Cryto Currency

[Sheefa]

Another tip guys, setup a banking account with FidorBank just for cryptos. Very quick and easy with webcam passport verification.

Then send UK sterling to that account. You can then transfer Sterling into Euros at a great rate over to Kraken for a £2.49 fee and pretty quick too, within 3 days normally to deposit successfully into Kraken account. Saves on extortionate UK bank to Euro exchange fees.

[Sheefa]

Sign up with coinbase. If you use the app on your phone you can take a picture there, or upload from photo album. Coinbase IS GDAX so you once you've set up coinbase you can use GDAX and buy eth/btc/ltc with no fee's which is much better than paying coinbases extortionate fee. For wallets i use Exodus on my mac which is brilliant, i also have a Ledger Nano S for cold storage.

Coinbase is good for instant purchases but a) extremely limited and b) charged are extortionate. Far, far better options out there if you can wait and plan your deposits.

I do use it for immediate profit withdrawal though by sending BTC from Bittrex or Kraken to deposit address as easier especially given market volatility.

[Ric]

Another tip guys, setup a banking account with FidorBank just for cryptos. Very quick and easy with webcam passport verification.

Then send UK sterling to that account. You can then transfer Sterling into Euros at a great rate over to Kraken for a £2.49 fee and pretty quick too, within 3 days normally to deposit successfully into Kraken account. Saves on extortionate UK bank to Euro exchange fees.

If you signup for revolut (which is the same similar service) you can do that with no fee's

Coinbase is good for instant purchases but a) extremely limited and b) charged are extortionate. Far, far better options out there if you can wait and plan your deposits.

I do use it for immediate profit withdrawal though by sending BTC from Bittrex or Kraken to deposit address as easier especially given market volatility.

Wouldnt it be best just setting a sell/stop limit order on gdax or similar? That way a smaller "taker" fee rather than CB's fee's

[marbleapple]

So how much does one need to be able to invest to have a play around with Cryptocurrency?

Where do people learn about the trends and what’s going to happen? A lot of you speak as if you know what’s going to happen next.

[Ric]

So how much does one need to be able to invest to have a play around with Cryptocurrency?

Where do people learn about the trends and what’s going to happen? A lot of you speak as if you know what’s going to happen next.

Nobody knows whats going to happen ofcourse. It's just with certain events in crypto land recently some are easier to predict than others. For example i made a bit of money expecting bitcoin cash to rise with the upcoming bitcoin fork which was cancelled eventually and i cashed out at it's highest.

I get a lot of view from Reddit and other user boards however it's mainly an educated gamble, don't put in what you can't afford to lose.

But as for actually starting, you could start with £10 if you really wanted. Coinbase is a really user friendly method for new starters but unfortunately this is why they charge high fees as newcomers are unlikely to venture into other methods.

[marbleapple]

Nobody knows whats going to happen ofcourse. It's just with certain events in crypto land recently some are easier to predict than others. For example i made a bit of money expecting bitcoin cash to rise with the upcoming bitcoin fork which was cancelled eventually and i cashed out at it's highest.

I get a lot of view from Reddit and other user boards however it's mainly an educated gamble, don't put in what you can't afford to lose.

But as for actually starting, you could start with £10 if you really wanted. Coinbase is a really user friendly method for new starters but unfortunately this is why they charge high fees as newcomers are unlikely to venture into other methods.

Well after my venture into Carillion shares I’m looking for alternative places to lose my money. I may was well try crypto currency, at least I can then say ‘I’m learning’ when I subsequently buy and sell at the wrong time!

I get the idea that it’s best with crypto currency to get in early, sit on it till it gets public support and then time it so you get out before a dip and people go to the new currency. Is that about right or am I totally making it up?

[Ric]

With new ICO's (Initial coin offerings) that can be the case.

However those are only supported on certain exchanges and will be a lot more involved to purchase.

Coinbase only deals with the big3 at the moment, Bitcoin, Ethereum and Litecoin although i expect Bitcoin Cash will be coming soon.

[Jellybean]

In terms of tax , are you liable ? How do you guys access your funds , do you have pay certain % to the tax man on your profits?

[Ric]

It should be classed as any normal taxable income i'd imagine.

[grahamc]

I use bitcoin as a savings account for some of my funds.... have spread some cash over BTC, LiteCoin and Eth.

On the tax front, I have used company earnings (purely as my money sits in companies and if I lose money, its a company lose) but yes, all earnings will be declared and taxable, however expenses can also be deducted. Up to £11k profit in your personal name is tax-free (per year) after that its taxed as normal earnings. For me corporate tax is 20%, but with no initial tax-free amount.

Saying that, some countries are looking at using BTC as an normal currency, so you could buy meals, clothes, etc with it. So not sure how that can be tracked for tax purposes.

[SupraD06]

Is it possible for even a numpty with zero stocks and shares or trading experience to get to grips with? Had a quick Google about it and sounds very complicated.

Is it the kind of thing you can risk a few hundred pounds slowly trying to build up or will it be gone in 10 seconds and a nightmare to try and navigate round.

Cheers

[Sheefa]

Guys I highly recommend the RT Crypto course run by Siam Kidd. That's what I did. It's £300 but covers everything you need to know in easy to understand online modules and you also have access to the closed Facebook Group and private investor sessions. It's worth it's weight in gold, seriously. Most of my crypto moves have been as a result of the info in the group.

Let me know if interested as referrals do get a discount.

http://www.therealistictrader.com/cryptocourse/

[SupraD06]

Thanks for the info will have a read and see how I get on.... out of interest how much time do you have to invest in this kind of thing? On a weekly basis i mean. Obviously you can use it as little or as often as you want, but to get the kind of return you mentioned you've achieved since January is this more to do with the time you've invested or just the luck of the investments you've chosen?

[el_bandido]

If anyone is interested in the Bloom ICO, I have a referral link: https://hellobloom.io/?mwr=6025-2e306fb6

[Ric]

If you do set up an Ethereum wallet, make sure it's an ERC20 token compatible one. I've got far too much money diversified into Nem, chainlink (LINK), confido and a few others. I'm waiting to hear whether I've made the Bloom ICO whitelist too, I think that's another one that will be trading at 20 times the ICO price within a day. Confido has made me incredibly rich this month.

https://www.techpowerup.com/239028/e...375k-after-ico

Hope you got out before!!