I have been writing a lot about how I plan on doing recurring investments with the start of my new job. Now looking at the situation practically, one thing that I am concerned about is how much I will have to end up paying in fees if I continually reinvest.
Of course there are a ton of different options, but today I'm just going to take a look at the apps that I have on my phone and see what everything would cost.
For this, I will be checking to see what the cost to buy $200 of Bitcoin with a linked debit card would be and see what the fees would add up to after doing this for a year.
Coinbase
When buying $200 of BTC on Coinbase, I would have to pay $2.99 in fees. This would equate to $155.48 of fees after a year.
Uphold
When buying $200 of BTC on Uphold, I would have to pay a 3.99% card fee, which would be $7.98. This would equate to $414.96 of fees after a year.
CashApp
When buying $200 of BTC on CashApp, I would have to pay $4 in fees. This would equate to $208 in fees after a year.
Strike
When buying $200 of BTC on Strike, I would have to pay $0 in fees... This would equate to $0 in fees after a year... A clear option at this point.
Trustwallet
When buying $200 of BTC on Trustwallet, I would have to pay $2.43 in fees. This would equate to $126.36 in fees after a year.
Crypto.com
When buying $200 of BTC on Crypto.com I would have to pay a 2.99% card fee, or $5.80. This would equate to $301.60 of fees after a year.
Well from this experiment, I will clearly be using Strike for my recurring investments. Unless anyone has another option to get fee free BTC, I will likely be doing my business with them!
Hope you found this interesting! I sure did.
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