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How are you planning to sell if on a ledger?


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So I have 95% of my XRP on a nano so to sell I’d obviously have to move it to an exchange and then generate the transaction. But with the speed of things moving at the moment are you guys leaving some on exchanges just in case you want to move fast?

This short pump earlier today made me realise that to make the most of these pumps you need to have XRP available to trade as it can happen so quick. 
I had issues with the small amount I had on Uphold earlier so I won’t be using them as the US being able to use Uphold is obviously creating an issue they can’t handle when these things happen so was going to use Bitstamp as I have an account with them as well. I know Bitstamps fees are cheaper, but how quick could I move my XRP from my ledger Nano to Bitstamp, is it instant so I’d be in a position to trade fast?

Thanks

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9 minutes ago, B088IN said:

So I have 95% of my XRP on a nano so to sell I’d obviously have to move it to an exchange and then generate the transaction. But with the speed of things moving at the moment are you guys leaving some on exchanges just in case you want to move fast?

This short pump earlier today made me realise that to make the most of these pumps you need to have XRP available to trade as it can happen so quick. 
I had issues with the small amount I had on Uphold earlier so I won’t be using them as the US being able to use Uphold is obviously creating an issue they can’t handle when these things happen so was going to use Bitstamp as I have an account with them as well. I know Bitstamps fees are cheaper, but how quick could I move my XRP from my ledger Nano to Bitstamp, is it instant so I’d be in a position to trade fast?

Thanks

FYI: you can sell right on the XRP ledger using the XRP Tool Kit with your Nano, and then transfer the USD IOU to Bitstamp. 

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6 minutes ago, B088IN said:

So I have 95% of my XRP on a nano ... (snip)

One suggestion you might consider ... 
( but first, a point on terminology, as a Dev we are very persnickety when documenting )

  • "on a nano" == Hardware fob which manages my XRPL interactions, and stores my private key for my XRPL account
  • DEX == the lower liquidity distributed exchange "owned" by no one
  • GateHub == exchange which provides an easy interaction with DEX and facilitates Bank fiat transfers and USD to XRP pairing 

I have an XRPL account "imported" to my GateHub account (they can employ my secret key).
I have another XRPL (managed by my nano) and I send deposits to it, and transfer XRP out of it to exchanges.

When I wish, I send XRP to my GateHub managed XRPL account.
I log into GH, and put my XRP up to sell on the DEX, for USD.
Then (after my "ask" is taken) I transfer my UDS to my personal bank account via Wire Transfer ($20+ fee).

Finally, a trip to the Lambo Store, cuz I'm tired of my blue one.

rotfl - cheers, and good luck friend !

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Oh I see, not sure which exchange to use as I’m uk based so transferring to USD is t ideal, I’d want it deposited straight to UK bank account. 
Currently have verified accounts with -

Uphold, Kracken Pro, Coinbase Pro, Gatehub, Binance & Bitstamp

Im leaning towards Bitstamp but not so sure

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12 hours ago, B088IN said:

how quick could I move my XRP from my ledger Nano to Bitstamp, is it instant so I’d be in a position to trade fast?

Just to address the speed part of your question,

Usually Bitstamp deposits are processed quite quickly, in under a few minutes. However, during times of high volatility, exchanges can struggle to keep up with the sudden increase in usage, so if you want to sell in a hurry at the same time as everyone else, there's a chance you could be stuck waiting.

On the other hand, if you keep everything on-ledger, as per some of the suggestions above (e.g. using Gatehub or XRP Toolkit), your speed will be based on a ledger closing every 4 seconds. So you could have XRP converted to Bitstamp USD in a much quicker time, if you're willing to pay the higher XRPL transaction fees that will be required at times like those.

But also bear in mind, there is much lower liquidity on the XRPL DEX, so your prices may be less favorable, especially if you have a lot to sell.

Edited by at3n
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