Just remember at the end of it for every winner profiting from short term trading there has to be a loser for the same amount. Don't speculate with what you're not prepared to lose.
Cryptocurrency mega-thread
- Thread starter DapperJong
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- Oct 11, 2016
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Anyone able to review coinspot? Compare with BTCmarkets, I like btcmarkets but would like a lot more options
- Oct 11, 2016
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No one has anything to say about coinspot?
I use Coinspot and its very good except for the Fees... I'm learning so i don't mind a few fees for the piece of mind to be honest...
Nice layout as in Web software which allows you to flip coins around at will but they do charge a fair bit for it...
PoLI payment is the bomb and virtually instant (about a minute) and your coins are right there in your wallet directly from selected bank accounts...
Allows internal coin trading aswell as direct deposits from QR codes at NSW Auspost... Not sure about Vic or other states...
Verification is a bit invasive but i had no real problem with it except a shadow on my ID which needed to be resubmitted a second time...
Note... Prices are usually slightly higher than other exchanges which is a double edged sword as you pay a lil bit more to buy coins but they also cash out at that higher price aswell...
The site does need a bit of debloating as in function but all in all its a pretty solid product...
https://www.coinspot.com.au?affiliate=72L7U
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- Oct 11, 2016
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Yep first hurdle of verification I'm having issues (suspended/expired license is probably the issue) and stalling some serious investment time. All good will sort it they communicate well.
What I love about btcmarkets is you can buy and sell with just buy and sell clicks, no keys and external wallets ect, that's what I'm looking for with coin spot, with the mass choices of crypto currencies to choose from. All in one place no external transfers.
Embleberry
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- Sep 5, 2012
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The purpose of external wallets etc is to keep your currencies safe in case the exchange gets hacked etc.
I'm currently using coinspot. The fees are absolute cancer and the higher prices suck too - but it's a good place to start and for HODL. I've opened a Bittrex account which I will use for more short term spec trades.
- Jul 12, 2013
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Yeah I got some more on the dip too...very happy...What an amazing 24 hours...
From what i can tell... There was a manipulation going down of people (savvy crypto flippers) selling high priced BTC for BCC off of the Fork cancellation and now its reversing after they've skimmed all of the loose money from punters and BTC is on its way back up...
I've done okgot some very cheap BTC and then ~~~~> up she went!!!
Fascinating stuff
I think its going to happen again, soon...
BTC fairly high and BCH fairly low bubbling... Storm conditions very similar etc...
- Jul 12, 2013
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Fair enough...I've managed to time my last two 'buys' nicely with the last two corrections. Will patiently wait for the next dip before going again.
I'm not sold on BCH yet. Have you any strong thoughts on it?
Not educated enough to have too many positives or negs on it right now but it was the Hard Fork of a seperate coin from BTC that got me noticing Crypto...
Its got the software (very basic explanation) to see it advance but none of the infrastructure that makes BTC the entity it is "YET"
The miners are what count here at the moment and its a tug of war with people way up the chain who uderstand the development that also have value to flip both sides...
At the moment BCH is being used to skim money off punters on both sides IMO...
- Jul 12, 2013
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Appreciate your thoughts....I will stay with BTC and the other alts I'm into.
- Sep 10, 2012
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Huge market cap. Is that BTC all time high?
- Jul 12, 2013
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I believe so...this just keeps chugging along..
- Sep 10, 2012
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Its what I used at the beginning because they were fast to verify me and from there it was easy to use for a beginner and it had a nice variety of alt coins. I currently buy on BTC Markets and trade on Bittrex to save money on fees. I was impressed by how well Coinspot operated though.
- Oct 11, 2016
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Bitcoin and ethereum has made there millionaires
Can we all jump onto dogecoin now
Can we all jump onto dogecoin now
- Jul 12, 2013
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Because it’s too late for most with those prices!
- Jul 12, 2013
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But what's special about dogecoin?
Do not use coinspot. They charge you ridiculous fees, and you cannot send cryptos to their exchange from elsewhere. You can't even cash out altcoins that you're holding on coinspot - if you want to cash out then you have to send your altcoins to another exchange, which incurs fees. Coinspot is not a proper exchange, they're just an exploitative marketplace that's designed to milk money from noobs or anyone who is too stupid to use proper exchanges like bittrex/poloniex/binance.
