choosing a CC Exchange

ivormonee

I tried to follow the steps above (ie. open a Coinbase account, then a GDAX account, then transfer from bank to Coinbase, then to GDAX, then buy BTC in GDAX, transfer to another exchange, then buy altcoin(s) of choice, then transfer to wallet of choice).

But I've stumbled. GDAX don't seem to want to accept my ID once account is opened. And without GDAX the above chain of events breaks down. Any suggestions on sorting out the GDAX ID issue (ie. did anyone else have a similar experience and, if so, how was the problem resolved?)

YellowStarling

Have seen on another thread on here that Coinbase (GDAX) are now requesting two forms of ID


https://forums.moneysavingexpert.com/discussion/5770300


I can't be sure but I think I got straight into GDAX through my Coinbase which was verified with just the one. If right, it suggests that verification protocols have changed slightly in the last week or so at GDAX/Coinbase, so there could be a backlog or potentially being more cautious. This industry isn't renowned yet for its customer support services, but maybe you could try raising a ticket if you haven't already.


Another option I see UK-based users opting for is LocalBitcoins but I have no personal experience of using this.

YellowStarling

Ah I've just seen you reply to that thread...

ivormonee

Well I've submitted a ticket to GDAX and am waiting for a reply. In the meantime I went to open an account on BitFinex but it says "New accounts will not be able to trade or perform any platform function until they reach a minimum account equity of 10,000 USD". That seems rather steep! Is this normal? Or is the $10k requirement peculiar to BitFinex? If other exchanges have a minimum it would be useful to know what they are. I just want to buy some (small amounts of) cryptocurrencies to dip the old toe in the water so to speak. $10k was not the level I had in mind!

planteria

some good responses here, it's a useful thread.

no doubt that the exchanges have been struggling with the increased volumes, and the process is messy.. but i suppose that provides potential upside when the process becomes easier/cheaper.

ivormonee

Does anyone know if there are any minimum levels of investment requirements on these cryptocurrency exchanges? And how do the fees work - are there any minimums?

So if I wanted to just invest a very small amount to start off with, would I be able to do that?

planteria

my understanding is that there are no minimums, but charges will further eat into smaller transactions.

sstjc

I've just started and signed up with coinbase. I initially did a bank transfer into coinbase which went ok but took 2 days. Coinbase seems a simple way to dip a toe in the crypto-water...
I've detailed what i've done on my blog https://ineptinvestor.blogspot.co.uk/
I'm also interested in Ripple and a few other CCs but haven't decided where to go for that because they are not on coinbase. I looked a kraken but i'm not convinced just yet !

planteria

did you move further? Ripple dropped significantly.. so it could drop further, or it could be a buying opportunity:D

sstjc

Still weighting it up to be honest. But the more I read the more ripple looks like being worth a punt...