Cryptocurrency exchange companies

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Anyone using Coinpayments, gdax or coinbase? How do you like it ?
I've also noticed the Coinbase owns gdax and their fees are lower than Coinbase. Why would they undercut themselves? Or what is the catch?

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V4Vendetta

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Anyone using Coinpayments, gdax or coinbase? How do you like it ?
I've also noticed the Coinbase owns gdax and their fees are lower than Coinbase. Why would they undercut themselves? Or what is the catch?

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Coinbase is your gateway for converting fiat to crypto. Going crypto to crypto is less taxing because no banks for other financial/regulatory bodies are involved so fees can be much cheaper. So Coinbase isn't really undercutting themselves, they're just offering a crypto specific exchange separate from their fiat to crypto conversion platform. I've used Coinpayments when buying Universa. They seem to be okay. Didn't have an issue with them.
 
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Coinbase is your gateway for converting fiat to crypto. Going crypto to crypto is less taxing because no banks for other financial/regulatory bodies are involved so fees can be much cheaper. So Coinbase isn't really undercutting themselves, they're just offering a crypto specific exchange separate from their fiat to crypto conversion platform. I've used Coinpayments when buying Universa. They seem to be okay. Didn't have an issue with them.
So... In order to buy other crypto coins, for example, I would need to buy litecoin or bitcoin etc, that I bought using money from my bank transfer or fiat money, and use litecoin to buy other alt coins like ripple, dash etc. Correct?

Then, let's say ripple or another alt coin goes up to several u.s dollars and I decide to sell ripple. How would I convert ripple to fiat money?

I know I'm probably sounding like a dummy, but I'm new at this and I just want to make sure I know what I'm doing.

Thanks for being patience and answering my questions.


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V4Vendetta

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Joined
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From
Texas
So... In order to buy other crypto coins, for example, I would need to buy litecoin or bitcoin etc, that I bought using money from my bank transfer or fiat money, and use litecoin to buy other alt coins like ripple, dash etc. Correct?

Then, let's say ripple or another alt coin goes up to several u.s dollars and I decide to sell ripple. How would I convert ripple to fiat money?

I know I'm probably sounding like a dummy, but I'm new at this and I just want to make sure I know what I'm doing.

Thanks for being patience and answering my questions.


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No worries, so, as I said before, LTC doesn’t pair with that many coins so rather than buying LTC, then transferring it to say Bittrex, then having to trade LTC to BTC in Bittrex, then using that BTC to buy, say, Ripple, it’s easier to just buy BTC from Coinbase, transfer it to Bittrex and then buy Ripple with BTC directly. You’ll save yourself an extra transaction fee.

To go back to fiat, you would have to go the same route out that you came in. For instance, let’s say you used BTC to buy Ripple on the HitBTC exchange; and then Ripple goes to $1. Now you would have to sell the Ripple back to BTC, then transfer that BTC back to Coinbase, then sell the BTC back into fiat. If you want to buy a coin like Ripple directly with fiat I believe you can do that through the BitStamp exchange and the GateHub exchange, and I believe Kraken as well. You’ll have to check each exchange to see how you can buy in and to what, because they’re all different. But remember, any exchange that allows buying in with USD or other fiats usually have long verification and limit spending processes because you’re dealing with banks. So you’ll have to wait it out.
 
Joined
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No worries, so, as I said before, LTC doesn’t pair with that many coins so rather than buying LTC, then transferring it to say Bittrex, then having to trade LTC to BTC in Bittrex, then using that BTC to buy, say, Ripple, it’s easier to just buy BTC from Coinbase, transfer it to Bittrex and then buy Ripple with BTC directly. You’ll save yourself an extra transaction fee.

To go back to fiat, you would have to go the same route out that you came in. For instance, let’s say you used BTC to buy Ripple on the HitBTC exchange; and then Ripple goes to $1. Now you would have to sell the Ripple back to BTC, then transfer that BTC back to Coinbase, then sell the BTC back into fiat. If you want to buy a coin like Ripple directly with fiat I believe you can do that through the BitStamp exchange and the GateHub exchange, and I believe Kraken as well. You’ll have to check each exchange to see how you can buy in and to what, because they’re all different. But remember, any exchange that allows buying in with USD or other fiats usually have long verification and limit spending processes because you’re dealing with banks. So you’ll have to wait it out.
Do u use Coinbase? What exchange rate company do u use?

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Joined
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From
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No worries, so, as I said before, LTC doesn’t pair with that many coins so rather than buying LTC, then transferring it to say Bittrex, then having to trade LTC to BTC in Bittrex, then using that BTC to buy, say, Ripple, it’s easier to just buy BTC from Coinbase, transfer it to Bittrex and then buy Ripple with BTC directly. You’ll save yourself an extra transaction fee.

To go back to fiat, you would have to go the same route out that you came in. For instance, let’s say you used BTC to buy Ripple on the HitBTC exchange; and then Ripple goes to $1. Now you would have to sell the Ripple back to BTC, then transfer that BTC back to Coinbase, then sell the BTC back into fiat. If you want to buy a coin like Ripple directly with fiat I believe you can do that through the BitStamp exchange and the GateHub exchange, and I believe Kraken as well. You’ll have to check each exchange to see how you can buy in and to what, because they’re all different. But remember, any exchange that allows buying in with USD or other fiats usually have long verification and limit spending processes because you’re dealing with banks. So you’ll have to wait it out.
V thanks for asking my questions. I really do appreciate it.

I'm opened up a gdax account. So that way the payment fees will be less.
Using gdax, I could still sell it and turn it to fiat correct? Just like their big brother Coinbase.
Or do I have to transfer it to Coinbase? To convert it to fiat or U.S dollars?

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V4Vendetta

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Joined
Apr 2017
From
Texas
V thanks for asking my questions. I really do appreciate it.

I'm opened up a gdax account. So that way the payment fees will be less.
Using gdax, I could still sell it and turn it to fiat correct? Just like their big brother Coinbase.
Or do I have to transfer it to Coinbase? To convert it to fiat or U.S dollars?

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Not sure what you mean by "exchange rate company" but yes I do use Coinbase sometimes. It's a decent place to bring in new money. And GDAX will only exchange between crypto, not USD. Meaning you can exchange BTC to LTC, and/or LTC to ETH, etc. But if you want to go back to USD you have to transfer it back to Coinbase.
 
Joined
Nov 2017
From
US
Not sure what you mean by "exchange rate company" but yes I do use Coinbase sometimes. It's a decent place to bring in new money. And GDAX will only exchange between crypto, not USD. Meaning you can exchange BTC to LTC, and/or LTC to ETH, etc. But if you want to go back to USD you have to transfer it back to Coinbase.
When I said exchange rate company, yes plz ignore that. Sorry [emoji23].

So, other than Coinbase what other company do u use?

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