Tips for newcomers to avoid fees ⋆ Crypto new media

Hi everyone, I see a lot of newcomers in the group, and many questions about fees. Here are some simple tips to avoid them.

* First of all, current fees on the Ethereum network are very high. This means that you will pay a lot to transfer from wallet to wallet or to use DeFi functions. This is the same everywhere. You just have to be aware of it before transferring to DeFi or to a custodial wallet.
* If you want to trade often, use exchanges instead of apps, you will be able to trade with best price and close to no fee. If you use Coinbase, use Coinbase Pro, if you use []( App, use []( exchange, or use exchanges such as Binance. Transferring from app to exchange and back is free and instant. Trading on apps will always have a spread and/or fees, which means you will not get the best price. On exchanges you will have a better price and very low fees. It is more advanced though.
* If available in your country, use a bank transfer instead of your credit card to buy crypto. Bank transfers occur no fees usually contrary to credit cards. They are usually available on most gateway platforms. If you use a bank transfer and an exchange, you can trade with next to no fees.
* If you want to transfer ETH or a token with high transaction fees to another exchange, you can use another network : transfer to exchange, sell ETH to another coin with low transfer fees such as Litecoin, XLM or XRP, transfer to other exchange and buy back ETH there. It can be useful to avoid network fees. Also you can do the same if you want to reduce transaction delays. Use another network. Or wait a few months for optimistic rollups on ETH 🙂

Hope it helps, welcome to everyone and happy trading !

View Reddit by ddbekView Source

Source link


Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *