I’m trying to understand why I should use a third-party service such as Cash App or Coinbase to purchase cryptocurrency, and then transfer it to my ledger, when I could just buy it directly on my ledger and avoid transfer fees. Is there any benefit to using a third-party service?
#ledger #buying #ledger #live
Ledger Live does not sell Bitcoin
The “buy” button is a commission arrangement with an exchange, more expensive than using an exchange directly
I considered this a month or so back and checked the difference. I was going to invest $10,000 in BTC. With a Ledger buy I would have received $400 less of BTC vs. buying it on Coinbase and paying $1.38 in BTC to transfer it to my ledger. The convenience is nice, and might be okay for a small buy, but certainly not a good idea for a larger buy.
I’m pretty sure it’ll end up more expensive as they’ll get you on wider spreads, despite lack of transfer fees
Probably not, they usually have a much higher fee.
Also, this integrations are literally third parties. There will still be transfer fees. How do you think the Bitcoin will end up on your addresses?
Instead of 99.9/100.1, you’ll be charged 99.2/100.8. I’m making this up it may not be as bad but you get the idea. Convenience has a price.
I think the spread in ledger live its Hugeee
If you are buying and then transferring larger quantities then the network fee is less than the spread difference between ledger and other exchanges.
There is also a security concern: colocating your wallet software and your KYC info has increased consequence in the event of a ledger breach.
Cashapp doesn’t have transfer fees and the overall fee aren’t terrible. Coinbase advanced trading is cheaper than cash app and fees are fairly small. Depends on how much you do at a time. For me, I usually use cashapp to DCA and then transfer it frequently. Once in a while I do a larger buy and then I use coinbase and pay the couple dollars to transfer it as that ends up being cheaper.
You’ll pay a lot more buying via Ledger’s 3rd parties.
Regardless of where you buy, the bitcoin still has to be sent to you.
That spread though…
Thanks everyone. Truly helpful
I have a ledger. I use coinbase to purchase then transfer to my wallet, I have the ledger live app on my phone to track my BTC but never bought or swapped through ledger live
For some reason ledger is cheaper for me. 0.025btc from ledger(ramp) is 668€ and coinbase 686€ plus i need to pay transfer fees to my ledger after purchase.