Cryptocurrencies - how to trade them?

Hello - sorry if this is a duplicate post in some aspects, but I searched the website for Ether or Ethereum and could not find anything so I'm creating a new post.

I've been advised to start buying some Ether / Ethereum, which is the newest hot cryptocurrency (after bitcoin). I have done some research and like the idea. I would like to buy some.

However, I don't trust any of the online trading platforms, as they all look cheap or untrustworthy. In general it also looks easier to buy these cryptocurrencies than to actually sell them and realize a profit.

Hence, my question is - is anyone trading in Ether (or Bitcoin) and if yes, could you please recommend a platform that works and that you trust, where you have already successfully taken out proceeds?

Many thanks

 

I personally use Coin Base, but as someone else mentioned, Poloniex is an option too. Poloniex was hacked in 2014 though but does have cheaper deposit (none) and trading fees (.25% vs. 1% with coin base). Coin base is user friendly and also allows for litecoin and bitcoin trading. Biggest downside is roughly a 5 day transfer wait before you can trade. So essentially, say I bought last friday at $65 a share. I cannot trade or make any move until this upcoming friday even though I have paid for the "coins" and the money has been removed from my account. Feel free to ask me questions or PM me, but I am far from an expert. Coinbase is very trustworthy (relative)

 

I decided to go with coinbase after some looking around. It is a bummer about the ACH transfer delay, but with a verified account you can move instantly with a debit transfer. I think there's also an opportunity to up your weekly buy/sell limit if you hit a purchase target.

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Have you kept up with this? I've been invested in Ethereum for a while now, and Bitcoin for much longer.

Just wanted to hear if you've had any thoughts over the new developments in the last week.

“Bestow pardon for many things; seek pardon for none.”
 

I use Gemini to buy. Getting myself a Ledger Nano S hard wallet to store them soon, and I recommend others do the same. Not a good idea to keep money on an exchange.

I had a good thing going a few months back when I was dollar cost averaging into eth every week. Cashed it all out for another investment though and now I'm massively kicking myself and buying more than ever at its all time highs. Won't be making the same mistake this time around though :-)

 

poloniex have been pretty shady last few months, so would not put my money there for too long. Waiting for exodus and jaxx wallet to support more cryptos. You guys should check out factom, a coin that is probably worth 1B in a few months, now we are at 100M. looking really good ;)

 
Best Response

Coinbase - Secure and trustworthy, have had no issues in the past. Poloniex - Better for trading between currencies but the site has had issues in the past, wouldn't recommend keeping any coins on this exchange for long periods of time Kraken - Similar to above Localbitcoins - If you would like to buy bitcoin without inputting so. security, card info, etc. this is your best option, be sure to buy from a reputable dealer and exchange in a public place Cex.io - good exchange, similar to coinbase in many ways

Always keep your cryptocurrency in a hardware or downloadable wallet, I personally use exodus and find it satisfactory, but if you are holding a large amount I would suggest a hardware wallet or learning to use a paper wallet as your coins will be much more secure. Remember that if an exchange is hacked your coins can be stolen and it is not a flaw in the cryptocurrency itself but rather the exchange which many tend to forget. Always be secure.

 

Function is very similar but their wallets have been hacked before. I wouldn't suggest holding coins on an exchange like this or poloniex as they are targeted for theft. If you use them for their exchange/trading function and remove your coins afterwards you shouldn't have a problem.

 

GDAX is great for Bitcoin, Ethereum, and Litecoin. No to minimal fees for trading and you can use coinbase's wallet to store (it's honestly not a big deal to store crypto in online wallets unless you have a considerable amount)

Bittrex is what you want to use for trading hundreds of altcoins. You can do this by transferring your bitcoins from your Coinbase wallet to your Bittrex wallet and then trading Bitcoins for Altcoins of your choice on the Bittrex trading platform.

If I could name one safe altcoin investment, it would be NEO Antshares. It is basically China's version of Ethereum except it also allows developers to use a common language that their used. Ethereum's developers have to learn a whole new language that is just for Ethereum. The reason I say that this is a relatively safe investment is because NEO is China's premier cryptocurrency that seems to be getting backing from the Chinese government. And if you didn't know, Chinese people love using their own products more than anything. For an example, people in China are using smartphones that you've never even heard of because they rather use that than Apple or Samsung products.

Finally, Ethereum's current marketcap is around $30 billion whereas NEO is only around $1.5 billion, so it has huge upside. Be aware though, because NEO has gone up almost 5x in the last week as it has been getting much more press and media in the western world. My final thoughts are that only invest in cryptocurrencies that you believe in long term and hold onto them even though it is volatile.

 

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LedgerX might let you trade Bitcoin options. Then again, I just found my buddy who loves Bitcoin and bet him it wouldn't hit 7500 by June next year, could be good alternative if you can't find one.

 

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