Bitcoin Forum

I have a tough time understanding something: I can trade cryptocurrencies using poloniex but i can not actually trade directly with usd. So where do you go first if you have usd trying to buy bitcoin/altcoin. And where do you go if you want to chash out some bitcoin/altcoin into usd?
I tried coinbase but they have a problem with paper verification in my country therefore i can not exchange usd into crypto. And second i am not a fan of the fact that they have to mane your private keys which is the whole reason many of these got hacked. What i trying to understand is what would a good, safe , low fees "workflow" look like?
ex: you go here exchange usd into.... then you go here trade.. then you go here and exchange crypto back into usd and cash out.
If i have missed anything from this pseudo structure please let me know.

Thank you for your help

1) Go to kraken and deposit USD|EUR
2) Buy bitcoins on kraken
3) Withdraw your bitcoins from kraken to Poloniex (biggest altcoins volume market)

When you want to cash-out :

4) Sell all your altcoins on Poloniex for bitcoins
5) Withdraw your bitcoins from poloniex to kraken
6) Sell your bitcoins on kraken
7) Withdraws your $$ from kraken

I did check those buy it seems that kraken takes huge fees when you deposit usd as well when you cash out.They have a 15$ minimum fee both ways.
That seems like a lot, are there any smarter alternatives?

Try circle.com after a few transaction they will increase your buy limit to 3000 usd and you can use a debit card.

i think if you only have usd, then you need to find person around you that selling his bitcoin because its safe than you buy from exchange and the process is not complicated. then after you have bitcoin in your wallet for this situation i think you need to install android bitcoin wallet then you can directly trade in any of exchange market and buy altcoin directly.

If you are American and are depositing dollars, you are better off using Coinbase. you can link your bank account to your coinbase account and then do a direct deposit in the normal way.

do they have lower fees that coinbase?

ps: i live in Europe

OK,

You confused me.
Coinbase has a problem with paper verification in your country?
Do you mean your ID?
Details?

What Country are you in?
And what is the default currency there?


 8)

you can sell it at poloniex for usdt and then swap usdt for usd at tether website.
too much work? you can always use okcoin, kraken, changer and others... it isnt hard to find.

kraken takes huge fees when you deposit usd as well when you cash out.They have a 15$ minimum fee both ways. for me that seems like a lot.
How do the rest of them compare in terms of fees?

He explain you real good and then you can go on exchnage you want to buy coin you want..
i buy LEOcoin only on livecoin.net

If you live in Europe, use Kraken. They allow SEPA deposits in Euros.

yes, but ast stated above they also take 15$ minimum fee both on deposit as well on cash out..

thank you,

i did deposit euro with Kraken, now the question is:
how can i avoid keeping my money/bitcoin  etc in these online exchange markets as i have seen that they are not that secure.
Is there a way to trade on poloniex but still keep my bitcoin in my own wallet?
or how a good/safe trading procedure would look like (broken down on steps) considerint that now i have  euro on kraken. how to i get to trade on poloniex but keep the bitcoin/altcoin safe
and yeah..

how do you keep your other altcoins safe?(avoiding online wallets)

you can trying offline wallet or use android phone as bitcoin wallet for all or half of your bitcoin or you can spread all of your bitcoin. you can trade on poloniex for half of your bitcoin and the rest you can hold it on your own wallet. first, you need to buy bitcoin on kraken but wait for low price first and after you have your bitcoin, then you can withdraw it into poloniex bitcoin wallet and then you can start to trade in poloniex with btc-usd or btc-alt.

i will install offline wallet in my pc and i already did this for now and i still holding some of coins in my offline wallet in my pc.

Downloading your electrum and make a schedule for yourself about for sending back your amount into your offline wallet, that's the best option in this time for keep your money are safe. there is no other's way. if you are already sending your amount into the online wallet and it's mean you already trust your amount for the 3rd parties.

I think you should use Kraken exchange site for that.But you can withdraw your bitcoin from exchange sites and then use a reputable bitcoin/usd site to withdraw like Circle.

But i think using kraken will be the best idea.

@Bushuqa. Maybe the exchange you are looking for is BTCe. Even under their anonymity they have been proven as one of the most trustworthy exchanges around. Identification verification should be easier with them if they ask for it.

maybe yobit? afaik you can deposit and withdraw usd

You don't say where you live in Europe. In UK there are services like  https://bittylicious.com (https://bittylicious.com) that don't charge deposit fees when exchanging GPB for BTC. They will also let you do small amounts without verification initially. I imagine there are similar all over Europe. You could also buy Guilden for Euro direct from their site and then trade on exchanges.

Edit: Just checked bittylicious and they do take euros via SEPA bank payments.

I have used bittylicious numerous times and never had an issue. (You do need to use a bank account with the exact name you gave on the signup though or they will block the trade and refund your payment).

that depends... there are a lot of places to do that but your country might have the same problems as coinbase.


that isnt a problem... just dont hold your bitcoins there. buy and send to somewhere safer.

in my country i've found good options but i dont know where are you from so it's hard to help, you should try localbitcoins, xapo, changer, or even poloniex(buying tether at their website and sending USDT to poloniex)

I was thinking off this but if say BTC dropped massively you could loose the value off your Altcoins when converting them to to BTC then to dollars. I thought what if you convert your altcoins to USDT as that matches the doller then convert the USDT to USD?? i might be wrong im still new to this