Newb question - Process to buy something like IOTA or ADA

[wsotoolz]

Ok so I am a complete newb to crypto and have been doing some reasearch.

For example to buy IOTA or ADA I researched that I should use coinbase to buy BTC and then transfer that BTC to something like Binance to then use that BTC to buy IOTA or ADA.

First is that correct and the best way?

Second during this process... say I deposit $100...
after fees it is like... $96.xx
Thats acceptable...

then to transfer to Binance I get hit with a network fee.. $29.xx
Leaving me with like $67.xx of my original 100.xx

Is this normal and is it just the price to play? Before I even start I am 33% down just to make my first buy.

Any advice is appreciated. thanks!

 

[waterworks]

This is asked every day. Could we get a pin or something admin?

Buy ETH on GDAX using LIMIT BUY to avoid transaction fees
Transfer ETH to Binance (cheaper to transfer ETH than BTC)
Trade ETH for IOTA (or ADA) on Binance

Reverse process for turning back into cash.

 

[wsotoolz]

This is asked every day. Could we get a pin or something admin?

Buy ETH on GDAX using LIMIT BUY to avoid transaction fees
Transfer ETH to Binance (cheaper to transfer ETH than BTC)
Trade ETH for IOTA (or ADA) on Binance

Reverse process for turning back into cash.

I figured it was asked frequently but I must have been searching incorrectly to find it.
I will give this a shot... can you estimate how much of say $100 would make it to binance with your method?

 

[mickyfu]

I'm not 100% certain. But I was using Paybis to buy Bitcoin, then Bittrex to buy coins (Ada is available there Iota isn't) and I was only paying a 10% fee to Paybis. However I can't be too sure about this. As I've never got the calculator out to see if Bittrex charged anything.

This is asked every day. Could we get a pin or something admin?

Buy ETH on GDAX using LIMIT BUY to avoid transaction fees
Transfer ETH to Binance (cheaper to transfer ETH than BTC)
Trade ETH for IOTA (or ADA) on Binance

Reverse process for turning back into cash.

Why don't you make an official thread about it?

 

[viking011]

I do the following , buy directly to binance thru an atm and just go from there.

 

[wsotoolz]

I do the following , buy directly to binance thru an atm and just go from there.

Can you explain that little more? Within a 30 minute drive there is a BTC ATM from me. Is this the type of machine you use to do this and what is the general process? Thanks.

 

[waterworks]

Why don't you make an official thread about it?

ROFL that made me lol.

 

[viking011]

Can you explain that little more? Within a 30 minute drive there is a BTC ATM from me. Is this the type of machine you use to do this and what is the general process? Thanks.

Yes just a general atm allowing bitcoin purchasing. They take a fee, where I am frok its 4% and that is it. You just scan your binance btc adress qr code and insert the amount of money you want. And that is it

 

[wsotoolz]

Yes just a general atm allowing bitcoin purchasing. They take a fee, where I am frok its 4% and that is it. You just scan your binance btc adress qr code and insert the amount of money you want. And that is it

Awesome. I may try this method as well. thanks.

 

[Dragonhunter95]

I used cex to buy ETH it they have a quite expensive price comparing with the actual price. In addition they took me .01 ETH like cost to trasfer to the bittrex. So I ended up with 70$ for 100$
that is the way they are earning. thats nothing wrong as far as I believe. however I took eth for another 100$ and now has earn 3times of my initial investment with in month.

If you see the recent improvement relavent to BTC and ETH you do not even need to trade alternative coins to be rich.
Btc became 18,000$ from 6000$ for a month time
ETH became 800$ from 200$ for a month time

so you see the 3time improvement in major 2 coins

In addition you can start trading with some alternative coins. initially try to buy something like SC which is cheaper. Then you can have some profit with them too.

then again if you can invest for mining do that too.