RE: Splitting cold wallets and trading BitcoinCash + Coinbase has issued an update
Hey guys, a question from a new trader here (I know my question isn't related to Luc's specific post here, but as it is the most recent, I decided I'd ask here.). As someone who is just starting out with a small account, how should I divide funds between exchanges? Should I put all my funds into a single exchange, build up and then spread out? Recommendations for an exchange with good day trading potential?
I have been following Luc for the past month, slowly watching all his videos and taking things in. Last week I was finally ready to start trading, so I bought some ETH on Coinbase - it was a great deal in comparison to buying BTC - and opened up accounts with a number of brokerages since it would take time to get verified. Now that I finally have my coins and am ready to move them into the exchange, I don't know where to start. I won't be able to jump on any daytrading opportunities in time if I wait to spot a trade before moving it to the exchange with that trade.
Thanks in advance for any help and comments from the many knowledge trades I've seen in the comments!
Start with Bittrex or HitBTC. Bittrex has around 200 altcoins to trade, and hitBTC has lower volume so you will probably be able to trade some ETH pairs. If you're new and you want to daytrade then you should probably trade with like 1% of your account. Look for coins paired with ETH that have high volatility and move in a range. I don't bother spreading between exchanges but then again i only have like 0.20btc. Just customize the scanner to one exchange and you are good to go.
I use Bittrex (very easy to start and so far very trustworthy). For now I too have a small account and trade exclusively on Bittrex. As you get more experience, trading on multiple exchanges is very beneficial but even on one exchange I have been making a killing all thanks to luc and his trading methods and the experience i get every day learning more and more about trading patterns in cryptoworld. I highly suggest starting out on Bittrex and get familiar with trading because you will make horrible trades once you start to make money. I realized you really do have to learn how to control your emotions to make the decisions for you.
I'm not sure from your post if you purchased coins from coinbase and paid the fee? Or if you used the GDAX?
If you PURCHASE COINS from Coinbase, they charge you a somewhat small fee.
But something kinda cool(in case others may not know), is that if you link a bank account with Coinbase, you can deposit hard cash directly to your wallet. Once you deposit the cash, you can then purchase whatever coin you want on the GDAX EXCHANGE directly with your cash, and avoid ALL/ANY fees!!!
Once you do that, you can transfer from your GDAX wallets to wallets on any other exchange you want to trade on (BitTrex for example).
NOTE: You automatically have A GDAX Account if you have a Coinbase account.