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27-05-2017, 22:55   #1
Waldo
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Is anyone here trading cryptocurrency, bitcoin, ethereum, etc?

It's something I'd like to try, could anyone recommend a good guide; or offer any advice or insights in to trading cryptocurrency?

Thanks.
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27-05-2017, 23:43   #2
Mr Bloke
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Quote:
Originally Posted by Waldo View Post
Is anyone here trading cryptocurrency, bitcoin, ethereum, etc?

It's something I'd like to try, could anyone recommend a good guide; or offer any advice or insights in to trading cryptocurrency?

Thanks.

Hmmm...

I would be very surprised if many forummers have a clue what you're talking about!

If the results of a recent poll on here about the age of forummers is to be believed, then I think most of them will have only just got their heads around decimalisation...
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01-09-2017, 21:33   #3
Swills140
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Waldo did you manage to find a decent bitcoin trading site by anychance?
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01-09-2017, 23:28   #4
Waldo
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Quote:
Originally Posted by Swills140 View Post
Waldo did you manage to find a decent bitcoin trading site by any chance?
Yeah, I've been finding my feet with the whole cryptocurrency space.

There are plenty of exchanges to choose from where you can trade fiat currency for crypto; however, trading in GBP isn't that common, and when there is a low volume of trades, it seems harder to get a good deal.

I've found good options for getting GBP in to EUR/USD then on to exchanges; so in future, that's probably what I'll do. I have more to invest, just need to get myself more informed and educated, so I know what coins to get in to, and when.

So, the exchanges I used...

coinbase.com
Had to do a SEPA transfer (converting GBP>EUR at banks crappy rate) to coin base, then bought a little crypto. Very user friendly. Nice app.

localbitcoins.com
Can talk direct with seller. Buy in GBP via national bank transfer, so very speedy, but, not a great price VS using a proper exchange.

coinbanks.com
Bought a couple of batches of lite coin here. At 35, then later at 40. Alarmingly the value has almost doubled, it was at 75 earlier tonight. I'm sure the price will come back down; but from what I can tell, the long term prospects for lite coin are very good (so will be holding for the long term). I won't be using this exchange again though. There was a very low volume of trades in GBP, and I paid slightly (about 3%) over the odds.

coinfloor.co.uk
Heard good things about this one.

If anyone is interested, I'll post a link to a beginner guide to this stuff?
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02-09-2017, 01:04   #5
petemcewan
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Waldo,

I've put one or two things on the Forum about Bitcoins. I'd appreciate your link -thank you.
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02-09-2017, 17:11   #6
Waldo
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Hope this is helpful. If I got anything wrong, please feel free to correct me or contribute to the thread. Lastly, none of this is advice; also, you can lose money. I'm not responsible...


A beginners guide to blockchain technology:
https://www.coindesk.com/information/what-is-bitcoin/

It's a series of lessons / webpages. Click on the icons down the left side of each page ("Why use bitcoin?", "How can I buy bitcoin?", etc) to progress through the series.

A quick convenient way to buy bitcoin/ethereum/litecoin is with:
https://www.coinbase.com/

They'll need to do KYC/AML, so have a scan of your passport or other id ready; you're likely to need it during the signup and id verification process (most exchanges will require this kind of thing).

Once you've got your crypto currency; if you have a decent amount of it; you'll want to consider security. There have been stories of exchanged being hacked and a lot of bitcoin being stolen; so you'll often hear advice along the lines of "don't keep your stash on an exchange" (only have it on an exchange if and while you're trading).

You can move if from an exchange to your own 'wallet'; either on a mobile device, or desktop, or even a paper wallet (essentially, all you're storing is a private cryptographic key, which allows you to control resources on the blockchain). You can also get a hardware wallet for more security.

https://www.cryptocompare.com/
Is a good general site; check out different coins, exchanges, wallets etc.

https://coinmarketcap.com/
Lists all the various cryptocurrencies by market cap.
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02-09-2017, 18:47   #7
dinofan
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I've just got into trading cryptocurrency and been doing moderately well and I'm currently looking into buying a trading robot!
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02-09-2017, 20:20   #8
Swills140
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Quote:
Originally Posted by dinofan View Post
I've just got into trading cryptocurrency and been doing moderately well and I'm currently looking into buying a trading robot!
Have you checked out any of the bots? You have to be careful when searching for a trading bot because some can be detrimental to your trading funds, i managed to find one that has been bringing me good consistent results, so my plan is to run this bot in the background and also run another account manually. If i lose any trades manually the bot should cover my loss with my background account and if i win my trades manually i should also get an return from the background account=robot
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02-09-2017, 22:35   #9
Waldo
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Also very interested in technical analysis and trading bots. If anyone want's to share what they're using in that regard, and what kind of results they're getting; great!
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02-09-2017, 23:56   #10
Jim Hardie
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Take a look at the eToro site. Very simple for beginners and you can copy other traders with ease. You can trade mainstream currencies, commodities, stocks etc but whether it be any of these or crypto currencies be aware that you are not actually trading directly but opening 'contracts for difference'.
You can also learn the ropes with a virtual portfolio before you commit real cash.
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03-09-2017, 02:02   #11
Phanerothyme
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Just be aware, if you are 'investing' in bitcoin, that a few individuals can bring the price crashing down by selling even a small proportion of their hoards.

