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Which broker should I use?

  • 26-07-2021 12:56am
    #1
    Registered Users Posts: 55 ✭✭ spalpeen


    Looking to buy ETH and BTC.

    I've heard good things about coinbase and binance. I want to just invest once and leave it, ideally low fees



Comments

  • Registered Users Posts: 6,806 ✭✭✭ Grumpypants


    Coinbase is the easiest. If it's just a once off I wouldn't worry too much fees. They only eat into profit if you try to trade.


    Binnance has too many question marks over it right now.



  • Registered Users Posts: 4,314 ✭✭✭ BOHtox


    Coinbase fees are pretty expensive. Crypto.com has no fees I don't think, albeit they charge a little bit on the spread. Good staking options for ETH and BTC if that's what you're after too.


    I still use Binance with no issues and has a fantastic alt coin selection and great altcoin staking too. Fees are negligible and even less if you pay them in their native Binance Coin token.



  • Registered Users Posts: 253 ✭✭ pjdarcy


    You can buy ETH and BTC in the Revolut app if you want super-easy



  • Registered Users Posts: 866 ✭✭✭ suave.4u


    Binance is the best option. Other have terrible spread



  • Registered Users Posts: 54 ✭✭ sparkletooth


    First of all, if you just want to "invest and forget about it", get yourself a cold storage wallet. Leaving your coins on a centralised exchange is a really, really bad idea. There are also yield earning options depending on your risk tolerance. Celsius Network are the best of the CeFi platforms when it comes to APY rates, transparency and business model.



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  • Registered Users Posts: 54 ✭✭ sparkletooth


    Revolut, like RobinHood and etoro are not good options as you don't have control of the coins you buy on those platforms. You will have to sell and rebuy on a dedicated Crypto exchange if you want more control, which will trigger a taxable event.

    Kraken, Gemini and FTX are all good CEX alternatives to Coinbase and Binance.



  • Registered Users Posts: 2,234 ✭✭✭ massdebater


    Celsius take ownership of your coins when you deposit with them, probably not a big deal but if you're worried about that kind of thing, you might want to look into some other options.

    Nexo is my favourite and has slightly better rates than celsius, plus a good range of tokens and an in-app exchange. I use both nexo and celsius, as well as crypto.com and yield.app. blockfi is also popular but I haven't used it myself

    Offline, in cold storage, is the safest but for smaller amounts probably isn't worth it



  • Registered Users Posts: 54 ✭✭ sparkletooth


    I know all about the "not your keys" narrative and agree in the main. I put my trust in Celsius though as I've done my due diligence and am active in the community.

    Careful taking loans with nexo. They liquidate without margin calls all the time. Pretty shady imo.



  • Registered Users Posts: 2,234 ✭✭✭ massdebater


    Hadn't heard that about nexo liquidating loans but I'll keep an eye out, cheers. I got an email from them a few days ago about some new way of dealing with loans so you don't get liqualidated but I only use them for staking so I didn't read it fully. I find there are far better loan rates outside of the current cefi/defi options anyway



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