Topic: Buying and Selling Cryptocurrencies (Read 1014 times)

To answer your last question, yes all exchanges charge fees for sending Bitcoins or other cryptocurrencies off the exchange. They are also going to charge a fee for each trade. The good thing is that the trading fees are very low for the exchanges I've used. They are actually just a small percentage of the trade so if you do a small trade, the fees is just a small percentage of that rather than a flat fee like with stock trades. I think the fees for sending funds off the exchange are higher, so you may not want to constantly move funds from exchange to exchange.

I would recommend that any Bitcoins you want to hold for long term you should put in an offline wallet and those that are going to be used for trading put on an exchange that allows quick trades. There are several exchanges that people use but just don't store Bitcoins on those exchanges because there is some risk involved.

You can make immediate transactions on exchanges like Poloniex, Bittrex, and I think Kraken and some others. Those exchanges allow bitcoin and altcoin trading that is very quick like day trading if you want.

Exchanges like Coinbase are more for initial buys of bitcoin from funds in your bank account or to sell bitcoins and send the money back to your bank account. Basically what I've done is use Coinbase to buy bitcoins with money in my bank. Then I send that money to Poloniex to fund my trading account and that is where I do my trading.

This is true if you think this is good then really 3 times to pay for something is bad. Better is to take something clean and simple like BTC->ETC or BTC->LTC or any other coin or solution. Its not good to go for some coin that need to make lot of chances like monero for example. But this is how exchanges work some have some better option and they are popular and respected but some have few coin and they have good reputation (this I mean in BTC-E).

Lol, are you think very easy to attack and rob crypto from exchange site as Poloniex or Bittrex? If easy as your tell, not have trader holding their coin on exchange and not have trader. But when the happens Segwit2x nearest deathline as now, loss Bitcoin of user maybe happening and I still not see warning or notification from any exchange in currently

I don't think you jump straight into trading. It is not an easy job at all. Judging by your post, I'd say you are not ready for it. The best thing in my opinion will be to buy some bitcoin, If it is the coin of your choice, then sit on it for a few months and years if you can mange it. It will save you a lot of stress and losses. Then take your time to study how exchanges and the crypto markets work, before trading. I am not knocking trading at all, there are some people making good profits from it, but this is because they know what they are doing.

Talking about selling at buying there are not typical moments that you would able to do such act but only on to your self only and no one really knows if we did bought a particular currency to its price peak or not and this is how trading works and this is the hardest part too which we cant really predict on price movements but if you do trade with proper knowledge and precautions you will eventually make money depending on how you gonna trade. Exchanges do work on that way which you would exchange into an other coins by the use of bitcoin depending if they do have exchange pair... lets say BTC to ETH you decide to buy Monero.. You would need to exchange your ETH->BTC-> Monero since you cant directly change monero to ETH.

Yes those are possible. Converting BTC means trading it with other coins and that includes trade fees.


If you live in the US, there are a lot of ways to buy bitcoin. You can use Coinbase, Localbitcoins, Coinmama, GDAX and more.


There are some exchanges who has deposit and withdrawal fees and there are some who offer it for free. However, you still have to pay transaction fees in the Bitcoin blockchain. Taking your funds into a wallet may not be necessary if the exchange offers a direct to fiat withdrawal


If you need more advice and tips on cryptotrading, I have sent you a private message. Please find time reading it and I am looking forward to hear from you soon. Thanks!

exchanges are the way to get into crypto, but move your coins from there fast, because exchanges have a tendency to get hacked and thus you lose all your coins.

You'd better opt for exchanges. The number of exchanges is huge, the competition is stiff. So now the exchanges struggle to considerably facilitate trading experience of their customers. Here is an overview of the most popular ones https://99bitcoins.com/best-bitcoin-exchanges-comparison-review/ Personally I use cex.io, have been satisfied so far.

Find someone who sells Bitcoin in your country, or use an Exchange. Fund your account via international wire if necessary.

Then you can go to an altcoin exchange and buy any other coin you want.

Good Luck!

This depend on supply.
You can see how it work.

https://www.bfxdata.com/orderbooks/xmrusd

You can buy or sell at any time of the day. It's nuts. Go to sleep knowing Bitcoin is at one price and wake up and it's up 20% (or down 20%). It's truly a global market.

What will happen that you need to watch out for is (1) how long it takes for your trade to settle (when selling to fiat) and (2) is the exchange confirming a sale price that coincides with when you clicked "Sell!" Settlement should take a few days, that's normal in the investment world. Some exchanges may take a week. If you're not getting the same price you saw when you clicked "sell" you've got a problem, the exchange's platform is weak under high volume or they're playing games with you.

E.g., people complain about Coinbase for this exact reason...but it's hard to know if the few that complain represents the anomalies or a trend.


Great question, yes but not all exchanges deal in all currencies. Here's a website to help you decipher which exchanges trade in which currencies: https://www.cryptocompare.com/wallets/#/overview

thanks habBear.

