You are probably paying more to get your Bitcoin

[FirmWars]

My brother from another mother have been a victim to extra spending for the past months and I just discover this recently, I plan to share on here to stop anyone doing the same thing, thinking its easier.

There are few crypto wallets that have features within the wallets where you can buy yourself some Bitcoin and altcoins, this makes it easier and safer to buy coins through wallets no doubt, because you will go through the right links, no scam links, yea they did the work for you, but...



How much are you been charged to buy coins through those wallets? If you are using this feature you have overspend on transaction fee than you should.

My brother was a victim and I discover that the charges are too high, compare to me buying Bitcoin on Binance exchange and withdraw it back into my wallet, the wallet charges 4$ for a transaction where as on Binance it's not up to 1.5$

Not much?

Do this transactions for few times in a month, it's still something, before you know it, 50$ worth of transaction fee will be 100$ fee using exchanges within wallets.

Go on popular exchnages yourself and buy your Bitcoin and withdraw back into your wallet, a little drop of water makes a mighty ocean, stop getting those crypto wallet companies rich.

They are Banks in disguise.

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[Plaguedeath]

Binance charge 0.0005 BTC as the withdrawal fee, it's worth around $15, how it's even possible you can say Binance only charge up to $1.5?

Well those instant swap is always charge higher fee, similar like Bitcoin ATM. Your brother is too ignorant for not looking how much the fee that he have paid to the site. This is why many people are advising you shouldn't buy Bitcoin when your money is still small, you need to accumulate it and then buy Bitcoin, so the fee wouldn't really hurt you.

[Oshosondy]

Buying bitcoin can be cheaper, the exchange rate will determines that.

Buying altcoins directly with fiat would be of high fee. It it is better to buy on an exchange, buying directly from someone selling on an exchange with good exchange rate. Because buying like that directly on your noncustodial wallet, you still have no privacy just like on centralized exchanges.

My brother was a victim and I discover that the charges are too high, compare to me buying Bitcoin on Binance exchange and withdraw it back into my wallet, the wallet charges 4$ for a transaction where as on Binance it's not up to 1.5$

If you check the exchange rate if you want to buy directly on your noncustodial wallet, it is not favorable. If you use an exchange, withdrawal fee to send altcoins can be cheaper. But the withdrawal fee for bitcoin is high and you can decide to buy directly on your wallet if not charged more than $4. But the more amount you want to buy directly on your wallet, the higher the fee because of the unfavorable exchange rate.

[Timmzzy]

Good one OP but in the beginning of crypto or will i say introduction of STABLE COINS, i just kept using USDT for all my transactions i hardly make use of bitcoin for transactions or other assets that aint stable coins. because the fear of what if this coin dumps immediately i just purchased it or want to store it for later use, like this imagination comes to my head always and it scares me deep.

[Zaguru12]

Binance charge 0.0005 BTC as the withdrawal fee, it's worth around $15, how it's even possible you can say Binance only charge up to $1.5?

Yes 0.0005BTC is the amount charged by binance when using a native segwit address. OP might be using other address but even a legacy address on binance is 0.0001BTC which is around $3.

Good one OP but in the beginning of crypto or will i say introduction of STABLE COINS, i just kept using USDT for all my transactions i hardly make use of bitcoin for transactions or other assets that aint stable coins. because the fear of what if this coin dumps immediately i just purchased it or want to store it for later use, like this imagination comes to my head always and it scares me deep.

It is still better to store bitcoin that all the stable coins (even usdt included) if you can recall the depegging of USDC, it is still possible in USDT because it is not full backed by the dollar it claimed. More so saving is done on something that has value or is a store of value and if an asset or coin isn’t an hedge against inflation then it is not a store of value. With usdt claims that it is pegged with dollar then it would certainly be affect with inflation. Also the centralization of it is another thing that makes bitcoin a better investment than it.

But it can be used for a quick transaction when there is mostly congestion in the mempool and bitcoin transaction fee is high

[BenCodie]

My brother from another mother have been a victim to extra spending for the past months and I just discover this recently, I plan to share on here to stop anyone doing the same thing, thinking its easier.

Buying on apps, or using Bitcoin ATMs, or even using centralized exchanges, will always come with cost and/or privacy caveats. Unfortunately people love to pay for convenience instead of caring about being cost efficient or savvy. Until that changes, these apps will always be in business. To be fair on the apps, mostly these charges are due to the risks and costs involved with credit card processing. The fees involved are different for every business.

If you want to be superior in privacy and justify the cost in doing so, use a platform like AgoraDesk or HodlHodl, where you can at least get privacy for your money and the profit goes to people, instead of institutions like Binance.

How much are you been charged to buy coins through those wallets? If you are using this feature you have overspend on transaction fee than you should.

My brother was a victim and I discover that the charges are too high, compare to me buying Bitcoin on Binance exchange and withdraw it back into my wallet, the wallet charges 4$ for a transaction where as on Binance it's not up to 1.5$

They are Banks in disguise.

You want to know something funny about this post? TrustWallet is owned and operated by Binance. You are telling people to go away from TrustWallet (Binance) because they are banks in disguise....and yet you are redirecting them to the same company.

[OmegaStarScream]

Binance charge 0.0005 BTC as the withdrawal fee, it's worth around $15, how it's even possible you can say Binance only charge up to $1.5?

