Does it make any sense to expect to effectively trade intraday between USD and a cryptocurrency at low volumes?

Bitcoin Questions and AnswersCategory: General questionsDoes it make any sense to expect to effectively trade intraday between USD and a cryptocurrency at low volumes?
Matt asked 2 months ago

Hello,
I recently posted to /r/CryptoCurrency (reddit) asking if it’s possible to trade intraday to/from fiat (USD).


From what I can see, fees are very high, and as a result, I expect that it makes the most sense to convert to some cryptocurrency, then, if I wish to trade between cryptocurrencies infraday, fees would be much lower (i’m focused on the fee structures of GDAX, kraken, and poloniex)?

Also, beyond my scouring the internet for resources, are folks on #bitcoin on freenode generally forgiving to n00bs who have spent time researching, but still have a knowledge gap to fill?

Thanks!
Matt

1 Answers
Ofir Beigel Staff answered 2 months ago

Hey Matt, nice to meet you.
Perhaps this article about Bitcoin arbitrage explains the issues of intraday trading. Like you already understood there are a lot of fees for depositing into the exchanges so it will be generally best to deposit a large amount once and then use it for trading.
 
Regarding freenode, honestly I’ve never used it, so I can’t say for sure :) But we welcome n00bs here if you have any additional questions. 

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