Cons of trading in a different currency?

kahc

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Quote from: BitcoinHodler on November 19, 2017, 08:43:33 AM

Quote from: kahc on November 19, 2017, 08:17:49 AM

Are you trading with fiat only?
Why not trade with ETH?

because anyone who has ever traded in cryptocurrency markets wanted either to increase his money (fiat) or increase his bitcoins. that is why only the two markets are high volume.

the benefit is that if you make more money, well you are making more money.
but if you make more bitcoin, bitcoin itself rises up every month and you make an additional profit on monthly basic on that.

I meant if he only traded fiat/fiat. Since I interpret "I'm in the UK and have been trading in GBP" as fiat only.
In that case he could have profited more by trading crypto currencies, because the fiat markets doesn't fluctuates as much as the crypto market.

BitcoinHodler

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HODLing is an art, not just a word...

Quote from: kahc on November 19, 2017, 08:17:49 AM

Are you trading with fiat only?
Why not trade with ETH?

because anyone who has ever traded in cryptocurrency markets wanted either to increase his money (fiat) or increase his bitcoins. that is why only the two markets are high volume.

the benefit is that if you make more money, well you are making more money.
but if you make more bitcoin, bitcoin itself rises up every month and you make an additional profit on monthly basic on that.

Emoclaw

sr. member

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It mostly depends on how you do it, but you will incur some fees due to the FIAT conversion nevertheless.
If you use your bank to convert your GBP to USD (assuming they allow you to do so), they will most likely set their own exchange rate which will be a bit higher.
Really though, you could just buy BTC with GBP, trade in the BTC/USD market and then when you want to withdraw, convert back to GBP and do so. That's probably the better way imo.

kahc

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Quote from: SweetAudrina on November 19, 2017, 07:50:59 AM

I'm in the UK and have been trading in GBP. I've looked at the US market however and it appears much more lively. So my question is, if I start trading in USD will I incur too many charges to make it worthwhile?

Are you trading with fiat only?
Why not trade with ETH?

Usually goes like this for me.
Bank transfer SEPA(a few euros fee) -> to Coinbase -> ( instant and free) to Gdax -> trade EUR to ETH( about 0.30 % fee) -> trade on other markets.

SweetAudrina

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I'm in the UK and have been trading in GBP. I've looked at the US market however and it appears much more lively. So my question is, if I start trading in USD will I incur too many charges to make it worthwhile?

Topic: Cons of trading in a different currency? (Read 168 times)