cryptocurrency forum

Some Beginner`s questions

Discussion in 'General Discussion' started by Jensen, Jul 29, 2017.

  1. Jensen

    Jensen Contributor

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    Hello, guys!

    I have been kind of struggling with how to start for a week. That`s mostly, because of the lack of funds, but oh well ..
    So after my research I have decided to work with Bitstamp as my trading platform, since it was one of the best and it`s European, which might be better for me to use with Euro instead of USD. Problem there is that there is no ETH, but as of now I can live with that. The next and major problem I have got is that you actually need to invest 100 USD/EUR to start trading. That`s amount I won`t be able to afford in near future. So is there a way to start trading without investing so much?
    The next step is the wallet. I have found that Exodus is pretty good, but it`s weaker on security, which won`t be much of a problem for my low amounts of money, but the fees are too high, which will be bad. What else would you suggest me to use?
    I have more question I wanted to ask someone the past few days, but I will ask them later.
    I will be happy to hear your thoughts!
     
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  2. Miodrag Lončarić

    Miodrag Lončarić Contributor

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    BITSTAMP was very good for me but my transactions were lasted a few minutes at first then a few hours, last couple of weeks. I'm buying BTC with my VISA cards and when I deliver BTC to the customer after 2 hours, I lose money.... Another thing is that you can buy btc for 100, 250, 500, 1000 and 2500 USD, so you always need to buy more than you need and that's not fair. I'm using BITPANDA and COINBASE. They are f.... FAST !!!! I'm buying BTC in seconds ! But..... Bitpanda have littlebit high fees and coinbase have low weekly limmits and I'm trying to rase it.
     
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  3. Jensen

    Jensen Contributor

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    Hey, thank you, for your reply!
    Well I think you can buy less coins at Bitstamp once you have started. Can`t be sure though. I have read that Coinbase are slow with transactions too. And they tend to crash when there`s a big drop or when you are supposed to gain money. Plus they seemed to require waaay too much personal information.
    Basically I am trying to figure out how to get into trading with the lowest possible investment.
     
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  4. Miodrag Lončarić

    Miodrag Lončarić Contributor

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    Chrashes and slow transactions are risky things that are waywing over your head every morning when you get out of your bed.... There is no certainty online.... New day, new risk...
     
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  5. IQover9000

    IQover9000 Scholar Premium Member

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    Hello all.

    I just started using the Exodus wallet this week.
    So far, the fee for sending ETH is 0.00048526 ETH, which at the current market prices comes out to 0.09 USD.
    I received the funds within 30 seconds for both transactions.

    Coinbase has had crashes when major dips happen, possibly because they cannot handle the amount of traffic volume.
    It is still a good exchange to use though.

    Do you have a credit card and PayPal account? If so, you can use my method in the Intermediate Section - How to Maximize Profits Using a CC.
    If I was a beginner, I'd study the market, find a coin I want to invest in, and wait to buy low, which is now.
    When the market picks back up, take the profit and refund the initial investment back to your credit card.
    Doing so, you now have profit money to invest.

    Yes, it's a calculated risk, but that's what this game is all about.
     
    Last edited: Jul 29, 2017
  6. Miodrag Lončarić

    Miodrag Lončarić Contributor

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    Thank you for advice....
     
  7. DavidCoins

    DavidCoins Contributor

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    Thanks, I'll check out your guide on using a CC.
     
  8. Jensen

    Jensen Contributor

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    Hello there!

    I was just thinking about the possibility of getting a credit card to start off with the trading. I`m just not familiar with them since I was sure I`ll never use one. Also I won`t be able to get it before 1st Aug when all the drops will happen. Guess next week all coins will start going up.
    Still thank you for the info! I`ll certainly check this and will head for Exodus after your feedback.

    Best Regards!
     
  9. IQover9000

    IQover9000 Scholar Premium Member

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    The market is so volatile that prices will always go up and down but more upwards in the long-run.
    You'll have plenty of chances to make money.
     
