Best platform for crypto investment

silvercue

Malthusian said:

silvercue said:

Best performing asset class of the last decade.    Even looking at just the last 5 years S&P growth of 50% is dwarfed by 500% BTC growth.

By that measurement the best asset class of the last decade is the £1 raffle ticket that won me a bottle of wine last year, resulting in a 750% return in the course of an hour.

Punters' money in == punters' money out.

Google doesn't bring your raffle ticket up for some reason....

penners324

Be aware that many banks look very dimly on crypto exchanges. You £200 on Bitcoin may end up with your bank account being closed

silvercue

penners324 said:

Be aware that many banks look very dimly on crypto exchanges. You £200 on Bitcoin may end up with your bank account being closed

Some banks may block the payments, I have not heard of banks closing accounts, though they can close accounts for all sorts of reasons, so I am sure there are examples.

I buy and trade crypto very regularly and always fund from UK banks.  Never had a single issue.  

flopsy1973

silvercue said:

gc747 said:

Hi, 

looking at potentially investing in cryptocurrency of some sort… nothing serious at all maybe a couple of hundred pounds.. 

what is the best platform to use please? 

Thanks in advance  

If you want funds protected you could use eToro, but be aware that for all of their claims to not charge commission, they more than make up for it in their spreads.  Basically you pay more there for products.

Kraken is an excellent exchange with FIAT on ramp, so easy to fund with GBP.

Crypto.com is easy to fund and use but is App focussed, so if you are comfortable using phone it is fine.  Again, spreads are not as good as full exchanges.

Binance is also an excellent exchange, but sometimes they change the FIAT on ramp for UK users, sometimes there is a small charge.

Whatever method you use, I would suggest considering carefully what digital asset you buy.  Whether you want to leave on the exchange or take self custody and look at fees for withdrawing if you want to do that.  Different crypto's have different fees.

For context, I use all of the above and more.  However, I do most of my business on Binance and Kraken.  Full exchanges can be daunting for new users though.  Kraken have put a basic layer in front of their full exchange now, The full exchange is now called Kraken Pro.

Sorry what is the FIAT please and what is the issue with leaving what you buy on the exchange ?

silvercue

flopsy1973 said:

silvercue said:

gc747 said:

Hi, 

looking at potentially investing in cryptocurrency of some sort… nothing serious at all maybe a couple of hundred pounds.. 

what is the best platform to use please? 

Thanks in advance  

If you want funds protected you could use eToro, but be aware that for all of their claims to not charge commission, they more than make up for it in their spreads.  Basically you pay more there for products.

Kraken is an excellent exchange with FIAT on ramp, so easy to fund with GBP.

Crypto.com is easy to fund and use but is App focussed, so if you are comfortable using phone it is fine.  Again, spreads are not as good as full exchanges.

Binance is also an excellent exchange, but sometimes they change the FIAT on ramp for UK users, sometimes there is a small charge.

Whatever method you use, I would suggest considering carefully what digital asset you buy.  Whether you want to leave on the exchange or take self custody and look at fees for withdrawing if you want to do that.  Different crypto's have different fees.

For context, I use all of the above and more.  However, I do most of my business on Binance and Kraken.  Full exchanges can be daunting for new users though.  Kraken have put a basic layer in front of their full exchange now, The full exchange is now called Kraken Pro.

Sorry what is the FIAT please and what is the issue with leaving what you buy on the exchange ?

FIAT is your government issued currency, so I assume that will be GBP for you.

I leave some Crypto on exchanges, but the bulk I move to wallets unless I am likley to want to trade or sell in the near future or regularly.  If I am buying for a long term investment I would move off of the exchange.  The reason is there is always a small risk that the Exchange could go bust and you will have trouble retrieving your funds.  

boingy

I can't help with a recommended platform but definitely set up a separate bank account to handle the transfers in and out of crypto. The banks get nervous when they see the c word and can suspend/block accounts as a result, despite the fact that crypto is legit!

eskbanker

silvercue said:

EDIT:  This in part depends on where you buy the crypto too.  If you buy on eToro it is easier to leave it there and it is protected within FCA limits.

Specifically what protection are you asserting to be in place?

The footer on their site states:

Cryptocurrencies markets are unregulated services which are not governed by any specific European regulatory framework (including MiFID). Therefore when using our Cryptocurrencies Trading Service you will not benefit from the protections available to clients receiving MiFID regulated investment services, such as access to the Cyprus Investor Compensation Fund (ICF)/the Financial Services Compensation Scheme (FSCS) and the Financial Ombudsman Service for dispute resolution.

Exodi

silvercue said:

NithyaH said:

By ‘investment’ do you mean ‘speculation’?

Best performing asset class of the last decade.    Even looking at just the last 5 years S&P growth of 50% is dwarfed by 500% BTC growth.

You say asset class, but it's clear you mean specifically just Bitcoin.

I'm sure if we actually looked at the asset class of cryptocurrency like you said, it would probably be one of the worst performing asset classes given that it has been famously proliferated with pump and dump schemes, scams and corrupt crypto institutions.

Even if we ignore that and solely focus on a the very specific 'asset' (I'll humour you) of Bitcoin, I still resent this argument every time it gets regurgitated. 

Glacing at BTC>GBP on Google, we can see BTC has grown £215.20 to £29,647.27 since it's inception, making an impressive 13,676.49%.

Yet, if we similarly gaze into our retrospecto-scope, Amazon as another specific asset for example, has grown from $0.09 to $146.71, making a 162,911.11% return.

You never see people that invest in companies use these disingenuous arguments regularly seen in the crypto space, as you have.

Malthusian said:

Punters' money in == punters' money out.

Few understand.

silvercue

eskbanker said:

silvercue said:

EDIT:  This in part depends on where you buy the crypto too.  If you buy on eToro it is easier to leave it there and it is protected within FCA limits.

Specifically what protection are you asserting to be in place?

The footer on their site states:

Cryptocurrencies markets are unregulated services which are not governed by any specific European regulatory framework (including MiFID). Therefore when using our Cryptocurrencies Trading Service you will not benefit from the protections available to clients receiving MiFID regulated investment services, such as access to the Cyprus Investor Compensation Fund (ICF)/the Financial Services Compensation Scheme (FSCS) and the Financial Ombudsman Service for dispute resolution.

Yes, looks like you are correct.  I stand corrected on that, will edit post.

silvercue

Exodi said:

silvercue said:

NithyaH said:

By ‘investment’ do you mean ‘speculation’?

Best performing asset class of the last decade.    Even looking at just the last 5 years S&P growth of 50% is dwarfed by 500% BTC growth.

You say asset class, but it's clear you mean specifically just Bitcoin.

I'm sure if we actually looked at the asset class of cryptocurrency like you said, it would probably be one of the worst performing asset classes given that it has been famously proliferated with pump and dump schemes, scams and corrupt crypto institutions.

Even if we ignore that and solely focus on a the very specific 'asset' (I'll humour you) of Bitcoin, I still resent this argument every time it gets regurgitated. 

Glacing at BTC>GBP on Google, we can see BTC has grown £215.20 to £29,647.27 since it's inception, making an impressive 13,676.49%.

Yet, if we similarly gaze into our retrospecto-scope, Amazon as another specific asset for example, has grown from $0.09 to $146.71, making a 162,911.11% return.

You never see people that invest in companies use these disingenuous arguments regularly seen in the crypto space, as you have.

Malthusian said:

Punters' money in == punters' money out.

Few understand.

In danger of derailing the thread.  Not sure what £215 is, it was trading for cents in 2009 and 2010 and I regularly bought it under £60