I'm new to all the crypto stuff, and I spent some time reading about it to get familiar with it, and now I'd like to start the experience, though I'd first like to have some feedback about whether I understood it correctly.
I'd like to invest in bitcoin with a moderate amount, for a long period. As a result, I'm not looking for the convenience of trading quickly between cryptocurrencies, but rather I'm looking for low fees, and security.
From what I understood, going through an exchange platform is the most secure, yet not so expensive, way to do that. They charge a fee, so I'm looking for the lowest fees applicable for depositing/withdrawing/exchanging.
In order to enhance the security, I read that I could buy a cold wallet and transfer my exchange wallet there.
So to sum up, I understood that I roughly have to follow the following steps:
- depositing euros to my account
- exchanging them for bitcoins
- (optional) moving them to a cold wallet
- (if step 3) moving them back to the account
- exchanging it for euros
- withdrawing euros back to bank account
My web search concludes that binance provides the cheapest depositing/withdrawing/exchanging fees, whilst still providing some sort of security (as opposed to, say, finding a random person online willing to exchange currencies). Am I right to think that these fees include the bitcoin transaction fee ?
Is this description accurate ? Is it the most classical / best / cheapest / most secure steps to buy bitcoins for investment purposes ? Or are there cheaper ways to achieve this investment ?
I also read about decentralized exchanges, such as binance dex, which seem to provide overall lower fees, but I don't know if they apply to my use case.