One thing to watch out for strategy wise is your pairings. Most coins are bought in ETH, BTC, USDT. Same for cashing out.
This can be confusing if you’re buying from one coin and selling out to another or tether. Or even the same pairing, but say after ETH doubled and the coin you’re buying selling has tanked.
This happened to me recently with XRP. I had a ETH on reserve that I set a low ball buy on XRP. I didn’t count on ETH doubling in price while XRP also came down by 50%. The sell executed at a rather unfavorable ratio.
The only site that gives you the equivalent buy price for both USD and ETH/BTC is Kucoin. This is very helpful. It’s a little easier to make quick trades. As opposed to calculating and setting limits, then forgetting about them. Only to see them execute dats later after the prices changed.
I think it’s probably better to eat the extra commission to sell into and out of USDT while putting your profit into ETH or back to USDT. It’s just to easy to see your profit evaporate if theirs a marketwide sell off.
This can be confusing if you’re buying from one coin and selling out to another or tether. Or even the same pairing, but say after ETH doubled and the coin you’re buying selling has tanked.
This happened to me recently with XRP. I had a ETH on reserve that I set a low ball buy on XRP. I didn’t count on ETH doubling in price while XRP also came down by 50%. The sell executed at a rather unfavorable ratio.
The only site that gives you the equivalent buy price for both USD and ETH/BTC is Kucoin. This is very helpful. It’s a little easier to make quick trades. As opposed to calculating and setting limits, then forgetting about them. Only to see them execute dats later after the prices changed.
I think it’s probably better to eat the extra commission to sell into and out of USDT while putting your profit into ETH or back to USDT. It’s just to easy to see your profit evaporate if theirs a marketwide sell off.