Newbie Needing Some Help

[Armada]

Hi Guys,

I'm a newbie here. Honestly I've never bought any crypto currencies but would like to start buying XRP.

I've done some research but would be very thankful to any suggestions.. I kinda need to be pointed in the right direction here. Any help and advice is appreciated.

Does anyone know if this is a good plan for a first timer?

1.) Create coinbase.com account and buy Bitcoin with USD

2.) Create Poloniex.com account and transfer Bitcoin to poloniex.com account

3.) Begin trading through Poloniex.com account. Or, integrate Coinigy.com with Poloniex.com and trade there..

 

Again total new guy at this so any help is appreciated.

[vickyhunter]

Or you could create an account with Kraken.com, Bitstamp.net or GateHub.net and purchase XRP directly with your fiat !

- V

Edited June 27, 2017 by vickyhunter

[Armada]

Thanks for the reply.

I actually tried setting up an account with Gatehub but they wanted a heck of a lot of info. Including bank statement, passport etc. That was after I already sent a utility bill and copy of drivers license. It made me a bit nervous.. Is that a normal protocol with them?

[vickyhunter]

3 minutes ago, Armada said:

Thanks for the reply.

I actually tried setting up an account with Gatehub but they wanted a heck of a lot of info. Including bank statement, passport etc. That was after I already sent a utility bill and copy of drivers license. It made me a bit nervous.. Is that a normal protocol with them?

You have to go through that with almost every exchange which deals with fiat. There can't be a better time to invest into XRP. Dive in.

-V

Edited June 27, 2017 by vickyhunter

[Armada]

Ok, I think I'm gonna try Bitstamp Thnx

[otstudio]

49 minutes ago, Armada said:

Hi Guys,

I'm a newbie here. Honestly I've never bought any crypto currencies but would like to start buying XRP.

I've done some research but would be very thankful to any suggestions.. I kinda need to be pointed in the right direction here. Any help and advice is appreciated.

Does anyone know if this is a good plan for a first timer?

1.) Create coinbase.com account and buy Bitcoin with USD

2.) Create Poloniex.com account and transfer Bitcoin to poloniex.com account

3.) Begin trading through Poloniex.com account. Or, integrate Coinigy.com with Poloniex.com and trade there..

 

Again total new guy at this so any help is appreciated.

That is the path I've used; however, if you use ETH or LTC to do the transfer to Poloniex or another exchange; the wait times for it to clear can be less. (Unless the ETH network is overloaded.) 

Yes, and any exchange that deals in Fiat (USD, etc) will ask for all those identity verifications if they are legit. Be careful with the ones who don't ask for that. 

Coinigy works great when you hold coins at multiple exchanges. I personally have used Bitstamp, Gatehub, Poloniex, and GDAX. So far have only had issues with Coinbase/GDAX intermittent outages the last few weeks, due to larger demand and user influx. 

[Armada]

Ok cool, thanks for the info you guys. I successfully verified my account through Coinbase. Although I ran into an issue. I'm up in Washington state and Poloniex is not allowed here. Any suggestions for the state of WA? Not Washington D.C. but Washington state. Thanks.

[vickyhunter]

Bittrex 

[Armada]

Ok cool. Looks like Bittrex is in Seattle. Haha.

[Xilobyte]

2 hours ago, Armada said:

Thanks for the reply.

I actually tried setting up an account with Gatehub but they wanted a heck of a lot of info. Including bank statement, passport etc. That was after I already sent a utility bill and copy of drivers license. It made me a bit nervous.. Is that a normal protocol with them?

That is quite normal for all exchanges. It has to do with Country specific regulations. They are not trying to be invasive. I personally recommend that you tour this forum a bit more and collect info on the different exchanges. I use Bitstamp to make XRP purchases. I have never used BTC to trade for XRP. At times I use Litebit.eu to buy XRP and Digibyte. With either of these exchanges I can send cash via wire transfer and buy direct. Another thing that I like to see is when an exchange does not require that I use their wallet. I like to buy and have it sent directly to my personal wallets. I prefer to minimize the length of time that any asset is located outside of my reach.  There are way too many Mount Gox's out there that may pack up and run at any moment.

It is very normal to send not really a bank statement, since that is absolutely worthless and can be photoshopped, but at least a copy of your id, a picture of you holding your id and even verify your bank accounts with a transfer. Asking for a bank statement really does nothing, but if you do send one, just black any money amounts. They do not care about your balance. It is just a stupid way to put your name to an account number. Passport is because of ID for one and the other may be that they are not authorized to conduct biz with certain countries.

Gatehub has waaaaay too much drama. Try to go with Bitstamp. I do not see much on Kraken so perhaps they are ok.

Stay away from Poloniex. There is something fishy about those guys. All you are interested in is buying your coin and properly storing it.

Edited June 27, 2017 by Xilobyte

[Xilobyte]

2 hours ago, vickyhunter said:

Or you could create an account with Kraken.com, Bitstamp.net or GateHub.net and purchase XRP directly with your fiat !

- V

Good job @vickyhunter recommending solid platforms. Gatehub is a little wobbly on my recommendation list, but still perfectly useable.

[Armada]

Xilobyte,

Thank you very much for the feedback I truly appreciate it and will help me feel more confident navigating these new waters. I've purchased my first XRP through Bittrex. Yes, Gatehub felt a bit dramatic. Everything was way smoother through Coinbase and Bittrex. @vickyhunter thank you for those recommendations as Xilobyte mentioned above. I'll go and create a Bitstamp account. Is there an overall trading platform that can be used that is atleast semi trust worthy? Is coinigy.com any good? I mean overall as in being able to trade other currencies as well as XRP? Although I'll probably keep my XRP with Bitstamp.