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I think something important to note is that NEVER keep a big amount on any exchange.
I would recommend bitstamp in normal days , but as of now, my account is locked from withdrawing btc for the last 4 days and no reply from the support yet.
I don't have a big amount of crypto stored there, but there is a big bank transfer going to them from 7 days and they did not even confirmed receiving it yet which is so worrying...
Point is NEVER trust an exchange with alot of money as point of crypto currencies is having your money under your control, and not third party's control
Yes very true , i think you will do ok in the market with this mindset
Is your issue been resolved with Bitstamp. I'm using them right now mostly. So curious to hear how they're in situations like this.
"Having your money under your control." That's the whole point of the stuff.
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Good info Jerry. There are also some crypto wallets that allow direct access between crypto and fiat. The one that comes to mind is the Waves wallet, it allows Euro and USD for now.
Ah, that is interesting. How are the exchange rates/fees?
Haven't tried it yet!
Jerry for president! I'm voting
LOL, I'm in!
Good point, Xapo and Xcoins, see my below comment allows debit card possibilities. Great options too. Thanks for your comment
I haven't tried wire transfer, but depositing via credit card seems pricey.
150% > 50hrs Profits http://bitcoinstream.live/ is PAYING out guys
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thanks to OP
Thank you for the post. Which exchange is the cheapest in fee to convert crypto into fiat for x,xxx or xx,xxx amount?
You would also want to look at price that exchange is using as sell price, even tho one has lower fee it could charge higher price per coin.
Jerry, thank you for a vote and useful information. Keep up good and honest work :)
As usual, more great and informative stuff!! Don't know if you've done a post around tax consequences of buying and selling in the crypto world. I know it depends where one lives, but since just up the road from you in Georgia, obviously I'm concerned on tax liability in the US. There seems to be a lot of conjecture and confusion around this subject, and I figure one as enlightening as you can help us out... :)
Jerry....that is frickin great...thanks for replying and telling me about that. Gonna head over to your post about that. One last question.....since I'm only here because I follow your channel, do you recommend I put all my steem tokens into my steemit wallet, then convert it over to Steem Power?
nice to know!
Always super informational posts Jerry! Thank you mate.
I think all steemians should always check all platforms before purchasing other coins. But the first thing you need to do it buy BITCOIN.
Good info. I use Localbitcoins because there I can choose seller and get a better price. It's slow though.
I also used Coinbase many times and never had any issue so far; but I've heard pretty many people complaining and some of them even suggesting that Coinbase could become the next MTGox.
Gemini seems to be pretty decent and it has pretty low fees and allows high deposit and withdrawal limits, but the problem is that I submitted all my info and it's been almost a month already and they still didn't approve me.
Coinbase does appear to be absolutely slammed. They've locked my account twice for no seeming reason, then deleted it once by accident. Now they are just automatically closing the tickets I've sent. I've never sent BTC anywhere unusual out of Coinbase, either.
I doubt they are going to make off with customer funds, but non-stop website outages and flash crashes that lose people millions won't surprise me.
Thank you @jerrybanfield!
I do think Coinbase and GDAX are the same company.
What's the Deal with Coinbase and GDAX?
Coinbase announces GDAX providing Coinbase users additional capabilities
The birth of GDAX
Additionally, the company recognized that the capabilities for this exchange were beyond what was needed for the individual, more "casual" user of Bitcoin so they decided to rebrand this Exchange as GDAX - Global Digital Asset Exchange- to not only highlight the added capabilities but the worldwide focus that the exchange provides to traders. They also provided access to Ethereum through this exchange to satisfy the growing demand for that cryptoasset.
Coinbase's White points out the company built GDAX from the ground up. He feels that although there are many smaller exchanges that trade many cryptocurrencies worldwide on a daily basis, Coinbase is in a leading position because of its integration with regulatory concerns and its past success as the leading exchange for Bitcoin and now for Ethereum as well. "We believe exchanges that provide advanced trading features and meet regulatory requirements are most likely to succeed long term,” White says.
Mid-year of 2016, the company made the decision to rebrand the Coinbase Exchange part of their business quest to be the world’s largest exchange and expand its international footprint.
https://www.thebalance.com/whats-the-deal-with-coinbase-and-gdax-4063868 The whole article can be found here. Thank you for the post! Good info upvoted! Will Resteem!!
wow! So much info. Thanks again for the time and effort you put into it.
I am from Nepal, and I use skrill
unfortunately that's the only way for us Nepalese because our online system doesn't support any other international payment system than skrill
I might not be aware of other ways btw
Which exchange do you use for skrill? Cubbits is not really supporting it until late summer and bit panda doesn't seem like a good fit too me, haven't tried eToro but their interface doesn't seem promising. So where are you getting yours?
