Where to store money in regular currency when not trading? - page 2.

Sanugarid

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Quote from: mk4 on May 03, 2020, 10:50:38 AM

Your choices are probably down to:

1. Holding Tether(USDT). While this is an option, I wouldn't suggest holding it for more than a day. https://bitcointalksearch.org/topic/updated-psa-most-stablecoins-can-be-frozen-even-in-your-own-wallets-5204055

Tether is the best option you got after bitcoin and ethereum if you want to have it sleep in exchanges, but the fact that it is still in an exchange do not guarantee it safe, there are still chances that it can get stolen when the exchange system has been breached. You'll be safe with tether to avoid market fluctuations.

Quote from: mk4 on May 03, 2020, 10:50:38 AM

2. If you're solely planning on day trading for profit and to not hold BTC in the long term, I'd probably go with trading platforms like eToro. Unfortunately, as far as I know you can't deposit BTC. You're pretty much going to start out with your local currency, and it will be converted into USD after you deposit.

I'm seeing about eToro a lot when watching youtube, I don't like their advertisement but the fact that it works then it should be fine. Having no deposit option for BTC makes me think that they are not really into cryptocurrency, they are more in stocks trading.

BitcoinTurk

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Quote from: cbdcbd on May 03, 2020, 09:00:54 AM

Hi there!

Im just getting started in crytpotrading and im trying to find a way to do it with the least possible risk involved for my funds and also the smoothest and cheapest way. What im trying to figure out at the moment is where to store my money when im not trading. I have an electrum wallet setup for storing bitcoin but what i would like to do is store usd someplace safe when im not trading, since the usd price is less volatile. Why not withdraw back to your bankaccount u might say, and this is of curse an option but a rather not do this since the fees typically are quite large and to minimise fees in generall i use bank transfers. These takes time and if I transfer this way i cant jump at a good opportunity during the day. So how do u guys store your money when not trading?

There are two different options that I can suggest to you.
As the first option, you can choose stable cryptocurrencies as everyone guessed. Very rarely, there may be changes in the values of these cryptocurrencies, but I do not think there will be a problem in their long-term preference. It would be a good thing for you to research about the stable crypto project you will prefer.
As a second option, you can save your existing capital on the FTX exchange and save your money in USD, with the option of USD, except for stable cryptocurrencies. Although it is a service, I think it is a logical option. You can also trade here at any time.

mk4

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Quote from: MrcMrc on May 03, 2020, 03:46:40 PM

I like eToro but there are other good exchanges you can use that are more convenient, you can try Hitbtc, they have been operating since 2013, they are good exchange, binance is young but also good.

You can hold real USDs on eToro. Whereas with crypto-only exchanges like Binance and HitBTC, you can only trade and hold USD stablecoins. Whereas like I said I really don't recommend holding stablecoins.

MrcMrc

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Quote from: mk4 on May 03, 2020, 10:50:38 AM

Your choices are probably down to:

2. If you're solely planning on day trading for profit and to not hold BTC in the long term, I'd probably go with trading platforms like eToro. Unfortunately, as far as I know you can't deposit BTC. You're pretty much going to start out with your local currency, and it will be converted into USD after you deposit.

I like eToro but there are other good exchanges you can use that are more convenient, you can try Hitbtc, they have been operating since 2013, they are good exchange, binance is young but also good.

Ucy

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Compare rates on different exchanges & swap.

You could try storing on Dia stablecoin. One of the easiest ways to do this on exchange is by converting your cryptocoin to Dia (if the exchange has the stablecoin) ... then transfer it to your Ethereum address you have full control of the private keys.
You could use non-custodial Instant exchanges (like ShapeShift) to exchange your coin to DIA or other erc20 based stablecoins and move to your Ethereum address.

mk4

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Your choices are probably down to:

1. Holding Tether(USDT). While this is an option, I wouldn't suggest holding it for more than a day. https://bitcointalksearch.org/topic/updated-psa-most-stablecoins-can-be-frozen-even-in-your-own-wallets-5204055

2. If you're solely planning on day trading for profit and to not hold BTC in the long term, I'd probably go with trading platforms like eToro. Unfortunately, as far as I know you can't deposit BTC. You're pretty much going to start out with your local currency, and it will be converted into USD after you deposit.

cbdcbd

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Hi there!

Im just getting started in crytpotrading and im trying to find a way to do it with the least possible risk involved for my funds and also the smoothest and cheapest way. What im trying to figure out at the moment is where to store my money when im not trading. I have an electrum wallet setup for storing bitcoin but what i would like to do is store usd someplace safe when im not trading, since the usd price is less volatile. Why not withdraw back to your bankaccount u might say, and this is of curse an option but a rather not do this since the fees typically are quite large and to minimise fees in generall i use bank transfers. These takes time and if I transfer this way i cant jump at a good opportunity during the day. So how do u guys store your money when not trading?

Topic: Where to store money in regular currency when not trading? - page 2. (Read 313 times)