Hello everyone
I would really appreciate if someone guided me or sent me a link to a good guide for swiss people on how to buy the top 5 to 10 biggest cryptos for the lowest fees possible.
Also can someone recommend a hardware wallet that is reasonably priced below 100 CHF and can hold 5 to 10 different cryptos without modifying the software myself.
I would also appreciate any other feedback / guides to my Strategy. Im looking to invest 10% of my NW into cryptos.
Cheapest Exchange: Binance (send EUR there thru Revolut)
Cheapest Wallet: Ledger Nano X (bluetooth one), I got a bundle with Ledger Nano S for 169.- you donât want to save on your wallet, do you?
10% NW: are we talking 100k+?
I was told Binance is not accepting SEPA Euro payment anymore. Is there another way to do it?
10% of net worth are only 10k ;(
A 160 CHF Wallet seems really extreme tbh.
I would strongly encourage you to spend the 160CHF for the Ledger. Thatâs the main difference with crypto, you are your own bank and hence you are also responsible for the safety ect.
For binance SEPA issue that is actually true. There is a new option with a 3rd party SEPA but I have never tried so far, also the P2P place at Binance noes not look so great (prices are about 2% higher than market prices). As @stojano indicated in a previous discussion, I have started with a Kraken account which works quite good and send the euro/Crypto over to Binance afterwards
You can also consider Kraken which supports CHF
Do i then convert the CHF on Kraken? Whats the best approach considering fees?
Given the volatility of crypto, do those one time fees matter at all?
I used bank account (CHF) > Revolut (CHF > EUR) > Coinbase Pro.
The Binance SEPA provider is now 3rd party and I think it costs fees, not sure tough.
I use Coinbase as a fiat to crypto exchange. SEPA transfer whatever your need there, buy Stellar Lumen (or any other crypto currency that is actually usable to pay without horrible fees and waiting times) and send those to Binance.
You can send CHF to Kraken, then buy directly BTC and ETH with CHF (volume in BTC/CHF and ETH/CHF markets are smaller than with USD and EUR but I guess with some 10kCHF or less at a time you should be fine without any noticeable slippage. You can also exchange CHF/USD as there is a market pair for that as well on Kraken. Fee on Kraken are 0.16% if you make the order (that should be the most interesting as you can put some limit order slightly below market price and wait a few hours to get your order thru unless you buy right during a day were price is going up like crazy but I would not recommend doing that).
Another option still with Kraken (as they are cheaper than Coinbase Pro and Bitstamp as far as I know) is to convert with Revolut in EUR and SEPA to Kraken, not sure if it will be much better at the end, you might save 0.2 to 0.5% if you are lucky, but it might as well depend on the day you are converting your CHF to EUR.
From Revolut in EUR you can sent to Coinbase Pro or Bitstamp as well and both have quite low fee but slightly more than Kraken.
Binance I would not touch this, I donât trust this company and their CEO.
I second that.
Also, given the many broken promises and pipe dreams Iâve heard (Itâs gonna revolutionise international payments. Itâs gonna grow forever! BTC 1 million in five years - guaranteed!!!) the sheerly ridiculuous number of new shitcoins springing up every day (of them dog-themed), Iâd question the long-term relevance and viability of most.
The idea itself is kind of flawed, IMO.
First, two of the 10 biggest coins are âtetheredâ to the USD. Why would you want to buy dubious crypto when you can hold real USDC with deposit protection in a bank or investment account?
Second, if (!) the financial revolution predicted by many crypto bulls is to come true - and it likely needs to, in order to sustain current market cap and price growth rates for a while - itâs (IMO) not going to happen in 10 different currencies at once. Users and stakeholders will likely converge into very few. Today, thereâs only two âBlue Chipâ cryptocurrencies around: Bitcoin and Ethereum. There may be another two diamonds in the rough (though not necessarily in the current top ten), and maybe a relevant âlocalâ that will emerge.
If youâre in it for short-term price gains, Iâd rather look at the latest fad is and gamble with it. MetaDoge or something, I heard lately. You can do so with small amounts.
What Iâm trying to say: if you insist, Iâd rather invest 8% of your net worth in blue chips (BTC, ETH) and the remainder in the latest craze and hypes - or whatever your preferred dog race is. I doubt that âinvestingâ by market cap is a very sound idea.
I decided to go with the Trezor Model One
Really depends. If i can buy for 0.1% why would i pay 20x more?
No, im looking to invest long term as diversification for my ETF Portfolio. Its really hard to make u an opinion on crypto. Depending on who you listen to its the inevitable future and to others its crazieat speculation that will drop to zero.
Maybe ill do like 40% Bitcoin, 40% Ether and 2 other coins 10% each.
I also planned to put 10% of my NW to crypto but now im kinda unsure and thinking to only invest 5% of NW.
The question is always about how you handle the risk associated with your portfolio allocations. If youâre fine with 10% of your NW being in crypto with the real possibility that this portion can go to 0, thatâs the starting point. Do not let you guide by others, the future of crypto will be somewhere between 0 and infinity no one will ever know until it happens. I know itâs super hard and you really get FOMO looking at other portfolio which have sored to millions thanks to crypto, but having so much of crypto exposed you to different sort of âstressâ which you do not have with other assets. Myself I have around 40â000 CHF worth of crypto and even that is sufficient for me to have two ledgers, the seeds split up and stored at different locations which is way more work than with my IB account.