This is one of the best breakdowns I've seen in my life 😂... I knew @jerrybanfield would come through! Thanks man 😎
I use coinbase and never had issues with them even though some people do complain about them and poloniex.
Moreover, with Xcoin you can use debit and credit card plus paypal for transactions.
Good post Jerry and a 100% upvote from me.
Feel free to check out my latest post on : Why Steemit will disrupt social media and gain market share
I like Coinbase...but their site crashes every time there is a spike or dip in prices. It's awful!
I agree buddy hence why I said that they have issues too . However fortnately for me no problem yet. I also use Xapo due to its debit card option
Be careful with exchanging bitcoins with paypal though, as far as I know, paypal don't like it and will ban your paypal account if they discover you are using their website for any bitcoin related transactions.
Good point, however no one is using paypal for exchange rather at Xcoins (see above link on investment section) you can use paypal for USD investment transaction
Amen my buddy, amen...thanks and more success to you.
I mentioned you on my latest blog post, : Why Steemit will disrup social media and gain market share
Pls check it out
Very informative discussiin you had done and covers 8 cryptocurrency.
But i am from india so, which currency gives me most valuable interest in term earning...
Waiting for reply @jerrybanfield
Thanks! In Brazil you can use the mercadobitcoin website to purchase bitcoin or litecoin from fiat ..
Awesome Jerry :D In South Africa (ZAR) I buy Bitcoin using Luno. Have you heard of them?
Thanks so much for all the help. I owe you again :D
@alainite, Luno was Bitx before. They are reliable and a good company to buy your bitcoins but not a good company to trade due to their lack of volume.
Thanks @jerrybanfield for sharing this information about crypto exchanges, your posts are always very helpful , keep up the good work.
Good article I use coinbase ! Then I transfer to Bittrex for exchange. Then I use TREZOR and JAXX wallet to store it. Some paper wallets as well! Thanks for the article was helpful to lots of people!👍
Ive been waiting for an article like this that would facilitate the life of a canadian user. Thanks for you help as always.
great info thanks
Nicely done! I also recommend coinbase to others, and then transfer bitcoin/ether/litecoin to poloniex for any other cryptocurrency purchases.
One more time @jerrybanfield with a killer post, making our blogging life easier!
Thanks a lot man, posts like this are gold, so good for the community!
Such a valuable post it is.
I was using Gdax.com and proud to say it works very smooth.
Thank you @jerrybanefield for sharing such informative piece of article.
Very nice written Article
Keep it up jerry
You deserve STEEMIT oscar
I join a coinbase with your link
I like PIVX as pure POS and masternode since DASH has become too expensive in my opinion. Coinbase is easy to use just hope you don't need support or you will have to wait a month to get sorted out. I still use Coinbase as don't want to get any trouble with my bank as some of my friends have using Local Bitcoins.
wooooooooooooo. ive got my daily does of jerry! love reading your post and always so informative for me and probably tonnes of others. it really helps me undertand what ive actually got meyself into. also it helps with me making profit rather then loosing cause i always want to go the opposite way then what you say XD
its so tru Jerry know what he is doing uplift STEEMIT.
Great comment deserday
Another insightful post from @jerrybanfield. Great ideas and words seem to flow out of your mind effortlessly. I followed your footsteps and wrote something long for once... Lol! I would appreciate if you can read my post when you have the time. - https://steemit.com/life/@bba/eternal-life-vs-eternal-youth-if-you-have-to-choose-what-would-it-be
can you read mine too :)
Great list. Great work summing all that up.
But this also reflects the problems with the entire cryptospace and why in this shape it will never reach mass adoption. Simply too many options, too many wallets, too many rules, too many warnings, too many differences...
Mass adoption is faaaaaarrr away.
Working on solutions, we are!
Since 3 AM I am watching your Youtube @jerrybanfield. You are seriously inspired. I have some few questions though to ask you. Thank you for the knowledge again here!
✂ Copy and 📋 Paste Emoji 👍 For Steemit
Thanks for your fabulous post. I would write it in about a year to make it like you did. Thumbs up! Keep on going.
Good info! I've been using Bittrex to convert Steem and SBD to Bitcoin then putting it on my Bitpay card to get USD. Works well, Bittrex isn't all that expensive as far as their fees go and Bitpay charges $2.00 per. Works for me... just for the ease of use factor.
Terrific explanation, I have been trying to learn your tip and tricks about steemit on your Youtube channel with some family member @jerrybanfield. You are an inspiration to us, let me get your follow and some upvotes on my stuff. I have shared your channel with countless people and we all follow you on here. Thank you so much for helping and also allow us to be better on steemit. Your passion is like a force, I will like to know you better. I am on EST, NY time.
