- This topic has 2 replies, 1 voice, and was last updated 1 month, 3 weeks ago by CoppersDream.
- Wednesday, October 5th, 2022 at 02:31 #387129jr_cameronParticipant
I finally find myself in a financial place where I can start DCA and what do I find? Pretty much every place I check will take a cut that I find too much.
As I write this the direct USD/ALGO rate is $100/280ALGO.
Buying $100 on KuCoin gets me 263ALGO
I get it, I’m cheap, but is there a better way to buy ALGO and avoid fees? I’m not planning on buying $100 at a time, more like $10-30.
Also, if it matters, I’m using a Ledger wallet.Wednesday, October 5th, 2022 at 02:31 #387130pnd83
Might be best to dca for a period of time on the exchange ex.(30usd~84ALGO say for a month, just shy of 400ALGO) then send to your wallet. I know youll pay fees but at least it’ll be 1x per month instead of ~4x per month.Wednesday, October 5th, 2022 at 02:31 #387131CoppersDream
Avoiding fees is wise! Fees compound over time. The best way I’ve found to avoid fees is to do the following (assuming USD):
1. Deposit USD into Binance.us. (I’m sure other CEXs are similar. Coinbase Pro?)
2. Purchase a little bit of BNB to reduce my commissions.
3. Set a maker price so I pay 0.3% fees instead of 0.45% fees.
4. Send Algo from Binance to my Wallet at the cost of 0.1 Algo.
According to the calculations you give above, I would get $100/279.1 Algo, excluding that first purchase of BNB.
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