Best way to buy Bitcoin and transfer to cold storage… any advice?

Hi everyone!

I’m new to Bitcoin and could use some tips. I want to buy Bitcoin on an exchange and move it to a cold wallet with the lowest fees possible. My wallet allows buying Bitcoin directly, but the fees are too high.

I heard something about using Kraken to buy Bitcoin and then transferring it to an exchange that supports the Lightning Network before moving it to cold storage. But is this really saving money, or is there a better way?

I would love to know the best way to save on fees while transferring Bitcoin to cold storage! Appreciate any advice, thanks!

Strike is the cheapest to buy Bitcoin and has free transfers to cold storage wallets.

I think you might have misunderstood the Lightning Network method. LN to on-chain will have transaction fees, and if you use a service like Boltz or a custodial LN wallet, there’s an additional fee. The cheapest way is finding an exchange that offers a decent rate with free on-chain transfers.

You could try the Strike app and a Trezor One wallet from Amazon.

TazerRaid said:
You could try the Strike app and a Trezor One wallet from Amazon.

Don’t buy a Trezor or any other crypto wallet from Amazon. They could be tampered with, and someone could steal your funds. Always buy directly from the manufacturer.

Hal said:

TazerRaid said:
You could try the Strike app and a Trezor One wallet from Amazon.

Don’t buy a Trezor or any other crypto wallet from Amazon. They could be tampered with, and someone could steal your funds. Always buy directly from the manufacturer.

I got mine from the manufacturer’s store on Amazon. It came sealed, so I think it’s safe.

Hal said:

TazerRaid said:
You could try the Strike app and a Trezor One wallet from Amazon.

Don’t buy a Trezor or any other crypto wallet from Amazon. They could be tampered with, and someone could steal your funds. Always buy directly from the manufacturer.

How is this happening now that only Trezor sells directly on Amazon?

Scammers are active on this forum. Be careful of private messages offering services. If you get any suspicious messages, report them immediately.

You can swap Bitcoin here if you’re interested.

Zimri said:
Hi everyone!

I’m new to Bitcoin and could use some tips. I want to buy Bitcoin on an exchange and move it to a cold wallet with the lowest fees possible. My wallet allows buying Bitcoin directly, but the fees are too high.

I heard something about using Kraken to buy Bitcoin and then transferring it to an exchange that supports the Lightning Network before moving it to cold storage. But is this really saving money, or is there a better way?

I would love to know the best way to save on fees while transferring Bitcoin to cold storage! Appreciate any advice, thanks!

Kraken is a good exchange, but avoid using Ledger for cold storage. Cheaper isn’t always better.

Wil said:

Zimri said:
Hi everyone!

I’m new to Bitcoin and could use some tips. I want to buy Bitcoin on an exchange and move it to a cold wallet with the lowest fees possible. My wallet allows buying Bitcoin directly, but the fees are too high.

I heard something about using Kraken to buy Bitcoin and then transferring it to an exchange that supports the Lightning Network before moving it to cold storage. But is this really saving money, or is there a better way?

I would love to know the best way to save on fees while transferring Bitcoin to cold storage! Appreciate any advice, thanks!

Kraken is a good exchange, but avoid using Ledger for cold storage. Cheaper isn’t always better.

Kraken has higher withdrawal fees though.

Ronald said:

Wil said:
Zimri said:
Hi everyone!

I’m new to Bitcoin and could use some tips. I want to buy Bitcoin on an exchange and move it to a cold wallet with the lowest fees possible. My wallet allows buying Bitcoin directly, but the fees are too high.

I heard something about using Kraken to buy Bitcoin and then transferring it to an exchange that supports the Lightning Network before moving it to cold storage. But is this really saving money, or is there a better way?

I would love to know the best way to save on fees while transferring Bitcoin to cold storage! Appreciate any advice, thanks!

Kraken is a good exchange, but avoid using Ledger for cold storage. Cheaper isn’t always better.

Kraken has higher withdrawal fees though.

Kraken Pro has pretty low fees.

Wil said:

Ronald said:
Wil said:
Zimri said:
Hi everyone!

I’m new to Bitcoin and could use some tips. I want to buy Bitcoin on an exchange and move it to a cold wallet with the lowest fees possible. My wallet allows buying Bitcoin directly, but the fees are too high.

I heard something about using Kraken to buy Bitcoin and then transferring it to an exchange that supports the Lightning Network before moving it to cold storage. But is this really saving money, or is there a better way?

I would love to know the best way to save on fees while transferring Bitcoin to cold storage! Appreciate any advice, thanks!

Kraken is a good exchange, but avoid using Ledger for cold storage. Cheaper isn’t always better.

Kraken has higher withdrawal fees though.

Kraken Pro has pretty low fees.

Yeah, they recently reduced their fees. Not too long ago, it was 0.0002 BTC to withdraw, and I paid around 12 euros just to move my funds. Now, it’s only 0.00001 BTC, which is much cheaper. I might switch back to them for dollar-cost averaging.

Ronald said:

Wil said:
Ronald said:
Wil said:
Zimri said:
Hi everyone!

I’m new to Bitcoin and could use some tips. I want to buy Bitcoin on an exchange and move it to a cold wallet with the lowest fees possible. My wallet allows buying Bitcoin directly, but the fees are too high.

