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Title: Trading Platforms?? Post by: dominover on December 28, 2017, 11:47:57 AM Ok, I'm slowly piecing things together there. It's a little confusing at start!
I have now signed up to a broker in Australia and have decided on a cryptocurrency wallet. Butt... I'm confused about what a trading platform for cryptocurrency is? If I'm going through a broker (like Independent Reserve) to buy and sell cryptocurrency, is it their interface the trading platform? Also, does the broker run their own exchange (like a liquidity pool, or dark pool) or are they connecting you with an actual cryptocurrency exchange (I believe one is Kraken)? I envisage this to be like a stockbroker trading through the Australian Stock Exchange. The broker just provides the service and has special rights to buy and sell on the exchange, by you don't. How does it all work? Can someone clear this up for me? Thanks Title: Re: Trading Platforms?? Post by: cointabo on December 28, 2017, 11:59:16 AM Ok, I'm slowly piecing things together there. It's a little confusing at start! I have now signed up to a broker in Australia and have decided on a cryptocurrency wallet. Butt... I'm confused about what a trading platform for cryptocurrency is? If I'm going through a broker (like Independent Reserve) to buy and sell cryptocurrency, is it their interface the trading platform? Also, does the broker run their own exchange (like a liquidity pool, or dark pool) or are they connecting you with an actual cryptocurrency exchange (I believe one is Kraken)? I envisage this to be like a stockbroker trading through the Australian Stock Exchange. The broker just provides the service and has special rights to buy and sell on the exchange, by you don't. How does it all work? Can someone clear this up for me? Thanks Hey there, its a good decision to start getting involved with cryptocurrencies! For trading or purchasing crypto coins, you dont need to go through a broker, I dont even think that exists in this ecosystem. You directly buy the coin of your choice from an exchange platform from someone who is willing to sell those coins to you against FIAT or BTC. Most altcoins trade against BTC and FIAT pairs dont exist. Hence you'll need to purchase BTC first. I'd recommend www.kraken.com as your FIAT exchange, and once you have BTC you can buy altcoins from www.bittrex.com, www.binance.com etc. For secure wallet, go for www.ledgerwallet.com - its a hardware cryptocoin wallet that supports quite a few coins. Good luck! Title: Re: Trading Platforms?? Post by: dominover on December 28, 2017, 12:10:44 PM Ok, thanks, there's an interesting point you just made. Something I didn't know. 1 - Is BTC Markets a FIAT exchange which can also support the purchase of Altcoins. 2 - I didn't realize that if I wanted to by, say Etherium, I would have to by Bitcoin first? Or is Ethereum an exception here? When I look at BTC Markets they offer a number of Altcoin which can be purchased with AUD such as Litecoin, Etherium and some others, or is that impossible? Do I have to buy Bitcoin first? I'm assuming that's what is behind the currency pairs listed ??? Thanks |