Investing

The RFD - Cryptocurrency Mega Thread

Newbie
Mar 2, 2017
64 posts
8 upvotes
jarko wrote:
Mar 1st, 2018 5:09 pm
Is binance worth it, I always feel skittish verifying all my details when they ask for passport etc. What do you guys think? After I signed up at coinbase and quadridgex now I get spam calls throughout the day which I haven't had in years
Why bother verifying? I find the 2 BTC withdrawl daily limit just fine. Unless you're a giant whale that transfers more than $15k on a daily basis...
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Jul 27, 2017
1870 posts
706 upvotes
GTA
rodbarc wrote:
May 23rd, 2018 10:51 am
trading options in btc in deribit has been working well for me.

https://www.deribit.com/main#/options

Rod, are you buying or selling - 'calls or puts - short (in hours/days), medium (weeks) or long (months/longer)?

what strategy or which have been working best for you?
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Dec 14, 2010
4907 posts
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porticoman wrote:
May 25th, 2018 7:50 pm
https://www.deribit.com/main#/options

Rod, are you buying or selling - 'calls or puts - short (in hours/days), medium (weeks) or long (months/longer)?

what strategy or which have been working best for you?
Using fibinacci to sell call and puts to outter limits and buy them back 1 month prior to expire (to open another) or just let it expire.

Image

For example, if you buy 1 BTC now you pay about US$7,500. You can sell the Sep US$10,000 call for $575. Get paid to sell your btc for US$2,500 profit. If btc doesn't go above US$10,000, it will expire worthless, allowing you to keep the full profit - just repeat until it sells for a profit (it won't really sell, it will just settle as if it had sold). For the same margin risk, sell a put to buy it cheap. You can sell the Sep US$6,000 Put for $546. Now selling puts are more risky because if btc keeps crashing you will keep losing money, so for puts I typically sell when it's trading away from the dotted line above, since it's likely to go back to average before touching lower again (it's unlikely to go on a straight line down or up without consolidating first). Sideway movements like recently are your best friend.

Tthis is just one strategy. Another one I'm evaluating is to do a similar strategy as I have for my market timing on stocks : assign a score for each technical indicator (1 for bullish, 0 for bearish), if score equal or above 4, buy calls, if equal or below 3 buy puts. I'm using 7 indicators : candles for rsi, Stochastic, cci, Williams %R, then these oscillators : aroon, adx, macd and parabolic sar. You can use known thresholds as per examples in stockcharts.com. That'a the 2nd graph above, that it's green when bullish or red.when bearish (and ema(13) in yellow to reduce or increase positions). Still backtesting it and will some OOS before automating and turning into a model, which rebalances nightly, so it's easy to trade.

Here is a larger timeframe :

Image



Rod
Build a comprehensive portfolio based on Investing and Trading strategies. Check out these threads and join the discussion:

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Jul 27, 2017
1870 posts
706 upvotes
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rod @ post # 815

thank you so much for that detailed explanation
Deal Addict
Oct 4, 2009
2200 posts
929 upvotes
Montreal
A business entity has offered to pay me an outstanding balance by Bitcoin. There are no fees charged by them to get me the Bitcoins from my understanding.

I don’t know anything about Bitcoin other than what I read in financial news. Leaving aside the huge volatility concerns, my questions are:

1. What are the absolute lowest fees I would be facing in converting said BTC to CAD or USD?

2. How much effort would be required from a newbie to achieve those lowest conversion fees?

3. How long would this process take from scratch and how much exposure to this product, I have no interest in holding, would I have to face in the transfer/conversion timeframe?

I strongly suspect this is not going to be worth it as the fees I’m seeing quoted here and elsewhere seem ridiculously high but I don’t know what I don’t know. Amount involved is roughly 4 BTC if that factors in to exchange costs.

Thanks to all informed RFDers who can help.
Newbie
Apr 5, 2017
43 posts
100 upvotes
S5 wrote:
Jul 18th, 2018 7:53 pm
A business entity has offered to pay me an outstanding balance by Bitcoin. There are no fees charged by them to get me the Bitcoins from my understanding.

I don’t know anything about Bitcoin other than what I read in financial news. Leaving aside the huge volatility concerns, my questions are:

1. What are the absolute lowest fees I would be facing in converting said BTC to CAD or USD?

2. How much effort would be required from a newbie to achieve those lowest conversion fees?

3. How long would this process take from scratch and how much exposure to this product, I have no interest in holding, would I have to face in the transfer/conversion timeframe?

I strongly suspect this is not going to be worth it as the fees I’m seeing quoted here and elsewhere seem ridiculously high but I don’t know what I don’t know. Amount involved is roughly 4 BTC if that factors in to exchange costs.

Thanks to all informed RFDers who can help.
1. You can use QuadrigaCX for conversion from BTC to CAD. I would say you would loose a maximum of 2% in conversion by paying fees.
2. You don't need too much of an effort in doing this. Since you are wanting to withdraw in Fiat money, you will need to have your account verified. this is fairly straightforward. (although it may take a week or two to have your account verified)
3. I would say you can get the crypto converted into CAD in your bank account in 3-4weeks. Please note this is due to first time registarion effort. GOing forward this can be achieved in a week or less.

