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First time investor.

  • 16-08-2018 10:14am
    #1
    Registered Users Posts: 7,559 ✭✭✭ tom1ie


    Hi all
    I have signed up to Coinbase and bittrex with the view to purchasing some bitcoin and then neo altcoin.
    I feel neo is in a dip and will bounce back up soon.
    I have €1000 to invest and which I can afford to loose, but I want to start off small and invest maybe €100 first and see how I go.
    So do I need to link my bank account to coinbase, or should I just transfer to coinbase using the visa option? Do I use the coinbase wallet or should I use a hardware wallet?
    I take it I can’t buy neo using “real cash”, I need to purchase bitcoin first and then use that to get neo?
    Will I get charged fees going from real cash -to bitcoin -to neo and then the same on the way out? If so how much are the fees?
    What’s the story with cgt? I take it it’s applicable to this?
    Sorry for all the questions and again if they’re ridiculous I do apologise.
    Thanks.


Comments

  • Registered Users Posts: 15,105 ✭✭✭✭ Dohnjoe


    Not sure about VISA, but most use a bank transfer (SEPA) to wire the money to Coinbase. If you do it e.g this morning it should arrive by tomorrow afternoon. I've used Bittrex, but have to say I prefer Binance, it's a larger exchange with a smoother interface (my opinion)

    Neo is odd in that it only moves in whole units, so keep that in mind, you can't move .9 Neo to a Neo wallet

    As for the CGT - there is a thread here

    As always add 2FA to everything, backup the codes, back up the passwords, check every time you paste a wallet address, scan your PC for malware - take things slow and methodically


  • Registered Users Posts: 7,559 ✭✭✭ tom1ie


    Dohnjoe wrote: »
    Not sure about VISA, but most use a bank transfer (SEPA) to wire the money to Coinbase. If you do it e.g this morning it should arrive by tomorrow afternoon. I've used Bittrex, but have to say I prefer Binance, it's a larger exchange with a smoother interface (my opinion)

    Neo is odd in that it only moves in whole units, so keep that in mind, you can't move .9 Neo to a Neo wallet

    As for the CGT - there is a thread here

    As always add 2FA to everything, backup the codes, back up the passwords, check every time you paste a wallet address, scan your PC for malware - take things slow and methodically

    Thanks.
    I’ll have a look at that cgt thread and also binance. At the start as I’m dealing with small amounts I’ll prob just use an online wallet but (hopefully) as I progress I’ll use an offline hardware wallet.
    Just regarding the charges, what I’m going to be charged for?
    Are the following all individual charges?
    Euro to bitcoin, bitcoin to neo, then neo to bitcoin and bitcoin back to euro?
    I take it binance allows me to cash in and out with euro?
    Thanks dohnjoe


  • Registered Users Posts: 13,972 ✭✭✭✭ SteelyDanJalapeno


    tom1ie wrote: »
    Hi all
    I have signed up to Coinbase and bittrex with the view to purchasing some bitcoin and then neo altcoin.
    I feel neo is in a dip and will bounce back up soon.
    I haven't looked at the chart for NEO, but you should consider what your base pairing is and what you ultimately want to profit in. Is NEO in a dip vs USD? if so, how much of that is because BTC is also in a dip vs USD, or easier would be to check the NEO/BTC pairing to get this answer.
    I have €1000 to invest and which I can afford to loose, but I want to start off small and invest maybe €100 first and see how I go.
    So do I need to link my bank account to coinbase, or should I just transfer to coinbase using the visa option? Do I use the coinbase wallet or should I use a hardware wallet?
    You don't need to link your bank account, but SEPA is by far the cheapest option of turning you euros into Crypto via Coinbase, so I'd recommend, you learn to not waste money very quickly on fees in this space. Coinbase wallet will cover any ERC20 token, or your Coinbase account will cover BTC/LTC/ETH/BCASH, for NEO I'd recommend purchasing it on an established exchange (Binance, Kraken, Bittrex) and keeping it there until you become more comfortable with with hard and soft wallets.
    I take it I can’t buy neo using “real cash”, I need to purchase bitcoin first and then use that to get neo?
    I believe so, get BTC on Coinbase and move it to your exchange of choice (do your research here before moving anything and test it on a tiny amount 1st.
    Will I get charged fees going from real cash -to bitcoin -to neo and then the same on the way out? If so how much are the fees?
    What’s the story with cgt? I take it it’s applicable to this?
    Yeah it's awash with fees, they wont be high but are annoying.
    Sorry for all the questions and again if they’re ridiculous I do apologise.
    Thanks.

    Replied to some above!


  • Registered Users Posts: 7,559 ✭✭✭ tom1ie


    Replied to some above!

    That’s great thanks very much!


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