Hello everyone. I’m new to cryptocurrency. I currently use Coinbase and a Coinbase wallet to purchase and hold my cryptocurrency.￼￼ I have several questions about the ins and outs of buying, trading, selling.￼ I’d appreciate anyone who can offer me answers.￼￼ 1. The fees that I encounter with Coinbase sending to my wallet, and trading coins I feel is a little high. Is this normal across all exchanges? 2. In the instance I am ready to sell my cryptocurrency for a profit, is the only way to first send it from my wallet back to the exchange and then proceed to sell? 3. In the case of day trading, how are people making money with all these fees? ￼ ￼￼ Thanks for the help 🙂 ￼￼￼
1.) no,I don’t recommend used Coinbase.Bianace it’s the best at da mo. 2.)u need to send to the exchange that can send back to ur Bank account for fiat. 3.)Can’t answer that.depending how good ur are.(in a lot of aspects)
I wouldn’t advice you use coinbase while trading or anything …it’s shit , you make use of binance or kucoin and the fee is less
OK, of all the answers above, none of them are complete. Binance can be a better option, but it’s not available in every area. Coinbase regular platform has ridiculously high fees, but Coinbase Pro is designed for trading and much lower fees. Basically on regular coinbase, you’re paying extra for the easy user interface. Learn to set buy and sell orders on Coinbase pro. You use the same username and password as coinbase to log into coinbase pro. Also can move crypto between coinbase and coinbase pro instantly and free whenever needed. I only keep on an exchange what I’m actively trading. Anything else goes to a wallet I control the keys to. When you are ready to sell or trade you need to send to an exchange. The biggest pain point is on ramp from fiat to crypto and off ramp from crypto to fiat. But many times over the years, I’ve sold on Coinbase Pro and then sent money to bank account linked when I need to cash out.
Get a debit card that you can use your tokens to purchase or switch to usd at any time, plus up to 5% cash back
Coinbase has the best liquidity. Stick with this. Sure it’s high but it’s quick and safe and insured. You can also bitstamp too, they are okay, but have less coins on there.
So there’s two kinds of fees. One is the fees when you purchase and those are different between exchanges and then there are what is called “gas” fees which is a basically transaction fee to pay the miner when you send your currency to a wallet across the network. The “gas” fees fluctuate a lot throughout the day.
I wouldn’t suggest day trading without first leaving the fundamentals for investing and knowledge about crypto as a whole. I would start with checking out Alexander Lorenzo on YouTube. Game changer for me
Also, #NotYourKeysNotYourCoins don’t leave crypto on exchanges unless you’re actively trading.
If you’re going with coinbase, you need to use coinbase pro for day trading. Coinbase is just a super basic buy/sell platform; it’s not built for trading. Pro has a lot more features, and the fees are much more reasonable. That being said, definitely look into binance.us (if you’re in the US). It has WAY more coins, and the fees are way better. Coinbase is greedy.
Cheaper fees using Binance using my referral. 10% off all trades. I used coinbase pro up until recently but now like the mobile platform and coin options from Binance. Cheaper fees are nice too
Day trade with gridtrading technique… Much better and easier than trying to find the bottom and top
I am really loving Voyager. Best prices, all for free. Quick fiat ACH transfer, but have to wait for the transfer before the crypto buy.
I just downloaded Voyager. Is this something I can send crypto to, like binance? It just seems like I can just add through my bank account. Thanx
Consider buying yourself a Ledger Nano S hardware wallet. It is a physical wallet that you can unplug from the Internet. An air gap makes it impossible for your wallet to be hacked. However, if you want to learn day trading, a hardware wallet will be inconvenient.