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  • FIRST POST
    • Outsider_83
    • By Outsider_83 9th Jan 18, 4:44 PM
    • 163Posts
    • 21Thanks
    Outsider_83
    Best Platform for Cryptocurrencies?
    • #1
    • 9th Jan 18, 4:44 PM
    Best Platform for Cryptocurrencies? 9th Jan 18 at 4:44 PM
    Hi All,
    It's very difficult to find the best currency exchange for crpytocurrencies, what do people on here recommend as a good application that is safe and easy/quick to sign up to and use?


    I have tried BitStamp but having my status pending for a month is too long.
Page 1
    • peter_the_piper
    • By peter_the_piper 9th Jan 18, 7:53 PM
    • 26,112 Posts
    • 35,081 Thanks
    peter_the_piper
    • #2
    • 9th Jan 18, 7:53 PM
    • #2
    • 9th Jan 18, 7:53 PM
    Maybe I'm getting old but the cryptocurrency boom reminds me of The Tulip Bubble, it burst and lots of people lost everything. Be careful.
    I'd rather be an Optimist and be proved wrong than a Pessimist and be proved right.
    • pepper77
    • By pepper77 9th Jan 18, 8:17 PM
    • 2,542 Posts
    • 7,361 Thanks
    pepper77
    • #3
    • 9th Jan 18, 8:17 PM
    • #3
    • 9th Jan 18, 8:17 PM
    Maybe I'm getting old but the cryptocurrency boom reminds me of The Tulip Bubble, it burst and lots of people lost everything. Be careful.
    Originally posted by peter_the_piper
    Wasnt it P T Barnum ?

    One born every minute..................and two to take him.

    Nah, apparently not.
    The earliest form of the phrase that I can find in print comes from The European magazine: and London review, published by the Philological Society of Great Britain, 1806:
    It was the observation of one of the tribe of Levi, [that is, a Jew] to whom some person had expressed his astonishment at his being able to sell his damaged and worthless commodities, "That there vash von fool born every minute".
    Sammy Woodhouse day?


    Kriss Donald day?

    • venison
    • By venison 9th Jan 18, 10:29 PM
    • 2,145 Posts
    • 2,293 Thanks
    venison
    • #4
    • 9th Jan 18, 10:29 PM
    • #4
    • 9th Jan 18, 10:29 PM
    Always seems like a form of gambling to me and not very money saving.
    Ex Board Guide
    • Cotta
    • By Cotta 10th Jan 18, 7:53 AM
    • 2,712 Posts
    • 1,111 Thanks
    Cotta
    • #5
    • 10th Jan 18, 7:53 AM
    • #5
    • 10th Jan 18, 7:53 AM
    With so many profiting from it surely it's a viable alternative although it seems darned impossible to purchase them.
    • worldtraveller
    • By worldtraveller 10th Jan 18, 9:43 AM
    • 11,763 Posts
    • 23,486 Thanks
    worldtraveller
    • #6
    • 10th Jan 18, 9:43 AM
    • #6
    • 10th Jan 18, 9:43 AM
    Maybe I'm getting old but the cryptocurrency boom reminds me of The Tulip Bubble, it burst and lots of people lost everything. Be careful.
    Originally posted by peter_the_piper
    The one I always remember from my economics courses was the South Sea Bubble (1720).

    As I posted recently on one of the investment forums, we've seen the phase where it's been pumped up by the big investors and their media mates, and we've seen the foolish, gullible, retail investors, who have subsequently got into the "get rich quick", latest, "fools gold" at, or near, the peak.

    The problem is when the last person holding the baby loses their shirt, along with the other fools who got in at, or near the peak! It's very much like "pass the parcel" and who is left with the last wrapping, but, in this case, it's who is first to lose their !!!!.

    Would I get involved? Yes, maybe, but, as a contrarian investor, for decades now, it would probably be when the price totally tanks, and most previous investors are left squirming over their losses!
    Last edited by worldtraveller; 10-01-2018 at 9:47 AM.
    There is a pleasure in the pathless woods, There is a rapture on the lonely shore, There is society, where none intrudes, By the deep sea, and music in its roar: I love not man the less, but Nature more...
    • malkie76
    • By malkie76 10th Jan 18, 10:29 AM
    • 5,470 Posts
    • 6,279 Thanks
    malkie76
    • #7
    • 10th Jan 18, 10:29 AM
    • #7
    • 10th Jan 18, 10:29 AM
    Always seems like a form of gambling to me and not very money saving.
    Originally posted by venison
    Same can be said about any investment anywhere.

