Noob traders advice

J

jamacouve

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So I have got an account on Luno which you can only trade BTC. I hear u can use that BTC to trade on other platforms to buy altcoins.

What are the best platforms for multiple currencies or are there separate platforms per coin ?
 
poloniex.com
bittrex.com
cryptopia.co.nz

They each support a large number of altcoins.
 
+1 for bittrex.com.

Purchase btc on Luno(wait and see if the prices drop a bit more) then transfer to your btc wallet on bittrex and trade for other coins ;)
 
I've just started out on this crypto thingie, so a total n00b. Also new to this forum, so please be patient.

I've registered on Luno, and bought some Bitcoin. I was amazingly easy. Have also registered on Kraken and verified.

Now I don't know what to do next, and would love some simple explanations in easy step-by-step. Sorry for being such a newby.

How do I get my Bitcoin that is on Luno into Kraken so I can buy some Ether? I've gone through all the help on Luno and can't see how or where I send the Bitcoin to Kraken or anywhere else. I tried to send some Bitcoin to myself using another email as recipient, but all that happened was an email fro Luno saying that BTC had been sent and to register on Luno.

Please give this n00b a pointer on how to transfer and trade and send and receive BTC and other crypto's like ETH. Is there a simple idiot's guide course or training I can follow?

Thanks so much for your patience.
 
Sorry, need to explain how n00by I am in this crypto game.

In Luno, when I look at Wallet, I can Receive or Send. When I click Send it asks for a destination address, which is a mobile number, Bitcoin or email. If I send to myself all I get is a email back from Luno. That doesn't help much, so it's pointless to send to myself. How do I send Bitcoin to my account on Kraken?

Also, how do I receive? When I click Add Address is comes up with a long number as Receive Address. What is that for, and how does it work? What do I do with it?

Real idiot questions, but stuck now so your gentle help is valuable. Thank-you kindly.
 
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katasarx said:
Sorry, need to explain how n00by I am in this crypto game.

In Luno, when I look at Wallet, I can Receive or Send. When I click Send it asks for a destination address, which is a mobile number, Bitcoin or email. If I send to myself all I get is a email back from Luno. That doesn't help much, so it's pointless to send to myself. How do I send Bitcoin to my account on Kraken?

Also, how do I receive? When I click Add Address is comes up with a long number as Receive Address. What is that for, and how does it work? What do I do with it?

Real idiot questions, but stuck now so your gentle help is valuable. Thank-you kindly.
Click to expand...

Generate a address on Kraken under the wallets section, BTC or Bitcoin wallet, I don't know what their system looks like, I personally use Bittrex or Bitfenix to trade, put your address from Kraken into the send address on Luno, enter the desired amount and press send on Luno and wait around 30+ minutes for it to show up on Kraken, always have 2 factor authentication enabled on exchanges, very important.
 
dj2381 said:
Generate a address on Kraken under the wallets section, BTC or Bitcoin wallet, I don't know what their system looks like, I personally use Bittrex or Bitfenix to trade, put your address from Kraken into the send address on Luno, enter the desired amount and press send on Luno and wait around 30+ minutes for it to show up on Kraken, always have 2 factor authentication enabled on exchanges, very important.
Click to expand...
Thank-you dj2381. It would have taken me a week to work that out. It worked. I've successfully transferred bitcoin from Luno to Kraken. Woohoo, my first ever.

Now I'm going to see if I can buy some ETH using the XBT in Kraken. Once that works I'll see if I can do a round trip back to Luno.
 
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katasarx said:
Once that works I'll see if I can do a round trip back to Luno.
Click to expand...

Why do you want to go back to Luno ?

Remember - Luno can only "keep" Bitcoin and ZAR , not ETH or other coins.

Never keep your coins on any exchange unless you are trading with it on a regular basis.

Rather keep your coins in a "wallet" where you control your private keys.

Google is your friend - took me hours and hours of reading up in order to be confident to start investing/trading in cryptocoins.

But I must warn you - once you start you cannot stop - highly addictive ( and nerve wrecking ) :)

Enjoy
 
lexor said:
Why do you want to go back to Luno ?
Click to expand...
Just to learn how it works. I want to see how to convert cryptocoins back into Rand in my SA bank account.

I've successfully moved BTX from Luno to Kraken, and in Kraken converted BTX to ETH and XRP. Tomorrow I'll try to convert some XRP into BTX and then move that back to Luno and from Luno into a ZAR bank account.

I don't even know if one can use the same address for several transfers. Trying that at the moment, but it's taking ages for Kraken to confirm the deposit.

This is fun. Just have to learn the jargon.
 
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Just keep an eye on all the transaction fees (deposit/withdrawal, maker/taker etc.) while you're learning the ropes.
 
Mier said:
Just keep an eye on all the transaction fees (deposit/withdrawal, maker/taker etc.) while you're learning the ropes.
Click to expand...

Right now I see BTC is trading at R62,391 on Luno, but on ex.com it's listed at R57,173.

Now obviously exchange rates differ from trading rates when buying/selling currency, but is 8,36% not a little high?
 
Voicy said:
Right now I see BTC is trading at R62,391 on Luno, but on ex.com it's listed at R57,173.

Now obviously exchange rates differ from trading rates when buying/selling currency, but is 8,36% not a little high?
Click to expand...

compare with a Japanese or Korean exchange and decide for yourself
 
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