It's mindblowing that your bank closed your account cause you had too much cash flowing through. What kind of bank does that? Pffft, craziness, but anyway Jerry, you truly are a Mentor in Magnificence. Well done. Cheers.
Great every time the blogs
You are really an example for the community,
Because you have learned a lot , very good videos
upvote as always
greetings from belgium
That's a nice way to oversimplify the concept for people to understand the concept of risk mitigation and diversification.
I'd like to add a little bit more information to what Jerry has already mentioned in his article.
With overcomplicating your investment strategy, comes a lot of work - and a lot of time. Be wise to add those factors into consideration. You cannot fully micromanage a portfolio composed of over 150+ cryptocurrencies. Or worse, a portfolio comprised of 150+ different assets involving stocks, bonds, funds, etfs, real estate, commodities, precious metals and cryptocurrencies.
That will distribute the risk, spread out the loss and gains, and will take a ton of time every single day.
Things will always be different in theory, and in execution. So, reconsider.
In my opinion, the best way to convert Bitcoin into other cryptocurrency or vice-versa is with Shapeshift.io. There are no accounts, no sign-ups, and they have ZERO knowledge of you or anything about you.
I like the Jaxx wallet because it has Shapeshift.io on board.
Thank you for this post I have looking for exchanges where I buy and sell some bitcoin and would take low balances it is not easy to find an exchange that will take it and have low fees.
I also would like to recommend paxful.com for people who want to buy a small amount of bitcoin
Thank you for the info Jerry. I am in Kenya and I usually buy bitcoins on localbitcoins.net. This is the easiest option this side of the planet though their prices are really high. For example if 1BTC is 2600 they may be selling for 2900 or even 3000. That's the only downside, otherwise transactions are fast. We have a phone payment sytem where u can send cash to the seller through mobile money called MPESA.
I tried to buy on Coinbase two seperate times during big dips in both Bitcoin and Ethereum and both times they said the purchase went through, that my coins would be in my wallet immediately, I clicked the confirmation and everything. But nothing happened. Nothing in my wallet, no pending transactions from my bank account, nothing.
I took out a support ticket both times and only got a response on one which said that they were considering adding new cryptocurrencies to their exchange at a future date, which had absolutely nothing to do with what I wrote them about. I responded asking them if they even read my initial complaint, but of course they never responded. I've since taken all of my Bitcoin, Ethereum, and my future business elsewhere.
Man once I saw the image of poloniex something turned inside of me xD I've had nothing but bad experience using poloniex and their support is beyond terible. Ive waited dor two weeks dor a reply and they closed the ticket.
Otherwise great article and much love from me :)
Great info, thanks @jerrybanfield
Coinbase does not work in China :(
Wire transfer requires a lot of red tape in China
I use Localbitcoin in China. I use Coinhako in Singapore and Coins.ph in Philippines to deposit to my bank accounts
I’ve used Paxful.com but it seems to be more expensive than Localbitcoin.
It is easy to pay seller in China because of WECHAT & ALIPAY which you can simply send the money
While chatting with them. So you don’t need to meet them and exchange cash
What I do with PAXFUL or LOCALBITCOINS is you slowly build trust with those you buy.Start with small amounts, then get bigger over time when you start to trusting them
Do you make a profit from your bitcoin you buy from LOCALBITCOINS?
No, I'm holding it till it reaches $10,000. Also the reason I buy bitcoin is to send to another country. I would use COINHAKO and COINS.PH to cash in my bitcoins
I need Localbitcoins becuase I can't use the chinese bitcoins exchanges to buy bitcoins because they are in Chinese
waves dex has that option too!
thank you jerry for the post
https://changelly.com/ and https://shapeshift.io/#/coinsbest exchanges look no further. No complex learning and no signups needed. Just plug and play!!!
Very instructif for a noob like me :p
i'm fascined by cryptomoney
i'm gonna look your post for continue to learn ;)
upvoted of course ;)
we already follow each others ;)
Again Jerry and his merry news)
tnx for info and good lock man
how to take your money
Thanks! for posting jerry...
Opvote and RESTEEMD
I love those info jerry keep feeding us great.
Really good info a few alternatives thanks.
Whatever it takes! I skipped buying a new passport and went straight to a BitcoinATM because Fomo. Adding every two weeks. As soon as I get paid = Fomo Fomo FOMO!
Bit long. But a lot of detailed information to help the newbies that want to get into this field.
I remeber the day as it was yesterday, I watched your facebook ad about steemit and immediately jumped in to it. Thank you, thank you for showing me this great community and this awesome way to make money... I will be forever in your debt my friend.
