RetireJapan

Non-American foreign resident of Japan.

Looking for a recommendation of an easy to open, easy to fund, *idiot proof platform/account/thing to buy some BTC and ETH and hopefully some of those eco-friendlier ones.
If possible, I really don't want to have to get a WISE account to be able to fund this.


* I will be supplying the idiot.

For holding, you should really use a hardware wallet like Trezor. If you're using an "account" where somebody else has the keys, you're at risk of having your funds stolen.

For trading, I would (and did) use Bitflyer (no good for Americans anymore), but it's been a few years.

Coincheck. Super easy app with good UI design. All in English to boot.

adamu wrote: ↑Fri Feb 04, 2022 9:44 am For holding, you should really use a hardware wallet like Trezor. If you're using an "account" where somebody else has the keys, you're at risk of having your funds stolen.

For trading, I would (and did) use Bitflyer (no good for Americans anymore), but it's been a few years.

Thanks. I opened an account and was verified overnight! (What is this sorcery!) Looking into hardware wallets now.

mighty58 wrote: ↑Sat Feb 05, 2022 3:09 am Coincheck. Super easy app with good UI design. All in English to boot.

Thanks for the suggestion.

On Bitflyer the price to buy is lower if you use the Lightning option compared to the buy/sell option although the Lightning interface looks a bit daunting at first.

KyushuWoozy wrote: ↑Mon Feb 07, 2022 4:16 am On Bitflyer the price to buy is lower if you use the Lightning option compared to the buy/sell option although the Lightning interface looks a bit daunting at first.

Oh wow! What have you done.. I had the sound on and was immediately transported back to my Slot machine addiction of the early 90's.
A shameful time from my past when I was throwing good money after bad chasing improbably gains on things outside my control whilst mindlessly watching some flashing lights.

My goodness how times have changed.

I only made a test purchase (normal method) and was indeed surprised how it immediately lost nearly 4% of the value.
I somehow purchased at a higher value than what they said was the highest value paid that day. So that was reassuring.
Will try the Lightning method this evening.

adamu wrote: ↑Fri Feb 04, 2022 9:44 am For holding, you should really use a hardware wallet like Trezor. If you're using an "account" where somebody else has the keys, you're at risk of having your funds stolen.

For trading, I would (and did) use Bitflyer (no good for Americans anymore), but it's been a few years.

I've been meaning to look into getting a hardware wallet for my coins (just BTC and ETH) since I've been putting a little more than 'little' money into it recently. I'm also on Bitflyer and saw you said you used it before - did you use Trezor with Bitflyer without any problems? I'm new to the whole wallet/keep my own coins thing so don't want to mess it up haha.

KyushuWoozy wrote: ↑Mon Feb 07, 2022 4:16 am On Bitflyer the price to buy is lower if you use the Lightning option compared to the buy/sell option although the Lightning interface looks a bit daunting at first.

+1

Bitflyer have two ways to buy. One is from them directly, where they take a spread, the other is via the marketplace, which works exactly like the stock exchange with market orders, limit orders, etc. (except that there's no clearing time...). The marketplace is the better place to buy (I don't think you need to use the Lightning interface, but my memory is hazy). I'm not even sure what the purpose of the non-marketplace option is besides ripping people off. Sorry Moneymatters, I should have mentioned that before you got caught out.

Viralriver wrote: ↑Mon Feb 07, 2022 1:11 pm I've been meaning to look into getting a hardware wallet for my coins (just BTC and ETH) since I've been putting a little more than 'little' money into it recently. I'm also on Bitflyer and saw you said you used it before - did you use Trezor with Bitflyer without any problems? I'm new to the whole wallet/keep my own coins thing so don't want to mess it up haha.

It's been a while since I used Bitflyer. But Trezor generates addresses, and from Bitflyer you can just transfer to your Trezor address. Pretty simple. Worth bearing in mind there is a blockchain transaction fee each time you transfer. I'm not sure how much that works out at recently.

Just beware that Trezor is like a safe (that's what trezor means in Czech, apparently). You are the only one that has the keys, so if you lose it (and your seed phrase), then you lose everything - there is no path to recovery.

Thanks! Will look into Trezor and other options before I make the move to the hardware wallet.

On the note of Lightning (which is what I use, it's a fairly simple interface once you get used to it), I believe they offer tsumitate-esque orders on their standard interface. So it costs a little more but for a 'set and forget' option, it can be useful. I don't think this is available on Lightning.

Moneymatters wrote: ↑Mon Feb 07, 2022 7:38 am I had the sound on and was immediately transported back to my Slot machine addiction of the early 90's.

I guess that's the point I'm afraid. That interface seems designed to:

1) give lots of little dopamine hits
2) engender a fear of missing out

One way to avoid getting sucked in is to use the 'limit' option on the Lightning interface. If something costs 100 now you can set a limit order of, say, 90. This means your purchase will automatically be made if the price drops to 90. Means you don't have to keep logging in all the time to check the price. I assume this option also works for selling too but haven't tried that personally.

Happy gambling