Cryptopia is the only exchange that has ETN so I registered an account with them. I used CEX.io to deposit $120 (124 with charges) from my card and only then noticed that I could've deposited GBP (Which is the currency I hold). Anyway, I then proceeded to buy some BTC and because this was my first time I don't know whether I did everything right. On CEX.io I found 2 options. the first was BUY/SELL tab and the other was TRADE.
1) First question. Am I correct thinking that BUY/SELL is to buy BTC straight from the exchange at a predefined price, and TRADE is to buy from other people at prices set by those people?
I used the TRADE tab and under this tab there were two sub tabs: LIMIT and MARKET. At this point I didn't really know what I was doing, I just wanted to get hold of some btc. I used MARKET there was a title INSTANT BUY BTC where I entered the amount of dollars I had which is 120 and it calculated the amount of BTC I will get. I proceeded. After the transaction was complete I checked the amount of BTC I had purchased and according to google's BTC to USD converter, my BTC was now worth only 109$ (And I had totally paid 124$).
2) I believe it is possible to play around with the above options for better rate? Do you think I overpaid? I really need help with this one guys.
Then obviously I wanted to withdraw the BTC into my cryptopia account and I was in for a surprise. It wouldn't let me proceed: "The minimal amount needs to be 0.001 BTC" That equals to around 120$ as of today... So I was left with no choice but to deposit more. This time I deposited 48 GBP (50 was charged because of the commission). I used the same process as above to buy more BTC.
3) Is there a difference between buying with USD and GBP? The deposit price was the same for both at 3% or 3.5% + 20p or 25c.
Now I was finally able to send my BTC to cryptopia. Bastards charged 0.001 BTC for withdrawal which is ~13$. In total I had spent 124$ + (£50 = 68$) = 192$ for 0.01203240 BTC which is now equal to around ~160$. All the transaction fees had cost me around 30$ just to get some BTC sent to cryptopia..
In Cryptopia, I finally bought 1000 ETN coins ... Had I not mossed the ICO, this amount of coins would've costed me just 10$
But like I said, of the several projects that I'm following, this one seems promising and not just for me, I read what others say too. So I will just put those coins aside, And hope they will increase in value.In the meantime, I really need to sort the above stuff out because I can't afford this... I don't have thousands to play with, a hundred or two is the most I can get to spend for this per month. And 30$ in taxes seems ridiculous for such a small amount of BTC. Or maybe it's normal? Are there better cheaper exchanges out there? I read they all suck more or less and no exchange is perfect. Also I didn't like the limitations for the withdrawal. What If there's a new coin and I only want to invest like 50$? CEX.io won't let me do it. Please answer my questions and let me know what you think. General advice would also help
