Finally i started buying my first Bitcoins. It took more than a year of thinking about it.   

I bought just a few hundred dollars worth of Bitcoins from late June 2017 to mid July.  Frictional costs were huge, maybe 7%. 

Then I discovered some quoted Bitcoin trackers, where I could invest decent amounts via regulated exchanges or reputable counterparties.   I'm happy I did that as I was still not geared up for large transactions with the exchanges.   I got in just before the big leap from $2500 to $4000.

Now I am signed up with two exchanges who have done their DD on me and will accept larger deposits.  I am depositing a few thousand USD a day, converting to Bitcoin and bringing it back to a paper wallet.  I just paid an all-time record price of $4'400.

I don't want to have too much exposure to the exchanges.  It's hard to tell where they are really located, I can't find any annual reports and there are no photos of the board of directors.  I get my money in, exchange it, and bring it back quickly to a paper wallet.