Background

For over a decade now I have been investing in a limited number of stocks and received great return from them. Although after turning down a number of bitcoin at a price of £500 I grew curious to what cryptocurrency involved.

In late 2020 I took the first step into trading cryptocurrencies but with so much information available it was very confusing where to start. 

Revolut

I has previously been using the app Revolut to buy and sell stock and once cryptocurrencies become available on this exchnage I made my first purchase. I found it extremely quick and easy as my bank account was already linked to the app so transferring money was quick and easy with no fees. Although being early into my venture I noted that the fees to buy any coin was higher than I was expecting but this was quickly return with the price of coins rising. 

My main focus initially was on eth, xrp and xlm. The price of XRP at this point was 0.30p a coin and by April 2021 was up to £1.30 offering the greatest return of all the coins. When I noticed that the selling fees where extremely high as well I started looking into other exchanges to use. 

Coinbase & Binance

I registered with Coinbase but due to the ongoing SEC lawsuit, Coinbase had delisted XRP and with their fees also higher than Binance I made a decision to switch from Revolut to Binance. In Revolut there are no specific wallets and you are unable to transfer out of Revolut. Instead I sold all my coins in Revolut and transferred the GBP Fiat into Binance. With faster payments available back then there were no fees to transfer money into Binance and a buying fee of 0.1% for any coin offered great return. 

When governments and the FCA applied stricter restrictions on the market Binance stopped faster payments and any new transfers of fiat currency in and out of the exchange. This has since been resolved but any transfer of money onto the Binance platform comes at a 1.8% fee.

If I could do things differently I would have used Binance from day one. Although I still use other apps like Coinbase, I also use another external wallets to stake my coins which I will go into in a different blog. But for now my preference would be to use Binance when purchasing coins but beware at present the fee for transferring 1.8% and buying coins 0.1%.