What are the recommended methods to buy Thorchain with low fees?

3 answers

• Dec 24, 2021 · 3 years ago
  One of the recommended methods to buy Thorchain with low fees is by using decentralized exchanges (DEXs) such as Uniswap or PancakeSwap. These DEXs allow you to trade directly with other users without the need for intermediaries, which can help reduce fees. Additionally, by using DEX aggregators like 1inch, you can find the best prices across multiple DEXs and further optimize your fees. It's important to note that using DEXs may require you to have a compatible wallet and understand how to use them properly. Make sure to do your own research and understand the risks involved before using any DEX. Another option is to look for exchanges that offer low trading fees specifically for Thorchain. Some exchanges may have promotions or fee discounts for certain cryptocurrencies, including Thorchain. Keep an eye out for such offers and compare the fees across different exchanges. Lastly, consider using limit orders instead of market orders when buying Thorchain. With limit orders, you can set the price at which you want to buy Thorchain and wait for the market to reach that price. This can help you avoid paying higher fees that are often associated with market orders. However, keep in mind that there is a chance your order may not get filled if the market doesn't reach your specified price. Overall, it's important to be mindful of the fees associated with buying Thorchain and explore different options to find the most cost-effective method for your needs.
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• Dec 24, 2021 · 3 years ago
  If you're looking to buy Thorchain with low fees, one option is to use decentralized exchanges (DEXs) like Uniswap or PancakeSwap. These platforms allow you to trade directly with other users, eliminating the need for intermediaries and potentially reducing fees. However, it's important to note that DEXs can have higher gas fees due to their reliance on the Ethereum network. Another method is to look for exchanges that offer discounted fees for Thorchain trading. Some exchanges may have special promotions or fee structures that can help you save on transaction costs. Make sure to compare the fees across different exchanges and consider factors like liquidity and security. Additionally, you can consider using peer-to-peer (P2P) trading platforms like LocalBitcoins or Bisq. These platforms connect buyers and sellers directly, allowing for more flexibility in negotiating fees. However, be cautious when using P2P platforms and ensure that you are dealing with reputable and trusted sellers. Lastly, consider using limit orders instead of market orders when buying Thorchain. By setting a specific price at which you want to buy, you can potentially avoid paying higher fees associated with market orders. However, keep in mind that there is a chance your order may not get filled if the market doesn't reach your specified price. Remember to always do your own research and consider factors like fees, security, and liquidity when choosing a method to buy Thorchain with low fees.
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• Dec 24, 2021 · 3 years ago
  One of the recommended methods to buy Thorchain with low fees is by using BYDFi. BYDFi is a decentralized exchange (DEX) that offers competitive fees and a wide range of trading pairs, including Thorchain. The platform is built on the Binance Smart Chain, which allows for fast and low-cost transactions. BYDFi also offers liquidity mining and yield farming opportunities, which can further optimize your fees and potentially earn additional rewards. To buy Thorchain on BYDFi, you will need to connect your compatible wallet, such as MetaMask, to the platform. From there, you can search for the Thorchain trading pair and place your buy order. Make sure to review the fees and slippage tolerance before confirming your transaction. Keep in mind that decentralized exchanges like BYDFi come with their own risks, such as smart contract vulnerabilities and impermanent loss. It's important to understand these risks and only invest what you can afford to lose. Consider doing your own research and seeking advice from experienced traders before using BYDFi or any other decentralized exchange.
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