What is cheapest way to buy Bitcoin?

[albert0bsd]

Hey everyone.

I need some advice on buying Bitcoin without losing a chunk of its value. So, here's the deal: I bought some Bitcoin on CEX, but every time I move it to my non-custodial wallet, I end up losing around 7 to 10% of its value this include bank fees, exchange fees and network fees. That's a lot, and I want to find a better way to buy Bitcoin where I don't lose so much during transfers.

Can anyone share their experience or suggest a platform or method that offers lower fees when buying and transferring Bitcoin? I'd really appreciate your help! Thanks!

[wallet4bitcoin]

You can actualy buy an alternative coin using your card on a CEX and then you change the coin to btc and then you send to your non-custodial wallet so they only get to charge you btc at withdrawal levels alone.

For example, I alwasy covert my coins to trx since withdrawal fee is 1 trx which is about $0.07, so I get to pay the normal exchange fee for the exchange process and then withdraw with a fee of $0.07 and then I get to change it to what I want but this is from CEX to CEX exchange.


If you can buy via peer to peer its the best for you but ensure you are very careful so you don't scammed.

[albert0bsd]

Thank you for your advice, i will try it the next time

If you can buy via peer to peer its the best for you but ensure you are very careful so you don't scammed.

Well when i said P2P it was the Binance P2P, i have more than 30 transacction in that p2p network and it works well, i hope to keep that Good luck.

Is there other sugestion for this?

[AbuBhakar]

Can anyone share their experience or suggest a platform or method that offers lower fees when buying and transferring Bitcoin? I'd really appreciate your help! Thanks!

Binance Platform gives you the best rate in terms of P2P price orders since it’s the most used exchange. You can try to compare the prices on Bybit and Okex because the price difference is due to the P2P traders preferred price.

Use the forum currency exchange if you want a real fair value. It’s either find someone who will accept direct bank payment or use paypal to exchange it with Bitcoin at Preev.com rate. P2P rates and fee’s usually doesn’t consume above 7% unless the order price being set by P2P user on your currency is very high on the average price of Bitcoin.

[noorman0]

Binance Platform gives you the best rate in terms of P2P price orders since it’s the most used exchange. You can try to compare the prices on Bybit and Okex because the price difference is due to the P2P traders preferred price.

Op has been trading there and seems dissatisfied with the fees. I don't have any ideas for other exchange methods other than the Currency Exchange section which allows customizable requests.

Question for OP, are you ready for KYC? Some centralized exchanges actually offer very low withdrawal fees and LN methods.

[hugeblack]

The cheapest way depends on your country and the payment options available to you. For example, if you are from country
Therefore, unless you mention the name of your country and the payment options available to you that you can make, you will find random suggestions.
Bisq and Binace P2P are where you find these people, and if you are lucky, you may find a user here, and then the fees will be zero.

[Zee27]

Thank you for your advice, i will try it the next time

If you can buy via peer to peer its the best for you but ensure you are very careful so you don't scammed.

Well when i said P2P it was the Binance P2P, i have more than 30 transacction in that p2p network and it works well, i hope to keep that Good luck.

Is there other sugestion for this?

Bitget exchange also offers p2p. You should check that too.

[Bitcoin_Arena]

Firstly, it depends on the Country you are from. Different locations have different payment methods and banks that charge different forms of fees. Some expensive while others are cheap.
But a centralized c2c service (Read Binance p2p) usually offers the best rates due to very many offers available, but this is at the cost of your privacy.

In my locations, I usually see very good offers, sometimes even above the market value (for sales) and below the market (value for buys)

[Beerwizzard]

Well, as it was said, p2p is the cheapest option and you wouldn't find any cheaper option rather than binance as it have the largest trade volume.

However, the withdrawal fees for BTC are pretty high and I've got a small lifehack for that: there is a platform called Nexo.io that grants at least 1 free withdrawal monthly (or more when they have promotion). Therefore, you can an altcoin on the cheapest network, exchange it to BTC and withdraw on the main net for free. I'm usually doing this when I need to withdraw small amount of ETH for transaction fees.


