Are these fees normal? Is it worth going self custody vs an exchange?
Hey everyone.
I'm in Canada and have been slowly DCA'ing into 3 different Cryptocurrencies (Bitcoin, Ether, and Solana) for a little bit, and my portfolio is still pretty small, ~ $700. I first was buying on Wealthsimple, and then moved over to Coinbase as the advanced trading only costs me 0.6%, which is very tiny. At the moment, I'm okay with keeping my crypto on Coinbase, as it's small enough to where if I lose it all, it won't affect my life. It's a small percentage of my total savings/investing portfolio.
I know the importance of self custody, and I've been looking into wallets, mainly the ledger. I also have been checking on Coinbase Wallet, which I guess is just like the ledger, but a phone app. What surprised me are these outrageous fees. Staking 68 cents CAD of ETH would cost me $34.11 in fees. Transferring just $10 of Bitcoin from Coinbase to Coinbase Wallet would cost me $48.23 in a network fee. Has it always been like this? On the exchange, I pay like .6% when I buy, and I don't pay any fees when I start staking it (although I'm sure Coinbase takes a cut of whatever reward I receive, which is okay). Are these fees just something to do with Coinbase wallet? Are they different on a ledger, or is this just how it is? I'm assuming that if I wanted to sell it too, I'd have to pay that fee as well.
submitted by /u/Stright_16
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