Hello friends i have not been buying cryptocurrency for a while,this time i tried to buy and only to realize that the network fees and exchanger fees are rediculously high.I tried to use paybis and paying with astropay.Right now if you want cheep crypto it means you are partying away with a flat $5 and above.That means someone who wants $20 worth of crypto has to give you $25 and or above.If you are looking at yellowcard and Binance for afruica it is even worse.Yellowcard has low rates if selling to you and high rates when youare buying from them,Binance peer to peer can charge a $1.5 to $2 plus higher per dollar worth of crypto you are trying to buy.
Where are you buying crypto for cash?
- Thread starter Carson20t
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- #3
I am sure there are a lot of people that have flexible conditions if they do have but i want menthods from exchangers and wallets both within africa and internationally where one can be able to buy crypto at a relatively cheap price.This will help us get to help each other more.
It is continously becoming a nightmare to use cryptocurrency if you do not have a work around and want to be profitable.If you buy cryptocurrency and compare it value to the dollar you find that you lose out atleast a minimum of $3 but others have a huge network fee because yiou are going to need to transfer it to the other person as well.
In my country crypto users can easily transact both buying and selling crypto, and currently there are more than 25 crypto exchanges that have permission from the government. of course users can buy with fiat money IDR or ewallet. but I haven't found a crypto exchange that supports Paypal.
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Thank you for sharing how things move according to you,the thing is that are you able to buy cheap crypto that costs you a minimal amount in fees.Take for example if you have $20 then are you able to buy atleast $18 worth of crypto in it or you just might find yourself buying $14 dollars worth of crypto or its equivalent in that amount?
If I buy crypto with fiat money or a $20 bank transfer I will be charged 0.011% VAT, besides that I will also be charged a transaction fee of around 0.1% and a withdrawal fee of almost $1. So the crypto I earned was about $18. Each crypto exchange will charge a different rate.
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Thank you for sharing on this,it seems you have a fair opportunity there,for me as at now things have become so cumbersome and i have to lose not less than $5 per transaction that i am making.I will have to continue exporing the best methods that will work best for me.
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Do you make a calculation and compare the crypto worth that is beimg deducted on you?for instance if you had $20 worth of naira and if you get $18 dollars worth of cryptocurrency then it would be great but sadly on binance that is not possible because the percentage for convertions do not add up to that but are even higher.You need to calculate.
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Wow that is amazing,you mean to tell me that what hits your bank account when you sell a $100 worth of cryptocurrence is $95 dollars worth of cryptocuurency?that is a fair deal if that is the case.For me with yellowcard i have to lose about $10 or even more.This is because when buying $100 worth of cryptocurrency then what will hot my wallet will be less by $5plus then i will be charged a network fee if i am sending it to someone again even for ltc which we say has a low network fee.
Yes, more or less that amount, what exchange do you use? Binance? The yellow card you mention is from that exchange? Maybe you should try other exchanges to see if you can improve the rates.
I use P2P but the rate is bit on the high side. But i noticed that the more fund you have for exchange, the less the rate drops.
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Currently I do not even want to buy crypto with fiat.I just collect crypto with earnings in sites that I earn and withdraw in crypto.
A few days ago I wanted to start arbitrage trading but I have diverted the investment to rearing chickens.So for now I am turning into a farmer.
It seems the fees for buying cryptocurrency have become quite high these days. Losing $5 or more on a $20 transaction is a big portion to pay as fees. I hope the exchanges can find ways to reduce these costs so more people can easily buy crypto. Otherwise it will be difficult for adoption to grow.
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Very true unless one is buying cryptocurrency in bulk i too cannot encourage people to buy crypto and add a little fee like a dollar and except profits.In this age it is beco,imh very expensive because most exchangers place a commission before you buy and you will expect a network fee which in most transactions it is not less than 0.5cents or even as high as $5 when there is conjestion.So not viable for low volume trasnactions.
The only place to do this without the risk of getting scammed is binance as there is binance that refunds you if the owner is trying to get payment without holding the crypto with a video proof of transaction and scamming your money.
I never purchased cryptocurrency with cash, i earn them online and form thus earning i try to flip them amd trad with them amd make more out of it, i have sold my coins for friends and i relize that the exchanging rate is very high.