Hey all. I'm considering to do some trading. Basically buy coins when price i think is low... or if prices keep dropping... then i buy it. Then when prices goes higher, i sell it.
1. Is bittrex the best option to do this?
2. I have bitcoin. So if i want to trade on bittrex, i will have to send bitcoin there. Then use those bitcoins to buy other altcoins... is that correct? So that means i never have a usd balance there? That confuses me a lot. I heard there is a usdt balance. But i had thought it was you send them bitcoin or cash... it converts into usd. Then u use that usd to buy coins. For example if a coin is 5 dollars. You buy 100 of them. Then it deducts 500 dollars plus the 0.0025 percent fee from your balance. And say if the coin goes up to 5.50. You sell all these coins for 550 or so and then you get around a 550 usd balance minus the fees. However, that is not how it is done right? If thats the case, how is that even trading when you arent converting it to usd?
3. Since i hear its in btc... so you are basically trading btc for altcoins like lisk, eth etc? So when the price is high enough where you want to sell and make a profit... you are selling the lisk, eth etc... into BTC? Is that correct or false? However if you do this, then dont you still have btc? The issue is when you keep the btc and dont do anything with it and these btc go down... then how do you even make any profit? Say for example you buy 100 shares of lisk for 5 dollar. So it cost you 500 plus fees. Then you sell it at 5.50 for 550 dollars minus fees. So lets say you made around 48 dollars in profit. So when you cashout your lisk... you get 548 dollars worth of btc right? However say now btc drops a lot. That 548 dollars in btc could be 498 dollars in btc. So is there even any profit here or not? This confuses me so much because why is there no usd balance? I mean if i want to buy lisk or say another altcoin, why am i not buying with usd... then when i sell... i get usd. That way... there is profit. Can someone explain this? I heard there is tether but you get tether usd on bittrex or is it something else? The other thing is how is there any profit unless you convert it into usd. Can someone explain this?
1.i can not say the best,but for now the better exchanger out there is Bittrex.
2.actually you can send other coin as well,just make sure that the coins that you will sent it's listed on Bittrex,
if you can find it then you can send it in there.also,if am not wrong you can deposit and withdrawal USDT in there.
3.just make sure what do you want to do,
i always valuing my profit in BTC,which mean when i do the trade if my BTC increasing that mean i get the profits.
i don't really care about the price is going down or not because no matter what Bitcoin will always keep hit another ATM every next year.
and also you can directly sell it to USDT in Bittrex if you want to secure your profit in USD.
