Planning to buy some ETH for some upcoming NFTs projects. Just wanted to know whats the most cost effective method of buying ETH with AUD.
So far what I have found Swyftx has the best USD to AUD conversion rate but I am not too sure on the transfer fee.
Please could anyone with any experience with buying large amounts of ETH (or any crypto) could give me any advice.
Thanks!
Edit:
plan- to buy ETH from an exchange -> transfer to private wallet
We all have our own opinions! Coinspot so far is the 2nd best option
What is the best option in Australia?
Binance
Didn't like Coinspot because it eats at you from two areas:
From memory Coinspot has a good market rate, where you sell/buy directly to other users. I think it's 0.1% fee and the price is better. Definitely better than buying from exchange
I wouldn’t buy/sell on CoinSpot using that facility that charges 1% fees, that’s a mugs game for people who aren’t aware they also offer different cheaper options. You can use their market order facility where it is 0.1% fee and you buy/sell from others on CoinSpot.
I also noticed what you pointed out about the buy/sell price on CoinSpot being different to Binance, but in my experience, if the buy price in CoinSpot is higher than Binance, so is the sell price so it evens out in the end. If you were so inclined, you could try and arbitrage the difference by buying some on Binance, and then immediately sell in coinspot.
Had a look now and this is the comparison excluding fees:
CoinSpot: Buy = 6489.78 , Sell = 6339.04
Binance: Buy = Sell = 6294.81
So unless I'm missing something, Binance just takes whatever fee it charges and CS is going to take that difference (~2.3%) on top of its fee.
He's not pissing away his money on NFTs. Sounds like he's selling/making NFTs and selling them to people who piss away their money on NFTs.
Thats the plan. Crazy how much NFTs can sell for
to people who piss away their money on NFTs
And/or are involved in money laundering, terrorism et al.
Its too hard to get rich being honest these days…
bit of laundering is worth it…?
How else do you expect them to do it?
They are cracking down on casino's now.
Nah the government are working on CBDC's or they do all their laundering and terrorism in pre existing ways.
Unreasonable to expect people to act morally, when they could scam some suckers. Acting morally would only offer the reward of being a good person.
Binance as long as you don’t have issues … coz if you do oh boyyy
I wouldn't touch Binance with the proverbial very long pole.
As others have said, the cheapest for trade fee is binance at <0.1% per trade.
The cheapest to withdraw is blockfolio. They cover your withdrawal fee.
So depends on the quantity you are thinking.
Im planning to buy around 1.1ETH so what would be better?
Depends on gas fee but wouldn’t differ too much.
Can’t test this for sure as I don’t have aud in by Blockfolio right now. They don’t charge fee but they have higher buy price than Binance for sure. They cover withdrawal fee though which could cost quite a bit for ETH.
Try Binance. It is one of the largest exchanges, and usually very good in customer care. There are referral links available that allow you to share profits with the referrer.
Swyftx. Binance Aus are sketchy, coins pot fees too high.
Independent Reserve is the best Australian platform.
All brokers and CEX that caters for retail Australians are basically the same. The difference in the spot price and fees between the platforms is negligible for low volume spot traders.
Traders shouldn't waste time on finding the lowest fees or spreads but rather choose one or two CEX that have high liquidity, offers the quickest on-ramp and Tx to external wallets.
Binance is definitely the best in my opinion - 0.1% fee and it runs under a fair market. A coin's actual price on CoinSpot is under the 'sell' whereas the buy price is inflated by 0.2% - 0.3% on top of their 1% trading fee. So if you're purchasing 1.1 ETH, you're going to pay an extra $90~ for using CoinSpot.
If you're depositing, CoinSpot & Binance both have instant PayID deposits but only Binance do instant PayID withdrawals.
The difference in the spot price is for takers. Makers pay the same spot price on both platforms.
That's basically what I said in my original comment. Don't forget the higher trading fee.
Independent Reserve
Don't piss your money away on stupid NFTs. If you must insist, Coinspot is an Australian exchange that works well.