Monero trading

[yuzmemak]

Hi

I need to choice a platform to sell my xmr. Do I need to be careful? Can I select any platform?

Any experience and advice is welcomed.

Best regards

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[Marsh]

From speaking with Patrick , he uses Kraken and few other exchanges.
Kraken | Buy, Sell and Margin Trade Bitcoin (BTC) and Ethereum (ETH) - Buy, Sell, & Trade Bitcoin
https://www.kraken.com/
Ping Patrick to confirm.

I have signed up for a account with Kraken, but no trade yet. I have not sold any XMR yet.

 

[yuzmemak]

Hi and thanks

My friend mines eth. He told me that needs to be careful, when selling coins. He receives many attacks, when he try to sell eth.

That's why he use sms for confirmation.

Anybody has such a spams?

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[RBE]

I have been happy with Kraken so far. Their know your customer (KYC) procedure that you must go through to enable transfers to/from fiat is not particularly onerous, and (in my case at least) was processed quickly. I cannot say that I am a big fan of their $60 USD telegraphic transfer fiat withdrawal fee for customers outside of the US, but such is life.

As an aside, steer clear of any trading platform that sends you an SMS as part of a two-factor authentication process. There are numerous articles on the web detailing how the SS7 protocol that is used by cellphone providers is insecure - this one for example.

 

[MiniKnight]

For monero poloniex.com

They trade 30% or more of monero daily volume from what I've read

 

[yuzmemak]

For monero poloniex.com

They trade 30% or more of monero daily volume from what I've read

Is there any tips? Or just go ahead without any risk?

Br

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[hweisheimer]

My personal preference is to trade it on an exchange (I've used Kraken in the past, and Poloniex more recently) for BTC or ETH, transfer that immediately to Coinbase, and sell the BTC/ETH there for USD. This is mainly because I'm skeptical of exchange security and Coinbase has been solid for me (and has a good reputation).

 

[Patrick]

I prefer Polo at this point to Kraken.

@yuzmemak Everything carries risk from before you open your eyes in the morning. "without any risk" is not a phrase used often in the crypto world.

 

[jims2321]

So if I understand this correctly. You take your XMR you have mined, trade it for BTC on Poloniex, transfer the BTC to Coinbase and then sell it. How long does it take from the time you transfer the XMR til you got cash in from the sale on Coinbase?

 

[Biren78]

So if I understand this correctly. You take your XMR you have mined, trade it for BTC on Poloniex, transfer the BTC to Coinbase and then sell it. How long does it take from the time you transfer the XMR til you got cash in from the sale on Coinbase?

I've only done it once. From XMR to when the Coinbase to bank account request was initiated it was a few hours. You'll also get stuck on Poloniex because you want to trade for that last 0.001. Poloniex, Kraken, & other exchanges have daily withdrawal limits.

From Coinbase it took a few days like if you try transferring from Bank of America to your Charles Schwab account.

 

[jims2321]

thanks for the confirmation of the steps/process and the timeline.

 

[handyserv]

For XMR I send to tradeogre to convert to BTC then to LTC, then send LTC to Coinbase and convert to USD. BTC transfer fees are too much to justify, LTC is much cheaper to send.