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First Time Buying Crypto, Done My Research, Just Have A Few Questions
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Hola,

I've been thinking about getting into the cryptocurrency scene for quite some time now but I've always been hesitant about it. I know this place is for ETH traders, but I find the people here more useful than other subreddits.

I've done a lot of research before setting up my wallet on JAXX and mining ETH on Claymore. I've been doing that for about 2 months now. Recently, I sent the ethmine earnings of 0.25 ETH over to my JAXX wallet which was about $70 USD or $100 CAD at the time.

I did this because mining is simply too slow and mundane and trading seems fun. The past few days I've been learning the theory behind trading and now I think I'm ready to jump on. I just have a few questions.

  1. Since I'm in Canada there seems to be a lot of restrictions on Coinbase/GDAX. On Coinbase I can put fiat money in but not take it out. I also can't use my bank account or Paypal. On GDAX, trading between coins and fiat is not available. Bittrex doesn't let you put fiat money into the system. My question is what is the best setup for me? I can put fiat into Coinbase for BTC/ETH and move some of it to Bittrex if I want BCH and other coins. How would I take fiat out if I want to cash out? What are the fees and transfer times like?

  2. Whats the best way to cut down on fees and transfer times? I heard recently that there is crazy long wait times and fees for BTC. Would it be easier to get ETH on Coinbase, send it to Bittrex, and then swap to BTC?

  3. I assume it is not a good idea to keep coins on an exchange for the long term and move them to some offline storage.

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7 years ago