Swap crypto or sell first then buy? - page 5.

albon

legendary

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Quote from: JamesDaniel90 on May 16, 2024, 06:17:03 PM

The altcoin I have just taken profit on is Arcblock - I was lucky and got in last year at $0.11 and it has just reached a new all time high of $4.26 so almost given me 40x return so far so felt I had to take some more profit.

I sold to Usdt and then with that Usdt I topped up my bags on 4 other altcoins I already have in my portfolio that I believe will do well this bull run.

Indeed, the currency achieved a new ATH 8 days ago, and a 40X return certainly looks attractive. Congratulations to you! It is good that you secured and frozen your profits in USDT instead of swapping directly for the tokens you wish to buy.

Holding USDT will make it easier to determine suitable buying zones for other altcoins you want to top up your wallet with. Also, you have not completely exited the ArcBlock; if it gets listed on OKX or more exchanges, you could potentially make more profits. I hope you have succeeded in doing your research and carefully choosing the altcoins you have invested in now. Also, I do not recommend holding your tokens on Coinbase or any other centralized exchanges. Since you appear to be a long-term investor, moving your coins to any decentralized wallet is better.

AVE5

full member

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Since you don't seek for recommendation of Coins you could invest on, I'd only say that if you're not urgent in need to make use of your funds that has got you all that profits, no need to exchange to the fiat so you can just automatically swap to your desired AltCoin but you'd have to check if the Coins are listed in the Coinbase else you'd need to research on the exchange that supports it.
Sounds like you really made a lot of profits and if I'm right, I'd advice you diversify your investment probably consider bitcoin and I'd also advice that you make research before investing on those AltCoin. As for bitcoin, that's already a sure of you can invest and patiently hold, it'd do you better than expected.

tech30338

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Defend Bitcoin and its PoW: bitcoincleanup.com

Take profit when you're happy, some people always think what if, loosing their chance to gain, this is always the problem with some traders, but if you are a holder, and expecting more on what you have, be ready to accept when the price move's up and down, its like getting tortured every time the price moves, that is why some people really don't look at their portfolio everyday, they just come back after a year or so.

OcTradism

hero member

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Quote from: JamesDaniel90 on May 16, 2024, 04:51:35 PM

I have a few altcoins that are doing pretty well and want to take profits soon to then reinvest into other altcoins that haven’t pumped yet and I am wondering if it is best to swap directly or sell my altcoin that is doing well into fiat and then buy the new altcoin I want with the fiat?

You can try to click on Swap and see how much you will get after selling at that time, after paying swap fee (on chain transaction fee and slippage fee). And you can compare it to what you will get if you sell one altcoin to fiat or stable coin, and swap stable coin to another new altcoin.

Usually altcoins don't have direct trading pair for you to swap directly and if they have a pair for swapping, if liquidity pool is low, you will lose with bigger slippage.

Be clear between fiat currency and stable coin. In cryptocurrency, it is more convenient if you swap your altcoins to stable coin, and swap stable coin to other altcoins. Selling to fiat currency is less convenient and maybe can relate to tax too.

boyptc

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★Bitvest.io★ Play Plinko or Invest!

Quote from: JamesDaniel90 on May 16, 2024, 06:17:03 PM

Thanks for the replies so far.

The altcoin I have just taken profit on is Arcblock - I was lucky and got in last year at $0.11 and it has just reached a new all time high of $4.26 so almost given me 40x return so far so felt I had to take some more profit.

That's a lot of gain so congratulations to you. I want to ask if you don't mind, how much you invested on it and how much you gain in $?

Quote from: JamesDaniel90 on May 16, 2024, 06:17:03 PM

I sold to Usdt and then with that Usdt I topped up my bags on 4 other altcoins I already have in my portfolio that I believe will do well this bull run.

You reroll it to other altcoins, good luck and hopefully you'd gain the same xx with that since the bull run is already in.

But if I am on your shoe, I'd take profit and portion for myself that I will spend to anything I want as a reward.

JamesDaniel90

member

Activity: 840

Merit: 30

Thanks for the replies so far.

The altcoin I have just taken profit on is Arcblock - I was lucky and got in last year at $0.11 and it has just reached a new all time high of $4.26 so almost given me 40x return so far so felt I had to take some more profit.

I sold to Usdt and then with that Usdt I topped up my bags on 4 other altcoins I already have in my portfolio that I believe will do well this bull run.

EL MOHA

sr. member

Activity: 504

Merit: 279

It definitely isn’t much of a problem to me which route you take. My only problem with having to convert down to fiat is that it will cause more for charges and looking more like it cause a little stress than the just swapping direct to the Altcoins. Although there are not too many of the Altcoins having a direct trading pair with each other but a simple conversion to the usdt and then buying with the altcoin and usdt pair, savin the stress of converting to the fiat which rates varies again.

Now my advice on this is, never jump on Altcoins that ere refusing to pump most especially when a Bitcoin narrative is driving the Market. Some of this Altcoins are just there with the potential no longer worth it and it will be risky to cash in on them with money from another Altcoins.

boyptc

hero member

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★Bitvest.io★ Play Plinko or Invest!

Actually, swapping is also selling but just in the form of other cryptos. Whatever is going to be convenient to you, you do it.

Quote from: JamesDaniel90 on May 16, 2024, 04:51:35 PM

is there not really much difference?

Yes, IMO there's not that much difference at all.

So, if you're taking profits. You do it before you get the answer you want to hear as the market is volatile as always.

Smartvirus

legendary

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Quote from: JamesDaniel90 on May 16, 2024, 04:51:35 PM

I use Coinbase mainly so wondering which way is best to do it or is there not really much difference?

Well, those are some means to archive your purpose but, some approaches would serve you well than others and that would be the swapping.

Now, exchanges do operate on a standard price, depending on the coin in question, users would bid as they like and would either be slightly above or below what an exchange offers for a standard rate. Hence, this be a side to either benefit or not, depending on the permutations you’re seeing.

Secondly, having to sell and then buy again, is you actually taking part in two phase to the activity. Each of which, will be charged differently and you could be at the loosing end, although these charges are minimal and not very noticeable.
Having to swap however is just a one way traffic and you don’t get charged twice.

This however, is possible if them coins could be paired. I’ll go with swapping!

Nwada001

hero member

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Most times, swapping to other currencies using the convert option in an exchange always happens a bit below market price since the swap is a no-fee conversion.

Just like what the other member suggested, I will advise you to first trade your holdings into a stablecoin to see the profit you made from it, and from there, if you still want to buy your desired coin, you can use the available coin you have based on the pair provided to place your order.

converting to fiat and withdrawing it to your local account and trying to buy it back will definitely cost you a bit more.

Cryptoprincess101

full member

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Anyway it is your choice if you want to swap the coin to the one you want but since you want to still buy more altcoins there is no need of converting it to fiat just do direct swapping but i would have advised you that since you were lucky to make some profits from the altcoin you invested on, it would have been better for you to convert the coin to USDT and store it in your Spot wallet that is if you are using an exchange but if you still insist on gambling on other altcoins, the decision is yours to swap it.

JamesDaniel90

member

Activity: 840

Merit: 30

Hi,

I have a few altcoins that are doing pretty well and want to take profits soon to then reinvest into other altcoins that haven’t pumped yet and I am wondering if it is best to swap directly or sell my altcoin that is doing well into USDT and then buy the new altcoin I want with the USDT?

I use Coinbase mainly so wondering which way is best to do it or is there not really much difference?

Topic: Swap crypto or sell first then buy? - page 5. (Read 600 times)