Topic: Buying and selling at exchanges for real money (EUR/USD) (Read 97 times)
Not sure if https://poloniex.com is a reputable exchange or not but they are taking new accounts. Also https://www.binance.com/ is taking new accounts. I don't know if they are good site or not but both are listed on coinmarketcap.com so they must have some amount of reputation.
I am fimiliar with spreads. But disagree with you that this is similar to the spreads on stock markets. If you only trade in the most popular stocks (Apple, Samsung, etc) you will never see these high spreads.
However, knowing that this is the case for crypto coins, I have the feeling the more I read the less I understand. In normal stock markets I would suggest to do less trades, because one loses money due to the high spreads. But looking at the crypto market, the volume is really insane high. As it takes less then 1 month before the whole crypto supply has been sold from one to another. Why is that volume that high?
Another question I have, given the current market situation with exchanges not accepting new users. I think I will change my strategy to buying somethng like 5-15 coins for $50-$100 per coin. And then I just wait for months or even years hoping that the value of these coins will go up with 1.000% (or even more). Which exchanges could I best use to buy?
(the exchange should still accept new users and also have quite some coins, as I don't want to register at a new site for each new coin I choose.)
However, knowing that this is the case for crypto coins, I have the feeling the more I read the less I understand. In normal stock markets I would suggest to do less trades, because one loses money due to the high spreads. But looking at the crypto market, the volume is really insane high. As it takes less then 1 month before the whole crypto supply has been sold from one to another. Why is that volume that high?
Another question I have, given the current market situation with exchanges not accepting new users. I think I will change my strategy to buying somethng like 5-15 coins for $50-$100 per coin. And then I just wait for months or even years hoping that the value of these coins will go up with 1.000% (or even more). Which exchanges could I best use to buy?
(the exchange should still accept new users and also have quite some coins, as I don't want to register at a new site for each new coin I choose.)
This difference between the buying and selling price is the spread
It's similar like the spread on stock markets, and can be also quite high
depending on the exchange and the trading volume it has on specific coin.
disappointing, but this is how it is ...
It's similar like the spread on stock markets, and can be also quite high
depending on the exchange and the trading volume it has on specific coin.
disappointing, but this is how it is ...
You could be right about this one. But still I assume this will mostly be the case for altcoins with very low volume and/or small exchanges?
Otherwise one could say that the whole crypto market sometimes is broken!
Cause today's price for ripple is $1,00. If I now buy 1.000 and pay an average price of 1,10. Then in about 3 days the price increased with 20% to 1,20. I sell my 1.000 ripple for an average price of 1,10. Although there is a 20% price increase there is no profit at all 😥
Otherwise one could say that the whole crypto market sometimes is broken!
Cause today's price for ripple is $1,00. If I now buy 1.000 and pay an average price of 1,10. Then in about 3 days the price increased with 20% to 1,20. I sell my 1.000 ripple for an average price of 1,10. Although there is a 20% price increase there is no profit at all 😥
Do you think it would be possible to benefit from price differences between exchanges? Or can I better save myself the time to try this?
Save your timeI have tried it several times and althought it looked promissing wasn´t successfull yt the end.
Some exchanges have not so high trading volumes and the price you see is not always the price to buy more the middle beetween buying and selling. So if the buying asks a price for 0.10$ and the cheapest seller demands 2.10$ than you see a price of 1.10$ but only can buy at 2.10$ or sell at 0.10$.
The examples are a bit extreme, but I have tried with diffrent currencys on several exchanges and alays was disapointed at the end.
Good luck registering with the exchanges, a few of them have temporarily stopped new registrations due to the flood of new accounts. I just tried to register for bitfinex and they are not taking new accounts until Jan 15 at the latest.
Thanks for all the answers!
And I guess you're right, I just have to read all terms. Although I always have the feeling I'm the only fool reading the tiny letters. That will take quite some time, as I wanted to try whether it is possible to benefit from the price differences between exchanges. So I wanted to register at least 5 or so.
Do you think it would be possible to benefit from price differences between exchanges? Or can I better save myself the time to try this?
And I guess you're right, I just have to read all terms. Although I always have the feeling I'm the only fool reading the tiny letters. That will take quite some time, as I wanted to try whether it is possible to benefit from the price differences between exchanges. So I wanted to register at least 5 or so.
Do you think it would be possible to benefit from price differences between exchanges? Or can I better save myself the time to try this?
1.) In short, Yes on most of them.
On many exchanges you can trade with FIAT money. FIAT is just term for currencys like €,$, etc.
Deepending where the exchange is located you can exchannge usualy us$ and YEN, Rubel,NZ$ what ever.
Also most of them support credit cards, SEPA and diiffrent payment method may vary.
2.) Yes it is possible to keep money and coins on most of the exchanges. There are some exchanges where you don´t store any coins, like changelly for exmaple, but they are the minority.
3.)With FIAT money the day should differ deepending on the location of the exchange. Usualy the same time a normal bank transfere takes fom, for example, asia to your destination.
Better put some time in research about diffrent exchanges. There are big differences in the fees, amounts you trade and identifikation prosses.
Some times it is nerv wrecking, when you are looking for a quick start, nothing goes quick.
But better take your time now then getting in trouble when it comes to payment terms.
On many exchanges you can trade with FIAT money. FIAT is just term for currencys like €,$, etc.
Deepending where the exchange is located you can exchannge usualy us$ and YEN, Rubel,NZ$ what ever.
Also most of them support credit cards, SEPA and diiffrent payment method may vary.
2.) Yes it is possible to keep money and coins on most of the exchanges. There are some exchanges where you don´t store any coins, like changelly for exmaple, but they are the minority.
3.)With FIAT money the day should differ deepending on the location of the exchange. Usualy the same time a normal bank transfere takes fom, for example, asia to your destination.
Better put some time in research about diffrent exchanges. There are big differences in the fees, amounts you trade and identifikation prosses.
Some times it is nerv wrecking, when you are looking for a quick start, nothing goes quick.
But better take your time now then getting in trouble when it comes to payment terms.
1. Can I on all exchanges buy crypto for euros or usd? And if so can I pay by credit-card? Or Always sepa?
2. Is it possible to keep euros or usd in the online wallet from the exchange?
3. If I sell, can I always transfer the money to my bank account from all exchanges? And up to how many days could this take?
2. Is it possible to keep euros or usd in the online wallet from the exchange?
3. If I sell, can I always transfer the money to my bank account from all exchanges? And up to how many days could this take?
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