Buying and selling cryptocurrency

[hiranuk]

Hi i am new to Bitcon. i have a couple of questions. From what i have read so far you can buy a Bitcoin then add it to a wallet then use a broker to buy other cryptocurrencys such as IOTO, RIPPLE etc.

my question is,  If IOTA and RIPPLE are increasing in value and i want to cash out an widthraw money back to my bank account in UK £. how do i do that?

Do i have to sell the IOTA, RIPPLE back to Bitcoin and then Bitcoin back to £. If this is the case then surly that not very good as if the price of bitcoin drops then i will make a loss. Even though the RIPPLE and IOTA currency made me a profit.

i might be looking at it all wrong so any explanation is appreciated.

My objective is to buy and sell and short term, and make profit.

[wantjokull]

You are right about everything but you are confused about everything!!

The first thing is you don’t always need to buy bitcoin first and then go to exchanger and buy altcoins with it. Now there are few exchangers which will make the buying process very easy for you. Here you can just buy any coin with direct USD/EURO whatever your local currency is. Once you buy them and see the profits then you can sell it for BTC and or USDT is also good option with 1-2 USD difference from original USD rates. Once you get your money into them you can quickly convert it to your fiat currency.

This process could be very quick and you will not loose money after converting to BTC. Because bitcoin can go up and down but that won’t happen in seconds!! So you have window to finalise the transaction.

[hiranuk]

Hi

Thanks thats cleared things up a bit. Which exchanges allow you to buy any coins in USD.? i was looking at coindesk but they only have 3 or 4 cryptocurrencys. is there a exchange that will have all the cryptocurrencys that are out there.

[erikalui]

You need to use websites that accept your currency and then exchange it with your preferred altcoin. Like in your case, you can buy Ripple with £ here: https://cryptomate.co.uk/buy-ripple/ and sell Ripple on localbitcoins or any site offering £ withrawals (currently can't fine one).

I don't recommend these exchange websites but it's just an example of how to go about and localbitcoins would be suitable if you need to buy/sell with fiat. Else, you would need to buy ETH/BTC with your bank account and then exchange your chosen cryptos to BTC/ETh back after trading them. The fee incurred would be too high but you need to use your own due diligence.

[smartJEV]

Hi i am new to Bitcon. i have a couple of questions. From what i have read so far you can buy a Bitcoin then add it to a wallet then use a broker to buy other cryptocurrencys such as IOTO, RIPPLE etc.

my question is,  If IOTA and RIPPLE are increasing in value and i want to cash out an widthraw money back to my bank account in UK £. how do i do that?

Do i have to sell the IOTA, RIPPLE back to Bitcoin and then Bitcoin back to £. If this is the case then surly that not very good as if the price of bitcoin drops then i will make a loss. Even though the RIPPLE and IOTA currency made me a profit.

i might be looking at it all wrong so any explanation is appreciated.

My objective is to buy and sell and short term, and make profit.

Use, coinmarketcap.com (its a Bible for all crypto traders/investors), so in your case, go to XRP, https://coinmarketcap.com/currencies/ripple/#markets
Check the markets. As you see, you can Sell it directly for EUR in Kraken or Bitstamp for example.

As for IOTA, they have USD pair in Bitfinex, so again, thats how you can directly sell it for FIAT.

So use cainmarketcap.com, to see what exchanges support your coin, and what pairs they have for it.

GL