So I've just started into crypto (mining and trading). I started with Coinbase (reminds me of Acorns investing app) because I could use USD to buy BTC, but quickly found their fees to be quite steep. I did some more research and found Bittrex and Gemini. Looks like these have fees of about 0.25% and are more of a forex platform which I'm more comfortable with. I think Gemini is laid out more nicely that Bittrex, but it's only got ETH and BTC available right now...while Gemini has everything I need in one location. But Bittrex does not allow USD transactions, thus maintaining my need for Gemini... plus there's also GDAX and Kraken?
...so much to learn still...
I think I'll try using a combination of Gemini and Bittrex, but I'd love to consolidate down to one exchange platform...
What about you guys? What platform do you use?
You will typically need two or more exchanges to get diversified in crypto. One such as Coinbase to exchange your fiat for a major crypto like Bitcoin, Ethereum, Litecoin, etc., and another exchange, such as Bittrex, Poloniex, or Cryptopia for trading altcoins. Be careful and take it slow so as to not accidentally send the wrong coin to the wrong wallet address. Send a small amount first, check out the cryptocurrency's block explorer (it may take some time to show up on the explorer) to see the transaction go through, then send the rest of your crypto.
As far as crypto exchanges go, bittrex.com is one of the biggest around. The management is pretty visible and they have always been reliable in my opinion, acceptable customer support. Personally I go with Bittrex but got started at Coinbase/Gdax also. Coin option is good enough to get your feet wet.
Peace.
Thanks for the reply! Yeah I've only started with sub-$100 amounts to get the feel of it. Kind of scared me at first when I found out you could lose whole amounts of currency if you tried sending to the wrong type of wallet...but once I got everything straight in my head, it's not too bad. Used Shapeshift for the first time last night. Pretty useful!
I forgot about Coin Option...I read about it yesterday and I think I added them to my bookmarks tab, but haven't looked at their interface yet.
I think Coinbase is ok if you need to buy large amounts of BTC, but fees end up being way too big for smaller transactions imo.
Right now I've decided to try Gemini for Fiat to major crypto, then sending to Bittrex, via Shapeshift, for altcoin trades. Unless there's a better way?
I will probably need to go back and review my process now after thinking about it. Probably some better ways for me to do things for sure. It seems like you have found a good, safe method with reputable services so you should be good!
Apologies, when I said "Coin option", I was referring to the selection of coins on Bittrex.com. I am not aware of an exchange called Coin Option but it sounds interesting from the name.
Some advice from a fellow beginner, be wary about putting too much of your portfolio into altcoins too early. With events like the forks coming up, things may happen quickly and you could lose a lot of value fast. Holding Btc, Eth, and to an extent Xrp (3 largest by market cap) is just as good or better than holding a basket of coins during uncertainty. You got this though, no worries!
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