When it comes to selling , is it best to convert or sell for cheaper fees?

leonair

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Quote from: JamesDaniel90 on January 30, 2024, 04:40:07 AM

A few of my altcoins are pumping and I want to take some profits to put into others that have not pumped yet but wondering what is the best way of doing this on Coinbase?

Is it best to convert from one altcoin to the other or is it best to sell the altcoin then buy the new altcoin I want to invest more in?

Altcoins are very risky so trading it is a lot of trouble but if you can accept the risk then you can do it but I don't suggest you to convert Trading fees are not very high in any exchange so the altcoin you want to sell is a stub Can sell for coins and then buy other coins. I think it will be good. When you convert from one altcoin to another altcoin you will not get any stable profit calculation. so first sell your holding altcoin and then buy another you want

Oasisman

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Quote from: DVlog on January 30, 2024, 09:43:29 AM

There won't be much difference i guess. Either way, you will get the same amount but in the convert option you will have a very basic and simple interface that is convenient for many users. Also sometimes exchanges charge extra fees and sometimes they lift any kind of fees to motivate users to use convert option. Only one click can remove all of your hussle with the market limit order. Convert features is more like a market order type to me where you just click buy and it will buy at the market price.

Nah, there was a huge difference when you convert vs. you sell it with a stable coin like USDT. The OP actually already tried it made a response a couple of post just above you.
Here, let me quote it for you.

Quote from: JamesDaniel90 on January 30, 2024, 05:41:50 AM

Yes, I directly converted a few of my altcoins last week and there was definitely hidden fees.
Coinbase showed the fee as £2.99 but once I worked it out it was over £5.00, very shady!
I think I will stick with Advanced trade where I can - I am from UK but as GBP pairs are limited I just sold to USDC and bought my new coin with USDC and the total fee for that to be exact was $1.32 so a lot less than converting directly.

I'm not a Coinbase user, but I'm just a little aware that some of the exchange has hidden charges on a direct conversion from one alt to another. I knew it would always be better to sell your alts to another person or trade it within the platform with a stable coin.
Another disadvantage of a direct conversion from one alt to another is that, it will not let you diversify your rolled out profit. Converting it to stable coin will give you the convenience in putting some of the profit to a more promising crypto like bitcoin.

adpinbr

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The only challenge is that you may not find it so easy to get a good project altcoin to invest, but if you find one, it would be good like you said you want to invest in order coins if you should sell or convert directly for the sake of fees, I would say you should directly, but there is no option of such you can just sell and take out some profits and look at the market again and get a coin that will be favorable though is really risky because it’s my full drastically and you lose but sometimes it’s can also double your capital. so it is risky and also enjoyable the profits is not defined as Bitcoin. We all know what bitcoin is, even if bitcoin want to fall, it will form more than what we affect you no matter the amount invest it will only take overtime to go down before then you might have pulled off your money, so that is the difference between coins and bitcoin. That is why so many people usually prefer investing in bitcoin because they are seeing their money how it’s going they are not scared like other coin that can fall drastically in the other hand coins is also good if you get a good project like I said, you will make profit also .

Miles2006

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I actually think you should make this decision personal because you'll get different kinds of opinion here, in my opinion you should sell those coins first to know the worth and buy according to your desire, although it sounds stressful and paying a double fee also can always discourage an investor from choosing this method.
I have a friend that sells and buy a lot of coins but I have never seen him using this method of converting the coin but rather he sells to buy new coins and I actually feel this is the best idea.

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Quote from: JamesDaniel90 on January 30, 2024, 04:40:07 AM

A few of my altcoins are pumping and I want to take some profits to put into others that have not pumped yet but wondering what is the best way of doing this on Coinbase?

Is it best to convert from one altcoin to the other or is it best to sell the altcoin then buy the new altcoin I want to invest more in?

I think you would save more if you swap it directly for the altcoin you want to buy because it incurs a single fee. If you sell your altcoin first, you might end up paying double the fees. The only consideration is whether your altcoin is available for swapping with the specific one you want to invest more in. If it's not available, you might have no choice but to sell your altcoin to purchase the desired one.

Questat

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Quote from: JamesDaniel90 on January 30, 2024, 04:40:07 AM

A few of my altcoins are pumping and I want to take some profits to put into others that have not pumped yet but wondering what is the best way of doing this on Coinbase?

Is it best to convert from one altcoin to the other or is it best to sell the altcoin then buy the new altcoin I want to invest more in?

It is best to just sell them and make a choice of what other you want to buy. Swapping may limit your choices which possibly we miss the chance of buying more potentially profitable coin/s. Of course, that depends on your choice if it was also available for swapping but most of the time, it was not to our prepared target.

