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I currently hold these coins in Coinhako and as my capital increases, I'm starting to realise that the fees are eating into my gains, especially fees in sending out these coins to external wallets etc... I have heard of binance, binance SG, Gemini, but atm i only have an account with binance global. Im looking to buy coins with a lower spread and hopefully lower fees in selling/transferring coins too. I bought my coins using SGD so it was extremely easy with coinhako, so im not used to buying with USD. Any tips on what i should do? should i buy coins with coins, or change my SGD to USD? Just not looking to lose my money to fees and currency exchanges :(
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I use Gemini to transfer SGD and buy ETH with SGD, after which I send my ETH to Binance Global to diversify into other coins. I use Gemini for ETH and BTC because they offer 10 free withdrawals a month and accept SGD deposits via Xfers, and Binance Global for altcoins such as ADA, ALGO and the likes. Thereafter I transfer everything out from Binance and Gemini to my own wallets so I have full control of my funds.
Good luck and remember: Not your keys, not your coins.
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Michael Wong
09 May 2021
Seedly Student Ambassador 2020/21 at Seedly
Make a binance account, transfer your crypto there to do your day trading! Only use coinhako, binanc...
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Seems your question is about the fee and trasferring your crypto, but since your question title is about suggestion for crypto journey, I do want to give a few suggestions (that no one asked for).
Do not start off your research by Googling 'best crypto to invest'. The results almost always give you some old dinosaur coins such as NEO ADA BCH ETC DOGE. They're 'established' for sure, but never a good ones.
Do deeper research in the area of DeFi and NFT, this is where crypto really shines.
Buy and hodl (spot) is better than trading actively with 10x leverage trying to be a millionaire overnight. There's a 0.00001% you'll get lucky and be a millionaire, but 99.9999% chance you'll lose your money
Do not overdiversify. Depending on your investment size, 5-15 max coins in your portfolio is more than enough. Do not invest in 100 random coins hoping one of them to go 100x. Yes, 100x and so what, you just doubled your portfolio (1% become 100%) and that's it
Do not ask for advice from people with no experience in crypto. It's like asking your broke friend how to be a millionaire and he tell you to just YOLO and buy whatever you want coz life is too short to save and invest
Do not listen to the narrative of 'Bitcoin will not be a world currency due to its volatility'. Yes, Bitcoin is created with being the world currency in mind, but the narrative has shifted now and BTC is more of a store of value (gold) to hedge against the government being able to print money as and when they want it (US printed 3 trillion in a year out of thin air, and you are wondering why the value of your money goes down every year with inflation).
Do not read the mainstream media news, the news article is always biased to a certain extent. They do not want you to invest in crypto. They don't.
Don't listen to what they say, watch what they do. Example: Jamie Dimon (JP Morgan CEO) was bashing Bitcoin a few years back, now he is offering Bitcoin trading service to JP Morgan client. Do you want to listen to his words or watch his action?
Your parents and friends may have your best interest in mind by telling you to not invest in risky asset (i.e crypto) because you may fail, may lose money etc, BUT they may not know what is the best for you. Letting go a potential 10x by listening to them? Better not.
I personally do not believe in rebalancing in crypto. It's like you are selling your winners to add on to your losers - doesn't make sense at all. You should cut your losses and let your winners run
Always, always, always, take profit. You do not want to see your coin go up 10x, then you got greedy and waiting for 100x, end up it fall back to 0. Take profit on your way up.
Have fun, and enjoy your journey