Tips so that you can step up your crypto game.

in LeoFinance3 months ago

So, you are sitting in front of your computer logged in on every exchange you are registered...watching the markets and witnessing almost every coin you are invested in getting hammered...again.

-Oh...ffs you are whispering...not again

Only this time it's a bit different. You are about to take action.

That precious 1 BTC you are holding for so long is about to be converted to HIVE. You want more of these precious coins. It's an addiction I know...

What exchange will you be using to purchase HIVE and why?


Lemme tell you which ones I use and you'll have all the answers to your whys.

When we talk about crypto exchanges there's an undisputed champion out there. And that's Binance. Huge volumes...hundreds of listings...lots of trading pairs...and low fees especially if you are a BNB holder.

Most of us hate them for what they did on Steem back in the day...I know, but it is what it is....


I used HIVE as a point of reference because all of you are insiders You know...probably...when is the right to buy if you've payed close attention to the charts and bouncing levels. And I am telling ya...We are at those bouncing levels right now...

So why Binance?


Let's have a look at the screenshots I took a couple of hours ago..._On a side note...price is even lower as I am writing these lines.

20200827 20_00_26Untitled  Windows Photo Viewer.png

20200827 20_01_16Untitled1  Windows Photo Viewer.png

These are the hourly charts both on Binance and Bittrex. These are the two exchanges I like to use, each for different reasons which I'll explain later.

The difference in volume is huge as you can see. In this case 10x. 31.75 BTC on Binance vs 3.46 BTC on Bittrex. In some other cases the difference is simply enormous. 20x 30x 50x..

What that means is that if you place a buy or sell order on Binance it will likely be filled in no time whereas on Bittrex, hours might go by before any price action...

But you desperately want those HIVEs now!!!


So the obvious choice is Binance.

But there's more...

Take a closer look...

The order book on Bittrex is way thiner That means that if someone is willing to convert 1 BTC to HIVE using Bittrex they'd have to move the entire market by +10%...while on Binance just by a few Sats..

Ask price on Binance is 0.00002010 Sats and 1 BTC worth of HIVE is at 0.00002037 which is ~ 1.5% higher.

Ask price on Bittrex is 0.00002024 Sats and 1 BTC worth of HIVE is at 0.00002218 and that is 10%+ up...

So if you want to pay less and buy more the obvious choice is Binance. Period.

But...but...but...


...exactly because Bittrex has a thiner order book we often see some huge spikes out of the blue. Such as the ones below...

20200827 20_02_31Untitled2  Windows Photo Viewer.png

To put it simple...if you are trading HIVE and you're also using the "ladder" method which @khaleelkazi explained recently in one of his posts the obvious choice to do so is on Bittrex. You will likely make some serious profits within minutes.

Those spikes in price you see right there...well...someone wanted their HIVE now...but did it using the wrong exchange...Win for HIVE traders that sell high and buy back in a little later...

And exactly because you need to spent some serious amounts of BTC to move the price on Binance...those spikes are rare...to say the least....

20200827 20_03_10Untitled3  Windows Photo Viewer.png

That one and only spike right there...is a 50% jump and happened on both exchanges of course. Bots were triggered and correction came right after.

Conclusion.


Most of you hate Binance for what they did...but we do need them

Most of you also hate Bittrex because they require KYC....I don't re about that.

You see when prices start going up like you've never seen before and all the projects you are invested in go 50x+ you'll sell a portion of your holding...

And the way to do it is by converting it to BTC...how will you feel when you'll be able to withdraw only 2 BTC per day from Binance just because you are unverified?

At the same time you can withdraw up to 100 BTC from Bittrex...daily.

What? You think you can be patient and withdraw 2 BTC per day for a whole week or month? Maybe you should ask @ericvancewalton ...he has an interesting story to share on how he lost almost 1 million dollars worth of BTC just because of that limitation...

Anyway...none of the above is financial advice of course. Just some thoughts and tactics I am using.

Have a good one people. And stay safe

Cheers.

Posted Using LeoFinance

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20200827 23_23_022 mindtrap on Twitter_ _Nobody wants to spent money left and right, especially.png

I would go as far as to say have multiple exchange options ready well before you need them. Exchanges are notorious for locking wallets for “maintenance” during massive pumps/dumps. Bitgrail was an extreme example, it seemed orchestrated. They froze higher withdrawal limit approvals that were in queue a month before the “hack”. So the coins were held hostage and couldn’t be transferred off the exchange fast enough. Crazy times. I don’t wish that experience on anyone.

Your experience is what made me wanna have many options Eric. Real talk.

That experience probably took years off my life but it did teach me some valuable lessons. I'm still fighting to get even a percentage of what I lost back. I'm glad you're not going to make the same mistake. There are going to be a lot of new millionaires made this time around.

Fingers crossed

Mine too.

Really good comparison of price action across the two exchanges.

Do you ever arb the two? You could just about do it manually on spikes like that?

Posted Using LeoFinance

Of course I arb the two.

But trust me, bots are triggered really fast while trying to bring price to the "normal" levels after each spike.
Thanks for the kind words bud!

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