Sara360
Explorer
That's exactly how I feel!!
Took the Crypto Plunge at Last — My First Buy Went Through, Way Simpler Than I Expected!!!!!
- Thread starter Gr33dyOctopus
- Start date
redhead
Explorer
Reading this gets me hyped. I managed to sort out crypto, but locating a seller has been a bust. My initial purchase turned into a total disaster. That pushed me to pick up crypto at lightning speed. I opened crypto.com and paid a seller through it — the package departed from id whse and I was thrilled that things were clicking, heading toward my very first t60 and klow kit. Then it all went sideways. usps returned the package to the seller, claiming the address was invalid. It isn't. It's the same one I use for everything. So the seller (gladly) said they'd refund, but wouldn't send it again. That left me scrambling to set up a wallet, which I'd never done before. I went with an exodus wallet. Ran a test. Smooth and simple. I really liked being able to top it up with Apple Pay. So easy! Then I moved funds from Cryto to Ex. No problems. And today the seller's refund came through. After a whole week of stressing that the refund might never arrive.
So now every bit of research I did on that seller is worthless since they're off-limits.
I've got money sitting ready to go and I'm right back at the start. Sigh.
Still, at least the crypto side is sorted.
So now every bit of research I did on that seller is worthless since they're off-limits.
I've got money sitting ready to go and I'm right back at the start. Sigh. Still, at least the crypto side is sorted.
Just wondering — what kind of fees come with Venmo, if there are any? Right now I'm running my debit card through Exodus, and the charges are a lot steeper than what Coinbase asks. Since I don't have a Venmo account, I'm trying to figure out whether opening one would actually be worth the effort.
WeezinDaJuice
Explorer
I checked out Venmo through Exodus, but that 7.25% fee was steeper than I was willing to accept (your results may differ based on how urgently you need it). I also gave BitPay a shot, but neither of my bank cards went through.
So it looks like I'm stuck waiting on CoinBase for now.
WeezinDaJuice
Explorer
Gave it another look (maybe my Exodus is set up differently):
When I pay $1000 USD with Venmo as the payment option, I end up with $928 USDC (SOL)
bingoberries
Explorer
Identity verification is only needed when an exchange is involved. On chain, there’s no such requirement.
One option: purchase crypto through Venmo, then move it over to your Exodus wallet. Just avoid my mistake. Start by getting some base crypto. If USDC(sol) is what you're after, I'd get Sol on Venmo and then send it to Exodus.
-note I'm also a beginner at this. Only going by what I just went through.
WeezinDaJuice
Explorer
Yep, my debut crypto purchase went through Exodus, and the fees came to roughly 5% since I used my debit card — so from here on I'm running the numbers before I confirm any payment.
Next I want to test the Venmo-to-Exodus path, assuming my debit card doesn't get rejected in Venmo after all those BitPay declines.
Sara360
Explorer
I just tried the smallest possible amount to see if it would go through, and I was so thrilled when it did that I completely overlooked the fees. Now that it's being discussed by everyone, yeah, they were steep. $27.14 out of $30
WeezinDaJuice
Explorer
What does "buy on chain" actually mean, step by step?
bingoberries
Explorer
What's the reasoning behind not just buying BTC through an exchange and then transferring it to a Trust wallet? Is the goal to steer clear of exchanges altogether? If that's the case, you could obtain BTC from someone you know directly into your Trust wallet, or receive payment into your Trust wallet. Though I'm guessing that last option isn't really practical.
Estarossa19
Explorer
I'm still in the early stages of looking into this, and it seems like getting a handle on crypto was worth doing before jumping in! It turned out to be not intimidating in the slightest. Thanks for putting this post together. Can't wait to stop paying extra to vendors who accept credit cards.
GLP1Pharmacist
Explorer
Beyond the fees they mention, you also have to check the real exchange rate/value of your money. For instance, BTC might be at 90K while Exodus values it at 95k before adding the fee. From what I've been seeing, PayPal appears to charge 2% and offers more favorable rates. After that I move it over to Exodus. If anyone knows of superior choices, let me know.
In my opinion, using a big exchange is the "cheapest" route. On top of that, it works similarly to a regular brokerage, letting you place limit orders rather than market orders.
Still, I have to keep in mind that Alphabet vendors are already so cheap that fees and efficiency barely matter. I mean, I made a small test payment where the cost to send it was higher than the amount itself.
With my first transaction (which I only just managed to finish a couple of hours ago), I "lost" roughly 7% to fees/swaps/etc. I figure that's part of the learning curve. Going forward I'll be more direct: purchase what I need on Coinbase, then xfer it to Exodus.
Venmo was something I gave a shot, and it wasn't for me. Cash app, though, turned out to be SUPER straightforward in my case. My bank got connected to it quickly. Whenever I need 3 or 500 bucks fast for the Kangaroo's medicine ... it's set to buy BTC within seconds.
WeezinDaJuice
Explorer
After my bank deposit into Coinbase finally clears (7-day hold), should I just pay the supplier straight from Coinbase, or is moving it to my Exodus wallet the better move? I'd assume that extra hop through Exodus would just tack on more fees?
bingoberries
Explorer
What's the reason for not going with Trust wallet (or something along those lines)? Sending to the vendor would only cost around $.60, and the exchange wouldn't be able to say you paid them directly.
I don't know much about Exodus, honestly.