I have been dollar cost averaging bitcoin for a while now, but I'm not convinced I have discovered the best exchange to use. I have tried Cash App, Gemini, and Swan, and each have their advantages and disadvantages. Here are my thoughts:
Cash App - very easy to use, quick deposit clearing, and no hold before withdrawing to cold storage. Also, Block is a well capitalized, diversified publicly traded company. The downside, as I see it, are high fees and slow transaction time unless you pay extra for a priority withdrawal.
Swan- I like Swan for many reasons, including its commitment to a bitcoin only culture, great leadership, and very low fee structure. The biggest downside, as I see it, is the odd 9-5, Monday to Friday business hours. Being limited to a normal business day to withdraw bitcoin reminds me of all the things I hate about fiat and banks! I also find the whole Prime Trust delay annoying, although I know it is a very secure transaction.
Gemini - I like Gemini for its convenience and pretty low transaction fees. The whole dca set up is painless. The downside for me is my growing lack of trust in the Winklevoss brothers. I suspect they are engaging in risky behavior with their "earn" products, and the delay in clearing deposits before allowing withdrawals is very frustrating.
I have heard good things about Kraken, but unfortunately I live in the People's Republic of New York, where Kraken does not operate.
Any input would be appreciated.
For those in the Eurozone (SEPA transactions) there are some great options!
  • GetBittr[https://getbittr.com]: No Kyc. Just send >=€25 to them and they will send BTC to your BTC wallet. No support for xpub's, though. 1.5% fee + on-chain fees.
  • PocketBitcoin[https://pocketbitcoin.com]: No Kyc. Just send >=€25 to them and they will send BTC to your BTC wallet. They do support for xpub's, so better for privacy. 1.5% fee + on-chain fees.
  • Relai[https://relai.app]. No Kyc. Use my promo code for 0.5% discount:REL17326. Total fee is again 1.5%. Too bad you can not "push" payments whenever you feel like it, you have to initiate the buying from the app.
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I'm a happy customer of Swan. You can upload a wallet xpub to Swan and every week it transfers to your address. You always receive an email confirming the destination address and there's no withdraw fees (you don't even pay mining fees!).
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Despite some of the usability limitations, I like Swan. I like the content they put out, I like that they encourage you to withdraw often, and their overall mentality towards bitcoin gives them a lot of credibility imo. I'm also partial to companies that prioritize security over usability. It's a worthy trade off for stuff like this, and it's kind of rare.
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Here's a fairly comprehensive list of exchanges that provide DCA. There are other ones that might have added a DCA method that I'm not aware of, however. Additions / corrections welcome!
Dollar Cost Averaging. The answer to the question “Is now a good time to buy Bitcoin?” https://cointastical.medium.com/dollar-cost-averaging-the-answer-to-the-question-is-now-a-good-time-to-buy-bitcoin-a84e518f50f0
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Thanks for the list. I'll check it out.
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For DCA I like Strike.
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From your criteria I'd pick Strike or River... But even better would be Bisq or Robosats... don't be lazy 🦥
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I'm a fan of Strike.
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