Jump to content

Trading xrp on toolkit question?


Huxley99
 Share

Recommended Posts

Good afternoon ladies and gents,

I’ve been having a little play around with xrp toolkit (I think it’s really great, very user friendly even for amateurs like myself).  So I have sold 2 xrp for 2.23USD(Bitstamp). My question is how do I then convert this into fiat and transfer back to my bank account. Will I need too make a bitstamp account. Is this the best way to cash out a little profit along the way? 

thanks for the help!

Link to comment
Share on other sites

6 hours ago, Huxley99 said:

Is this the best way to cash out a little profit along the way? 

I've been wondering this too.

I already have a small trading stash on Bitstamp. But should the Holy Pump come that many here are hoping for (I'm talking 2017-style 100% a day, exchanges crashing, cats and dogs living together, levels), would we expect there to be enough liquidity on the dex for XRP/USD(Bitstamp) to cash out large-ish amounts - say 5 or more figures - from a hardware wallet directly to USD IOUs in XRP Toolkit?

Or would we - the XRP holders - be likely to clear the order books, driving the price down on it, given I'd imagine it's mostly only XRP holders who are using the dex, and likely all wanting to sell at the higher prices? Would there still be incentive for market makers and general buyers on it? My feeling is the ones who will be causing the pump will be fomo-ing in on the big centralised exchanges, not a "niche" decentralised one.

So is it perhaps safer then to preload the XRP from the hardware wallet to a centralised exchange prior to any major action and get the sell orders set up, with the possible risk of said exchange going down in an overload and missing those orders?

A guess a mix of the two would be prudent, but I'm interested to hear people's thoughts on the liquidity side of using the dex in times of great volatility.

Link to comment
Share on other sites

15 minutes ago, Huxley99 said:

So is the only way to trade xrp to USD on the dex by creating a bitstamp account. Do I then trade my xrp for usd bitstamp send it to my bitstamp account then cash out usd to nominated bank account? Sorry if this is a silly question 

If you have a Bitstamp account you could also just sell there.

But yeah….    what you said is correct.

Link to comment
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
 Share


×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.