An answer to my question about transferring xrp

[emsemporium]

Having been publicly rapped over the knuckles the other day by one member of this forum for respectfully declining to say exactly how much xrp I was hoping to transfer from my Ledger Nano S to GateHub, I then decided to ask someone in a private mail.  That person has very kindly responded with a comprehensive answer, and s/he has asked me to share it on this forum for everyone's benefit:

Quote

 "Towards your journey, you want to send some XRPs from your hardware ledger to your Gatehub account. That should be easy. On Gatehub you need a verified account in order to issue a SEPA transfer or international money transfer depending on your destination bank account. Getting FIAT for your XRPs can work in two ways. Either exchange or trade. Exchange takes all your XRPs immediately and converts it to FIAT based on the market, but to the worst price. When you trade you have to lookup the orders on your own and convert based on as many trades as you need to cover your desired amount of FIAT. You can get better prices there but have to do the work on your own. I recommend playing around with both functions to get a feeling and then you can decide what you want."

 Thank you, xh3b4sd, for your generosity of spirit.

[mrcarrot]

The funny thing is, I didn't even care that you weren't willing to disclose the information.  It would have helped make sure you weren't trying to send beyond your account limits, but you said you had MORE THAN ENOUGH to cover the reserve.  A lot of us are used to people saying they have enough to cover the reserve, only to find out they were trying to send beyond their limits, which is the only reason why I asked for numbers.

[emsemporium]

4 minutes ago, mrcarrot said:

The funny thing is, I didn't even care that you weren't willing to disclose the information.  It would have helped make sure you weren't trying to send beyond your account limits, but you said you had MORE THAN ENOUGH to cover the reserve.  A lot of us are used to people saying they have enough to cover the reserve, only to find out they were trying to send beyond their limits, which is the only reason why I asked for numbers.

Fair enough, mrcarrot.  I'm sorry, but I didn't realise that.  It's all very new to me, this business.  To answer your question, it's 9,071 xrp at the time of writing.  Does that help you?

[mrcarrot]

1 minute ago, emsemporium said:

Fair enough, mrcarrot.  I'm sorry, but I didn't realise that.  It's all very new to me, this business.  To answer your question, it's 9,071 xrp at the time of writing.  Does that help you?

That depends on how much you have in your ledger nano s wallet.  If you're trying to send 9,071 xrp, you need to have at least 9,091 xrp in there.  I'm not familiar with the transaction costs for the ledger nano s either, so it's possible you might need more to cover transaction costs.  It'd be worthwhile to try sending a much smaller amount (say, 50 xrp) to see if you are just trying to send too much.

[Guest]

Yes unless you are initial funding a wallet it's always a good idea to send a small amount first to ensure you have addresses correct etc.. Similar to a large ship docking where they send a smaller line accross first then pull the bigger line after receiving the initial.

EDIT:.  By "unless its initial"...  I mean that you must have certain minumum amounts for initial funding.

Edited January 1, 2018 by Guest

[emsemporium]

2 hours ago, Tinyaccount said:

By "unless its initial"...  I mean that you must have certain minimum amounts for initial funding.

I do.  The irony is that I took heed of warnings on this forum of not leaving all your xrp in a GateHub account, invested in a Nano S and then managed successfully to transfer all my xrp (bar the required minimum) to the hard wallet.  Now that I want to recoup my initial investment, all I'm trying to do is to send roughly 9,0000 xrp back to my GateHub account, so I can bank it.

Anyway, thank you for your kind suggestion.  I shall try what you suggest, and see if I can send a small amount first.  Incidentally, I like your analogy with casting a coiled heaving line.