These are tips I wish I had learned from the start to reduce lost profits.
Use GDAX
If you use Coinbase to convert dollars into cryptocurrencies, be sure to transfer the coins over to GDAX before you go to another exchange (like Binance) to avoid Coinbase’s fee.
Transfer From Bank Account
When using a credit or debit card, there is a 4% fee, whereas with a bank transfer, it’s only 1.5%.
Trade with Ethereum or Litecoin
When transferring Bitcoin to another exchange, there is a small fee involved with that. When transferring a currency to GDAX (and then your next exchange) for a trade, use Litecoin or Ethereum to avoid that fee. You can always convert it to Bitcoin later on. Additionally, Litecoin transfers faster.
Compare Prices Between Exchanges
Different exchanges have slightly different prices than other exchanges (and when compared against sites like Coin Market Cap). Pay attention to these numbers and write down what you buy them for so that you can calculate your profits.
Compare Prices Between Currencies
Keep in mind that when you exchange currencies for other currencies, they are valued relatively to each other. For example, if ___Coin increased in value by 40% relative to the dollar but only 20% relative to the currency you are trading it for, you will be getting less. This is where the $1 to $1 currency Tether is useful.
