Are mobile wallets so expensive

colly10 · 07-11-2021 09:51PM #1

I’m using Binance and reading advice I should set up a mobile wallet so went for trust wallet.

The plan was to move everything I can out to trust wallet. I just tried to move out BTC and was being charged 0.0005 (around 27 euro).

I have around 150 each in 6 coins at the moment and I switch coins very regularly. 27 seems like alot per coin, even if I was planning on keeping it for a while.

Am I doing something wrong? Trading regularly seems impossible if you have to keep spending that kind of money to transfer to the wallet. I’m assuming keeping the funds outside of a mobile wallet is very risky so thinking of just trading the lot in and forget investing in crypto

Tango One · 07-11-2021 11:08PM

If i picked you up correct your taking funds off an exchange all the time? Its sounds like a withdrawal fee is the problem. If you intend to just trade on Binance and not hold for a long period no need to put the funds in a external wallet.

colly10 · 07-11-2021 11:29PM

https://www.boards.ie/discussion/comment/118134237#Comment_118134237

Thanks, ye I plan to be trading constantly. I’ve just heard people saying that “nobody leaves money on the exchange” which makes me think I might be taking a big risk having the coins on Binance.

if I grow the value of my combined coins to 2K for example, am I still ok just not using the wallet cause I want to constantly trade?

massdebater · 08-11-2021 12:42AM

Leaving smaller amounts on an exchange is fine if you're planning to trade them a lot. Be wary that every trade is a taxable event. Plenty posted about that here already. Best of luck!

banie01 · 08-11-2021 10:00AM

With Tango One and Massdebater on this one. If one is actively trading? Leaving funds on the exchange (assuming a "main" exchange here) is IMO fine.

It's how one can best take advantage of multi order and order type strategy. Limit buys and trailing stop loss in particular are great tools to grow your coin pile and protect fiat value. If you are in a wallet, those options are in general not available.

*Yes, one can use a wallet and DeFi to do this and more but, where a user is struggling with wallets and fees in the 1st place? DeFi isn't a space I'm comfortable recommending. Couple that with me holding my hands up and being clear on not knowing enough about that space to make any recommendations 😉 despite occasionally using it.

Potatoeman · 08-11-2021 03:07PM

You only move off what you are going to hold long term. Check before you move anything as it can cost more to move some tokes than it’s worth. Eth alt coins are expensive to move for small investors. Make sure you have the parent token for whatever you move too so you can transfer it out again. Always do small transfers first too and make sure they go through.

Binance locks transfers from new devices for hours too, so if you use a mobile and log into a laptop to do a transfer it will lock for hours. Pain in the ass but better than getting it stolen.

It’s more complicated but worthwhile to have multiple accounts on multiple exchanges and multiple hard and soft keys. Don’t keep everything in one place. This also means you need to store multiple recovery phrases securely too.

colly10 · 09-11-2021 07:08PM

If I started trading on the first of November and cash out on the 1st of Jan or after. My tax return is due on the end of October next year and i’m due CGT by Dec 15 2022.

Do I understand right? Thanks

HGVRHKYY · 10-11-2021 08:57PM

https://www.boards.ie/discussion/comment/118142924#Comment_118142924

What do you mean by started trading? If you sold any crypto or traded one crypto for another, you already owe CGT by 15 December, and then the CGT return is due in October 2022

If you didn't sell or swap any, and won't do so until January 2022, you can add a year onto the above dates

colly10 · 11-11-2021 11:47AM

https://www.boards.ie/discussion/comment/118148272#Comment_118148272

It's a bit weird that I would owe if I don't cash out or covert to a fiat currency. I may be up at the moment from trading between coins, pay tax on that but ultimately be down when I cash out. Is it not the same thing as me putting money into a managed fund and them switching regularly between what that fund is invested in?

HGVRHKYY · 11-11-2021 12:12PM

https://www.boards.ie/discussion/comment/118150426#Comment_118150426

Our CGT/investment taxes here are a joke overall, but crypto to crypto trades are taxed in many countries unfortunately as you can make a gain doing so

veil · 12-11-2021 07:35PM

https://www.boards.ie/discussion/2058216915/are-mobile-wallets-so-expensive

Keeping fund outside binance is risky if you are not hoarding in a fiat, since the price of coin fluctuates giving you real-time value. If your worried about trading; you should do savings, I think there is an option for it.

Are mobile wallets so expensive

Comments