New to crypto? This might save you a LOT of money

We were all newbies to crypto once.

We make a lot of dumb mistakes in crypto. New people make more than experienced traders and HODLers, but dumb mistakes are by no means limited to n00bs. I have been lucky, and my own early blunders consisted of two transactions between which I paid a total of about $42 in fees that I didn’t have to pay, had I been more careful, and understood fees better.

Here I will cover the various fee types, and include some general advice on minimizing loss to fees. This is largely targeted at new crypto users, because I see a lot of posts that indicate newcomers lose money due to an incomplete (or non-existent) understanding of fees. The post is long, and there is no TL; DR version, but here’s a quick outline:

  1. Explanations of the various fee types
  2. One example of how you might trade on an exchange with lower trading fees, yet take advantage of lower withdrawal fees on a different exchange

Car enthusiast #audi. Bought my first Crypto #Eth #Ada Writer/Blogger