When it comes to selling , is it best to convert or sell for cheaper fees? - page 2.

GeorgeJohn

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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 the best is to convert from altcoins that you want to sell to bitcoin and swamp the bitcoin to the new altcoins you want, I think that will be the shortest way, or you convert the altcoins to usdt and purchase the altcoins with usdt I think that is another easiest way you can purchase altcoins instead of selling your coins first and after selling your coins and you went ahead to purchase another coin.

Sometimes it's good to examine the coin you want to purchase and ensure that you are at advantages before you sell out your coins and secondly to cross check properly if their is another possiblity or tendency that an altcoins you purchase can rise to another dimension, sometimes people do lose their profits because of curiosity of having or making profits at given point in time.

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

Quote from: MAAManda on January 30, 2024, 05:21:07 AM

I'm not a Coinbase user, but from what I saw in a Reddit post published 2 years ago, there are hidden fees for converting from 1 altcoin to another and many people suggest that it's better to do double transactions to get the altcoin you want. Don't know whether the Reddit post is still relevant or not at this time, what is certain is that if there are still hidden fees there, it would be better for you to carry out double transactions with transparent fees.

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.

That's what I saw in that Reddit post, instead of getting transparent fees, people felt fooled by the hidden fees. It's quite surprising in your case, because it's more than 50% depreciation if you trade directly. Ok mate, now you have the answer, my advice, to avoid spam replies, it's a good idea to lock your topic now Roll Eyes

. Because the longer you leave this topic open, the more irrelevant replies there will be.

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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?

The cheapest possible way is, if the coin you wanted to invest is available on coinbase or whatever exchange that you are using then simply buy them with the altcoin that you want to sell and if there is any remaining altcoins then cash it out as profits. Selling and then buying will simply double the trading fee which is unnecessary as long as your only intention is to buy/invest in that altcoin.

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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

What investment strategy is that? Why would you take profit from s crypto that's doing well and invest it in crypto that's doing well which does not perform well since there's no green now?

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

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 CoinBase still has the features that let you swap one crypto on their platform to another I believe that will be the best option to use. It will save you time and transactions.

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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?

You said that you want to take profits, so do it and you might just convert it with a stable coin first before deciding again on which coin you want to reinvest that.

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?

Either will work depending on how you did your research. Just as I've said, my strategy will be putting that first into a stable coin and will wait for that time before buying the next altcoin. Still, any of the two will work but the result will vary on which altcoin you're going to buy next. Why buy altcoin first when you can distribute your profit first with Bitcoin?

DVlog

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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.

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Quote from: _act_ on January 30, 2024, 05:06:20 AM

Dealing with altcoins is risky because they are highly volatile. You can see the profit and use it to buy the other altcoins if you have no money to spare for it.

I will prefer bitcoin for its less volatile nature.

This is a very good advice but on this contest I can say that it is an off topic reply and a complete distraction to OP. The Op didn't ask if it is good to buy altcoins or bitcoin, the op didn't also ask that you advise him on volatility. Infact, he stated that he had already gotten profits in some coins that have pumped, which means he is already bullish and wanting to convert to other altcoins that are yet to pump shows that he has a working strategy. All he needed was an advice on whether to sell and buy or to convert/swap.

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?

OP, I do not note of how much it costs to buy and sell or to convert but I know that converting is less stressful and somewhat straightforward, so I use it often. I also believe it's what the majority of the people use and it will not be bad if you also do same just for convince purposes.

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

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.

If you see fee on Coinbase is expensive, you can find other ways.

You shared that you even have to make two rounds of trading that will cost you more trading fees.

If I was you, I will withdraw my coins from Coinbase to Metamask, Safepal wallets and use it to trade with Decentralized exchanges. I believe it will save a lot of trading fees compare to using Coinbase.

You can see there https://www.cryptowisser.com/exchanges/ that Coinbase has very expensive trading fee.

JamesDaniel90

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Quote from: MAAManda on January 30, 2024, 05:21:07 AM

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?

I'm not a Coinbase user, but from what I saw in a Reddit post published 2 years ago, there are hidden fees for converting from 1 altcoin to another and many people suggest that it's better to do double transactions to get the altcoin you want. Don't know whether the Reddit post is still relevant or not at this time, what is certain is that if there are still hidden fees there, it would be better for you to carry out double transactions with transparent fees.

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.

Stable090

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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?

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.

MAAManda

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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?

I'm not a Coinbase user, but from what I saw in a Reddit post published 2 years ago, there are hidden fees for converting from 1 altcoin to another and many people suggest that it's better to do double transactions to get the altcoin you want. Don't know whether the Reddit post is still relevant or not at this time, what is certain is that if there are still hidden fees there, it would be better for you to carry out double transactions with transparent fees.

tajimas

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You are very lucky to have your investment pumping, that's a good one, but the question here is ,
What kind of investor are you, are you a day trader or a long term investor. It's best to sell it off and look for another altcoin to purchase if you are a daily trader. Then for long term, it's good to keep and hodl for long term but not on Coinbase, it's best to keep your long term assets on a decentralized wallet.

JamesDaniel90

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Quote from: _act_ on January 30, 2024, 05:06:20 AM

Dealing with altcoins is risky because they are highly volatile. You can see the profit and use it to buy the other altcoins if you have no money to spare for it.

I will prefer bitcoin for its less volatile nature.

Yes but I am using this bull run to make good money and I can only do that with altcoins, Bitcoin will not change my life in this coming bull run with the amount of money I invested.

I plan to make money with altcoins this bull run and then buy Bitcoin in the next bear market.

I understand Bitcoin is a lot safer, but I want to take a risk this coming bull run and then be safer in the next bull run once I have more capital.

Quote from: Cantsay on January 30, 2024, 05:12:40 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?

If you go with the former you won’t have to pay double fee, in the latter you’re performing double action so there’s a possibility of you being charged extra unlike when you just go straight and convert into the token of your choice. So I’d suggest you just go with the direct conversion rather than to sell before buying again [seems like an unnecessary stress to me].

Ps. I believe this thread should be better fit in the altcoin discussion board; there you’ll get more responses from users that have done what you’re trying to do.

I have just used Advanced trade on Coinbase so the fees are minimal compared to using the normal version.

I sold one altcoin and then bought another and the fee was only $1.40 for doing so which is not much - hopefully that is the only fees to it and there are no hidden fees I have missed.

Also, I am happy for this to be moved to Altcoin discussion board.

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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 you go with the former you won’t have to pay double fee, in the latter you’re performing double action so there’s a possibility of you being charged extra unlike when you just go straight and convert into the token of your choice. So I’d suggest you just go with the direct conversion rather than to sell before buying again [seems like an unnecessary stress to me].

Ps. I believe this thread should be better fit in the altcoin discussion board; there you’ll get more responses from users that have done what you’re trying to do.

_act_

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Dealing with altcoins is risky because they are highly volatile. You can see the profit and use it to buy the other altcoins if you have no money to spare for it.

I will prefer bitcoin for its less volatile nature.

JamesDaniel90

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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?

Topic: When it comes to selling , is it best to convert or sell for cheaper fees? - page 2. (Read 329 times)