What is cheapest way to buy Bitcoin?

[jeraldskie11]

Binance is the finest exchange for me, except that it is a trusted exchange and there is a small fee. If you want to avoid paying bank transfer costs, I recommend Binance P2P. In my country, the best e-wallet to use is Gcash, which has no fees. After that, you can transfer funds from your bank to your wallet by using the bep20 network and selecting a wallet that accepts bep20 tokens. Because I've been using the trustwallet app for a long period, I can suggest it.

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[albert0bsd]

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.

Agree, it alone doesn't consume that amount but i mean all the process fees (Bank fees, exchange fees, network feess)

Question for OP, are you ready for KYC?

I know this and it is not a problem for me, once than send the balance to my Non-custodial wallet (sparrow) i can use the some mixer.

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

Thank you i am going to check it.

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.

I know that p2p on those sites sucks, that is why i am trying to find alternatives

I am from mexico btw...

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.

Yes I'm considering it, i will try some of it maybe in some month or two, first i need to deal with some personal stuff.

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.

Thank you i am going to try something like that. thanks.

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.

Thank you again I am pretty aware of that, in telegram i deal with that people all the time, i know more or less their tactics..

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!]

Good thanks, i am going to read it right now.

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%.

I am going to put two examples:

On August 14, 2023 I buy 314 USD in bitcoin on CEX blockchain.com but they charge 14 USD for the purchase (I pay with bank card), And when i withdraw it from the CEX to my non-custodial wallet the amount was reduced to 280 USD

Another was yesterday, I buy near 56 USD in my local currency on P2P in binance.com when i check the amount of bitcoin in current price it was only 53 USD, but when i send it to my non-custodial wallet it was only 51 USD

[noorman0]

I know this and it is not a problem for me, once than send the balance to my Non-custodial wallet (sparrow) i can use the some mixer.

Now check these withdrawal fees comparison. I've checked some exchange accounts and they match the latest fees.
I suggest you to go to okx, the minimum purchase using fiat is $30 (note the minimum withdrawal is BTC.0001), and you are required to KYC.

[Fuso.hp]

Bitcoin transaction fees don't seem too unusual to me now. Bitcoin transaction fees are much more normal than before. If I'm not mistaken now it costs around 0.40$-0.70$ per transaction to trade bitcoin. If you have such a transaction cost then you should also look at it as normal because you may not be able to transact bitcoins with less than this and even if you do you may have to wait a long time for a transaction to complete.
A few days ago Bitcoin transaction fee situation was unusual because at that time we had to spend about $15 to $20 per transaction to do Bitcoin transaction which is really unusual. However, compared to that time, the current Bitcoin transaction fees are quite normal.

[FatFork]

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Paying $14 in fees for a $300 cryptocurrency purchase is quite steep. That's almost a 5% fee! Personally, I wouldn't agree with a fee higher than 1% to 2% for fiat to crypto conversion.

Are there any local crypto exchanges available in your area? I'm not sure about the regulations in Mexico and whether cryptocurrency trading is allowed there, but in general, making direct bank payments to your CEX account should be more favorable than using credit cards. That's how it works here where I'm from. I can transfer Fiat to my local exchange with minimal fees and then use those funds in my balance to trade on the platform.

Another option could be to check with your local community. P2P transactions are often the best choice. See if there's anyone nearby who's interested in trading in person or through bank transfers.

[hd49728]

Paying $14 in fees for a $300 cryptocurrency purchase is quite steep. That's almost a 5% fee! Personally, I wouldn't agree with a fee higher than 1% to 2% for fiat to crypto conversion.

Is Remitano available in Mexico?

I see it is available for Mexico but not sure, OP can try.
https://remitano.com/home/mx

On Remitano, they did not charge fiat deposit or withdrawal and only charge withdrawal in cryptocurrency like Bitcoin.
Withdrawal fees are not cheap but if OP can wait for withdrawals after some DCA rounds, I think the fee is acceptable.

https://remitano.com/forum/mx/fees

[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.

I know that p2p on those sites sucks, that is why i am trying to find alternatives

I am from mexico btw...

Try LocalCoinSwap and Paxful first. Then, look for the good traders/sellers. Loads of feedback and reputation. Make trades then try to ask for direct contact especially in Mexico.

Direct transfer on future trades for faster/cheaper. Risk is always on you because you send first but that's why you build trust.

https://paxful.com/buy/bitcoin/mexico

https://localcoinswap.com/buy/bitcoin/mexico

Patience find cheap buy

[cheezcarls]

For me the cheapest is via P2P whether on-site meetup or in exchanges like Binance. I tried both when buying and selling BTC and so far so good.

It’s a good thing that my friend is trusted and an old high school batchmate of mine when I deal with him in Bitcoin. Then I also had an on-site transaction with another referral coming from a very good colleague where everything went smooth in doing the P2P transaction.

I find this much cheaper than buying in custodial wallets where transaction fees are really too much for me to handle.

[xzy887]

First, the way to buy bitcoin cheap is dependent on the market. If you buy bitcoin with patience then you can buy bitcoin at cheap price. Because bitcoin is constantly up/down. You will always try to buy when it is down.
Second, it will depend on your country how cheap it is to trade in the country you live in. Still you can buy bitcoin very cheaply on Binance p2p. If your country has legalized this.

[DVlog]

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!

Are you using legacy addresses to store your Bitcoin? Using a sweet or lightning network can lower the transaction cost even from the exchange. I think it's below $0.1 so 7 to 10% seems too much for me. If it is the bank who is charging most of the fees then I think you can not do anything. Because most of the bank has similar fee structures. Anyway, there are a few exchanges that change high withdrawal fees.

[albert0bsd]

Are you using legacy addresses to store your Bitcoin?

No, my external addresses are now segwit and taproot

Thank you guys i think that is time to close the post I already have enough answers

In resume is the next

• avoid using debit/credit card for it
• search another token currency to pay less fee for withdraw
• search for the best exchange rate in P2P
• buy when the price is low

By the way i post a topic in the Currency Exchange section: I want to buy bitcoin periodically