Quote: (12-17-2017 04:16 PM)adamf133 Wrote:
Some Key Qs i'm sure newbies would be keen to know:
- How do you buy other coins outside of btc, eth, lit that are on coinbase/gdax?
- Does coinbase charge to withdraw your fiat? and do you get fiat fro exchanging coins to cash on gdax?
- why does anybody bother using coinbase with its fees when you have gdax same company with lower charges?
- what is a wallet, how would you get one for monero etc? what is the best online wallet?
- is shapeshift good to exchange coins? what is the iexec address and token refund address that it asks for?
Thanks
- Sign up for one or more other exchanges. I'm using Bittrex for altcoin trading, they have a lot of pairs with BTC and ETH. Other popular exchanges (if I've paid well enough attention, I've only been doing this for a few months) include Bitstamp and Binance. But there are many others, including some smaller ones you might need if you want to catch some new, rising altcoins.
- Coinbase has a proper exchange called GDAX (I was able to sign in and start using GDAX immediately with my Coinbase login, but I've heard that some people now require additional account verification).
If you make an instant deposit from your Coinbase account to your GDAX account, you can then withdraw from GDAX to any external BTC/ETH/LTC address with no fees.
- Personally for some annoying technical bank reasons I'm unable to use my bank accounts to deposit Euro to GDAX (or Coinbase), so I've had to go through Coinbase, buying BTC/ETH with credit card, which I then deposit to my GDAX account for trading or the above mentioned free transfer.
I'm sure other people have similar or different reasons.
- Regarding wallets I'll let the more experienced posters here give you more detailed advice. But basically a wallet is your access pass - holding your private keys - to your cryptocurrencies stored on the blockchain.
Online wallets (or storing on exchanges if you're not actively trading) are generally not recommended as you then usually aren't in full possession of your private keys nor in charge of your security.
The safest option is a so called hardware wallet - like Trezor or Ledger Nano S - a USB device you connect to a computer or phone. I don't have experience with these yet, though a Nano S is on my christmas wish list.
- I've used shapeshift a couple of times (from within the multi coin Exodus desktop wallet). It's easy, but you're not likely to get the best exchange rates. I can't answer the other parts of this question.