Help a noob with exchanges

[xpld]

I posted this in Altcoin discussion but no one answered and the post got moved to 2nd or 3rd page... So I'm reposting this here as I really need the answers because I'm about to buy more coins

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 missed 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 Smiley

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[HabBear]

I posted this in Altcoin discussion but no one answered and the post got moved to 2nd or 3rd page... So I'm reposting this here as I really need the answers because I'm about to buy more coins

You can make another post in a thread to bump your thread up to the front page. The general rule is that if you created a thread you're allowed one bump post per day. All you have to do is write "bump", but adding new info or asking a new question may help generate more response.

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?

You are not correct.

To Buy/Sell is to buy or sell BTC with another currency. The price for which you buy or sell is usually the "market price", that is whatever the price is at the time you click "buy" or "sell". Some exchanges will allow you to set a "limit price", which means you choose which price to buy or sell and if the market price reaches your limit price the buy or sale will be initiated.

To Trade is the same thing, without the specifics of which side of the market you're on. Or you can use it as a verb, "I'm trading my cryptocurrency". It's just exchanging one thing for another, in this case USD for BTC or BTC for ETN.

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.

Sure it is! You can set a limit price, thereby ensuring that you won't pay too much or sell for too little. There is only one downside, you're not guaranteed the market will head your direction, the transaction may never hit.

Your new to this, the swings are wild. The price of bitcoin can swing 15% in one direction and then another in the same day. You'll get used to it. You'll also learn that it might be a good idea to keep some money on the sidelines to buy in a lower price when the next dip occurs.

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.

Yes, you're using a different currency to buy your bitcoin. If you have the same amount of money to buy with ($100 or the equivalent in GBP), you should see which currency can buy you the most bitcoin. Usually it will be the same, but at times you might find anomalies in the price. These are called arbitrage opportunities, where you might be able to buy more with USD than with GBP, considering the same investment amount.

Now a question for you...

Why didn't you buy your 1000 ETN directly through Cryptopia using USD, GBP, or whatever fiat currency you're using? You would have saved all the fees by buying the BTC and then sending it to Cryptopia and then trading it for ETN.

[xpld]

Thanks for the answer.
As far as I understand, Cryptopia is based in New Zealand and they only accept NZ dollars. But wait, I was able to deposit USD into my CEX.io account using UK debit card with GBP in it.. Are you saying I could've deposited that money straight into Cryptopia account and it would've been converted into NZ currency for me? If that's the case, then yeah, I screwed up

[HabBear]

Thanks for the answer.
As far as I understand, Cryptopia is based in New Zealand and they only accept NZ dollars. But wait, I was able to deposit USD into my CEX.io account using UK debit card with GBP in it.. Are you saying I could've deposited that money straight into Cryptopia account and it would've been converted into NZ currency for me? If that's the case, then yeah, I screwed up

I'm saying every time you pass a coin across its blockchain you pay a fee, and Bitcoin has the highest fees.

Why do you want this ETN coin?

I had to look up to verify that ETN is only available on Cryptopia (https://www.cryptocompare.com/coins/etn/markets/BTC).

But fortunately, Cryptopia deals in more than just ETN and BTC. This is good for you. They also deal in Litecoin (and other coins). Litecoin is a very widely held cryptocurrency with a stable price and low fees (much lower than Bitcoin). You can buy LTC directly with USD or GBP from numerous exchanges then send that LTC to Cryptopia and trade the LTC for ETN...if you're still in need of more ETN.

Why do you want ETN? What's their business model? What's their white paper?

[xpld]

Well, honestly I didn't understand too much from their whitepaper, but what I could understand, that they have a rather unique idea of mobile mining, which is rather controversial. But I tend to look at what other people say about a coin than use purely my own judgement. I read forums, and if there are more positive opinions than negative about a coin, I believe it has a chance of becoming successful. The reason I chose ETN, and not to invest in BTC or other big brothers, is because I'm looking to multiply my investments like 10x or more.. And the way I see it, new coins have the potential to do it. ETN is trading at 0.17$ as of today, that's 17x increase from the time of ICO. And I believe this is just the beginning. With BTC and other big coins you couldn't expect 10x gains, right? Of course I'm aware of the dangers and I know everything can go the opposite way any day.

Now i would like to make another purchase of around £100 or £200 soon, just don't know what I'm going to buy.. I hear many people say Cardano (ADA) is going to be successful. Maybe I will get hold some of these.

BTW, is there a thread or a list somewhere with all the new upcoming ICOs? From what I have gathered so far, you can make a lot by investing in a good ICO.

[TheQuin]

BTW, is there a thread or a list somewhere with all the new upcoming ICOs? From what I have gathered so far, you can make a lot by investing in a good ICO.

There is not a thread as such but you could create one if you have time to maintain it. ICOs are announced on the Bitcoin Forum > Alternate cryptocurrencies > Announcements (Altcoins) > Tokens (Altcoins) https://bitcointalk.org/index.php?board=240.0
board so you could use the 'watch board' function then all new threads would be automatically added to your watch list.

[austriam4444]

...ok
so exchanges you can trade and sell.. but one things you should know is learn how to play.
there are several type of exchange you can use.

1. etherdelta - is the home of erc20 tokens or they call it the smart contracts. there is no address you can deposit in here. but you can only participate on erc20 tokens airdrop, bounties and campaign by using eth address. it smart contracts with your token in your eth address. i preffered to you for your safety. metamask wallet.  note: keep your seedwords and password

2 bitrex, polonies, binance, cryptopia.  those exchanges have a name but I also preddered to you to use KUCOIN exchange safe and fastest.  other got name markets they dont accept new accts.

tricks.: learn the candle chart. 
skills: practice more logical less emotional on trading
knowledge: learn from experience., failures and mistake its a part of learning and success

tokens: are smart contracts under etherium smart contracts
coins: decentralized like a father of all cryptocurrency bitcoin. but alternatives called altcoins which means alternative coin.

im not a financial advisory.
so dont invest you cant afford to lose same as trading..

but take note. BIGGEST RISK IS WHEN YOUT NOT TALKING CHANCES .


CHEERS! 

[xpld]

Thank you for the tips. Glad I joined this forum