Cryptocurrency Exchange Platform Reviews

BadOscar · #1 02-04-2022, 08:51 PM

Lately, I have been doing a lot of research on this. I like Coinbase the best so far. It gets good reviews, seems pretty intuitive and simple. If you want to start investing in Crypto I would suggest starting with a Coinbase account. If you use this link supposedly we will both get $10 free. It looks like I did get $10 for signing up. https://www.coinbase.com/join/3FCPIU

I started out buying $1500 of Bitcoin in Coinbase. You can set up a bank account so you can buy directly from your bank account. Some of the other trading platforms don't allow direct transfers from banks so it's handy. It takes a few days to get your bank account set up. They do 2 deposits of a few cents to your account to validate that the account is real and you own it. Once set up you can click the "Buy/Sell" button and buy Crypto using your bank account. I have a bank account that I just use for online stuff like Paypal and such and don't keep a lot of money in it.

I watched a video on Youtube about Crypto loaning and wanted to see how that worked. So I signed up for an account on the KuCoin platform. The KuCoin trading platform seems to be a good one for loaning if you're not doing transfers greater than $1500. You can't buy crypto with a bank account on KuCoin so I transferred about $1300 of my Bitcoin from my Coinbase account. Then I traded my Bitcoin for USDT and made it available in the loaning pool. One person borrowed it for about a day and I made next to nothing. The loaning rates are really low right now so I pulled it out of the pool and bought ETH - Ethereum.

Now as luck would have it ETH went up today and I made a litttle. Here's what each platform looks like...

Any thoughts? I'm betting the stock market is going to keep going up a little longer but I also think all the money printing and inflation is going to catch up and the stock market is headed for a big downturn. I have a gold miner hedge on my 401k but I'm noticing on the down market days even gold is down so it's not really helping. During the COVID crash, the hedge didn't help at all. Most of the Crypto's are down quite a lot right now so maybe it's a good buying opportunity.

Granted, this is an odd product review but maybe we can buy more guns to review if we make tons of money buying Crypto.

sdmc530 · #2 02-04-2022, 11:53 PM

Well you are braver than I am. I have a few concerns of Crypto. Take bitcoin, its only value is what the owner(s) of bitcoin say its worth. You can just sell it you have to sell it to another person or investor. While its become more and more prevalent its not insured, the stock market isn't either I know.

I asked my wife about this being she is a financial mind and she laughed at me. Said hard no.

I have co-workers who have money in it as well. they have some up to 1k, most is just a few hundred. They are just playing with it. If they make money they are of course happy but I think they more or less use it as a hobby or something to play with.

I hope you make a killing at it though. Honestly makes me nervous. But I have never been a gambler.

FfNJGTFO · #3 02-05-2022, 11:02 AM

I'd actually prefer to trade in real precious metals (gold/silver). I think the risks are a little lower than Crypto, as the Feds will be all over Crypto soon enough... and especially if we go "cashless" in this society. As stated on a different site, I'd rather trade in gold, sliver, and .45ACP!

DrHenley · #4 02-05-2022, 11:08 AM

Remember the dot.com bubble of the 90s?

Lots of Internet startups with no hard assets and their only revenue stream was from selling stocks. People were quitting their jobs to focus all their time on investing in dot.coms.

I look at crypto and wonder what the difference is.

Riverpigusmc · #5 02-05-2022, 11:38 AM

Shit, I can barely count what's in my billfold. Can ya trade all these xs and 0s into real money?

sdmc530 · #6 02-05-2022, 04:56 PM

Yeah, its like investing in anything else, I get the allurer, just not for me. I have silver though, cant afford gold lol

But yeah, who knows....

DrHenley · #7 02-05-2022, 06:37 PM

Quote:

Originally Posted by sdmc530

cant afford gold lol

Buy 1/10th ounce coins.
The safest inexpensive gold coins are 1/10 ounce American Gold Eagles. Bid on them on EBay. I picked up several of them cheap that way.
https://www.ebay.com/itm/23440111455...8AAOSwUlJh-DTK

sdmc530 · #8 02-06-2022, 11:29 AM

Quote:

Originally Posted by DrHenley

Buy 1/10th ounce coins.
The safest inexpensive gold coins are 1/10 ounce American Gold Eagles. Bid on them on EBay. I picked up several of them cheap that way.
https://www.ebay.com/itm/23440111455...8AAOSwUlJh-DTK

that is a good point.

I mean if I can't get a full bar.....

BadOscar · #9 02-12-2022, 06:54 PM

There's a big Bitcoin giveaway contest during the Superbowl tomorrow. Except I need to figure out how to retweet the FTX commercial to enter. And I have no Twitter friends to Tweet to. And I'll probably be riding the fatbike and forget.

Riverpigusmc · #10 02-12-2022, 07:51 PM

There's a football game?