P.S. Nexo got a referral program that gives you 25$ in BTC if you hold 100$ there for a month. DM me for a link if anyone interested.

[slaman29]

P2P on CEX sucks. You want to try and get contacts of dealers direct, build trust, then p2p direct (literally).

Build up first with CEX traders or find out local forums, usually they do online money exchange in Asia but also have BTC.

Where are you from? This can help.

[livingfree]

Try to ask someone from the forum if he can do the deal for you and you'll just pay him/her in any payment method that you can that you're going to agree with.

It seems that we've got the same suggestions about finding someone through the forum on Currency Exchange that will agree to deal with you.

If the person you'll deal with is unknown and not reputable, use escrow. I guess that there's no escape in fees but it's lesser than the traditional.

[alastantiger]

Well when i said P2P it was the Binance P2P, i have more than 30 transacction in that p2p network and it works well, i hope to keep that Good luck.

Is there other sugestion for this?

Another suggestion is to offer a service or sell an item and ask the client or customer to pay you in Bitcoin if they don't mind. This way you do not lose any part of it on transaction fee.

Another suggestion is that if you are part of the winners in a competition, you can request that whatever physical prize they want to give you be converted to its Bitcoin equivalent and sent to your wallet.

[Crypto Library]

Thank you for your advice, i will try it the next time

If you can buy via peer to peer its the best for you but ensure you are very careful so you don't scammed.

Well when i said P2P it was the Binance P2P, i have more than 30 transacction in that p2p network and it works well, i hope to keep that Good luck.

Is there other sugestion for this?

Sorry, correct me if I get wrong that by peer-to-peer system do you mean only Binance's peer-to-peer system?
Yes, Binance's p2p trading is also within the peer-to-peer system, but it is limited to that centralized exchange. As I am seeing that you are a senior member rank holder, and your local community is Spanish, I will now give you the initial suggestion that you build a good network with your local community members (reputable) or with other members on the forum.
Then you can do your transaction in the forum through currency exchange.
I am sure that on your local community or in the Forum here lots of users are using Binance.  And I think you know that these kinds of CEX  don't charge any fee for the internal transactions.
So you can create a thread on currency exchange board  and mention that you have dollars or  Bitcoin on your Binance account,  you want X.XXX  amount of BTC on your non-custodial wallet. Now you basically need to bring those BTCs to your non-custodial wallet at a low rate(withdrawal).
Now you need a person who has that X.XXX amount of BTC in his non-custodial wallet, and the withdrawal fee in a non-custodial wallet is usually a few cents, so you have to bear the cost for the transaction. I think this way is the least you can complete your transaction with small fee.
Like:
Trust-wallet to Trust-wallet
Binance-ID to Binance-ID
I completed this type of small transaction few days ago You can visit the thread if you want for in details.

[GeorgeJohn]

When buying bitcoin at a cheaper rate and low of transactions fee, I think that the best way you can buy bitcoin without more of fees is when you buy through p2p, the transaction fee will be lesser than when you purchase through exchange, what exchange does during purchasing of bitcoin in their platform is that they will change you a transactions fee in which its what they use to run the exchange whereas when you purchase through someone you know or the one you don't know what will actually take place is the block chain fee which will not be up to 1dollars, but it's obvious that the higher the transaction the higher the fee and the lower the transaction the lower the fee as well.

[cabron]

Just the cost of doing business. Think of it as a fee for buying BTC and then a withdrawal fee as well. If you can find a BTC holder within your city I guess that's the cheapest way if he agrees to meet up and directly send the coins to your wallet.

You would be glad to actually just pay the withdrawal fee from the CEX as long as you are safe and your coins are safe. A few satoshis for the fee is nothing if you make it thru the bull run.

[Hamza2424]

Hey everyone.

I need some advice on buying Bitcoin without losing a chunk of its value. So, here's the deal: I bought some Bitcoin on CEX, but every time I move it to my non-custodial wallet, I end up losing around 7 to 10% of its value this include bank fees, exchange fees and network fees. That's a lot, and I want to find a better way to buy Bitcoin where I don't lose so much during transfers.

