Bitcoin Exchange Traded Crypto FAQs | BTCE: Where to Buy it

whiz

I am with Degiro / Revolut and I want to buy an ETF called Bitcoin Exchange Traded Crypto FAQs | BTCE, which isn't available on either so what's the cheapest online broker that I can buy this ETF with ?


Note I would be grateful for any response.

grindle

Why go for the ETF when Revolut allows you to track BTC's price in their app? Seems pointless.

whiz

grindle wrote: »

Why go for the ETF when Revolut allows you to track BTC's price in their app? Seems pointless.

Yep I understand that Revolut allows you to buy it directly but then you need somewhere to store it so my preference is ETF

Whelo79

whiz wrote: »

Yep I understand that Revolut allows you to buy it directly but then you need somewhere to store it so my preference is ETF

Revolut doesn't let you 'buy' any BTC. It technically just exposes you to the price actions. You don't own any crypto or need to store it anywhere when you buy with Revolut.

whiz

Whelo79 wrote: »

Revolut doesn't let you 'buy' any BTC. It technically just exposes you to the price actions. You don't own any crypto or need to store it anywhere when you buy with Revolut.

So when I go I see the screen shot so if I put 27k in a purchase order what do I get in return ?

Also would it process if u put something smaller e.g. 10k ?

grindle

whiz wrote: »

So when I go I see the screen shot so if I put 27k in a purchase order what do I get in return ?

Also would it process if u put something smaller e.g. 10k ?

You get the opportunity to track BTC's price but can't move the BTC anywhere.

Yes, Bitcoin is buyable in fractions.

whiz

grindle wrote: »

You get the opportunity to track BTC's price but can't move the BTC anywhere.

Yes, Bitcoin is buyable in fractions.

So what is the drawbacks to this ?

Is one of them you don't own bitcoin

grindle

whiz wrote: »

So what is the drawbacks to this ?

Is one of them you don't own bitcoin

That's it. You can't own it, pay it to anybody or use it as collateral so it's a trade-off between the convenience of using Revolut vs the inconvenience of not being able to do what you want with the asset. Most people are just hoarding it anyway, that's the new BTC meta.

whiz

grindle wrote: »

That's it. You can't own it, pay it to anybody or use it as collateral so it's a trade-off between the convenience of using Revolut vs the inconvenience of not being able to do what you want with the asset. Most people are just hoarding it anyway, that's the new BTC meta.

Ok say I process 27k against bitcoin on Revolut so where does the money go ?
Plus if you decide you want your money back how do you get it back ?
Lastly is there any Revolut fees in bitcoin transactions?

grindle

whiz wrote: »

Ok say I process 27k against bitcoin on Revolut so where does the money go ?
Plus if you decide you want your money back how do you get it back ?
Lastly is there any Revolut fees in bitcoin transactions?

Presumably they're either buying it as a custodian or in a deal with another custodian, in which case you've given money to whomever wanted to sell BTC.

You sell when you want to, whether that's a loss or a gain depends on if somebody wants to buy it at the price you want to sell it at.

We charge a fee for cryptocurrency exchanges. This fee is 2.5% for Standard users (and 1.5% for Premium and Metal users). We don't charge you any other fees for this service.

Those fees are quite high, but you're paying for convenience.

whiz

grindle wrote: »

Presumably they're either buying it as a custodian or in a deal with another custodian, in which case you've given money to whomever wanted to sell BTC.

You sell when you want to, whether that's a loss or a gain depends on if somebody wants to buy it at the price you want to sell it at.



Those fees are quite high, but you're paying for convenience.

So is 2.5% for each sake or purchase you do ?

grindle

whiz wrote: »

So is 2.5% for each sake or purchase you do ?

Seems that way, I'm sure they have an FAQ section or terms section you can read, I don't use their crypto service.

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whiz

grindle wrote: »

Seems that way, I'm sure they have an FAQ section or terms section you can read, I don't use their crypto service.

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Thanks for all your help ðŸ‘