Advice needed for someone new to exchanges

So, I’m 4 months into my Electroneum/Crypto journey and as a newbie still yet to use any exchanges.
Up until now I have been using Free ETN Central to buy ETN using bank transfer, it’s been really easy, handy and convenient to use but now I feel I’m ready to maybe start using exchanges as I am also thinking about investing in some other coins.

I’ve set up a Coinbase account, and have my bank account linked and verified, i have the Coinbase App and Coinbase Wallet App. My thinking is to keep my coins in the wallet and just move to exchange as and when required for buying/selling and then move back to my wallet after buying.

I’ve looked at other exchanges for buying ETN, but every time i go to a desktop site I’m daunted by the layout.
I like the idea of using Apps as the buy/sell looks easy to use like the Coinbase App.
I’ve been looking at KuCoin as an exchange to buy my ETN (and other coins) but as said earlier desktop exchanges look too much for me.

Can anyone recommend the KUCoin App for this kind of easy buying/selling?
Is it as easy to use as the Coinbase App? Is it just a case of sending BTC to the Kucoin App, buying ETN with the BTC and then transferring my ETN to my ETN mobile wallet?

Any help or advice would be greatly appreciated

I started with Tradeogre. Its pretty simple to use, unfortunately there is no app for it but I dont think there needs to be one.

You dont get all the fancy charting features of some of the other exchanges, just an historic overview of the coin’s performance and 2 boxes, one to buy and one to sell.

If you have any specific questions on how to use any of the exchanges, I am sure someone here will be able to help :slight_smile:

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https://cryptomate.co.uk/ is a site where you can buy ETN and have it sent straight to your ETN wallet.

If you use coinbase and send that to an exchange, you’ll be paying a transfer fee and then another fee from the exchange, to your wallet.

If you plan on trading your BTC or ETN then great, do that. But if not then there’s not point using them, just use cryptomate, when I used that site it was all done within the hour.

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If you deposit funds directly to your Coinbase wallet from your online bank there is no fee.

The next step to avoid additional fees is to learn Coinbase Pro - that should be your first exchange.

Where you would normally get charged fees using the regular Coinbase which buys bitcoin at the spot price, Coinbase Pro allows you buy Bitcoin using Limit Orders which is free. You can use your Coinbase account to sign into Coinbase Pro and access your GBP wallet.

A limit order allows you to set the price you want to buy Bitcoin below the current market price. Once set, the order will stay active until the value of Bitcoin hits the price you set - the order will then execute if there is enough trade volume at that price.

If you use Crypromate to buy ETN you’ll likely be paying around an 8% commission fee.

Once you have your bitcoin, you can send it to Kucoin or Huobi to purchase ETN using limit orders as explained above. Both exchange have small transaction fees, but nothing crazy like Coinbase will charge.

Before I learnt the way I just explained, I must have spent around 1K in absolutely unnecessary fees on Coinbase Doh :cry: please learn from my horrifically expensive mistake and save yourself some cash!

There’s some great videos on youtube explaining to process. It’s definitely worth spending some time getting used to doing it as

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I had used Cyptomate in the past also and whilst easy and convenient that 8% fee is a bit of a sting.

I’ve seen the Coinbase Pro no fee BTC buy in a video already, i just need to learn how to do the Limit Orders.

Thanks for the tips

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KUcoin is app is so easy to use when I was new in the crypto I asked this same question but now with the kucoin I can buy and sell without difficulty
So I recommend that for u

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That depend on what price you want to buy etn at, currently on KuCoin the ETN/BTC price is 0.00000088. If you want to buy lower just put that price into the Price of BTC for example 0.00000085. If you’re happy with that price you want to buy it at, you then use what Bitcoin you have and place that in the Amount tab, then just place your order and wait for the price to drop.

Or you can just buy it at current market price of 0.00000089.

Better add another 0 after the decimal point or else he will actually be entering 850 satoshis :grin:

If the current price is 88 sats then to place a buy order at 85 sats you should enter 0.00000085

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Yes that would’ve been a long wait, I’ve corrected it.

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Make sure you go through coinbase pro mate. You will save an absolute ton of fee’s. Through standard coinbase and the app you are paying a large fee for every buy.

I’m making a purchase on coinbase pro today, I’ll record it and let you watch what you should be doing if you like, kinda wee tutorial!

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Hey Chris,

That would be awesome. I’m looking at the these desktop exchanges trying to figure out what is what so a bit of guidance would be great.

I know my Coinbase account will be linked to the Coinbase Pro, but do i need another wallet in the Pro or will it just send/receive to the regular Coinbase wallet I already have?

I’ve chucked two video’s together mate, the second explaining the deposit method. I’ll upload them just now and post them here when there done! It’s separate gbp wallets but you can transfer between them :slight_smile:

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Sorry about the music in the first half of the video, I forgot to switch off spotify lol

Sorry, the stop function is actually a safe guard, don’t know why I got so confused lol Basically, you can place a stop order once you have bought your bitcoin/ altcoin and set a price, where if the price was to suddenly drop, you could say ok if the prices goes down by x amount, i want to automatically sell my btc/altcoin to stop further losses occurring.

People probably have different opinions on this and I suppose it depends what your long term view is of either like holding, so it’s likely at some point the price would come back again, or short term, you are moving the funds around or trading with them, you might want to take the loss and move on. For example when bitcoin was away up at say 18,000, you may have wanted to have a stop at 17,000, that way you would cash out the coins into fiat and would watch the coin drop all the way down without being affected. If however you never had a stop set, you would have traveled down to the current price incurring a loss of value until the coin surpassed your previous buy price.

But for the sake of like if you’re just wanting to buy some bitcoin to buy some coins and hold them, it’s probably not important to you at this stage!

HELLO! lol Here is the deposit explained :slight_smile:

Thanks for these Chris. I’ll check em later after work and let you know my understanding of them and shoot questions if there’s any.

You’re welcome mate :slight_smile:

Look into Exodus,(www.exodus.io) I love their layout and you can exchange coins right within their own wallet that you can stash many different crypto’s in. Stellar easy to use layout and tracks your coins performance. When I first started I also used Cryptocompare.com which tracked almost everything from every exchange you use. They are awesome sauce, to me anyways!!! Good luck and happy alt buying!!!

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I don’t know were your from but if your in Australia I use www.coinspot.com.au it is the easiest way…no dealing with exchanges they do it all for you and you can buy with fiat direct…to ezy mate

if you have euros on a bankaccount use liquid.com. withdrawal fee is zero, euro deposit fee is 0.99€ inside EU or zero if you use specific banks. see here:
https://help.liquid.com/getting-started-with-liquid/the-platform/fee-structure

Just watched these Chris. Seems pretty straightforward once explained, I guess the charts and flickering rows of numbers and everything else make it look more daunting to a newbie than it actually is. I kinda figured out the red and green blocks of numbers so was handy to have someone confirm what I thought.
I actually didn’t mind the thought of charges using the app as it’s convenient but as it looks like I might invest in some other coins learning how to use the basics of an exchange is inevitable and the fee savings do add over time so makes sense.

I’ll be giving it a go tomorrow so I’ll share my experience as it looks there’s others who could be saving a few quid but maybe a little daunted at approaching an exchange.

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