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Beyond Coinbase

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  • 15-01-2018 2:20pm
    #1
    Kante
    Registered Users Posts: 38 ✭


    Hello.
    I put some monies in Coinbase and bought BTC and ETH. I had assumed I could buy alt coins like ripple and steem too but they are not available.
    Is Kraken the best for these alt coins?
    Any pointers appreciated - I'm learning as I go.


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    #2
    benjamin d
    Registered Users Posts: 921 ✭✭✭benjamin d


    Kante wrote: »
    Hello.
    I put some monies in Coinbase and bought BTC and ETH. I had assumed I could buy alt coins like ripple and steem too but they are not available.
    Is Kraken the best for these alt coins?
    Any pointers appreciated - I'm learning as I go.

    Kraken is ok, binance is slightly better choicewise. Those are the only two I have experience with. My suggestion would be to try and get verified on as many exchanges as you can find before making your decision on which you'll use, as it can take weeks to get verified. Transfer your holdings to GDAX from coinbase before you make any transfers out, as GDAX and coinbase are basically the same thing except there are lower fees on GDAX. Your login details for coinbase will allow you to access GDAX. Transfers from coinbase to GDAX are free and instant.


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    #3
    wasim21k
    Registered Users Posts: 438 ✭✭wasim21k


    benjamin d wrote: »
    here are lower fees on GDAX.
    never realised their transfer fee is low, thank you.
    W


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    #4
    BrokenArrows
    Registered Users Posts: 7,498 ✭✭✭BrokenArrows


    If you get a Binance account buy a small amount of BNC (Binance Coin).
    You can enable the option to pay the fees with BNC which results in 50% discount on the fees.


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    #5
    The_B_Man
    Registered Users Posts: 7,869 ✭✭✭The_B_Man


    I bought some BNC yesterday after I discovered it.
    I wonder is my trading "strategy" ok. I'm buying, eg, Ripple (0.00127454 $1.37) and waiting til it'll drop from 0.00127454 to like 0.00127000 and buying, or i'll wait til it goes up to 0.00128000 and then sell.

    I'm new and have been doing loads of these small profit making transactions until I realised there was a fee on Binance for every one. Is it counter-productive to be doing so many, as the fees are higher? Or is that a viable way to trade?


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    #6
    BrokenArrows
    Registered Users Posts: 7,498 ✭✭✭BrokenArrows


    The_B_Man wrote: »
    I bought some BNC yesterday after I discovered it.
    I wonder is my trading "strategy" ok. I'm buying, eg, Ripple (0.00127454 $1.37) and waiting til it'll drop from 0.00127454 to like 0.00127000 and buying, or i'll wait til it goes up to 0.00128000 and then sell.

    I'm new and have been doing loads of these small profit making transactions until I realised there was a fee on Binance for every one. Is it counter-productive to be doing so many, as the fees are higher? Or is that a viable way to trade?

    There is no way to trade crypto without paying fees.
    Unless you're physically handing over a wallet to someone.


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    #7
    The_B_Man
    Registered Users Posts: 7,869 ✭✭✭The_B_Man


    Ye I know, but I suppose I was just wondering if it's better to wait and do large buys/sells, rather than little ones. Wasn't sure if the fee was a flat percentage or a flat fee.


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    #8
    BrokenArrows
    Registered Users Posts: 7,498 ✭✭✭BrokenArrows


    The_B_Man wrote: »
    Ye I know, but I suppose I was just wondering if it's better to wait and do large buys/sells, rather than little ones. Wasn't sure if the fee was a flat percentage or a flat fee.

    Different exchanges have different fees.
    Some have a minimum amount, some dont.
    Binance gives you a fee discount if you pay using BNC.

    You just need to work out whats the best way to do it depending on what you are buying and selling.


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    #9
    meep
    Registered Users Posts: 1,291 ✭✭✭meep


    The_B_Man wrote: »
    Ye I know, but I suppose I was just wondering if it's better to wait and do large buys/sells, rather than little ones. Wasn't sure if the fee was a flat percentage or a flat fee.

    The exchange I use is Cryptopia (because I was mining ETN and this was the only exchange it was listed on). I've found it pretty good and seems to have most of the coins - though they have suspended their LTC and DOGE markets due to ovrwhelming traffic so BTC is the main market they have.

    So far I've transferred in LTC, BTC and KRB from Coinbase/GDAX or mining activities and purchased ETN, BTC and XVG and all has gone very smoothly.

    I think the genral advice is don't buy anything on coinbase - just use it as a conduit to get euros in and out. TX to GDAX and purchase BTC there as fees are less and BTC transfers are free.

    I've started using CoinTracking.info to track trades and see the actual profit and loss I've made. The site allows you import transaction logs from coinbase and a lot of the exchanges. It's really helped me in understanding what's going on and whether I'm making any profit or not.

    It's also useful if you mine as you can enter your minined coins at a zero cost and it will average out your coin cost to give you a good idea of what you need to sell for to break even.

    Also, it's free to use for up to 200 transctions.


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