Bitcoin Trading Exchange?

[viking02]

Let say one wants to trade bitcoin by buying low and selling high.  First off, this is good strategy right?


To those ppl who trade bitcoin by buying low and selling high... how does one do this?  Do we need an account at an exchange?  Obviously using coinbase and circle wouldn't work right?


What exchange does one need if they want to buy and sell bitcoin instantly?  Most importantly, how much are the fees per each transaction?


How does one fund that account?  Through a bank wire or bank transfer ACH to the exchange?  So if one buys say 10 BTC at $350 each it cost $3500 plus how much in fees?  Then let say it goes up to $380.  Then you want to sell all 10 btc at $380 so $3800 total.  How much fees does one need to pay for that?  Thus you would profit $300 here but are the fees a lot?  Is the exchange like 1% each way so $35 to buy $3500 worth of btc and $38 to sell $3800 worth of btc so $73 in fees and thus $300-$73 so $223 profit?


I like to know from someone who trades btc by buying low and selling high.  Basically wait for price to go up, then sell.  Then rinse and repeat.


Is there ever a time where its not worth doing it because the transaction fees override the profit?  I have to assume fees in an exchange can't be more than 2-3% per transaction?  But with an exchange, you get btc immediately correct?  And when you sell, you get the funds sent to your bitcoin exchange account immediately?  And is bitcoin exchange acct the right word for this?

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[Mickeyb]

Hey mate, many people are daily trading like this. Just to warn you right away, it's hard to day trade, even very hard, but it's doable.

You need to open an account on exchange. Which exchange it depends first of all where are you located? Not all exchanges are supported in all countries. So if you would share with us your location, if you don't mind, we can tell you where to go. Then you need to verify yourself. This also depends from exchange to exchange. Some exchanges don't ask for verification if you are not withdrawing or depositing Fiat, but only bitcoins. Btc-e is one of them. With some you have to get verified to send bitcoins and Fiat, Bitstamp is one of them.

Funding of these exchanges depends also but all of them are supporting wire transfers.

When you did all of the above, you start trading. Fees are quite small. I know that btc-e has 0.2% fee per transaction. So if you are trading $10+ difference in trades, you will be fine. Fees are not problem.

Cheers!

[viking02]

Hi.  I'm from the USA but I'm in Mexico now.  I have accounts at coinbase/circle.  So based on this, wouldn't it mean i could use whatever exchange is being used in the US?  Circle/coinbase allowed me to use it and i had to put my us address and us bank accounts.


Basically most of my time is spent in Mexico but the rest is in the USA.  I doubt there is any/much bitcoin coin that is used for people here in mexico?

[Miracal]

Let say one wants to trade bitcoin by buying low and selling high.  First off, this is good strategy right?


To those ppl who trade bitcoin by buying low and selling high... how does one do this?  Do we need an account at an exchange?  Obviously using coinbase and circle wouldn't work right?


What exchange does one need if they want to buy and sell bitcoin instantly?  Most importantly, how much are the fees per each transaction?


How does one fund that account?  Through a bank wire or bank transfer ACH to the exchange?  So if one buys say 10 BTC at $350 each it cost $3500 plus how much in fees?  Then let say it goes up to $380.  Then you want to sell all 10 btc at $380 so $3800 total.  How much fees does one need to pay for that?  Thus you would profit $300 here but are the fees a lot?  Is the exchange like 1% each way so $35 to buy $3500 worth of btc and $38 to sell $3800 worth of btc so $73 in fees and thus $300-$73 so $223 profit?


I like to know from someone who trades btc by buying low and selling high.  Basically wait for price to go up, then sell.  Then rinse and repeat.


Is there ever a time where its not worth doing it because the transaction fees override the profit?  I have to assume fees in an exchange can't be more than 2-3% per transaction?  But with an exchange, you get btc immediately correct?  And when you sell, you get the funds sent to your bitcoin exchange account immediately?  And is bitcoin exchange acct the right word for this?

Go to btc-e, it is one of the best exchanges with less hassles than others. Also the fee is very low. It is a better place to start trading if you are new. Hope this helps.

[1Referee]

I use the buy low sell high method since 2005 with stocks and since very early 2013 with Bitcoin. It works the same, only my returns with Bitcoin are much greater. Bitstamp is my exchange of choice for trading. I also use BTC-E, but a lot less nowadays.

Buy low sell high requires patience. Some times it takes 1 month for you to sell high, and other times it can take 6 or more months.