I heard something about using Kraken to buy Bitcoin and then transferring it to an exchange that supports the Lightning Network before moving it to cold storage. But is this really saving money, or is there a better way?

I would love to know the best way to save on fees while transferring Bitcoin to cold storage! Appreciate any advice, thanks!

Kraken is a good exchange, but avoid using Ledger for cold storage. Cheaper isn’t always better.

Kraken has higher withdrawal fees though.

Kraken Pro has pretty low fees.

Yeah, they recently reduced their fees. Not too long ago, it was 0.0002 BTC to withdraw, and I paid around 12 euros just to move my funds. Now, it’s only 0.00001 BTC, which is much cheaper. I might switch back to them for dollar-cost averaging.

Remember, the withdrawal fees are from the Bitcoin network, not Kraken.

Ronald said:

Wil said:
Ronald said:
Wil said:
Zimri said:
Hi everyone!

I’m new to Bitcoin and could use some tips. I want to buy Bitcoin on an exchange and move it to a cold wallet with the lowest fees possible. My wallet allows buying Bitcoin directly, but the fees are too high.

I heard something about using Kraken to buy Bitcoin and then transferring it to an exchange that supports the Lightning Network before moving it to cold storage. But is this really saving money, or is there a better way?

I would love to know the best way to save on fees while transferring Bitcoin to cold storage! Appreciate any advice, thanks!

Kraken is a good exchange, but avoid using Ledger for cold storage. Cheaper isn’t always better.

Kraken has higher withdrawal fees though.

Kraken Pro has pretty low fees.

Yeah, they recently reduced their fees. Not too long ago, it was 0.0002 BTC to withdraw, and I paid around 12 euros just to move my funds. Now, it’s only 0.00001 BTC, which is much cheaper. I might switch back to them for dollar-cost averaging.

12 euros is still relatively cheap. Here in Canada, we often pay over $40 just to send funds to an exchange.

Zimri said:
Hi everyone!

I’m new to Bitcoin and could use some tips. I want to buy Bitcoin on an exchange and move it to a cold wallet with the lowest fees possible. My wallet allows buying Bitcoin directly, but the fees are too high.

I heard something about using Kraken to buy Bitcoin and then transferring it to an exchange that supports the Lightning Network before moving it to cold storage. But is this really saving money, or is there a better way?

I would love to know the best way to save on fees while transferring Bitcoin to cold storage! Appreciate any advice, thanks!

Check out Strike for more details.

Zimri said:
Hi everyone!

I’m new to Bitcoin and could use some tips. I want to buy Bitcoin on an exchange and move it to a cold wallet with the lowest fees possible. My wallet allows buying Bitcoin directly, but the fees are too high.

I heard something about using Kraken to buy Bitcoin and then transferring it to an exchange that supports the Lightning Network before moving it to cold storage. But is this really saving money, or is there a better way?

I would love to know the best way to save on fees while transferring Bitcoin to cold storage! Appreciate any advice, thanks!

Try Strike.me for Bitcoin transfers.

Zimri said:
Hi everyone!

I’m new to Bitcoin and could use some tips. I want to buy Bitcoin on an exchange and move it to a cold wallet with the lowest fees possible. My wallet allows buying Bitcoin directly, but the fees are too high.

I heard something about using Kraken to buy Bitcoin and then transferring it to an exchange that supports the Lightning Network before moving it to cold storage. But is this really saving money, or is there a better way?

I would love to know the best way to save on fees while transferring Bitcoin to cold storage! Appreciate any advice, thanks!

I’d recommend using Strike or River for this.

Zimri said:
Hi everyone!

I’m new to Bitcoin and could use some tips. I want to buy Bitcoin on an exchange and move it to a cold wallet with the lowest fees possible. My wallet allows buying Bitcoin directly, but the fees are too high.

I heard something about using Kraken to buy Bitcoin and then transferring it to an exchange that supports the Lightning Network before moving it to cold storage. But is this really saving money, or is there a better way?

I would love to know the best way to save on fees while transferring Bitcoin to cold storage! Appreciate any advice, thanks!

You’re doing the right thing by buying on an exchange and quickly transferring to cold storage. Most major exchanges don’t charge extra fees beyond the standard Bitcoin transaction fee. Kraken is one of the lowest in terms of fees for buying BTC. Here are the buy fees for major US exchanges:

Kraken Pro - 0.40%
Coinbase - 0.60%
Swan - 0% for the first $10K
Strike - 0.99%
River - 1.00%

Just keep stacking those sats!

Zimri said:
Hi everyone!

I’m new to Bitcoin and could use some tips. I want to buy Bitcoin on an exchange and move it to a cold wallet with the lowest fees possible. My wallet allows buying Bitcoin directly, but the fees are too high.

I heard something about using Kraken to buy Bitcoin and then transferring it to an exchange that supports the Lightning Network before moving it to cold storage. But is this really saving money, or is there a better way?

I would love to know the best way to save on fees while transferring Bitcoin to cold storage! Appreciate any advice, thanks!

Don’t use the Lightning Network to store Bitcoin. Stick with the main network for savings, as fees on most exchanges are low. The Lightning Network is better for daily transactions.