Just consider also the fees but if we are just using the same platform, swapping may cost a few cents over trade commission. I'm not really sure about the actual, you may look into it as well and take consideration on where you can save.

oktana

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I would say that it’s better for you to sell it (have it swapped to a USD pegged coin like USDT). When you swap the token to another token directly, it can get a little confusing to calculate the price you bought each unit of the new cryptocurrency you’re swapping to. Let say you’re swapping Bitcoin to ETH, you may not be able to properly track to know that you got the ETH at $2,285 because it wasn’t traded against USDT, etc. But if you swap to USDT, you’ll know how much you had, then know how much exactly to buy the new coin at.

JamesDaniel90

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Quote from: Yogee on January 31, 2024, 05:43:14 PM

Quote from: JamesDaniel90 on January 31, 2024, 06:58:44 AM

Update - I have successfully taken profits from my 2 altcoins that have both done over a 6x in recent weeks.

I am now holding both risk free having taken my investment out.

I find the best way is to sell on advanced trade on Coinbase and then just buy bitcoin/ another altcoin with the profits on advanced trade too as fees are much lower then buying on normal Coinbase

You should know better since you look like a regular user of Coinbase. I'm just curious why are you so worried about fees if you've profited 5x from your original investment? The cuts or commissions these exchanges take should be insignificant when you made that much.

I am a regular user of Coinbase but up till a month ago it was only buying.

Now some of my altcoins are pumping I want to take profits and hadn’t done much of that before which is why I asked what the best way of doing that is.

The difference between converting directly and selling into a stable and then buying back in is not much but it all adds up when it comes to the bull run and Im doing it a lot more.

Yogee

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Quote from: JamesDaniel90 on January 31, 2024, 06:58:44 AM

Update - I have successfully taken profits from my 2 altcoins that have both done over a 6x in recent weeks.

I am now holding both risk free having taken my investment out.

I find the best way is to sell on advanced trade on Coinbase and then just buy bitcoin/ another altcoin with the profits on advanced trade too as fees are much lower then buying on normal Coinbase

You should know better since you look like a regular user of Coinbase. I'm just curious why are you so worried about fees if you've profited 5x from your original investment? The cuts or commissions these exchanges take should be insignificant when you made that much.

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Quote from: JamesDaniel90 on January 31, 2024, 06:58:44 AM

Update - I have successfully taken profits from my 2 altcoins that have both done over a 6x in recent weeks.

I am now holding both risk free having taken my investment out.

I find the best way is to sell on advanced trade on Coinbase and then just buy bitcoin/ another altcoin with the profits on advanced trade too as fees are much lower then buying on normal Coinbase

You have taken a good step and that would make you keep making profits. This is how things are always done.
You don't need to sleep on a single project just to fund out that the profits you supposed have removed had finally resulted to loses.
The market is always moving up and down. When yhe price is up, it is better for us to sell our holdings and move to the next project.
We don't need to be too relaxed or greedy when we are in the market. The profits need to be made not loses.

Kelward

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Quote from: Stable090 on January 30, 2024, 05:33:47 AM

Quote from: JamesDaniel90 on January 30, 2024, 04:40:07 AM

A few of my altcoins are pumping and I want to take some profits to put into others that have not pumped yet but wondering what is the best way of doing this on Coinbase?

Is it best to convert from one altcoin to the other or is it best to sell the altcoin then buy the new altcoin I want to invest more in?

Since your altcoin investment has pumped already, I don’t know if you are holding any bitcoin yet. If you are not holding, why don’t you sell some of your altcoin that has pumped and invest in bitcoin? Don’t you think it’s better like that? Don’t be surprised that your altcoin that just pumped might still end up dumping to zero. Never trust altcoin, they can surprise you at any moment.

I am not always in support of altcoin investment, but if you are interested in investing in altcoin, why don’t you leave just a little amount in altcoin? A higher percentage of your investment should be in bitcoin, because bitcoin investment is the only investment in which I have confidence. Even if bitcoin dumps, if you can hold it, then bitcoin is going to bounce back.

Not wanting to digress from the OP question, but I think that he can consider what you said, make profit from altcoins and reinvest it in Bitcoin, because altcoins that is pumping can suddenly drop so fast that it might remain there or just become worthless, however if Bitcoin, drops in price there's nothing to worry about, it's just a matter of time then it'll pump and appreciate more. So he can go on and taking altcoins risks or convert to Bitcoin, and sleep well at night without worrying whether his investment capital has turned to shitcoin.

JamesDaniel90

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Update - I have successfully taken profits from my 2 altcoins that have both done over a 6x in recent weeks.

I am now holding both risk free having taken my investment out.

I find the best way is to sell on advanced trade on Coinbase and then just buy bitcoin/ another altcoin with the profits on advanced trade too as fees are much lower then buying on normal Coinbase

KennyR

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Quote from: ichsan ardi on January 30, 2024, 05:59:24 PM

Quote from: JamesDaniel90 on January 30, 2024, 04:40:07 AM

A few of my altcoins are pumping and I want to take some profits to put into others that have not pumped yet but wondering what is the best way of doing this on Coinbase?