BTC Markets has you covered for BTC, ETH, LTC, AND XRP...if you want to buy other altcoins then you can send BTC/ETH to Binance or Bittrex to buy the altcoins you want. There is no exchange out there that offers EVERY altcoin on the market, so you may need to have accounts with at least 2 different exchanges to be covered for all the good altcoins. For example if you want BQX (bitquence) or ENG (enigma) then you'll need to get them from Binance, because they're not available on Bittrex. Conversely, Binance doesn't offer LSK (lisk) or TKN (tokencard).
www.ethbit.co.uk is updating their website to accept australian customers...apparently they'll allow you to exchange AUD for multiple currencies at once, meaning you can buy btc and eth for example in one transaction, instead of having to buy coins separately and get charged transaction fees for each one..hope that makes sense.
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- Jul 25, 2010
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BAT's hit a triple bottom & is now breaking through resistance on the upside. Ready to moon especially if the youtube integration takes off. Still way off the all time highs & undervalued by crypto standards.
You're right about the Fees and not being able to receive other coins from outside the exchange etc but you can cash out quite easy direct to any bank account...
Its function is good and i don't really like it being implied I'm stupid because it fits a niche for me as i do other exchanges depending on what i require but fair enough... opinions are always abundant like certain metaphors floating around...
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prodigy
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- Jun 20, 2013
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Just spent the last hour or so trying to get a grasp on Cryptocurrency as I’m looking to invest as I can see the potential but I honestly have no bloody clue of where to start or how it all works.
How can you anticipate potential growth from a decline? How would you research it? Where to look?
Why did NEO go up 35% today?
How do you go about learning to identify when something like that will happen again?
I realise that this type of thing takes a long time to understand, but if anyone can point me in the right direction that will give me the best chance of understanding this, that would be great.
Sent from my iPhone using Tapatalk
How can you anticipate potential growth from a decline? How would you research it? Where to look?
Why did NEO go up 35% today?
How do you go about learning to identify when something like that will happen again?
I realise that this type of thing takes a long time to understand, but if anyone can point me in the right direction that will give me the best chance of understanding this, that would be great.
Sent from my iPhone using Tapatalk
Sorry, but the whole appeal of coinspot is its very simple user interface. This is attractive to people who are intimidated by the somewhat confusing nature of the major international exchanges such as kraken/bittrex/poloniex/binance etc. I used coinspot when I was a noob to cryptocurrency for that very reason. However I soon realized that coinspot is not a real exchange as it lacks the functionality of one. While it does offer a simplified format for aussies to buy a large variety of cryptocurrencies with AUD, the catch 22 is their exploitative fees and practices. I don't know why anyone would use coinspot once they know how to use proper exchanges with full functionality that allow you to get coins at the prices you want (within reason).
Coinbase sucks because of the restrictions for aussies ($300 AUD per day limit, and they don't allow selling).
CoinTree is another aussie marketplace with an attractive design, reasonable fees, a large selection of altcoins on offer, and a simple user interface similar to that of coinspot. But they don't allow you to buy altcoins with AUD - you have to use BTC to buy altcoins. One unique feature of CoinTree is the ability to automatically purchase bitcoin on a scheduled basis.
Binance is currently the best international crypto exchange out there IMO...I find it a little more intuitive and user friendly than poloniex or bittrex. The only downside to binance is the somewhat limited selection of coins available there...they don't even offer LSK which is looming as one of the most promising coins in the crypto space.
Anyway, I'm really looking forward to zero-fee exchanges, such as the one developed by Cobinhood, which launches in december.
LOL. nobody has the time to explain all that s**t here... you need to study the markets. The best thing to do: start browsing coinmarketcap.com every day to observe the prices of the various crypto currencies (prices are in USD by default, but you can change them to AUD or any other fiat currency). Click on the graph so you can actually see how the coin has performed in previous weeks/months/years. You will soon come to understand the volatility of crypto currency, and that massive fluctuations in price are normal. People who are experienced in crypto currency understand what the price of a coin generally hovers around, and they buy during a dip. They know the coin will come back up to its previous high (and continue to climb after that if it's a good long term prospect).
What drives the price of cryptocurrency is NEWS.
For example the price of LSK (lisk) was hovering around $4-5 USD for a long time...then news of lisk releasing their SDK (software development kit) came out, the price climbed to over $9 USD in a matter of days.
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