Get started trading crypto currencies

Finance, Taxes, Banking, Insurance and Retirement
21
I read that in the faq as well, what does that quote actually mean? Can you sell your crypocurrencies for Euro or not?

22
- on Binance - https://www.binance.com/ this should give you the site in English. At top-right corner there is module to change the language.

- On the reliable sites I refer (but I am pretty new too, probably there are ton out there): - https://coinmarketcap.com/ - to get latest summary of cryptocurrencies value, trend, stats..

- https://www.ccn.com/ - they publish news almost on daily basis

23
Variations will be very interesting to observe, across various currencies and applications. I'd like to see how it interacts with real world crises.

I think we can take a lot of this as dry runs and exercises for more interesting situations in the future. For now, simple interactions here and there to test out the tools and processes is good preparation for later.

24
I have not used Swissquote for that. I think you can of course buy/sell for euros or USD.

With the full quote it's more clear:

Can I use Swissquote as a “Wallet” (transfer in/out or make purchases)?

The portfolio, or Wallet, is not available. It is therefore not possible to realise transfers or acquisitions.

Source:

https://en.swissquote.com/promotion/...SAAEgIeBvD_BwE

It is referring to the wallets. It means you can not access your wallet therefore can not send/receive from any external wallet.

So if you buy ETH for 1000euros, you have the equivalent in ETH at the time of the transaction, say it's 0.8 ETH for example. You can sell it again for EUR or USD but you can not send the ETH to another wallet, or another exchange. Which implies, for example, that if Swissquote is down now and the market value of ETH is dropping quickly, you can not sell.

If it was in an external wallet you could have sent it to a working exchange where you would have another wallet in ETH and quickly sell.

It means you do not have the total control, which is a bit against some fundamentals of cryptocurrencies (but then again, that swissquote platform claims to provide some security, it's a trade off).

25
thanks for that meaningful explanation.

26
Not to mention anonymity, right? What is the most anonymous way of setting up a wallet?

Great thread, btw.

27
I think it's no anonymity with the Bitcoins because of the fact that the ledger (the blockchain) is public. Also, when you are using official exchanges like Coinbase, Binance and Swissquote, you do provide some identification. All means that you can be tracked.

If you are after more anonymity, you can look into MONERO (XMR)

https://getmonero.org/

There you will find information, wallets and the latest blockchain.

And again, that will be anonymity from a cryptocurrency level, I'm pretty sure that on a computing/networking level, you'd have to also use a VPN or TOR to hide your traffic from your provider.

I haven't looked much into Monero beside from a trading side on the exchanges so I can not tell you more at this point! But I do believe in Monero from a technical point of view, I just have no time to look deeper yet.

28
So just talking coinbase for simplicity ..

Say I have 1000 chf worth of BTC and I decide I'd like ETH instead .. Can I "switch it" .. Sell one and buy the other seamlessly? I don't see the option in the iPhone app ..

I'm just messing with it really, not seriously investing, my wife invests all of the spare cash in clothes shops.

29
Bought BTC just over 5 years ago for a specific transaction that never quite worked out. Two years ago I remembered that I still had them so looked what to do... I sent 20% to Xapo so I could easily spend it and the rest to Kraken so I could trade it. Kraken is a bit behind some exchanges in terms of trading pairs available but in general it's reliable enough, switched between BTC, ETC, ETH, and others within a matter of minutes.The original BTC purchase was kept on paper and scanned to the cloud as a backup.

30
As you can see on the sample image below, you can not directly do BTC > ETH on coinbase. You would have to "jump" BTC > Fiat Currency (USD or EUR) > ETH. Which implies twice some fees (at time of conversion Crypto/Fiat).

You can do that in Binance, in fact there you only exchange crypto vs crypto. For example, using BTC or ETH, you can swap for over 100's of other cryptos.

Which is why I provided these 2 platforms, one for simplicity, one to get more options but a little bit more difficult approach.

31
Thanks, great thread!

I started with coinbase to get the understanding and moved to Bitstamp for the trading. It is addictive though!

32
Time to buy or sell after seeing todays figures?

33
Depends on what you feel about them. Buy if you feel they will rise again and sell if you think it is the doomsday

34
Hodl.

35
ETH: buy

XRP: sell

BTC: Hodl

36
I also think it's time to buy and hold, even if it appears "scary", like a panic going on. In fact, since I started paying attention to cryptocurrencies, it always have this type of "corrections", it must be the 3rd or 4th I witnessed.

It happened just after I bought ETH again, literally minutes. I'm holding anyway, I believe in the future of these particular currencies.

37
LOL totally random.

All of this is mostly just betting around (supported by some news announcements).

Don't put your retirement funds into it, just take is as it is - potentially high wins (if you hit the right time to buy a grower) with very high risk.

38
Buy the dip. That is, if you are sure it is a dip.

39
Im waiting for Litecoin to get to 125Euro, then I can buy 2 coins!

40
Was the bull trap 22 December or today?