Coinspot Is a Bit Costly, Any Other Exchange with Very New Coins to Buy and with Cheaper Fees?

I am a newbie when it comes to crypto, plan is to buy heaps of cheap coins and hold until it moons or until it breaks. $10k is the money I be risking if this doesnt plans out. So far I have spent $3000.

Issue here is I find coinspot's spread is higher when you compares to binance, is there any other good exchange which:

Charges less but also easier to navigate as I wont be checking the coins daily, maybe every monthly or fortnightly.
Has new coins before it moons

I tried BTC Market, fees are only lower if you do more trades and they only have like 25 coins
I had a look at Swyftx, looks promising but it doesn't have TEL and a few others
Binance was my other option but its a bit way too advanced for me to navigate again it doesn't have some of the coins

Which other exchange would you guys recommended which fits the above needs without opening every account out there?

Comments

  • +2 votes

    AUD > CEX > ETH > Metamask > Matic L2 > Quickswap.

    https://quickswap-layer2.medium.com/how-to-set-up-polygon-ma....

    • +2 votes

      Doesn't sound simple at all which is what OP was looking for.

      •  

        Come tax time you have to calculate the profit/gain/loss on every single transaction. Not simple at all if you have to do 6-7 swaps before you trade for what you want.

        Most aussies just want aud (or usd) <—> coin they want

        Nice and simple, makes tax overall simpler too. An accountant can figure out the rest.

    • +4 votes

      Thanks, but I have no idea what I just read……….

      • +2 votes

        you're not the only one

      • +3 votes

        The simple translation:

        If you're looking for those new coins that have a chance at "going to the moon", you need to swap for coins outside formal/big exchanges. rektrading is suggesting using Polygon (MATIC), another popular option is Uniswap. To do this it is not as simple as using the bigger exchanges (e.g. Binance/Coinspot). Hence the steps rektrading has set out. You need to do some research as to the steps to do it.

        Then if one day these coins hit the big exchanges (i.e. Binance, coinbase etc.) then they will "moon".

        Bear in mind you could be left "holding a bag of useless shitcoins" as there is no liquidity here…but that is the risk of trying to buy new coins with a possibility of 1000x etc. I guess. It's like a lottery ticket. haha.

        In terms of your questions re. fees. Unfortunately your best bet is going to be Binance…..but based on what you've said re. your intended trading pattern and results you're hoping for… I wouldn't think fees would be an issue here. Fees would impact day traders mostly.

        Hope that helps a tiny bit.

        •  

          Yes it does indeed helps alot to understand. Thanks heaps

          •  

            @Aerith-Waifu: I've been using Swyftx for a while and so far it rocks in every way. Let me know if you intend to sign up maybe I can send you my referral code =P

  • +3 votes

    Binance

  • +1 vote

    I am a newbie when it comes to crypto, plan is to buy heaps of cheap coins and hold until it moons or until it breaks. $10k is the money I be risking

    Let us know how this goes.

    •  

      Sure, at the moment my $3000 is down to $1800. (at one stage a few days ago it was $1022)

      Goal here is to add $1000 per month from next month regardless if the market goes up or down till the end of the year, which makes up the 10k investment.

      Hold is 5 to 10 years if it achieves my goal of 30-50x times my original $10000 investment (was 80x but I thought if I can get 30-50x times of that $10k I be a pretty happy man)

      •  

        My goal is to 50x my money, doesn't mean it will happen.

        Like I said, let us know how you go.

        • +2 votes

          Yeah no drama. Might create a new forum topic once i have reached the $10k investment by the end of the year and then update it every 2 or 4 weeks.

      • +2 votes

        I hate to break it to you but unless you get lucky on alt coins (risky) you are highly unlikely to make 30-50x your investment.

        Crypto (after the recent crash) is still nearly a 2 trillion dollar market cap. Gold is around a 12 trillion dollar market cap. Do you really think in 5 years Crypto will be valued at 100 trillion dollars??

        •  

          No issues here, I think its very possible it will go to 0, but the reward vs return is worth the bet

      •  

        No offence, but are you investing elsewhere and have a back-up plan?

        Hopefully this isn't all of your savings you're putting away as otherwise this is a really poorly thought out plan.

        Maybe if it's like 10% of your portfolio max? But if it's significantly more you are just gambling and there will definitely be wiser ways to make money more consistently.

