion. Just trying to find out about the technology and trying to collect as many opinions as possible.
It got no replies. I believe it is because most people just don't know.
You can keep repeating it's sh*t but I'm mainly looking for reasons why. Tell me there

[dkbit98]

You can keep repeating it's sh*t but I'm mainly looking for reasons why. Tell me there

You don't really need any special explanation to describe shit, but most shitcoins are centralized useless junk, and this is not the correct board to talk about them.
Difference is that nobody is controlling Bitcoin, there is no premine or some central authority to control anything.
You can use Ledger wallet to keep both Bitcoin and altcoins, but for altcoins it would be like keeping bananas in secure safe, they will be rotten soon enough.

[hd49728]

OP misunderstood that transaction fee is always mandatory for on-chain transactions and who charge fee for on-chain transactions? It's not Ledger Nano X.

OP bought coins from exchanges and withdrawn them to OP's Ledger Nano X wallet. The transaction fee (for withdrawal) is charged by exchanges.

In addition, must take into account fee from buying (taker or maker fee).

Lastly, exchanges charge a same fixed withdrawal fee and they don't take into account how much you withdraw (small or big). I guess OP just make a small withdrawal so the fee per total capital should be high.

[Findingnemo]

There may be a proper xxx wallet around there that works with Ledger, but I don't know.

There is a wallet that supports this token and at the same time it can be connected to HW, which is visible on the official Ledger website. The real issue here is not that the OP doesn't understand some things, but that he will invests in shitcoin, which he mentioned by the way in at least 50% of his posts on the forum so far. Discussion of such things is for Altcoins, not B&H or Bitcoin discussion.

I posted a topic about the specific coin in altcoin discussion. Just trying to find out about the technology and trying to collect as many opinions as possible.
It got no replies. I believe it is because most people just don't know.
You can keep repeating it's sh*t but I'm mainly looking for reasons why. Tell me there

Everyone has their own rights whether to post a comment or not, no one can force users to reply in their thread, if you feel that you asked the mandatory question and doesn't really discussed never before here then you may raise the question whether the forum os lacking knowledge...

[Lucius]

I posted a topic about the specific coin in altcoin discussion. Just trying to find out about the technology and trying to collect as many opinions as possible.
It got no replies. I believe it is because most people just don't know.
You can keep repeating it's sh*t but I'm mainly looking for reasons why. Tell me there

Listen, I have no problem with you or anyone else investing in anything, let everyone do whatever they want with their money. The thing is that the place for a discussion about altcoins is exactly where you opened your topic, and the fact that no one answered may give the best answer as to how important that project is.

This is not a reason to mention the same project in the Bitcoin discussion or B&H, because it gives the impression that you are promoting this altcoin - and you also claim that all the big world companies have something to do with it, in one way or another. I stopped visiting that board a long time ago, and I'll tell you the reason - when I was a beginner and years later, I believed in some projects like the one that impresses you now, and they all disappeared as if they never existed.

[PX-Z]

In addition, must take into account fee from buying (taker or maker fee).

Lastly, exchanges charge a same fixed withdrawal fee and they don't take into account how much you withdraw (small or big). I guess OP just make a small withdrawal so the fee per total capital should be high.

Yeah, both buy order fee and the transaction fee. Buying with big amount or not, you can still feel the fees particularly buying from the sites referred by ledger live like changelly.

As for the suggestion in buying HBAR on binance, your issue is not the withdrawal fee because it is surely cheap. But the fees of depositing fiat there either using card or bank or other payment options. Not to mention you will need a KYC ^{(surprised nobody mentioned it)}.
Although you can use P2P on binance but you need to be careful from scam attempt, though it's rarely happen but Yyou still need to watch your back.