Selling Bitcoin

-1

Let's say you are new to cryptocurrency world and your first wallet is on blockchain.info, and you have managed your first hurdle of gaining level 3. (can deposit/withdraw max 8000 GBP) Your wallet contains 16,000 GBP and you managed to buy at a rate giving you four bitcoins (for 4000 GBP each for example) the market explodes and bitcoins are now worth 20,000GBP each. You now decide to take 50% profit but you are only allowed to sell 8000 per 24 hours by which time the market has crashed again - by what method would best allow instant liquidity in this position - in crypto for dummies style please.

Dave955

Posted 2017-12-02T21:15:42.463

Reputation: 1

What country do you live in? The UK? – David Schwartz – 2017-12-04T11:53:13.893

Answers

The withdrawal limit is not the trading limit. There is no trading limit. You can sell 50% and your account will be credited with the proceeds. Then you withdraw 8000 GBP per day until you've withdrawn all you need to.

Abdussamad

Posted 2017-12-02T21:15:42.463

Reputation: 1 850

First, it is not recommended to store huge amount on online wallet.

I highly recommend GDAX.com(they are part of Coinbase) for that purpose, even if you are affected by a withdrawal limit there, you can still trade fiat/coins <-> coins/fiat freely. Also they have super low fees on trades.

What traders usually do is to deposit fiat to Coinbase, then move fiat free of charge to GDAX, and execute tradings there at no fee/low fee. For storing, you better use a cold wallet.

Chak

Posted 2017-12-02T21:15:42.463

Reputation: 1 187

Thank you for this information but it seems on further research regarding GDAX transfers/clearance can take up to a week which is actually longer than conify (24hrs between transactions) used by blockchain. Whilst I understand their service can be free I am searching more for a service that allows a greater transaction amount at any given time and allowing me to close my position if need be. – Dave955 – 2017-12-06T10:57:56.337

You can still close your positions at any moment and profit instantly, transactions are executed on the spot. The thing is if you don't have a verified account the "withdraw money" to your bank may take some time. GDAX is design for business users, that's why they have their own "bank" where fiat can be stored. – Chak – 2017-12-06T12:40:52.277

That's correct, it is not recommended to store huge amount on online wallets. For storing the bitcoins you can either use wallets like the cold wallet and there are many more available out there. – Adconity – 2018-04-12T12:03:29.937

-1

I will agree with Chak. Storing all your currency in online wallet is very risky. It's very dangerous 'cause you may lose all tour capital this way. I think it’s better to leave small amount of money into online wallet and transfer the rest to hardware one. This way your funds will be safer. Alternatively, you can obtain a wallet with cold storage. For instance, cex provides such wallets. By the way, they offer bonuses for using wire transfer payments, https://cex.io/wires-campaign/.

richcoin

Posted 2017-12-02T21:15:42.463

Reputation: 9