Bitcoin Forum

Hi all,

I´d like to buy some altcoins at poloniex. Therefore I first have to buy some coins at bitstamp and move them to poloniex.
I´ve figured out two ways to do it:

1. Bitstamp->Bitcoins->Poloniex->Bitcoin->Altcoin

2. Bitstamp->Ripple->Poloniex->Ripple->Bitcoin->Altcoin

I think 2. would be a faster transfer, but which one would be cheaper in matters of fees?
Also I feel a little unconfortable to buy Bitcoins at nearly all time high, but I have to get them anyways?

What would you do?

Thanks!  :D

Then buy directly altcoins. You can still buy altcoins without using bitcoin for payment. I don't if bitstamp can do that but you can buy altcoins with fiat as far as i know. Anyway, i think you should be careful on jumping because bitcoin is at its peak right now. No one can tell how long it will last. Buy only small amount where you are comfortable.

Most exchanges charge higher fees for bitcoin , with the high fees and mempool problems, ripple might cause you less in fees

i would use Dogecoin if possible, if not Litecoin.
Dogecoin transaction fee is 1 Doge equal to ~120 satoshi
LTC transaction fee is usually about equal to 1000 satoshi if i recall correction!

no matter which altcoin you choose you should have these things in mind:
- make sure the wallet is active and has balance before withdrawing also make sure the other wallet you are sending to is active and healthy.

- make sure the names of the markets match. sometimes they call an altcoin XYZ in both exchanges but they are two different things. (not true about the coins i named though such as XRP, LTC, Doge).

- and finally doing this with altcoins you may save up on transaction fees but you may lose a lot of money because of the spread price between buy and sells.
let me give you an extreme example for better understanding:
if Doge is 110 satoshi then it is that on both exchanges.
the bids are on 109 and asks on 110. you buy from 110 then transfer to other place and sell at 109 which means 0.9% loss. if you buy 1BTC you lose 0.009BTC on this difference alone. now add to that 2 trading fees which we assume both are 0.2% which is 0.004BTC.

in this process you spend 0.013BTC to save up on paying 0.00020000BTC bitcoin transaction fee (aka withdrawal fee).

edit:
i am not using either of these exchanges OP mentioned but someone once said polo charges 10K for BTC fee and i know that bittrex charges 20K for BTC fee! and by the way they pay a lot higher transaction fee themselves no matter what they take from you!

Thanks all for your advise.

Problem is, that I´m from Europe and only have accounts for:

bitstamp
poloniex
bittrex
kraken

The only way I see to get fiat to coins is over bitstamp. Bitstamp only has Bitcoin and Ripple available  :-\

You are doing so much just to save some fees. I mean i can't really blame you for it as fees has surely reached high af but if you are trading with high amounts and actually getting good profits it shouldn't be a problem at all. But if you still wanna safe fees it's better if you convert to doge as op said as 1 doge fees is really low

Doge is a good option as mentioned above. However I would just go with option 1 for simplicity, but do remember if you are buying bitcoin from bitstamp the verification process may take 48-72 hours and if the price fluctuates they will not process the transaction. To avoid this dependant upon the amount you with to trade with use coinbase, yes I know fee's are involved however if you are confident in your trading ability then you should have no problem earning x amount back.

Coinbase - BTC - Poloniex - ALT
Bitstamp - BTC - Poloniex - ALT