    That being said, the time to invest in BitCoin (for example) was a very, very long time ago, coupled with them not paying traditional investor dividends makes it a difficult proposition at the moment.
    Legal team on standby
    • zzzt
    • By zzzt 10th Jan 18, 10:53 AM
    • 278 Posts
    • 302 Thanks
    zzzt
    • #8
    • 10th Jan 18, 10:53 AM
    • #8
    • 10th Jan 18, 10:53 AM
    All the exchanges are terrible. Many have serious performance problems and long delays getting verified or withdrawing/depositing. Don't store large sums on exchanges, use private wallets or cold storage.

    Some cryptocurrencies are only available on certain exchanges, so if you want any kind of diversified portfolio you'll have to sign up to most of the major ones anyway. I recommend you don't bother day trading or ever using leverage.

    What are you trying to buy? Just BitCoin? The easiest and cheapest way is LocalBitcoins, or if you don't mind paying a higher fee, Bittylicious (but you will need your own wallet).
    • ifti
    • By ifti 10th Jan 18, 12:14 PM
    • 335 Posts
    • 40 Thanks
    ifti
    • #9
    • 10th Jan 18, 12:14 PM
    • #9
    • 10th Jan 18, 12:14 PM
    were using binance
    • atilla
    • By atilla 10th Jan 18, 12:32 PM
    • 834 Posts
    • 708 Thanks
    atilla
    With so many profiting from it surely it's a viable alternative although it seems darned impossible to purchase them.
    Originally posted by Cotta
    And therefore, some that aren't.
    • fwor
    • By fwor 10th Jan 18, 12:37 PM
    • 6,015 Posts
    • 4,071 Thanks
    fwor
    With so many profiting from it surely it's a viable alternative although it seems darned impossible to purchase them.
    Originally posted by Cotta
    I wouldn't consider the difficulty of purchasing them to be the biggest issue - I would be more concerned about how easy it's going to be to sell them!

    When it comes to the crunch, how many of the exchanges are going to have huge reserves of Sterling (or whatever you preferred "real" currency is) to pay out?
    • Theta101
    • By Theta101 10th Jan 18, 12:41 PM
    • 140 Posts
    • 29 Thanks
    Theta101
    I use Hargreaves Lansdown in my SIPP.

    XBT Provider AB Bitcoin Tracker One (BIT-XBT)
    XBT Provider AB Ethereum Tracker One (ETH.XBT)

    Good luck.
    • SamsReturn
    • By SamsReturn 10th Jan 18, 12:48 PM
    • 2,294 Posts
    • 4,275 Thanks
    SamsReturn
    I'm that old i haven't a clue what Cryptocurrencies are. I'm only just getting use to trying to get cash out of the-hole-in-the-wall. But i read this earlier. Kodak are to be the new BitCoin.

    http://www.bbc.co.uk/news/technology-42630136
    • hels234
    • By hels234 10th Jan 18, 12:49 PM
    • 145 Posts
    • 73 Thanks
    hels234
    Hi, first thing I would say is crypto is more speculation than investing, only put in what your 100% willing to loose. Crypto is unbelievably volatile with prices going up/down at various whims!

    Having said that I have coinbase/gdax (covers BTC ETH LTC) Binance and Cryptopia. I'm not liking Cryptopia at all, the fees are high and not clear enough for my liking. I mainly use Binance. I also use a Revolut card to make deposits into Coinbase to help avoid fees.

    My strategy was to withdraw my initial investment asap, which is what I've done so what is left is "free money". I was lucky and because of what and when I invested I'd achieved this in about a couple of weeks. The market has currently plummeted though and I read a lot of comments from people who are in negative.

    I would love to say I was some mastermind to have done ok but the truth was I was lucky!I'm still reading and trying to learn as quickly as possible and have made a few mistakes on the way.

    Don't take any of what I've said as a recommendation or advice though, its just what I've done. You really need to do your own due diligence and decide for yourself what your happy with.
    • Curos
    • By Curos 10th Jan 18, 1:06 PM
    • 18 Posts
    • 6 Thanks
    Curos
    I've used Bittylicious (bittylicious dot com) to buy both Bitcoin and Ethereum and it's been easy and fast. I can't claim they're the cheapest exchange right now but the rate was pretty good when I bought some a few months ago.

    Have a look at Bitfinex to give you access to a much wider range of 'smaller' cryptos if you're interested in that.