That's no longer the case. IIRC, they lowered them right after the congestion we had because of ordinals, and now, it's sitting at 0.000025 BTC. It's possible that it's now dynamic though so they might change depending on the network's state.

[BitMaxz]

Binance charge 0.0005 BTC as the withdrawal fee, it's worth around $15, how it's even possible you can say Binance only charge up to $1.5?

That's no longer the case. IIRC, they lowered them right after the congestion we had because of ordinals, and now, it's sitting at 0.000025 BTC. It's possible that it's now dynamic though so they might change depending on the network's state.

I just check and yes it changes to a 0.000025 withdrawal fee


And according to them

Withdrawal rates are determined by the blockchain network and can fluctuate without notice due to factors such as network congestion.

The BTC withdrawal fee just drop 2 weeks ago according to mempool

So after the drop Binance automatically adjusted to a 0.000025 fee.

[rat03gopoh]

How much are you been charged to buy coins through those wallets?

You should do some research on the wallet, especially what services they collaborate with to process payments. Wallets that integrate 2p2 exchanges usually work with a centralized service that charges a flat rate or a percentage for fiat, not network based. Also service fees are sometimes not stated explicitly, but accumulate in what they call "transaction" fees.

Btw, what wallet are you talking about?

[tabas]

That's how those wallets that has integrated exchange earn. You're paying for the convenience that they're providing to you and at the same time, they're adding some commissions from the transactions you do upon using that feature on them. We're all free to use them or not and I think that majority of the people here are aware of that and that's why we're all trading not inside a wallet but mostly on exchanges to save fees.

[Abu-Naim]

Go on popular exchnages yourself and buy your Bitcoin and withdraw back into your wallet, a little drop of water makes a mighty ocean, stop getting those crypto wallet companies rich.

They are Banks in disguise.

Going to exchanges like Binance may be advantageous due to low transaction fees, yet the most important thing to think about is your privacy.

Before Binance will permit you to purchase Bitcoin and send it out from the exchange, you must complete KYC verification, which entails providing details about your identity. Simply said, this means that even though they claimed the data was secure, they can manipulate it. You should never trust anyone with your personal information since anyone may use it to blackmail you in exchange for money.

[Yamane_Keto]

These wallets use a third party to perform exchange between cryptocurrencies, and therefore you pay two commissions, one of which is related to the third party, and the other is the real transfer fee, and it differs according to the cryptocurrency pair and the source of those coins from CEXs or DEXs, and therefore comparing it with one CEXs seems unfair.
I am against integrating central exchange interfaces into wallets, but it is a good alternative for beginners with zero knowledge, and not for traders. But if you are a trader, you will definitely have ways to withdraw bitcoins with the lowest possible fees.

Sometimes withdrawals to the wallet are considered additional risks and additional costs like the need to track the news of the developer team to know the accelerating variables (hard-fork/burn/change smart contract add) to those that developers can freeze inside your coins inside your wallet.

[PX-Z]

That's how these instant and built-in exchange works, they are just third party who also wants to make an income using other exchange services who offers api for the exchange and ita a business.

You will always faced such scenario if you can't make a comparison between other exchanges before making any transactions.

[The Sceptical Chymist]

Binance charge 0.0005 BTC as the withdrawal fee, it's worth around $15, how it's even possible you can say Binance only charge up to $1.5?

Right now on that tiny, god-knows-where-it's-located exchange, Xeggex, the withdrawal fee for bitcoin is 6900 sats.  Great, right?  Well I think the only problem is that they do so little volume that if you trade there you're probably going to pay more for whatever bitcoin you buy than the withdrawal fee.

Some of those instant exchanges are relatively cheap, like Flyp.me.

Don't know if this will be helpful or not, but I always check withdrawalfees.com to see what's what, and I think they have accurate information.  Right now the network is pretty congested, though.  Seems like a lot of people are trying to jump on the good 'ol BTCandwagon, seeing as how Mr. BTC is sitting pretty at $31,370.

[joniboini]

Simply said, this means that even though they claimed the data was secure, they can manipulate it. You should never trust anyone with your personal information since anyone may use it to blackmail you in exchange for money.

While this can happen, I believe most people are worried about data leaks more than blackmail from the exchange. That being said, other risks such as disabling accounts and so on do exist, so that's that. I do believe a service like what OP posted also requires some personal data eventually, especially if they use debit cards/fiat to buy their crypto. There's no way they can do it without KYC forever judging from how the market is moving. CMIIW.

[virasog]

Binance charge 0.0005 BTC as the withdrawal fee, it's worth around $15, how it's even possible you can say Binance only charge up to $1.5?

Well those instant swap is always charge higher fee, similar like Bitcoin ATM. Your brother is too ignorant for not looking how much the fee that he have paid to the site. This is why many people are advising you shouldn't buy Bitcoin when your money is still small, you need to accumulate it and then buy Bitcoin, so the fee wouldn't really hurt you.

As per my experience, the instant swaps and bitcoin exchange rates are higher on third-party sites as compared to Binance or any popular exchanges. Also, the withdrawal fee will vary from site to site and wallet to wallet and there is no standard here. Some may charge you extra while others may have nominal charges.

Bitocin ATM and shopping sites using Bitcoin also charge higher rates and I guess they do it because they think that the customers won't notice the difference of 5 to 10$.

Also, I noted that buying the bitcoin from inside the wallets is more expensive as compared to buying it on exchanges.