You may also want to think about CoinSquare. They have a premium account division with lower fees and faster withdrawals called CoinSquare Wealth. (1-2 days). Only requirement is you need to have $25,000 worth of funds on your order which is worth approx 4 bitcoins as you mentioned. I am fairly confident this account can be downgraded once you have withdrawn funds. I have the contact number of a representative from CoinSquare if you require one.

Good luck!

Rayj
Deal Addict
Jun 21, 2008
2543 posts
277 upvotes
Toronto
S5 wrote:
Jul 18th, 2018 7:53 pm
A business entity has offered to pay me an outstanding balance by Bitcoin. There are no fees charged by them to get me the Bitcoins from my understanding.

I don’t know anything about Bitcoin other than what I read in financial news. Leaving aside the huge volatility concerns, my questions are:

1. What are the absolute lowest fees I would be facing in converting said BTC to CAD or USD?

2. How much effort would be required from a newbie to achieve those lowest conversion fees?

3. How long would this process take from scratch and how much exposure to this product, I have no interest in holding, would I have to face in the transfer/conversion timeframe?

I strongly suspect this is not going to be worth it as the fees I’m seeing quoted here and elsewhere seem ridiculously high but I don’t know what I don’t know. Amount involved is roughly 4 BTC if that factors in to exchange costs.

Thanks to all informed RFDers who can help.
You can do it via local coinswap methods whereby you meet the buyer in a parking lot or something, in person and they'd pay you in cash - no fee's other than you probably charging a markup on the buyer if you wish.
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Aug 19, 2016
1902 posts
745 upvotes
Ticco wrote:
Jul 19th, 2018 8:47 am
You can do it via local coinswap methods whereby you meet the buyer in a parking lot or something, in person and they'd pay you in cash - no fee's other than you probably charging a markup on the buyer if you wish.
Man, this is so underground it doesn't feel right.

I am an open minded investor, and I have been convinced that BTC might be worth something lol.
If we have faith in gold, then why we don't have faith in some digital gold?
Gold is not the rarest metal on earth by far, and not the most productive metal either. Why is it worth something? Because it's old currency that people use in the ancient times.

I am still not a buyer of crypto for the same reason I don't invest in gold. Because they don't produce anything.
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Jun 21, 2008
2543 posts
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Toronto
CollegeGraduate wrote:
Jul 19th, 2018 9:22 am
Man, this is so underground it doesn't feel right.

I am an open minded investor, and I have been convinced that BTC might be worth something lol.
If we have faith in gold, then why we don't have faith in some digital gold?
Gold is not the rarest metal on earth by far, and not the most productive metal either. Why is it worth something? Because it's old currency that people use in the ancient times.

I am still not a buyer of crypto for the same reason I don't invest in gold. Because they don't produce anything.
It's usually old time miner's selling off their stash - at least that's who my buddy bought his from. All cash
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User avatar
Apr 29, 2005
4285 posts
53 upvotes
Markham/GTA
Anyone try sending wire transfer to Kraken from a third party at a lower cost? eg. WorldRemit
TD Bank charges $30+ for each wire transfer and it has to be done in person.

Also is it better to buy in USD or CAD? I notice they have no deposit fees for CAD, but charges $5 for USD :
https://support.kraken.com/hc/en-us/art ... posit-fees
Heatware (360+, 100%)
Tangerine, FreedomMobile, Koodo, GreatCanadianRebates, Ebates, Coinbase, Shakepay, Paytm, STACK
Deal Addict
Apr 18, 2010
4676 posts
461 upvotes
Toronto
I'm looking to buy XRP.

I was thinking of using Uphold and Changelly since it appears you can purchase it directly with your debit card. If this is the case, this would be much more convenient and less hassle than having to buy BTC and then trading for XRP. I know I'll need to create a Ripple Wallet for this first

This would be my first time doing this. Any thoughts, or other suggested providers in mind, or feedback you guys can provide for me?
Sr. Member
User avatar
Dec 23, 2015
526 posts
465 upvotes
Looking to dabble in some cryptos now that last year's mania has turned upside down. Seems to be quite a PITA to buy and even more difficult to sell though. Trading sites I've looked at all seem to have their drawbacks. Looking for a site that one can trade in $CDN, that doesn't charge excessive fees or actively discourage small accounts , AND, preferably one doesn't have a crazy verification process to open an account. I did look at QuadrigacX but read that they discourage small accounts and the verification process seems a bit much if one is trading a couple thousand dollars max. Suggestions would be appreciated.
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Jul 6, 2010
2442 posts
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6060842 wrote:
Jan 10th, 2019 4:54 pm
Looking to dabble in some cryptos now that last year's mania has turned upside down. Seems to be quite a PITA to buy and even more difficult to sell though. Trading sites I've looked at all seem to have their drawbacks. Looking for a site that one can trade in $CDN, that doesn't charge excessive fees or actively discourage small accounts , AND, preferably one doesn't have a crazy verification process to open an account. I did look at QuadrigacX but read that they discourage small accounts and the verification process seems a bit much if one is trading a couple thousand dollars max. Suggestions would be appreciated.
Shakepay is my go to these days, I used to use QuadrigaCX.

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