    Personally, I've used some of the gains I've made on Bitcoin and Ethereum to take a punt on smaller cryptos. (I'm not going to list them as I don't want to influence you based on my very basic level of research/knowledge as it seems most other people seem to like to shoehorn a recommendation of buying X 'game changing' crypto on posts asking for basic advice on Bitcoin)

    In addition to the above I'd check out the Bitcoin UK subreddit r/BitcoinUK and read through the posts there as there's plenty of people in similar positions who have asked this question before.

    Having said all of that, I agree with the sceptical commenters above - only invest what you really can afford to lose and don't buy into the random recommendations of online posters on which cryptos to buy. If you want to invest anything more than 'pocket money' level funds then I really would recommend you taking a few weeks to research before buying anything.

    Also, no matter which exchange you use be prepared to offer up scanned copies of documents for proof of identity, address etc as this is a standard across the board and can take a few days to complete before you're allowed to use the exchange.
    • Naf
    • By Naf 10th Jan 18, 1:15 PM
    • 3,038 Posts
    • 2,305 Thanks
    Naf
    I'm using Bitfinex on the advice of a friend. Seems good and offers a variety of different currencies. Pretty simple to use.
    Never argue with stupid people, they will drag you down to their level and then beat you with experience.
    - Mark Twain
    Arguing with idiots is like playing chess with a pigeon: no matter how good you are at chess, its just going to knock over the pieces and strut around like its victorious.
    • ivormonee
    • By ivormonee 10th Jan 18, 2:01 PM
    • 167 Posts
    • 102 Thanks
    ivormonee
    Cryptos - what a minefield! I've read the comments/ advice on this and the other crypto thread about how to buy these currencies. It seems you need to open an account with an exchange (there were two very thorough replies on the other thread - which I've followed). So I looked at the exchanges and the main ones which have been mentioned are Binance, Bittrex, BitMex, BitFinance, Poloniex and a couple of others. When I looked at their websites/ faqs, it appears that some of these (maybe all, I'm not sure) are trading websites, ie. you buy and sell the currencies/ altcoins by placing trades, but you don't actually own the currency (ie. in a wallet). I'm not a hundred per cent sure of this, I could be wrong, but for example, BitMex says: BitMEX is a derivatives exchange that offers leveraged contracts that are bought and sold in Bitcoin. On the Bittrex website it states: Bittrex is the next generation crypto trading platform. etc.

    So are these just trading platforms (like CMC Markets, IG, City Index etc.) or can you actually buy the cryptocurrencies and stick them in a wallet? I'm finding the whole thing a great big mystery.
    • Eco Miser
    • By Eco Miser 10th Jan 18, 3:31 PM
    • 3,444 Posts
    • 3,234 Thanks
    Eco Miser
    Always seems like a form of gambling to me and not very money saving.
    Originally posted by venison
    Same can be said about any investment anywhere.
    Originally posted by malkie76
    It can be said, but the difference with traditional shares (and funds of shares) is that the companies invested in actually make a profit by adding value, whereas cryptocurrencies (and gold) just sit there, being passed around at ever increasing valuations for exactly the same thing, until someone realises they've paid far more than the thing's worth, and it all crashes down.
    That being said, the time to invest in BitCoin (for example) was a very, very long time ago, coupled with them not paying traditional investor dividends makes it a difficult proposition at the moment.
    Originally posted by malkie76
    BitCoin pay the same dividends as gold - none. They're commodities, not enterprises.
    Eco Miser
    Saving money for well over half a century
    • ivormonee
    • By ivormonee 10th Jan 18, 4:03 PM
    • 167 Posts
    • 102 Thanks
    ivormonee

    BitCoin pay the same dividends as gold - none. They're commodities, not enterprises.
    Originally posted by Eco Miser
    Investments do not need to pay dividends in order for them to be used as investments. If you invest in gold, or vintage wine or fine art, film production, coffee, soya beans, livestock, or even bitcoin and other digital currencies, you are doing so with a view to seeing the valuation grow over time.
    • Bonnie151
    • By Bonnie151 10th Jan 18, 4:03 PM
    • 273 Posts
    • 16,014 Thanks
    Bonnie151
    Ditto to all the warnings about it being gambling and donít put in more that you are happy to lose. Iíll also suggest localbitcoins for Bitcoin- very easy to use. You can leave your coins on localbitcoins, but donít leave more than you are willing to potentially have stolen Itís much better to move them to a hard wallet.

    I wouldnít recommend Coinbase just now. If you look at the Coinbase reddit, itís full of people who are struggling to cash in their coins- massive backlogs.
    Hmmmm, need new siggie
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