Part 4/8:
Transfer Stablecoins to an Exchange: Moving stablecoins onto a cryptocurrency exchange incurs withdrawal fees and gas fees based on blockchain network conditions.
Buying Cryptocurrencies: Finally, purchasing your desired cryptocurrency (e.g., Bitcoin) can attract trading fees, depending on the exchange's policies.
Each of these steps can introduce hidden costs, making it essential to scrutinize each phase of the process.
Finding the Lowest-Cost Approach
After analyzing various methods, the most cost-effective approach currently involves using an e-money service like Revolut for transactions. Here’s how to do it step-by-step:
- Transfer from Bank Account: Use a free online payment method like SEPA to transfer funds (e.g., £1,000) from your bank to Revolut.