Alright, so per the How-To (I've now created a "featured tag" to easily find that post as it gets pushed down the page), on Monday I initiated a bank transfer of $200 to Coinbase via ACH, which is free. Yesterday, Friday, it was available in my account and so now I'm using the method shown in the How-To to see if I can trade with zero transaction fees.
As you'll recall, this can be especially important if you're on the prowl for penny coins with good buzz and good trading volume. Right now, because of volume, I'm looking at Neo, Zcash, and Ripple. CryptoCompare is nice for that. I'm usually sorting by highest volume and will sometimes sort by 24-hr Change.
So, I'm first looking at Ripple (XRP). Perhaps a $50 initial stake which at 20 cents per coin currently should produce about 250 coins initial stake in the portfolio. So, this is why transaction costs are important. Paying 1.5%—75 cents—right at the outset gets about 4 less coins. Later, should it rise big, that can be a lot of money left on the table. Maybe it doesn't matter to you to go through the trouble, your choice.
...Once your money hits your Coinbase account, you can then instantly transfer it to the GDAX trading platform. Then, you're going to set a LIMIT order that's "out of the money," meaning below the market price if you're buying, above the market price if selling. Open the Advanced section and click Post Only, which ensures that your order is a "market maker" order and not a "market taker" order.
I set my LIMIT at $4,140, this being the chart action at the time:
About mid-range over the last 24 hours. If the market takes off before retesting then I'll miss out. We'll see. Patience on limit orders is the key to getting most of them filled, especially with the volatility inherent in most crypto so far.
So, once I get filled, I'll probably send about $150 worth to Bittrex, get my $50 stake in Ripple, and see what I might do tomorrow with the other $100. The other $50 worth of BTC will stay in BTC and I'll send it to my Jaxx wallet.
So, there you have it. I could have waited until all this is done to post, but this shows a certain dynamic and drama, I think, and hopefully, gives the newbies a taste of how this stuff gets done.
Will advise once everything shakes out in an update to this post.
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