Fees and the effect on new crypto buyers

Fees and the effect on new crypto buyers

By JayC0730 | FeelSoMoon | 11 Jan 2021


I am by no means a crypto expert but keeping a longterm holding as well as a play money portfolio I want to give my thoughts on the current market. I also need to let users know I am American as that also dictates what platforms I use to buy cryptocurrency. 

 

As a seasoned user this current market had allowed me to play around with my portfolio but it has also left me crippled when it comes to small amounts of crypto. I'll just flat out say it. Unless you are moving over a $1000 it's best to stick to a top exchange. I personally use Coinbase and Kraken. 

 

When using big exchanges you can always convert or trade your coins from one coin to another in a very simple way. Outside of these platforms though the task becomes very difficult. Lets say I want to convert my HEX to Ethereum. It usually takes two fees to get this done in decentralized exchanges such as Uniswap. I have to at first pay an exchange fee followed by a transaction fee to convert my HEX to ETH.

I'll say that this is very expensive under the current prices. I am still hoping prices go down as the price increases but at this point I expect to convert small amounts of crypto to ETH from my coinbase account and send it over to my Metamask when the time comes to drop my HEX. Do any of y'all have a different way of buying crypto in a cheap and efficient way in this current market if you exclude the centralized exchanges?



FeelSoMoon
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I am a blog focused on speaking about social arbitrage and the opportunity it can present stock traders. Coinbase Referral: coinbase.com/join/mendoz_of?src=android-link

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