Of course, if you're simply using it as wealth transfer, then its price is irrelevant providing you transact within a relatively small period of time.
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03-09-2017, 10:17   #12
mossdog
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Quote:
Originally Posted by Phanerothyme View Post
Just be aware, if you are 'investing' in bitcoin, that a few individuals can bring the price crashing down by selling even a small proportion of their hoards.

Of course, if you're simply using it as wealth transfer, then its price is irrelevant providing you transact within a relatively small period of time.
........also in the current East/West political climate Cryptos could crash overnight at any time!.............Gold will always be the eventual winner over fads!
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03-09-2017, 11:08   #13
nowt2pctoday
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bitcoins and these virtual currencies will be worth nothing if a few decide so! any normal person is mad to involved with this, you will lose money!
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03-09-2017, 20:05   #14
dinofan
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Quote:
Originally Posted by Swills140 View Post
Have you checked out any of the bots? You have to be careful when searching for a trading bot because some can be detrimental to your trading funds, i managed to find one that has been bringing me good consistent results, so my plan is to run this bot in the background and also run another account manually. If i lose any trades manually the bot should cover my loss with my background account and if i win my trades manually i should also get an return from the background account=robot
Sounds interesting. Is this bot you're using fully automated? Do you know if it's compatible with forex trading?
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03-09-2017, 21:03   #15
mafya
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Those who invested in Bitcoin at the beginning are the winners, no point jumping onto Bitcoin or other cryptos now as it's just like a Ponzi scheme where new investors pay into it to pay off the early investors and so it carries on.
I don't accept Bitcoin or any other crypto currency in my shop but if you came with gold or silver I would accept it.
Each to their own as the saying goes...
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03-09-2017, 22:33   #16
bkcin
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To the few that think cryptocurrencies are a fad, you can't see further than your own nose, it's not worth even trying to explain, you may as well not get involved in the conversation.

Coinbase and bittrex are the two sites that I use the most for buying/trading crypto.

What people need to remember though is that cryptocurrencies are not designed to be money making investments.
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03-09-2017, 22:38   #17
Swills140
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Quote:
Originally Posted by dinofan View Post
Sounds interesting. Is this bot you're using fully automated? Do you know if it's compatible with forex trading?
Yes it's fully automated. I literally joined the site and the site does all the trading for me using their bot, So far I have been earning consistently so i cant complain. As for the forex side i know that is the companies main field of expertise, but i'm not sure if the bitcoin bot is compatible in forex trading but if i was to guess i wouldn't imagine so but don't quote me on that. I will PM you if you want?
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03-09-2017, 22:46   #18
mafya
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Originally Posted by bkcin View Post
To the few that think cryptocurrencies are a fad, you can't see further than your own nose, it's not worth even trying to explain, you may as well not get involved in the conversation.

Coinbase and bittrex are the two sites that I use the most for buying/trading crypto.

What people need to remember though is that cryptocurrencies are not designed to be money making investments.
My brother invested in Bitcoin a couple of years ago and yes I do know what they are for, they are favoured by criminals to hide their ill gotten gains or complete off the radar transactions
I don't need you to explain nothing to me as i know all I need to know about crypto currencies.
Gonna be a lot of unhappy people when the crypto currency bubble bursts...
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03-09-2017, 23:38   #19
Swills140
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Quote:
Originally Posted by Waldo View Post
Also very interested in technical analysis and trading bots. If anyone want's to share what they're using in that regard, and what kind of results they're getting; great!
You literally open an account, buy bitcoin and they do all the trading for you with their trading software. i'm not 100% sure on the monthly percentage, but they pay you 140% back on capital over a period of 140 days which averages at 1% daily return of whatever amount of bitcoin you choose to purchase. The site controls your bitcoin trades and the robot but if you're not comfortable with that, alternatively you can purchase their forex robot and open an account with a third party(broker) and have full control. Also the bot is set on low risk in order to provide a steady consistence flow of income. This is just based on my own research of the company but i can PM you further details if you like.
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04-09-2017, 08:08   #20
bkcin
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Quote:
Originally Posted by mafya View Post
I don't need you to explain nothing to me as i know all I need to know about crypto currencies.
Gonna be a lot of unhappy people when the crypto currency bubble bursts...
The fact that you have mentioned one coin in particular means suggests otherwise

Quote:
Originally Posted by mafya View Post
Gonna be a lot of unhappy people when the crypto currency bubble bursts...
Those people that seeing cryptocurrency as an investment rather than a tool possibly yes.
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