If you want to start trading without waiting days to send in your personal documents and getting verified after that, just use BTC-E. They are very relaxed when it comes to verification. Since that I use BTC-E, which is the first exchange I have signed up at in the beginning of 2013, they haven't asked me for any kind of personal information. That's what I call nice

I simply deposit Bitcoins in my account there and sell it for USD to get my account funded with fiat. It's much better in my opinion as you don't have to wait a day or even longer as some people say for your deposit to post.

[OrientA]

Let say one wants to trade bitcoin by buying low and selling high.  First off, this is good strategy right?


To those ppl who trade bitcoin by buying low and selling high... how does one do this?  Do we need an account at an exchange?  Obviously using coinbase and circle wouldn't work right?


What exchange does one need if they want to buy and sell bitcoin instantly?  Most importantly, how much are the fees per each transaction?


How does one fund that account?  Through a bank wire or bank transfer ACH to the exchange?  So if one buys say 10 BTC at $350 each it cost $3500 plus how much in fees?  Then let say it goes up to $380.  Then you want to sell all 10 btc at $380 so $3800 total.  How much fees does one need to pay for that?  Thus you would profit $300 here but are the fees a lot?  Is the exchange like 1% each way so $35 to buy $3500 worth of btc and $38 to sell $3800 worth of btc so $73 in fees and thus $300-$73 so $223 profit?


I like to know from someone who trades btc by buying low and selling high.  Basically wait for price to go up, then sell.  Then rinse and repeat.


Is there ever a time where its not worth doing it because the transaction fees override the profit?  I have to assume fees in an exchange can't be more than 2-3% per transaction?  But with an exchange, you get btc immediately correct?  And when you sell, you get the funds sent to your bitcoin exchange account immediately?  And is bitcoin exchange acct the right word for this?

Go to btc-e, it is one of the best exchanges with less hassles than others. Also the fee is very low. It is a better place to start trading if you are new. Hope this helps.

The transaction fee might be low in btc-e, but the price is also lower than other exchanges. If you just want to sell bitcoin, you will not earn much from there.

I am not sure about the fiat withdraw fee. I heard the cost of transferring funds into btc-e is high, that is the reason why the price is lower there.

[erikalui]

Let say one wants to trade bitcoin by buying low and selling high.  First off, this is good strategy right?

Yes. Since bitcoin prices fluctuate a lot, it can earn you a lot of profit if you buy BTC at $250 and sell it at $350. It earns you $100 profit right away.

To those ppl who trade bitcoin by buying low and selling high... how does one do this?  Do we need an account at an exchange?  Obviously using coinbase and circle wouldn't work right?

You need to have an account on the trading website like ecoin.eu or some other trading website.

What exchange does one need if they want to buy and sell bitcoin instantly?  Most importantly, how much are the fees per each transaction?

Trading website itself sends the profit to your wallet like OKPay/PM/PP. The fee varies from one exchange website to another.
How does one fund that account?  Through a bank wire or bank transfer ACH to the exchange?  So if one buys say 10 BTC at $350 each it cost $3500 plus how much in fees?  Then let say it goes up to $380.  Then you want to sell all 10 btc at $380 so $3800 total.  How much fees does one need to pay for that?  Thus you would profit $300 here but are the fees a lot?  Is the exchange like 1% each way so $35 to buy $3500 worth of btc and $38 to sell $3800 worth of btc so $73 in fees and thus $300-$73 so $223 profit?

Just like you fund your online wallets with bitcoins or any other wallet like PayPal. It also depends on what payment modes are accepted. Most exchange websites like ecoin.eu charge 1%-0.5% depending on your withdrawal option.

I like to know from someone who trades btc by buying low and selling high.  Basically wait for price to go up, then sell.  Then rinse and repeat.


Is there ever a time where its not worth doing it because the transaction fees override the profit?  I have to assume fees in an exchange can't be more than 2-3% per transaction?  But with an exchange, you get btc immediately correct?  And when you sell, you get the funds sent to your bitcoin exchange account immediately?  And is bitcoin exchange acct the right word for this?

Fees is as I mentioned above. It takes time to get the amount in your chosen to get your money in your wallet about 24 hours. It's not immediate. Most trading websites follow this method to avoid any fraudulent withdrawals. The fee is always less than the profit and no trading website charges such a high fee. They take a percent from the profit.



Hope my answers are helpful

[HarryHood]

Let say one wants to trade bitcoin by buying low and selling high.  First off, this is good strategy right?

