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Crypto-Get me straight

Discussion in 'Reality Check' started by Wayne, May 12, 2021.

  1. Wayne

    Wayne
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    Hey guys, I haven't dipped my toes in the crypto world ever, and I got some advice from folks that's already turning out to be sketchy.

    I created a coinbase account, verified my account, went to transfer money in...both my credit cards rejected crypto orders.

    I created a binance account (I was told these two together make things easier) and verified it, looks like I can P2P buy/sell but I am just doing interac e-transfer's with some random people??

    I created a shakepay account (canadian) and got verified, and I can deposit money in there with interac e-transfer as well.

    All these accounts are locked up tight with as much security as possible.

    I will order a hardware ledger.

    My question is, specifically for canadians, what the hell do you use to buy/sell crypto and how sketchy is it in real life. Like if I buy some random coin, and it shoots up, what is the realistic process for getting those funds back to cash?

    I can YouTube, but I want some real world experience/stories here to feel more comfortable.
     
  2. Nick84

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    I'm doing what you're doing. Fund Shakepay then send to Binance.
    Should be the reverse to get your funds back to cash. Convert whatever coin you have to Bitcoin or Ethereum, send to Shakepay then have Shakepay send you an email transfer to get Canadian $ back. Don't forget about the tax implications when you convert your gains back to fiat.
     
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  3. Lex Lucas

    feels good.

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  4. Boots

    www.reality-check.ca

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    if anyone wants a shakepay referral, let me know.. been trying to refer someone for months lol
     
  5. chainsaw

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    Ha and they brought back the $30/$30 for 24 hours yesterday instead of the reduced amount. (Shakepay)
    As for Coinbase, set up a Coinbase pro account, the fees are a lot less then regular Coinbase
    Binance is my main, you can do P2P but also you can buy directly from debit visa/MC bank cards as well. Not every coin but the main major ones. If there is a coin you can’t buy directly buy USDT or BUSD then go in to markets and use that to buy the coin you want.

    I would be careful with P2P, look at ratings and transactions before you send someone money. I’ve used it once. Had some cash sitting idle in a PayPal account, swapped it for some USDT then used that to buy some coins. But yeah you are taking a chance with P2P
     
    Last edited: May 12, 2021
  6. Wayne

    Wayne
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    My credit cards (BMO MC and RBC Visa) reject any purchases on Coinbase, so I can't see me using that.

    Will stick with Shakepay and Binance for now.
     
  7. Wayne

    Wayne
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    Although going to look at Newton as well.
     
  8. chainsaw

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    I don’t use Newton but have heard their fees are quite high as well. I like the simplicity of Shakepay but they only offer BTC and ETH. They have no fees for transfers etc but their spread is a little greater because of that. Their e-transfer deposits work great, my first one was a little slow, but after that they are almost instantaneous
    In Coinbase do the learning tests for the free coins. I did them a while back and the free coins were hitting about $80 recently so it’s some freebies for 10 mins. But if you try and transfer out of Coinbase they destroy you with fees. Coinbase Pro is a lot less fees but not as pretty or user friendly as CB
    I’ve been quite happy with Shakepay and Binance. Shakepay also allows you to shake each day and will give you some free BTC sats. They did reduce the amount about a week or two ago though
    Binance is also great paired with trustwallet if you want to get into Defi staking with pancake swap
     
  9. Wayne

    Wayne
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    Weird, Lex LucasLex Lucas just said it was no-fee, hence me looking at it
     
  10. chainsaw

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    Also there is a browser based off of the Chrome platform called Brave. It has built in ad blockers and uses all chrome extensions. It will allow you to set up to receive their ads (you don’t even have to open the ad notification) and it will reward you with BAT every month through the uphold wallet. I’ve been using it for two months have received about 10 BAT for just using the browser. I can honestly say I’m starting to like it more than chrome.
     
  11. chainsaw

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    I can’t say from lack of using the platform but researching online I’ve seen many complaints about fees from them
    * I stand corrected, the noise I saw about fees was for their withdrawal fees and believe they have a limit on how much you can withdraw / day WayneWayne
     
    Last edited: May 12, 2021
  12. Boots

    www.reality-check.ca

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    Been using it for about six months now. I have $60 worth of BAT.. only shitty thing is it's cost like $55 to transfer the BAT out lol
     
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  13. Wayne

    Wayne
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    Do you have to transfer it into 3 other coins first? :rofl:
     
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  14. Boots

    www.reality-check.ca

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    Nine coins, 70% fee each way :rofl:
     
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  15. chainsaw

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    I really can’t wait for ETH 2.0 and hopefully the fixing of gas fee issue. Man the fees are absolutely brutal right now
     
  16. David Puddy

    yeah, that's right

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    Looking forward to ETH 2.0 as well. i don't fully understand what will happen as a result of it but it will be better for the purchasers.
    I've been using Wealth Simple as a starter and have all my ETH there. just got into Newton a month ago and am now getting into Binance.
    Anyone who got into ETH back in Feb/March is cleaning up right now. Its shooting high.
    Who got into Doge early hahaha
     
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  17. chainsaw

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    I see Elon tweeted Tesla is stopping accepting Bitcoin for now. They aren’t selling any but you can’t buy a Tesla with BTC again. The market has been struggling enough this week, get ready for a ride I think.
    I also really hope this isn’t part of Elons’ Doge plan. If he comes out and says Tesla will accept Doge I’ll shit myself lol
     
  18. chainsaw

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    Holy hell, what an overnight dump
     
  19. David Puddy

    yeah, that's right

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    yeah that was nuts, both down over 50% from their ATH's. buy the dip
     
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  20. Nick84

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    Brutal Ugh
     
  21. Boots

    www.reality-check.ca

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    All the shit coins are eroding BTC value
     
  22. Gooch

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    I purchased a bunch of Safemoon just for shits and giggles
     
  23. Wayne

    Wayne
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    I setup a bunch of accounts and bought nothing, so none of this rollercoaster has affected me yet :D
     
  24. chainsaw

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    Honestly, it's kind of a good time to buy Wayne. I can't see the downtrend continuing much more at this point. It's like a fire sale lol
     
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  25. chainsaw

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    Ah a gambler I see lol. I hoped in on some shitcoin launch Monday. Coin started at $20 USD. shot up to $60, I bailed at that point. It's now at like $7. If you are willing to take risks there are some opportunities but the chances of getting burned are up there too
     
  26. Gooch

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    SAFEMOON is going to be a great gamble in my opinion. The burn structure and 10% sell fee should make it interesting in a few years.
    It is hard as hell right now to buy it, but they are making arrangements now so the masses can just use CC's. Once that happens, it should really spike. Key is to get in while the process is difficult.
    I know a large number of people who have tried to buy it but gave up.
     
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  27. chainsaw

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    Yeah from what I’ve been reading it’s a royal pain in the ass to try and buy
     
  28. Gooch

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    Yes a pain in the ass. Which will keep the value low until they make the process easy with Credit cards.
    Once that happens, I suspect the value to increase nicely.
     
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  29. Gooch

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    This is a great step by step tutorial.


    This is what I used.
    Keep in mind some Credit cards will not let you purchase crypto. So I just used my debit card and it worked fine.
     
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  30. Gerald

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    I just logged into MyEtherWallet and Binance for the first time since 2018 after the crash. I was happily surprised to find out that my $200 investment 3 years ago turned into 5k today. I should have logged in a few weeks ago!
     
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  31. Gooch

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    switch is all over to safemoon
     
  32. Gerald

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    I think I'm going to switch it all over to a hot tub instead
     
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  33. chainsaw

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    LOL
     

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