Can anyone tell me a little about selling/exchanging/withdrawing?

I want to know if it is typically always possible to sell at a moments notice? Will people still be buying when the price of a currency has just risen? Is that even how it works or must be done?

Can one exchange between a less common cryptocurrency and BTC, ETH or another major coin at any point?

On the Casascius coins, they ARE fascinating. And very collectible. Nearly all of them come loaded with Bitcoin and most people don't add any more Bitcoin to them, it's generally seen as degrading the collectibility of the coin. That said, there are other coins by other makers that come as blanks and can be used as a physical wallet, the user loads the bitcoin on the coin itself. Check out the Collectibles board. And The Bitcoin Penny company comes with the most affordable versions of do-it-your self physical coins that can be loaded with Bitcoin.

On the risk of an online "website" wallet getting hacked. It's less than OG Nasty implies. Their track record is significantly more supportive of conducting their business fairly and safely.

There was a major hack to MtGox a few years back and there have been a few outages and isolated incidents. But there are several reputable online wallets that have never been hacked. The greatest issue that comes with these online wallets is local governments creating greater restrictions over how these companies operate, which leads the online wallet company to choose to discontinue their service to people who live in specific locations. E.g., Coinbase recently discontinued offering service to people living in Hawaii or Wyoming in the US.

The broader concern about using online wallets (which manifested itself in OG Nasty's "getting hacked" comment) is that these companies don't allow you, the account holder, to own the private keys of your wallet. This means that the online wallet company has the real control over your Bitcoin and you have to trust that they won't f*ck you over.

The same applies to fiat banks. When you deposit your paycheck in your local bank your money doesn't sit in a safe deposit box with your name on it waiting for you to make a withdrawal. Your money goes into the banks' general pool of funds to be used to loan out, pay other account owner withdrawals, pay their bills, etc. You're left with an "IOU" that the bank will pay you back. The only difference is that there is greater regulation over fiat banks, and therefore you can sue them more easily if they take off with your money.

Proceed with caution...at least now you're more educated!

Do You search some Day Trading opportunity?

Thanks for your reply, I currently am in central Florida. Is there a major benefit to buying locally?


Thanks for that info. The possibility of storing currency in a physical coin is very fascinating.


thanks Velkro, I am trying to read as much as I can to become more knowledgeable about crypto.  So you can buy whenever you want, can you sell or exchange back to BTC or ETH whenever you want? (Granted the exchange doesn't crash)

First off, read more about bitcoin, more you know, your investment is more secure and you actually know what you are doing.
Its possile to buy whenever you want (low/high) but you need good exchange for that, coinbase for example keeps crashing under load (price movement u want to take advantage from).

Yes.  That is what exchanges do.  It sounds like you want to find one that offers as many trading pairs as possible.  You should check out the altcoin sections and read about the different exchanges.



The Trezor seems to be a popular hardware storage method.  A printed private key in a lockbox isn't a bad idea either.  Some people even keep their BTC on physical coins.  Casascius coins being arguably the most popular.



Websites have a bad track record of getting hacked at the end user's expense.  Most will charge you a fee to withdraw funds, but it's worth it.

Where do you live? Your options on getting your local cash into any crypto-currency are directed somewhat by where you live.

First step, open a wallet on an exchange that (1) deals in your local currency, and ideally (2) deals in the crypto-currency you want, although this isn't required.

Second step, buy your desired crypto-currency, or if you can't, because it's a more obscure option, buy some Bitcoin or Litecoin as it can easily be traded for any other currency.

Third step, if you've bought Bitcoin/Litecoin but really want a different currency, you now need to open a wallet that deals in your desired/destination currency.

Forth step, trade your Bitcoin/Litecoin for the destination/desired currency.

Some resources for you:

• List of exchanges, will help you select one that deals in your desired currency
• List of crypto-currencies and their current prices and trends, to help you research different currencies
• Download the app CryptoTrader to provide you with very detailed technical analysis of several mainstream currencies

Coinbase is a great option to get your local currency into Bitcoin/Ethereum/Litecoin, but it's not available everywhere.

Good luck to you!

Hello everyone,

thanks for any help in advance.

I am considering investing in some currencies and assets that I have been watching rise and fall recently, even some that are a little bit less common and are only in certain exchanges.

I want to start by getting some bitcoin purchased and then be able to invest in the other currency right when I think the charts look like they are at a low, and then sell or exchange when it is at a higher rate of BTC than it was when I bought.

My problem is I have no idea how to do any of that yet.   


Is it possible to buy and sell coins, quickly and within those windows of time when you think its at a low or a high?
Or is it possible to convert between BTC and the other currency or asset within that timeframe on the exchange site or something like that?

Also, what is the best method of buying BTC and then storing it?

What is the benefit of taking the money into a wallet, does it cost money to add/remove it from the exchange?