[ajfoggy]

Originally Posted by Mr Whippy

Etoro needs a $5000 payment to get going. No idea if I can btc pay in to do that.
Plus all the ID faff.
Seems great if you want to do lots of fast trading to make money, but I'm not.


I'm just gonna open a new bank acct and use localbitcoins.

Could use coinbase?

[dopper99]

Originally Posted by Mr Whippy

Etoro needs a $5000 payment to get going. No idea if I can btc pay in to do that.
Plus all the ID faff.
Seems great if you want to do lots of fast trading to make money, but I'm not.


I'm just gonna open a new bank acct and use localbitcoins.

I opened my account with $200.
And started trading with that.

[MashinBenzin]

Originally Posted by dopper99

I opened my account with $200.
And started trading with that.

Likewise, but I think they raised it to $500 minimum when demand got high. Not heard about 5000.

[Darth Helmut]

I used Bitstamp. Opened account with details youd use to open a bank account or other trading accounts and three or so days later, account was validated. IBAN transferred a quantity from UK bank to the Bitstamp account and started buying. I'm guessing with the huge upsurge in the past month, the trading houses are becoming swamped or saturated. Didn't notice a limit when I opened in October but chucked £4k across with no issue

[Mr Whippy]

Hmmm interesting.

Coinbase was interesting but then you needed to send euro to another account and then from there to gbp to avoid a 3% fee on uk bank euro to gbp fees.


I think localbitcoins is going to be best for me selling.

[Hooded]

Originally Posted by Mr Whippy

Etoro needs a $5000 payment to get going. No idea if I can btc pay in to do that.
Plus all the ID faff.
Seems great if you want to do lots of fast trading to make money, but I'm not.


I'm just gonna open a new bank acct and use localbitcoins.

What? I started trading on etoro a few days ago with just a $500 transfer.

[Hooded]

Originally Posted by Darth Helmut

I used Bitstamp. Opened account with details youd use to open a bank account or other trading accounts and three or so days later, account was validated. IBAN transferred a quantity from UK bank to the Bitstamp account and started buying. I'm guessing with the huge upsurge in the past month, the trading houses are becoming swamped or saturated. Didn't notice a limit when I opened in October but chucked £4k across with no issue

I was hoping to buy some ripple from bitstamp for under a dollar per unit the other week but it's taking weeks for them to verify new accounts so I missed the boat there!

[Darth Helmut]

That is a bugger, Hooded. XRP has stabilised at around £1.50 so hopefully you can get in before it picks up again.

[Mr Whippy]

Originally Posted by Hooded

What? I started trading on etoro a few days ago with just a $500 transfer.

I was doing the signup and I was certain it said $5000.

Either way having to credit anything isn't what I want to do unless I can credit from a btc address direct into their system.

[gr4z]

Finally trying to get involved in all this after months of dithering. Still waiting for my damn account on Coinbase and GDAX to be authorised. Very painful as I just want to get some XRP today if possible the wait continues.

[MashinBenzin]

Originally Posted by gr4z

Finally trying to get involved in all this after months of dithering. Still waiting for my damn account on Coinbase and GDAX to be authorised. Very painful as I just want to get some XRP today if possible the wait continues.

Go to etoro and you can start today and then shift over to Coinbase later

ETA - by shift I mean sell on etoro and reinvest on Coinbase.

[gr4z]

Originally Posted by MashinBenzin

Go to etoro and you can start today and then shift over to Coinbase later

But does etoro require a minimum £5000 trade/investment?

[A15X]

Originally Posted by gr4z

But does etoro require a minimum £5000 trade/investment?

Nop I pumped 500 quid into it very easily, maybe too easily...

[gr4z]

Originally Posted by A15X

Nop I pumped 500 quid into it very easily, maybe too easily...

Must admit don't really understand etoro. A social media trading system where you don't actually own the coins and just follow other people's trades.

[MashinBenzin]

Originally Posted by gr4z

But does etoro require a minimum £5000 trade/investment?

$500 US I believe (was 200) and then minimum per trade of $200.

Afaik you could transfer $500 in and then only invest $200 leaving the rest as cash

One thing to bear in mind on etoro is invest multiple $200 trades rather than a big chunk. This is because you have to close out entire trades. Having multiple ones gives the chance to choose when to take some profit out whilst leaving the rest invested. The spreads are large so closing and reinvesting is not cost effective.

[nordberg]

Originally Posted by MashinBenzin

$500 US I believe (was 200) and then minimum per trade of $200.

Afaik you could transfer $500 in and then only invest $200 leaving the rest as cash

One thing to bear in mind on etoro is invest multiple $200 trades rather than a big chunk. This is because you have to close out entire trades. Having multiple ones gives the chance to choose when to take some profit out whilst leaving the rest invested. The spreads are large so closing and reinvesting is not cost effective.

Yeh, that caught me out.

I can’t get my head around spreads though. Can anyone put it into simple terms?

[MashinBenzin]

Originally Posted by nordberg

Yeh, that caught me out.

I can’t get my head around spreads though. Can anyone put it into simple terms?

Difference between selling and buying price. On etoro the difference can run to several percent when liquidity is low or volatility high, as is the norm with cryptos.

That means when you open a trade you are immediately a few percent in the red as your units are now only worth the selling price. Which also makes selling and rebuying ( as a means of taking some profit) prohibitively expensive. Caught me out in a couple of early trades.

Buying in dips and holding is far more lucrative but the crack addict nature of the app makes that hard

[nordberg]

Originally Posted by MashinBenzin

Difference between selling and buying price. On etoro the difference can run to several percent when liquidity is low or volatility high, as is the norm with cryptos.

That means when you open a trade you are immediately a few percent in the red as your units are now only worth the selling price. Which also makes selling and rebuying ( as a means of taking some profit) prohibitively expensive. Caught me out in a couple of early trades.

Buying in dips and holding is far more lucrative but the crack addict nature of the app makes that hard

Thanks - essentially like etoro commission then?

[MashinBenzin]

Originally Posted by nordberg

Thanks - essentially like etoro commission then?

Yep, that's how I see it too

[MickyD'bo]

Right. Just signed up to etoro. Wow. Erm. Okay. Who the hell should I copy? Darth Helmut can I copy you? You seem to be nailing this stuff. What's your name on there?

I can't actually trade yet until I complete my profile and what not.

Exciting. And a bit scary.

[dopper99]

MashinBenzin you say about opening multiple trades, but surely etoro is taking their spread ("commission") on each of these trades? How is it better to have multiple trades?

Genuinely interested to know as I'm having a dabble on there.

[MickyD'bo]

Originally Posted by dopper99

MashinBenzin you say about opening multiple trades, but surely etoro is taking their spread ("commission") on each of these trades? How is it better to have multiple trades?

Genuinely interested to know as I'm having a dabble on there.

What's multiple trades mean? I'm going to lose some cash aren't I?