Yes. Since bitcoin prices fluctuate a lot, it can earn you a lot of profit if you buy BTC at $250 and sell it at $350. It earns you $100 profit right away.

To those ppl who trade bitcoin by buying low and selling high... how does one do this?  Do we need an account at an exchange?  Obviously using coinbase and circle wouldn't work right?

You need to have an account on the trading website like ecoin.eu or some other trading website.

What exchange does one need if they want to buy and sell bitcoin instantly?  Most importantly, how much are the fees per each transaction?

Trading website itself sends the profit to your wallet like OKPay/PM/PP. The fee varies from one exchange website to another.
How does one fund that account?  Through a bank wire or bank transfer ACH to the exchange?  So if one buys say 10 BTC at $350 each it cost $3500 plus how much in fees?  Then let say it goes up to $380.  Then you want to sell all 10 btc at $380 so $3800 total.  How much fees does one need to pay for that?  Thus you would profit $300 here but are the fees a lot?  Is the exchange like 1% each way so $35 to buy $3500 worth of btc and $38 to sell $3800 worth of btc so $73 in fees and thus $300-$73 so $223 profit?

Just like you fund your online wallets with bitcoins or any other wallet like PayPal. It also depends on what payment modes are accepted. Most exchange websites like ecoin.eu charge 1%-0.5% depending on your withdrawal option.

I like to know from someone who trades btc by buying low and selling high.  Basically wait for price to go up, then sell.  Then rinse and repeat.


Is there ever a time where its not worth doing it because the transaction fees override the profit?  I have to assume fees in an exchange can't be more than 2-3% per transaction?  But with an exchange, you get btc immediately correct?  And when you sell, you get the funds sent to your bitcoin exchange account immediately?  And is bitcoin exchange acct the right word for this?

Fees is as I mentioned above. It takes time to get the amount in your chosen to get your money in your wallet about 24 hours. It's not immediate. Most trading websites follow this method to avoid any fraudulent withdrawals. The fee is always less than the profit and no trading website charges such a high fee. They take a percent from the profit.



Hope my answers are helpful

do you think it would be safe to store large amounts of bit coins at ecoin.eu such as over 5 BTC?

[OrientA]

do you think it would be safe to store large amounts of bit coins at ecoin.eu such as over 5 BTC?

It is not safe to store large amounts of bitcoin in certain storages unless they have the multisignature enabled. They need you and they together to release the coins.
If you trade, it is OK to leave some money in the exchange. It is better to take it out when you finish the trading. Only use a reputable exchange.

[erikalui]

Let say one wants to trade bitcoin by buying low and selling high.  First off, this is good strategy right?

Yes. Since bitcoin prices fluctuate a lot, it can earn you a lot of profit if you buy BTC at $250 and sell it at $350. It earns you $100 profit right away.

To those ppl who trade bitcoin by buying low and selling high... how does one do this?  Do we need an account at an exchange?  Obviously using coinbase and circle wouldn't work right?

You need to have an account on the trading website like ecoin.eu or some other trading website.

What exchange does one need if they want to buy and sell bitcoin instantly?  Most importantly, how much are the fees per each transaction?

Trading website itself sends the profit to your wallet like OKPay/PM/PP. The fee varies from one exchange website to another.
How does one fund that account?  Through a bank wire or bank transfer ACH to the exchange?  So if one buys say 10 BTC at $350 each it cost $3500 plus how much in fees?  Then let say it goes up to $380.  Then you want to sell all 10 btc at $380 so $3800 total.  How much fees does one need to pay for that?  Thus you would profit $300 here but are the fees a lot?  Is the exchange like 1% each way so $35 to buy $3500 worth of btc and $38 to sell $3800 worth of btc so $73 in fees and thus $300-$73 so $223 profit?

Just like you fund your online wallets with bitcoins or any other wallet like PayPal. It also depends on what payment modes are accepted. Most exchange websites like ecoin.eu charge 1%-0.5% depending on your withdrawal option.

I like to know from someone who trades btc by buying low and selling high.  Basically wait for price to go up, then sell.  Then rinse and repeat.


Is there ever a time where its not worth doing it because the transaction fees override the profit?  I have to assume fees in an exchange can't be more than 2-3% per transaction?  But with an exchange, you get btc immediately correct?  And when you sell, you get the funds sent to your bitcoin exchange account immediately?  And is bitcoin exchange acct the right word for this?

Fees is as I mentioned above. It takes time to get the amount in your chosen to get your money in your wallet about 24 hours. It's not immediate. Most trading websites follow this method to avoid any fraudulent withdrawals. The fee is always less than the profit and no trading website charges such a high fee. They take a percent from the profit.



