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RE: What is the Best Route to Get Fiat (USD) into the LEO / HIVE Ecosystem?

in LeoFinance3 years ago (edited)

Thanks for this suggestion.

I decided to go ahead and get a CashApp account to see about giving this method a trial run.

Getting $1,000 into a CashApp account was pretty easy, using a debit card, and there were no fees.

However, when purchasing anywhere from $250 to $1,000 worth of BTC, the fees were around 1.7%. (At $200, the fees went up to 2%; at $100 they were 2.25%).

However, that is less than the 3% debit card fee Bittrex charges, so I decided to give it a try.

Immediately after purchasing the BTC via CashApp, I initiated a transfer to Bittrex. It took over 30 minutes for the transfer to receive its first confirmation. After 50 minutes, there had been 2 confirmations but the BTC was still showing up as "pending" in my Bittrex account (saying there has only been 1 confirmation).

After 60 minutes, the Bittrex account still shows only 1 confirmation, even though blockstream.info shows 3 confirmations for that transaction.

My conclusion, based on this trial run: a wire transfer direct to Bittrex seems the better option.

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UPDATE: After just over an hour, the BTC finally showed as tradable in my Bittrex account.

I immediately initiated a transfer back to USD. Even though the price of BTC had gone up slightly, the buy/sell spread on BTC left me with 1.5% less.

So, the net fees of getting the USD from my bank to Bittrex (via BTC via CashApp) ended up being just over 3%.

So, debit card deposit direct to Bittrex would've been better (and much faster).

Wire transfer seems to be the better way to go. I'll give that a try tomorrow, if I can find time to get that done.

@trostparadox
True sometimes the transactions are very slow but it depends, sometimes they go thru for 2 min, I don't know and understand completely what that is based on, but still, it is a good option to purchase BTC...