Bitcoin exchange where you can set your own wallet instead of using one provided by the exchange

1

I'm looking for a European based Bitcoin exchange where I can buy bitcoin and have them delivered straight to my private wallet. I basically want to avoid the extra cost of transferring the recently purchased coins from the exchange's to my own private wallet.

I know Coinmama works in such way (you have an input field where you fill the account you want the Bitcoin to be delivered to) but it's quite expensive and only take card payments.

Does anyone knows about such a platform?

ntonnelier

Posted 2017-12-22T19:58:42.997

Reputation: 243

Of course it is expensive, Coinmama charges a 5.5% transaction fee for each purchase + an additional 5% fee for credit card. I know of one exchange that doesn't charge network fee, but unfortunately they are USA-based. – Chak – 2017-12-22T22:09:14.843

Answers

1

You forget something. Who pays it then?

I basically want to avoid the extra cost of transferring...

That means that the people of the exchange have to transfer it for you and that means that they have to pay the fees because it's a default blockchain transaction and the miners want to be paid. And the exchange's owner does generally not want to donate you 20-30$ (average fees at the moment)

I don't think that there is such a platform you are talking about. Exchanges don't work this way

ndsvw

Posted 2017-12-22T19:58:42.997

Reputation: 1 947

I just assumed using a normal exchange I was paying two transactions: one to buy/transfer the coins into the exchange's wallet and another one to transfer them from that wallet into my owns. But reading your answer i wonder: Maybe there's no network fee in the first transaction? Maybe this happens all inside the exchange's system? – ntonnelier – 2017-12-23T14:15:47.087

1If someone sells 1 btc to the exchange, the exchange notices: "This bitcoin is now our bitcoin!" and they save that information in their database. And if you buy that bitcoin, the only thing that happens then is: They edit the database-entry to "This bitcoin is ntonnelier's bitcoin", so that you are allowed to send it to your own adress. There is ordinarily no blockchain transaction if you do only trade and let the coins on the exchange. – ndsvw – 2017-12-23T17:47:09.873

Asked: 2017-12-22T19:58:42.997

Viewed: 129 times

Active: 2018-07-03T16:25:55.160