I had a difficult time setting up my second trading account – partly because of the strictness of the system – partly from my own ineptness and failure to do precisely what was asked.

I am going to relate the experience here in the hope that it will save time and frustration for those that want to trade crypto-currencies.

But first a word of warning: Crypto-currency trading is the wild west of trading – it is volatile and you can lose a lot in a short time.


Now, having said that, I must tell you that in less than one month I have doubled my money and have removed my seed money from the market – so I am playing with house money. If both my accounts go to zero immediately I will not have actually lost any money. That is what makes this market so much fun. If you use good trading practices, common sense and have a little luck you can have lots of money and make some money as well.

So, here’s how I got started:

First, I opened an account with Coinbase – an exchange based in the USA and considered by many the best place to trade Bitcoin, and a few other cryptos. It is the word few that made finding a second exchange necessary. I intended to put my small initial investment ($2.400.00) into three or four different cryptos: Bitcoin, Ethereum, Litecoin and Ripple. It was Ripple that forced me to seek another exchange.

Based on my research of the various crypto coins out there, I felt that ripple had the best chance of really soaring in price, so it was my intention to put $1,000 into ripple – it was trading at about 20 cents per coin at the time.

So I put my $2,400.00 into Coinbase and put $400.00 in Bitcoin, $1,000.00 in Ethereum and $400.00 in Litecoin.

Then I started the process of setting up an exchange to trade ripple. I eventually got it done with Kraken, but it was not easy. You must pay attention to what is asked and comply precisely. You will need a very good digital camera for the identification process and make sure that your Drivers license, or whatever ID you use is sufficiently clear in the photo to read the info – while keeping your face fully in the picture and in focus as well.

To make a long story short, this consumed more than a week with me and when I finally got the account open it took several more days to get the funding transferred. It has to be done by bank wire transfers.

Guess what, by the time my account was ready to trade ripple went up from about 25 cents per coin to more than a dollar per coin – the frigging day before I was approved for trading!

I am still mad as hell – at myself – for that lost opportunity.





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