        •  

          I am currently heavy on fmg. Back up plan? Just working till retire like everyone else if this doesnt work. But if it does work:)))))))

      •  

        my goal of 30-50x times my original $10000 investment

        10% per annum is (generally) a really good ROI. Worst case you are aiming for ~200% per annum.

        We would all love to win the lotto, but I wouldn't recommend setting it as your investment goal.

  •  

    Binance could be overwhelming if you are a beginner. You can do AUD—-> USDT ——-> ALTS also you get 25% fee discount on Binance if you pay with BNB. Good Luck.

  •  

    A reminder to never store your coins in an exchange unless you're intending to trade. If your strategy is HODL then move the coins to your (soft/hard) wallet for safekeeping.

    •  

      Doesn't this cost in fees each time you move them?

      •  

        yes, thats why crypto sucks! ;)

    •  

      A lot things to learn, indeed learning exactly what you just said as we speak. Youtube has been my friend for the last week. Fees are also a bit high for some of the coins though

  •  

    fees are usually based on the coins themselves hence all the discussion around ETHs "high fees". On Binance you get a discount if you use BNB to pay the fees instead.

    The reason for transferring them to a wallet is more to do with security not value. As there is no legislation for this space, your coins on exchanges are essentially not protected. You leave them there, you're taking the risk of keeping your stash in the hands of someone else essentially.

    Exchanges are not immune from hacks. Some reading: https://selfkey.org/list-of-cryptocurrency-exchange-hacks/

    Some of these exchanges that got hacked were pretty big for their time and a lot of people lost a lot of coins. There's also suggestion that BTC in circulation is a lot less than what we see because a lot have gone 'missing' but aren't accounted for. i.e. lost hard wallets, confiscated by FBI etc.

    •  

      What do you recommend to store them or how?

      •  

        This is going to really depend on the coin you are holding.

        The basic concept is….store them in a wallet that you own (i.e. nobody else has access to). If you store coins in an exchange you are basically letting the exchange hold the coin for you in their wallet…..and in an unlegislated environment - it's pure trust.

        You can hold your coins in either software (a lot out there so you'd have to do your own research as to compatibility) or hardware (Trezor or Ledger are the most common/popular)….or even a paper wallets haha (a quick google will do you good).

        Another concept to research would be 'hot' vs 'cold' wallet.

    • +1 vote

      How fast are the process of putting it back into an exchange to sell for profit if say a coin stored in a wallet all of a sudden has tripled in price and I want to sell? Are we talking mins, hours or days here? thanks

      •  

        Usually it's fairly quick. I've only transferred from Exodus wallet back to Swyftx once and I think it took a minute or two. That was for Bitcoin though. Alt coins might vary though as I think transfer has to be done manually by Swyftx.
        Not sure about other wallets/exchanges.

      •  

        usually you're talking in minutes

  •  

    Learn Binance, it's the gold standard for crypto exchanges.

    •  

      Better than Kucoin?

      •  

        I've used both, made a decent amount of money on KCS, but I'd never make Kucoin my main exchange.

  •  

    If you're not planning on trading, and just holding, probably not a big deal to keep using coinspot.

  •  

    Has anyone used coinstash?

  •  

    Binance is good once you get used to it. Swyftx is a better option than Coinspot in my experience.

  •  

    Hi OP,

    Sounds like you're new to this. You have the right idea with dollar cost averaging in but you don't need to buy into shitcoins being shilled on YouTube to achieve good returns. Simply sticking to good projects like eth, btc and dot could limit your risk while having the capacity to even 20x over the space of 10 years.

    I would suggest going over to the collective shift website and having a look at the resources pages there. They are aiming to be the best place on the web for crypto education and can teach you anything from hodling to advance trading.

    Crypto is still in its infancy… You're getting in early so don't have to saturate yourself in risk to play catch up.

  •  

    I am having trouble withdrawaling from Binance at the moment. Says the withdrawal is successful but the money hasn’t come through despite waiting 72 hours. My previous withdrawals happened instantly. Bit worried

    •  

      Did the withdrawal eventually come through?

      •  

        The fund eventually came to my Binance account (not my bank account) after 2 weeks. My support ticket is still open and I haven’t heard anything still. As soon as I saw that the money returned to Binance account, I have withdrawn it which happened instantly this time. Though my Binance records now show 2 successful withdrawals of the same amount. Not sure if ATO will have an issue with me only reporting one.

  •  

    You can check the txn status here. Enter the hash or address.
    https://etherscan.io/