Can anyone share their experience or suggest a platform or method that offers lower fees when buying and transferring Bitcoin? I'd really appreciate your help! Thanks!

What... How can you lose 7% to 10% on the network fees and transaction costs.. Buddy, can you please elaborate as far as I know it cant cost that much.. While transferring from the custodial wallet to a centralized exchange or even if the exchange has some fixed withdrawal fees it still cant be 7%.

if you really want most cheaper way as suggested below use P2P + if you are doing DCA with a small amount and the exchange has any kind of fixed fees and you are losing much in transection better to hold till a specific amount then withdraw on a suitable time to custodial wallet.

Looks like I just misunderstood the context.. You are moving your BTC from custodial to CEX and from CEX to Local .. Am I right.. buddy if you are doing this soo firstly you are playing with your identity as in this whole process you lose your privacy + on the second end its costs much, but I think in P2P the system fees like Bank transection fees should be paid by the Buyer who is sending you the Local amount. I would say you better find a way to sell BTC to locals directly in a single transaction.. It's possible with a Local retailer or with a P2P transaction.

P.S. Nexo got a referral program that gives you 25$ in BTC if you hold 100$ there for a month. DM me for a link if anyone interested.

Wasnt expecting such type of Promotion in the posts... it sounds like some Ponzi scheme ... Why 100$ for just 25$ really do you consider it a good way to obtain some extra bucks... anyway I'm not aware of it much (authenticity & legitimacy).

I was reading a couple of reviews that need to have a look as in reviews the top reviewers rated it 3 to 4 stars... anyway I'm not enodrsing this portion at all. Juat for fact.

[YOSHIE]

Can anyone share their experience or suggest a platform or method that offers lower fees when buying and transferring Bitcoin? I'd really appreciate your help! Thanks!

As far as I know, crypto exchanges in each country or region have varying rules, where transaction fee deductions are not the same, maybe you should be able to differentiate the CEX exchange from the exchange that operates in your area, I'm sure the fees are not much different from other exchanges, regarding transaction fees.

OP, one thing to show you about the comparison of fees between exchanges that I've seen, maybe if you want to review it here: Topic: Crypto exchanges comparison [trade fee + listing fee + age + mobile app + more!]

Hopefully the topic above can be an answer and an option for you to exchange and compare cheap costs.

[taufik123]

Is your goal to buy Bitcoin for the long term?
or do you just want to trade on CEX?
If your goal is for the long term then using P2P is best.
There will be a price difference but it will be worth the long-term goal.

The difference is also only a little and now all exchanges have their own P2P, just do KYC if you don't mind that.
But if you don't want to do KYC, then you can't use the P2P feature.

Actually, there will be many ways, it's just that the fees for transactions will vary but let's just say it's a fee for the long term that will be replaced by the benefits of your Bitcoin investment.

[panganib999]

I always buy my bitcoins through P2P exchanges, I found that these sites charge people less than with any other way there is. So you basically need to just prepare a payment method which in my case is my digital banking app, use P2P on something like Binance, and from there buy other cryptocurrencies first, TRX as many have mentioned here is a pretty good coin to buy if you're doing this as it's cheap as heck even after network fees. After this you just need to convert the TRX you have into bitcoin, and send it over to a hot wallet and then to your self-custodial wallet to make sure you're safe and secure.

It's quite easy if you know what you're doing, and if there's any other method out there that doesn't involve mutual trust between another person who you don't have any idea who is, let us know.

[Rruchi man]

Try to ask someone from the forum if he can do the deal for you and you'll just pay him/her in any payment method that you can that you're going to agree with.

Thinking from the other side, be careful and avoid agreeing to send money to any user without any reputation that sends you a private message with any kind of message in the form of they being able to sell bitcoins to you at a cheap rate if you will send money. It is a scam!

You have put yourself in the radar of these people by showing interest to know the cheapest way to buy bitcoins, so you have to be careful.

Just a friendly warning.