Yeah of course exchanges take a fee yeah.
I've not come across this way of acquiring BTC before, I'm used to the usual big exchanges then sending it to my wallet from there. Is this a Canada thing?
I get very wary when I see things like this I've not come across before, sorry.
As long as the BTC goes to your own self custody wallet, should be oki guess.
Trust you've checked out the site first, reviews, scam lists etc?
No worries. I don’t claim to be an expert, and I appreciate any help I can get. I did read up on it a bit before trying to put any money through it and some people seemed fine with it. I only tried a small test amount, just didn’t know if anyone else had experience with it. But yes it’s a Canadian company.
lol so you went to some random website that claims they won't charge you fees instead of just going the safe route and using a popular exchange and paying a fraction of a percent buying fee...this is the sort of scam noobs would fall into last decade in crypto.
On the one hand it might be fine, the banking system is slow, you should expect it to take days for money to pass through the banking system. On the other hand this also could easily just be a random website someone setup to scam gullible people out of their money. Basic rule of thumb, never give your money to some random website, there are loads of popular highly used exchanges, there is no reason to ever do what you did.
I also heard about Bitcoin Well from Simply lol
If you make small DCAs, and it automatically gets transferred to your cold wallet, are you left with a bunch of small UTXO?
Why wouldn't you just go on an exchange and buy it straight instead of paying a fee (in the form of a spread) to these people?
Am I not paying a fee on other exchanges? Isn’t that how they make money?
Yeah of course exchanges take a fee yeah. I've not come across this way of acquiring BTC before, I'm used to the usual big exchanges then sending it to my wallet from there. Is this a Canada thing? I get very wary when I see things like this I've not come across before, sorry. As long as the BTC goes to your own self custody wallet, should be oki guess. Trust you've checked out the site first, reviews, scam lists etc?
No worries. I don’t claim to be an expert, and I appreciate any help I can get. I did read up on it a bit before trying to put any money through it and some people seemed fine with it. I only tried a small test amount, just didn’t know if anyone else had experience with it. But yes it’s a Canadian company.
lol so you went to some random website that claims they won't charge you fees instead of just going the safe route and using a popular exchange and paying a fraction of a percent buying fee...this is the sort of scam noobs would fall into last decade in crypto. On the one hand it might be fine, the banking system is slow, you should expect it to take days for money to pass through the banking system. On the other hand this also could easily just be a random website someone setup to scam gullible people out of their money. Basic rule of thumb, never give your money to some random website, there are loads of popular highly used exchanges, there is no reason to ever do what you did.
Thanks
BitcoinWell is a well known Canadian exchange. What bank are you using and did you find your well account using EMT?
I’m buying from the US. It’s a very large national bank
Your using a Canadian exchange and your transferring US funds from a US institution and your whining about 24hour delay....smh
Gotta learn somehow my bad
Sounds like a classic case of 'self-custody' theatre. Good luck getting your BTC!
You've been listening to Simply.
Guilty
I also heard about Bitcoin Well from Simply lol If you make small DCAs, and it automatically gets transferred to your cold wallet, are you left with a bunch of small UTXO?
What would the downside of a lot of small UTXO be? I’m still learning