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When you don't have much BTC to trade with, you might better start with altcoin trading. In that situation you can also become familiar with the actual trading process (and its risks).
Most altcoins are probably more volatile than Bitcoin, so there will be more changes in value. This might return in profit, but also in loss.
Ok and altcoins can be exchanged for bitcoins right? Any tips on where I should begin? poloniex if you don't bother too much with their new id verification, but you can still put fake name, otherwise crypsy is good big volume, and great security never hacked for now security is important for a trader since you need to store always an amount for fast trading there is also bittrex, which has changed its front recently, starting from there and then move to cryptsy would not be a bad move I apologize I'm confused. So i should join one of those exchanges buy the currency then trade until I make a profit and sell to get more bitcoins? as beginner try to avoid altcoins, unless you know that investing in altcoins is the same as gambling. there are way too many pump & dump coins. Lol one says use altcoins one says don't use alt coins. I made a btc-e account and transfers my measly bitcoins I wanted to transfer some funds but coinbase takes 6 days any way to add funds faster? altcoins are very risky. one day they get a +100% pump and the other day they get dumped to the floor. if you do plan to trade altcoins stick with btc-e as they don't list scamcoins. i thought btc-e was an exchange im currently on there now trying to figure out how to buy 20 bucks in bitcoins |
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Thanks i really appreciate the advice and tips.
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When you don't have much BTC to trade with, you might better start with altcoin trading. In that situation you can also become familiar with the actual trading process (and its risks).
Most altcoins are probably more volatile than Bitcoin, so there will be more changes in value. This might return in profit, but also in loss.
Ok and altcoins can be exchanged for bitcoins right? Any tips on where I should begin? poloniex if you don't bother too much with their new id verification, but you can still put fake name, otherwise crypsy is good big volume, and great security never hacked for now security is important for a trader since you need to store always an amount for fast trading there is also bittrex, which has changed its front recently, starting from there and then move to cryptsy would not be a bad move I apologize I'm confused. So i should join one of those exchanges buy the currency then trade until I make a profit and sell to get more bitcoins? as beginner try to avoid altcoins, unless you know that investing in altcoins is the same as gambling. there are way too many pump & dump coins. Lol one says use altcoins one says don't use alt coins. I made a btc-e account and transfers my measly bitcoins I wanted to transfer some funds but coinbase takes 6 days any way to add funds faster? |
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When you don't have much BTC to trade with, you might better start with altcoin trading. In that situation you can also become familiar with the actual trading process (and its risks).
Most altcoins are probably more volatile than Bitcoin, so there will be more changes in value. This might return in profit, but also in loss.
Ok and altcoins can be exchanged for bitcoins right? Any tips on where I should begin? poloniex if you don't bother too much with their new id verification, but you can still put fake name, otherwise crypsy is good big volume, and great security never hacked for now security is important for a trader since you need to store always an amount for fast trading there is also bittrex, which has changed its front recently, starting from there and then move to cryptsy would not be a bad move I apologize I'm confused. So i should join one of those exchanges buy the currency then trade until I make a profit and sell to get more bitcoins? |
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When you don't have much BTC to trade with, you might better start with altcoin trading. In that situation you can also become familiar with the actual trading process (and its risks).
Most altcoins are probably more volatile than Bitcoin, so there will be more changes in value. This might return in profit, but also in loss.
Ok and altcoins can be exchanged for bitcoins right? Any tips on where I should begin? |
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Things to consider before you start trading.
Exchanges have transaction limits, meaning that you won't be able to set orders smaller than the limit (for example 0.01 BTC).
If you trade with a very small amount of BTC you won't earn anything because of the transaction and withdrawal fees. For instance if you buy 0.1 BTC, and the price goes up by 10USD your profit will be only 1USD -fees.
For the time being that's fine with me because I am just starting out and I don't want to dive headfirst into something I don't fully understand. How do I begin trading with what little bitcoins I have? You need to make an account on an exchange and transfer your coins to that account, but you don't have enough money to even trade for fun. You'll need to buy some with fiat first or earn it otherwise (faucets, services section on this forum). Here's a list of exchanges: http://bitcoincharts.com/markets/How much would I need to begin trading? I have my coins in mycelium. Which exchange should I get into? I appreciate you taking the time to respond to my posts |
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Things to consider before you start trading.
Exchanges have transaction limits, meaning that you won't be able to set orders smaller than the limit (for example 0.01 BTC).
If you trade with a very small amount of BTC you won't earn anything because of the transaction and withdrawal fees. For instance if you buy 0.1 BTC, and the price goes up by 10USD your profit will be only 1USD -fees.
For the time being that's fine with me because I am just starting out and I don't want to dive headfirst into something I don't fully understand. How do I begin trading with what little bitcoins I have? |
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Hello everyone i have decided to try my hand and bitcoin trading i already have a couple wallets created and the one that i have with mycelium has 4.291 mBTC i will be buying more but i am kind of lost at what to do now. you can buy and trade on the app but i don't think anyone is going to buy such a small amount. what are my next steps? i have gone back all the way to page 13 absorbing as much information as possible. just seeking a little guidance. any and all information will be greatly appreciated
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