How do you invest, Buy/Sell?
At the moment, I prefer to use Coinbase - The best option for users coming from United States with $10 BONUS on a purchase of $100. The reason I use them is because they are reliable and offers affiliate marketing.
Another two website that I prefer to use CEX.IO, Coinmama for their easy to sue Credit card options. They usually charge ±7% other exchanges are pretty much expensive.
Note: I know these are some very basic questions but I am just asked by a user over other forum so I thought I should just post it over here too.
How do I trade?
I am currently using Bittrex but I am kinda of shaken by their policies. They keep banning random users from third world countries and don’t even answer their queries.
There’s been a lot of reports from countries like India, Pakistan, Iran, Nigeria, Bangladesh etc.
Another reason is of course fees, Bittrex charges a commission of 0.25% on all trades. And as a short trader we trade somewhat 5–20 orders an hour or so. It is simply huge.
Which is why I am thinking of shifting into Open Ledger/Bitshares. It’s a DEX and has very minimal fees. The security is simply outstanding.
As for what I consider while trading, please read one of my previous article How can I can be succesfull in cryptocurrency trading?
How can you get in lower amounts?
Cryptocurrencies are meant for peer-to-peer transactions and that’s how you get cheap coins. Find and trace people around you looking for buyers. Pay him in cash.
It’s pretty much easy to find people nearby you. Go to LocalBitcoins and find people in the nearby areas. I have been traced by many of my readers in the similar way who I helped with buying IOTA.
So, to avoid high fees and exchange rates, find peers and shift to Open Ledger.
img credz: pixabay.com
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I want to sell on localbitcoins but I'm nervous. How to I avoid getting ripped off?
There's escrow. Only release your coins once you receive your payments. Also set your location and visible to your customers and once hey get open the trade with you and when the message section opens, throw your idea of dealing in cash.
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Bitshares and/or Etherdelta are very interesting and cool, but also a different user experience. If you are looking for lower fees, have a look at Binance exchange. Their fees are by default 50% cheaper than Bittrex, and if you use the BNB token you can reduce them with another 50%. So that is quite significant.
Also the withdrawal fees on Bittrex are super high, which is painful for small investors. Binance is the best, easiest, cheapest and most reliable option that I found so far. The other smaller exchanges, I don't trust as much.
Yeah, I can't believe I missed Binance. The only thing that I liked about Bittrex was it's simple and user friendly interface and I got used to that. I registered with Bitstamp, bitfinex but eventually got stuck with bittrex.
I don't know the volume and other stuff about Binance. I will study it for a while a long with Open Ledger. I am kinda of fed with this centralized sh*t.
I know what you mean, I went through the same. I liked Poloniex best but it is plagued by complaints and problems so I quickly moved to Bittrex because it was super fast and reliable. But when I started doing the math, the trading fees seriously add up! And now that I have my funds on my hardware wallet, which means withdrawing from exchanges, the withdrawal fees are killing me. It's like 5-6$ just to withdraw some bitcoin... I paid close to $30 to get all my different crypto's out of there.
I'm actually loving Etherdelta, it has a different model and is based on Ethereum so the main cost is Ethereum gas. But it's not n00b friendly and can be a costly learning experience.. after that it will be cheaper because of no withdrawal fees (except a few pennies for the gas). But I don't recommend trading on there unless you have a Ledger nano S. If you have one, definitely check it out.. it's super easy login with the ledger.
Bitshares/Openledger is next on my list of things to try out. But I don't like that I can't connect with my ledger nano s like on Etherdelta. It really gives me a feeling of security when I can do that.
I agree with all your points. I haven't checked the Etherdelta yet. I am trying Bitshares these days and learning it. I am still not used to it, find it weird.
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