Is it best to convert from one altcoin to the other or is it best to sell the altcoin then buy the new altcoin I want to invest more in?

I think you should sell altcoins that are profitable and buy altcoins that are not yet profitable, but this complicates your choice a bit. My advice is that you take profit first or profit from altcoins that are profitable then buy into other altcoins

Whether you swap or trade is secondary. The right choice is to take the capital out and invest the remaining amount in the altcoins you prefer. This way, you could stay away from losses and lower the risk of investing in altcoins. The fee used to be higher for swapping than for trading. Also, there needs to be a specific volume without which swapping from one altcoin to another won't function on a few platforms, and I'm not sure of the feature in Coinbase.

Adbitco

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Please whenever you see your altcoin pumping massively you don't have to waste any further time because that could be the opportunity you've been waiting for, when you don't take profit you would see that you start regretting why you don't sell and maybe who knows if you could have have this same chances again. If you sell don't buy altcoin anymore rather put them down to bitcoin to secure your investment, halving is just by the next and I guess is less than 80 days now.

ichsan ardi

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Quote from: JamesDaniel90 on January 30, 2024, 04:40:07 AM

A few of my altcoins are pumping and I want to take some profits to put into others that have not pumped yet but wondering what is the best way of doing this on Coinbase?

Is it best to convert from one altcoin to the other or is it best to sell the altcoin then buy the new altcoin I want to invest more in?

I think you should sell altcoins that are profitable and buy altcoins that are not yet profitable, but this complicates your choice a bit. My advice is that you take profit first or profit from altcoins that are profitable then buy into other altcoins

letteredhub

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Quote from: JamesDaniel90 on January 30, 2024, 04:40:07 AM

Is it best to convert from one altcoin to the other or is it best to sell the altcoin then buy the new altcoin I want to invest more in?

is it that you like extensions of things when you can just do it the easy way or what. Selling the current coin to buy a new different coin you have in view is gonna cost you fees more than you will with just converting it to that Co n of your choice. If I were you I'll just take profit and move it to a less volatile reliable coin bitcoin as altcoins are risky and any profit made should be treated equivalent to something gotten from a risky source instead of putting it into another extra risk.

Zaguru12

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Quote from: JamesDaniel90 on January 30, 2024, 04:40:07 AM

A few of my altcoins are pumping and I want to take some profits to put into others that have not pumped yet but wondering what is the best way of doing this on Coinbase?

Is it best to convert from one altcoin to the other or is it best to sell the altcoin then buy the new altcoin I want to invest more in?

If the two coins in question are both on same exchange then you have no problem at all just look for a pair of that those coins and convert but since there is hardly pairs of this coins sometimes with each other then it will be best you just convert the coin in profit to USDT and then buy the new coin with a USDT. It is pretty simple, if it is on another exchange then simply send the usdt through tron chain to the other exchange and convert. Also if it is all this tokens like under some network like Ethereum and Solana that uses decentralized exchanges then you can simply just covert the token to the parent chain coin and then back to the other token. But be careful with decentralized swaps make sure you’re using contract address and not just name of the token.

Also just a piece of advice if it is a token that you want to buy more maybe and ICO I will advice against it rather limit your risk by going for solid cap Altcoins rather than this token because some might never raise again because they were just pump and dump coins and they have served there purpose already

btc78

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We all know that altcoins are extremely volatile and that time is an essence when it comes to dealing with these altcoins the price of an altcoin can drastically change in a minute if you convert one altcoin directly to another, then you are putting all your money including your profit back into the market but to a different altcoin some investors might not like this because they would want to take some of the profits and convert it into fiat but since that is not your goal why don’t you just directly convert it is straight to the point and is just one transaction instead of two

batang_bitcoin

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Suppose your main concern is for cheaper fees. Then you go ahead and choose that altcoin you know and do that trade for cheaper fees. You'll never know unless you do the actual thing. Both convert and selling will exchange what you want to trade so there's still the commission that the exchange will get from that trade. Check the exchange's fee on how much they are because they're not that much unless you do it on a decentralized exchange and you increase slippage.

Dunamisx

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Quote from: JamesDaniel90 on January 30, 2024, 04:40:07 AM

A few of my altcoins are pumping and I want to take some profits to put into others that have not pumped yet but wondering what is the best way of doing this on Coinbase?

Is it best to convert from one altcoin to the other or is it best to sell the altcoin then buy the new altcoin I want to invest more in?

You have to make decisions base on what you want, but I can tell that most traders first convert their altcoins to USDT to know the exact and accurate worth they value before selling or exchanging further to other cryptocurrencies, doing this will give you the exact accuracy for the amount of the value it worth, same also you can do when buying, make use of USDT in doing so.

Topic: When it comes to selling , is it best to convert or sell for cheaper fees? (Read 345 times)