I wire money to Kraken, exchange for ETH, send Eth to my MM, then swap for Hex.Is there a less complicated way?
Depends on how much fiat you want to swap for hex as the different exchanges have benefits and negatives
I see, I usually do $2,000-$3,000. Did my process seem simple enough?
I personally do it differently for similar amounts as I try to avoid the ETH chain to save on gas fees.
I'd be very thankful if you would describe your process. I've done this a bunch of times since August and I'm ready for something simpler and cheaper. I've spent like $4,000 in swap and staking fees. Yikes.
I'll give you the rundown of what I do, might not be the best but I think it minimises my fees dramatically. I add fiat to the exchange I use (charges 0.6% for transactions) and purchase XLM, I then use changenow .io and swap that directly for hex, this is worth visualising anyway as you can see the exchange rate of tokens including fees. Change now does max out on how much you can swap due to liquidity availability.
HEX's price went up the fastest when its liquidity was the lowest. Bitcoin's price went up the fastest when its liquidity was lowest. Ethereum's price went up the fastest when its liquidity was the lowest.
Great for small purchases though. You MUST include a memo for XLM when sending to changenow or it will get lost and you'll have to recover it through the exchange (if you can)
Exchange to XLM to Changenow.io work for less than $2K more than that use uniswap. app.uniswap.org
Thanks man, much appreciated. Yeah, I can see how that would save ETH fees. Hmmm, I'm going to try that or some variation.
Excellent! Thanks so much guys.
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