Hope my answers are helpful

do you think it would be safe to store large amounts of bit coins at ecoin.eu such as over 5 BTC?

It's a risk to trade in such large amounts as if the price decreases, you would be in a heavy loss. Ecoin.eu is safe for trading but you also need to start with small amounts rather than an amount as 5 BTC. I wouldn't recommend to trade in big volumes on any trading website nor forex.

[morfeas]

It's a risk to trade in such large amounts as if the price decreases, you would be in a heavy loss. Ecoin.eu is safe for trading but you also need to start with small amounts rather than an amount as 5 BTC. I wouldn't recommend to trade in big volumes on any trading website nor forex.

Newbie question here, but is 5 BTC considered a big amount by any means?

[erikalui]

It's a risk to trade in such large amounts as if the price decreases, you would be in a heavy loss. Ecoin.eu is safe for trading but you also need to start with small amounts rather than an amount as 5 BTC. I wouldn't recommend to trade in big volumes on any trading website nor forex.

Newbie question here, but is 5 BTC considered a big amount by any means?

5 BTC = $1925 ($385 = 1 BTC). It's not such a big amount for some but it does make you take a big risk if the price drops to $250 or $220. The loss would be then $825 (almost half the amount you invested).

[Amph]

do you think it would be safe to store large amounts of bit coins at ecoin.eu such as over 5 BTC?

i would do 1 one, but it also depend on how fast you can acquire again that 1 bitcoin, in the case if you lose it

i would go for any amount that you can acquire again in one week at most

[Fioraver]

the total fee of trading, deposit and withdrawal may be less than 3%, and this is said that the advantage of Bitcoin.

for the bitcoin exchange fee, you could refer this https://bitcointalk.org/index.php?topic=695082.0

[avw1982]

Let say one wants to trade bitcoin by buying low and selling high.  First off, this is good strategy right?


To those ppl who trade bitcoin by buying low and selling high... how does one do this?  Do we need an account at an exchange?  Obviously using coinbase and circle wouldn't work right?


What exchange does one need if they want to buy and sell bitcoin instantly?  Most importantly, how much are the fees per each transaction?


How does one fund that account?  Through a bank wire or bank transfer ACH to the exchange?  So if one buys say 10 BTC at $350 each it cost $3500 plus how much in fees?  Then let say it goes up to $380.  Then you want to sell all 10 btc at $380 so $3800 total.  How much fees does one need to pay for that?  Thus you would profit $300 here but are the fees a lot?  Is the exchange like 1% each way so $35 to buy $3500 worth of btc and $38 to sell $3800 worth of btc so $73 in fees and thus $300-$73 so $223 profit?


I like to know from someone who trades btc by buying low and selling high.  Basically wait for price to go up, then sell.  Then rinse and repeat.


Is there ever a time where its not worth doing it because the transaction fees override the profit?  I have to assume fees in an exchange can't be more than 2-3% per transaction?  But with an exchange, you get btc immediately correct?  And when you sell, you get the funds sent to your bitcoin exchange account immediately?  And is bitcoin exchange acct the right word for this?

Go to btc-e, it is one of the best exchanges with less hassles than others. Also the fee is very low. It is a better place to start trading if you are new. Hope this helps.

The transaction fee might be low in btc-e, but the price is also lower than other exchanges. If you just want to sell bitcoin, you will not earn much from there.

I am not sure about the fiat withdraw fee. I heard the cost of transferring funds into btc-e is high, that is the reason why the price is lower there.

Coinbase is the one of the excellent and good exchange, its pretty faster than other exchanges. I am using that for some long period. even u could try that for your BTC exchange. you can have in your mobile also and customer service top notch.

[OrientA]

The only exchange which has deposit insurance is the Gemini. The money is stored in a local bank. So it is protected. I am not sure about the protection of bitcoin. Does anybody know if the bitcoin is also insured?
If that is the case, then it is the safest exchange so far.
It is based in New York, so large institutions might use it.

[Mickeyb]

The only exchange which has deposit insurance is the Gemini. The money is stored in a local bank. So it is protected. I am not sure about the protection of bitcoin. Does anybody know if the bitcoin is also insured?
If that is the case, then it is the safest exchange so far.
It is based in New York, so large institutions might use it.

I believe bitcoins are protected as well. At least that's what they claim. And they are not the only one. Coinbase is insured as well. Bank accounts and bitcoins on their exchange.