Coinbase is cool but has referral restrictions in nigeria. Well nice write up. Jerry i want you to upvote one of my post. @jerrybanfield
Your article is very complex and helpful for newbies. But Coinbase sucks unfortunately.
You're the man Jerry... Thanks for the insight
Weldone jerrybanfield. Its all nice ro have you explain to us all.
Thank for the writeup and i could see you have taken much time to put this together. Kindly upvote and please follow me @bewajijohnson
Hi Jerry, perfect job again. Reaally admire your posts and videos. Upvoted and resteemed, of course. I am looking forward to your next posts.
Thanks for sharing,
hey @jerrybanfield , i have similar post recently https://steemit.com/bitcoin/@waqasaps/5-best-alternative-to-coinbase-com-for-buying-bitcoins-using-credit-card
Would you please take a moment to support me?
One thing's for sure. You always go ALL OUT when you post a Steemit article! lol :P
speaking of exchanges how sure are you that your exchange is worth a trust? Double check it and read this review and guidelines. https://crypto.review/exchanges/kucoin/
this is long read jerry, people can also buy through paxful, just need to be careful and buy from a good rating seller.
awesome article thank you for effort Voteup & followed ^^
really appreciable this information helps me so much really thankful for it!
Thanks for this valuable info sir @jerrybanfield
Thanks for detailed listing of exchanges?
Any suggestion what exchange should New York state residents use besides coinbase and gemini?
Poloniex stole my money.
poloniex gave me mine after a month of asking for it
How could they do it?
Nice job Jerry! This is good information about exchanges etc!
Nice. This is a very important post for anyone who is new to BTC. I remember when I wanted to start buying Bitcoin, but had no idea where to go and what to use. I am now using Luno for my exchanger. Nice post @JerryBanfield.
I have only used 2 of the "big name" exchanges thus far, but it would probably be a good idea for me to get some experience with the other ones that you have listed @jerrybanfield. Thank you for the information!
Hey man another great post. The local thing is really interesting. I might give that a try.
Really aclot of good info ...but to much of a big post.
One of the best series you've done Jerry. You're pushing the level of content creators. I truly enjoy watching your enthusiasm and love for crypto.
Your article has got me excited, High time I opened a trading account.
But I quote you " You can also use a credit or debit card to buy in Canada. However, I recommend against Coinbase in Canada because there are better options available elsewhere."
I am Canadian with a Canadian bank account, But Living in Panama, with resident ID.
Panama has no taxes ( unlike the other palce ) and I would like a Panama only setup, coinbase isn't in Panama yet?
Any good suggestions to save me signing up all over today ?
Thanks In Advance
Coinbase seems like it would be the first target for government interference.
Ideally I would like to actually use BTC to buy things and if the rumors are true, Amazon might just make that possible in the not too distant future.
Great post though!
Very informative post mate! And I think we need more descentralized exchanges
One way to get around Coinbase's outrageous prices and fees is to get your fiat into Coinbase then transfer to GDAX then buy your bitcoin/ethereum/litecoin
Mandatory resteem :) Wowzers Its like you are the Godfather of crypto! So much valuable information in just one blog. Thanks Jerry you rock!
This is a great reference, thanks so much for creating it!
When you're new to cryptos it's like learning a new language.
Upvoted and resteemed.
I am thinking to invest in bitconnect, it has attractive return rates, Should i do it, some people think its a scam . please help me
Upvotes you, resteem and following please do same in return :)
Thanks Jerry, this is excellent. I already use a few of these, but am looking to get on more. I feel that the more exchanges you are signed up on and ready to go on, the better. It gives you more ability to act when you need to.
am thinking of trying coinbase thanks for the informative post...
Wonderful Post again by Jerry, Keep on the good Work
Good info. God bless you
@jerrybanfield thanks for the post. This is a post about altcoin storj https://steemit.com/cryptocurrency/@pps/storj-tokens-revolutionizing-the-cloud-storage-industry
niice posts man and good luck for other posts.
you have a good subjects and idea
Thanks for the posting Jerry. :)
Bittrex also allows you to buy BTC or ETH, with a minimum 10,000 USD Wire transfer tho. But, you would need to contact them and ask about it.
I am from India from site should I buy except localbitcoins
I prefer poloniex
Thanks for all your info..appreciate it!
Most of listed are available for SEPA and US folks only. For more worldwide reach, you can buy bitcoins here: https://www.goabra.com/ and then sell your altcoins here: "Altcoins to Fiat"
Awesome guide! Thanks for sharing! Only thing is if I were to do such a thing it would have to be in CAD since I live in Canada.
I know this Jerry stolen my thought using telepathy... haha kidding. nice one