Hi Christopher, I'm hoping you can provide some advice on how to move in and out of crypto without being hit by so many hefty conversion or exchange fees. For example, I made a nice profit off one coin and moved it to DAI and the conversion almost erased my entire profit. Out of curiosity I previewed what it would cost on Coinbase to withdraw from a crypto to fiat cash and the fee was insane like $80 for $1000. How do we avoid this? Is there a less costly exchange for cyrpto to crypto conversions? Should we move our crypto somewhere else other than Coinbase to cash it out to fiat? As much as I'd like to keep my crypto in crypto like you do, my initial goal is to pay off debts so after this upcoming bull run I'd like to know how best to cash out. Plus, if we start seeing the market correcting down the road, it would be nice to move that to cash so we can buy after it dips. Please HELP. I've lost way too much on conversion fees so far so I'm beginning to feel trapped in my initial holdings.
Hi Steve,
This is a great question! I may do an upcoming video on it. Try using pro.coinbase.com 'Coinbase Pro' for less fees than the traditional platform. If you have a CB account it's the same access for Pro. That can save a lot in fee's / conversions.
Also, try other exchanges like Binance and Gemini and compare fee's. You have to think about taxes too!
Good luck,
CG
Mentioned taxes. Do you have a video on taxes relating to crypto as well?
Thanks, Christopher!
Up until now, I only used Coinbase Pro to transfer from regular Coinbase to my hard ledger. I looked at its fee structure and it seems much better than regular Coinbase. Its trades seem limited to pairs though. Going forward, I'll leverage Pro for my withdraws and trades more than regular Coinbase. Thanks for nudging me in the right direction!
Irony of life: Apparently I bought 2 Litecoins on Coinbase Pro back in September when I first explored it for trades (I recall deciding the regular app was more intuitive to use for trades). It isn't much, but I made a small, but high % profit off those 2 LTCs lol. Might as well HODL those for good luck!
Christopher Greene - I saw the video recommending using Coinbase Pro and the lower fees it offers. I have a Coinbase (CB) account and CB automatically allowed me to use CB Pro interchangeably. My question is that I recently signed up with Robinhood.com to purchase PLTR. It also has the option to purchase cryptos. Robinhood has little to no fees. What are your thoughts on using Robinhood for cryptos?