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  10. Jensen

    Jensen Contributor

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    Yeah, that`s what I am hoping for. Hopefully I will be able to buy some coins before (if) prices start to hit the sky next week. I`ve got Exodus, which I am not sure if I`ll need anytime soon, since I`ll need my investment for trading. And I am setting my Bittrex account atm. Am I able to buy coins directly from Bittrex with credit card? And can I filter the coins I am interested in with their price in USD/EUR instead of BTC?
     
  11. IQover9000

    IQover9000 Scholar Premium Member

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    I am not sure if you can purchase using USD/EUR but you can use USDT or ETH as alternatives.
    I recommend learning how to use one exchange before hopping on multiple ones.
     
  12. xyzzy

    xyzzy Master of None Staff Member Super Admin

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    Correct me if I'm wrong, but I think some coins you will need to buy with BTC, and some you will need to buy with ETH. That's why we use Coinbase to buy BTC/ETH directly with USD, then transfer those coins to Bittrex or Poloniex to buy altcoins.
     
  13. Jensen

    Jensen Contributor

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    Yeah, that`s something I figured out once I made my Bittrex account ... It`s really annoying that these things aren`t explained fully in all the tutorials I`ve checked. Seems I`ll have to make an account on Coinbase as well. I saw that you can buy coins for 25 EUR on BitPanda with CC so I will probably buy from there and move them to Coinbase (unless you tell me it`s a bad plan :D ). And I couldn`t figure out what is USDT when I saw it ... and still don`t lol I will have time to plan this a bit more until I get my CC so this may change ... like it did so many times so far :D
    Would anyone be so kind and make a more complete guide on: where you can buy coins; what coins you can buy there; where you can trade them; what fees you could get if you for example buy at BitPanda and move them to Coinbase; Pro`s and Con`s of the exchanges (at least top ones); what wallets there are; how you can use them; the process of buying and transferring coins between different platforms and etc. I`ve seen most of this information scattered around the net, but not explained completely for beginners like me. I think this will really boost the usefulness of this forum.

    Best Regards!
     
  14. MAGA

    MAGA Master of Crypto Staff Member Super Admin Premium Member

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    Did you see the guide threads?

    https://mastersofcrypto.com/forum/threads/getting-started-with-bitcoin.7/
    https://mastersofcrypto.com/forum/threads/getting-started-with-altcoins.8/

    Pretty sure you can buy any amount on Coinbase, it doesn't have to be in $100 increments.

    Also xyzzy is making a really in depth guide e-book that will cover the most common and popular wallets + exchanges. I'll warn you though, its long, but you can just read the sections you are more interested in.
     
  15. xyzzy

    xyzzy Master of None Staff Member Super Admin

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    That's exactly what we're working on Jensen. We'll keep you posted! Forum members we'll get a discounted price, of course ;).
     
  16. Jensen

    Jensen Contributor

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    Yeah, I have checked these threads :) I`m getting a decent grasp of the things I have asked for. My wish was to make things easier for the future members of the forum. Of course, I`m sure there will be useful stuff for me as well :)
    150 USD was the minimum for Coinbase, if I am not mistaken. Anyway I will check again. Also I was avoiding Coinbase, because I wanted to work with EUR to avoid any changes in the dollar rates, and not give too much personal information to US site. Put I guess I will have to take a leap of fate and just go with Coinbase :)

    That`s great! I will be looking forward to it :)
     
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  17. GuardianofCrypto

    GuardianofCrypto Master of Trolls Staff Member Super Admin

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  18. Jensen

    Jensen Contributor

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  19. GuardianofCrypto

    GuardianofCrypto Master of Trolls Staff Member Super Admin

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    Will have the Poloniex one up by the end of the week. Let us know of any questions, comments, or suggestions.
     
  20. Jensen

    Jensen Contributor

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    Well today I finally managed to verify my Coinbase account (unfortunately, came to the conclusion that I can`t avoid giving all my personal info to this site), so I will need as much guidance as possible for it :)
     
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