Hello guys, I'm new to this forum and to cryptocurrency overall. I got interested in crypto several months ago and have been following a few coins and ICOs. One coin that got my attention is Electroneum (ETN) and I have mined a few dozen coins since, but now I decided to buy some. This was my first crypto purchase and I kind of had success buying it BUT... The costs of depositing money from card and other transactions summed up to be very high. Or at least to me it seems high.
Cryptopia is the only exchange that has ETN so I registered an account with them. I used CEX.io to deposit $120 (124 with charges) from my card and only then noticed that I could've deposited GBP (Which is the currency I hold). Anyway, I then proceeded to buy some BTC and because this was my first time I don't know whether I did everything right. On CEX.io I found 2 options. the first was BUY/SELL tab and the other was TRADE.
1) First question. Am I correct thinking that BUY/SELL is to buy BTC straight from the exchange at a predefined price, and TRADE is to buy from other people at prices set by those people?
I used the TRADE tab and under this tab there were two sub tabs: LIMIT and MARKET. At this point I didn't really know what I was doing, I just wanted to get hold of some btc. I used MARKET there was a title INSTANT BUY BTC where I entered the amount of dollars I had which is 120 and it calculated the amount of BTC I will get. I proceeded. After the transaction was complete I checked the amount of BTC I had purchased and according to google's BTC to USD converter, my BTC was now worth only 109$ (And I had totally paid 124$).
2) I believe it is possible to play around with the above options for better rate? Do you think I overpaid? I really need help with this one guys.
Then obviously I wanted to withdraw the BTC into my cryptopia account and I was in for a surprise. It wouldn't let me proceed: "The minimal amount needs to be 0.001 BTC" That equals to around 120$ as of today... So I was left with no choice but to deposit more. This time I deposited 48 GBP (50 was charged because of the commission). I used the same process as above to buy more BTC.
3) Is there a difference between buying with USD and GBP? The deposit price was the same for both at 3% or 3.5% + 20p or 25c.
Now I was finally able to send my BTC to cryptopia. Bastards charged 0.001 BTC for withdrawal which is ~13$. In total I had spent 124$ + (£50 = 68$) =
192$ for 0.01203240 BTC which is now equal to around ~160$. All the transaction fees had cost me around 30$ just to get some BTC sent to cryptopia..
In Cryptopia, I finally bought 1000 ETN coins ... Had I not mossed the ICO, this amount of coins would've costed me just 10$
But like I said, of the several projects that I'm following, this one seems promising and not just for me, I read what others say too. So I will just put those coins aside, And hope they will increase in value.
In the meantime, I really need to sort the above stuff out because I can't afford this... I don't have thousands to play with, a hundred or two is the most I can get to spend for this per month. And 30$ in taxes seems ridiculous for such a small amount of BTC. Or maybe it's normal? Are there better cheaper exchanges out there? I read they all suck more or less and no exchange is perfect. Also I didn't like the limitations for the withdrawal. What If there's a new coin and I only want to invest like 50$? CEX.io won't let me do it. Please answer my questions and let me know what you think. General advice would also help
