Crypytocurrency trading

[John84]

Hi all, I've been hearing a lot of talk about cryptocurrencies recently and wondered if anyone here has practical experience of trading them? I've been trading forex for years but as for Bitcoin and all that i'm wary still - any info much appreciated!

 

[John84]

So.. is anyone here?! In the last week i looked at exchanges etc myself, and liked kraken, hitbtc and bitstamp as their layout was simpler and people have written a lot about them. Can anyone give me tips to help me choose now? i haven't parted with any cash as yet as there must be pros and cons to these places and i wanted an inside scoop, so to speak! ANy help much appreciated!

 

[Enivid]

I have tried trading Bitcoin speculatively via Bitfinex a year ago. It was not a pleasant experience both due to the low quality of the platform and due to the wide spreads that existed in BTC/USD back then. But everything changes very rapidly with Bitcoin, so perhaps there are comfortable trading platforms with reasonable spreads available nowadays.

 

[chief]

So.. is anyone here?! In the last week i looked at exchanges etc myself, and liked kraken, hitbtc and bitstamp as their layout was simpler and people have written a lot about them. Can anyone give me tips to help me choose now? i haven't parted with any cash as yet as there must be pros and cons to these places and i wanted an inside scoop, so to speak! ANy help much appreciated!

i have a friend with specialize at bitcoin. but i can say he's an expert one. but he barely made a living expense by btc activity only. and he made it, until now.
from what i observe, its not a simply put an order just like when we trade forex or gold. even there's few brokers already introduce btc as pair to trade.
what he actually to do is, 'Mining' activity. rent some server to mine btc, got some return from it, as the btc price also affect his income.
you may want to start to dig with "bitcoin mining" , it's a cloud server based activity, so he dont have to put his pc run all the day.
in my noobs interepetation, its more like rent a vps to run our EA, but it seem much more profitable, only has to choose cheaper server and know how to cash out, when the btc price up he withdrawn portion of his investment and rent another mining server.

I apologize for my noobs explanation, it may not satisfy you, but I try my best.
any further information needed please dont hesitate to write down upon your reply. i will gladly help. good luck.

 

[garrett]

I've been trading Bitcoin everyday for a couple years. I'm doing it over at Bitfinex, which i personally like. They allow leveraged trading of BTC at 3:1. I've had no problems with them at all.
Bitcoin is very volatile. The price can go up or down $100 in a day, if there is some negative news.
When mt gox was in trouble, the price would drop 30%, then spring right back up the next day.

I also trade altcoins, which are cryptocurrencies other than Bitcoin. They are like penny stocks, compared to Bitcoin. They an literally go up 1000% in value, but they are very small markets and not very liquid. There is also alot of insider stuff going on. You have to watch the chatrooms and twitter . You can trade altcoins at bittrex, poloniex, and cryptsy.