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Author Topic: Tips for trading extremely small amounts of crypto. <---  (Read 458 times)
TheCryptomancer
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August 30, 2017, 11:13:17 PM
 #1

Let's start with a few small facts.
I live in the usa.
I am a US citizen, natural born.
I am homeless.
I lost my id (as in, literally misplaced it) and don't plan on getting it back any time soon. I don't have a bank account.

I do have btc. I got 36$ worth by buying a 50$ visa gift card at CVS and then selling it for btc on paxful.

This is the only way that I have come up with for me to get btc. I will repeat this purchase a few more times probably once I get enough change outside of 7 Eleven.

That's not important though. What is important is how do I get my coin out of paxful and into an exchange system where I can convert between coins for the least amount of fees possible.

Also what advice is there regarding trading with small sums? Would bots help?

The bottom line is this. Paxful takes over $3.20 for a coin transaction. Out of 36 this is a lot. I need to move it all at once to a platform I can use to do as much as possible with. So that way I only incur this ludicrous fee one time and can stabilize at $32. The question is what platform and why? Remember I don't have my id so don't say poloniex or anyone who has rigorous verification methods like that. I'm thinking kraken might be good. Am I wrong? I've gotten through registration there but I'm still afraid of fees. I've seem things such as .26% on kraken, now is that .0026 of the transaction or .0026 coin or? Thanks for any advice or tips on trading with small amounts.

-The Cryptomancer

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buwaytress
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August 31, 2017, 02:20:29 PM
 #2

Actually, the best thing for you to do now is sign up for accounts on each exchange you're interested in and then have a read of their full ToS. Their terms can change quite quickly so any advice people will offer you may not be reflective of current rates.

Here are a few places to start, I used them months ago when I was a newbie like you, curious to trade my very first satoshi:

1. Novaexchange
2. Tradesatoshi

These are exchanges/trading platforms suitable for small volume trading. I don't recall any min deposits there, but I think the min trade amounts are around 100,000 satoshi but this is probably the same you'll find anywhere. Before you start, do some due diligence to see if they're still operating smoothly. You might find alternatives along the way.

Also, when did you buy this $36 of BTC? It's probably worth a lot more now, but am asking because you didn't mention the actual BTC amount.

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August 31, 2017, 03:36:29 PM
 #3

Let's start with a few small facts.
I live in the usa.
I am a US citizen, natural born.
I am homeless.
I lost my id (as in, literally misplaced it) and don't plan on getting it back any time soon. I don't have a bank account.

I do have btc. I got 36$ worth by buying a 50$ visa gift card at CVS and then selling it for btc on paxful.

This is the only way that I have come up with for me to get btc. I will repeat this purchase a few more times probably once I get enough change outside of 7 Eleven.

That's not important though. What is important is how do I get my coin out of paxful and into an exchange system where I can convert between coins for the least amount of fees possible.

Also what advice is there regarding trading with small sums? Would bots help?

The bottom line is this. Paxful takes over $3.20 for a coin transaction. Out of 36 this is a lot. I need to move it all at once to a platform I can use to do as much as possible with. So that way I only incur this ludicrous fee one time and can stabilize at $32. The question is what platform and why? Remember I don't have my id so don't say poloniex or anyone who has rigorous verification methods like that. I'm thinking kraken might be good. Am I wrong? I've gotten through registration there but I'm still afraid of fees. I've seem things such as .26% on kraken, now is that .0026 of the transaction or .0026 coin or? Thanks for any advice or tips on trading with small amounts.

-The Cryptomancer

The best thing to do is work on signature campaigns since you do not have that much capital to start investing in bitcoins. But if you really want to pursue trading try to invest on alt coins because its cheaper and you will get a very small amount from your budget. Just start by joining campaigns and when you already have much money then i think that's the best time you should start trading.

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August 31, 2017, 04:22:19 PM
 #4

You've asked a very nice question. Actually very few people will motivate the new crypto traders with a little amount of money. It is very possible to start trading Crypto with just 32$ but with that much money you should start trading with altcoins only because 32$ won't be a good choice to begin with Bitcoin. There are many exchanges but I prefer you to go with top ones. I personally have used Poloniex and which really made me learn at the same time earn some profits. But if you are new to trading or crypto trading then you should try paper trading before going with real cash.

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August 31, 2017, 05:34:22 PM
 #5

You can trade small amount of crypto but it will not bring significant return to you. Around 30$ is not much and at current situation you might have to pay more than 3$ to move your bitcoin from one wallet to another.

What you can do is withdraw your bitcoin to livecoin.net deposit address from which you can sell your bitcoin for USD and withdraw it out in prefectmoney for 0.5% fee.



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pawanjain
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September 01, 2017, 03:54:13 AM
 #6

kraken is a good website. You can withdraw your money to that site and start trading there. Other than bittrex is also a good exchange for trading coins with altcoins.
Bittrex does have verification methods but thats only for higher amount like 2 btc. For an amount like yours, there is no verification done on that site.
There is also an exchange called Yobit where there is no KYC or any kind of verification done. We can trade as much as we want. There is also an investment program and a dice game available on that exchange which is quite promising.

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September 01, 2017, 06:48:58 AM
 #7

There are many exchange platforms that doesn't have any KYC policy or need verification so that you can trade without worrying about getting blocked.

yobit.net
c-cex.com
coinexchange.com
livecoin.net
tidex.com
liqui.io

are few examples of such platforms you can try any of them.

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September 01, 2017, 07:22:28 AM
 #8

$36 is about 0.008BTC and most exchanges have minimum trade volume of 0.0001BTC so you don't have any issues there.
the trading fees are also nearly the same in most exchanges. they are near 0.2% of each trade. for example on 0.008BTC you will pay 0.000016BTC or 1600 satoshi.

the only thing left is verification.
if you want to trade bitcoin with fiat, they will ask you some sort of verification without exception because that is what fiat world requires. there may be an exception somewhere that lets you deposit bitcoin trade with fiat and in the end withdraw bitcoin not fiat without verification.
but when you trade altcoins with bitcoin, most of them don't ask for verification.
bittrex is the next best thing but they will restrict your withdrawing amount if you are not verified. I think it is restricted to 0.025BTC per day but I may be wrong.
other small exchanges like crptopia have small volume but they are good enough and don't ask for verification.

I am homeless.
I am very curious to know how you are planning on making the trades then!

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September 01, 2017, 07:28:05 AM
 #9

When you have such small trading volumes i wouldn't suggest doing any trading of the major altcoins, aka speculing on altcoin price. Not only is this incredibly risky, it is probably not going to yield you much even if the coins does go up and you'd essentially lose everything you earn on transacion fees.

If i were you, i would just keep the coins on paxful. Since it's a small amount, i would definitely work on trading medium to high risk payment method such as gift cards or paypal. Develop a cashout method for yourself, every trader has a different one themselves.

Just make sure you deal with people that you deem legit only. Otherwise, you're just going to get conned.

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