Rohit Mehra
Newbie
- Dec 13, 2019
- 44
- 12
Hello Indian Crypto Squad, since past 1 month I wanted to share my past 3 years of crypto ride but was not getting much time to share, but then I somehow took out time by forcing myself to write. And the only reason was to share my perspective, so that newcomers in crypto can avoid the mistakes I made.
So here we go...
MY CRYPTO SPACE EXPERIENCE:
::: Aug 2017 Till date :::
PART 1
I am in the crypto space since Aug 2017 and since then I have seen lots of ups and downs. So sharing my experience for all the new crypto joiners who needs to understand first how this space works.
(I would need support of all who are big time HODLER'S like me into crypto, and apologies to anyone/everyone if I hurt anyone's sentiments)
CAUTION:
If you are not a big fan of reading then you can skip this article, but if you wish to save your some hard earned money then I bet this will help you a lot, because I have experimented almost everything in Crypto.
I will be covering in the following topics and the first of my article is based on Exchanges which is the very first topic.
A- Exchanges
B- Trading
C- Leverage Trading & Is it worth? (BitMex/Binance/Bybit)
D- Crypto Trading Signals (Worth or Shit?)
E- Yield Farming
F- DEFI & DAPP
G- Is BITCOIN hackable?
H- Did I lost any money in Crypto?
(Hell ya, I did lose a lot & it does deserve a story to tell)
Notable crypto shorties:
HODL, FOMO, DYOR, ERC20, STAKING, DEFI, MOON, GAS, DEX, ICO and much more...
Important Websites/Apps:
Coingecko, Coinmarketcap, YouTube, Medium, Reddit, Tradingview, Telegram, Twitter and many more...
Important wallets:
Exodus, Metamask, Atomic Wallet, Trezor (Hardware wallet) and many more...
(NOTE: Remember to do KYC on all the exchanges, so that you are doing 100% legal trading, otherwise the law will come chasing you. If you plant to convert your black money in crypto then think twice, because all the transactions are recorded on the blockchain unlike fiat which has no traceability {Except fingerprints})
A - EXCHANGES:
(My experience with the crypto exchanges of India)
1. Initially I started with the zebpay with Rs. 100 and yes that too was looking too much for me as to what if I loose that money also (looks for kids now and back then too) but initially good playground for the newbies to explore the crypto space.
2. I initially started with coinsecure website which is a defunct company now but back in those times it had lots of BTC volume, and it was a really good playground. Remember this was only a website not an app (app privilege that everyone is taking grated as of now)
3. Then came the king Koinex and it was the exchange with the best technology and volume too (still missing Aditya and Team of Koinex) I vividly remember my meeting with the entire Koinex team in the night in their Mumbai office and I was surprised with the working style and may be that is the cause of their downfall, since they burn huge $$$ in building and maintaining their exchange.
4. Anyways I moved from Koinex to Bitbns due to the shutdown of Koinex and I regret today also that some of the transactions were going for 2,00,000 also per BTC with the huge discount of 50%. Even though Bitbns team has got success in their mind including the founder but it's a good platform with the best volume. I Have some assets in WazirX also, but I don't like that exchange somehow, since it is more driven by USDT {Obviously because of Binance, who owns this Indian exchange.}
5. Overall bitbns has never disappointed me on anything except their Deposit & Withdrawals system which lags in the highly volumetric days, but apart from that it's fine.
6. Oh man my experience with the Unocoin is nothing short of a horror film. I joined Unocoin just in Oct for Arbitrage trading of ZIL where I thought I can make 20% to 40%. And after I did the TX, I came to know how big mess I was in. So I had to get rid of my bags and go off from the exchange. I would not recommend anyone to trade ZIL from Unocoin or may be some other coins where those coins are not on the blockchain. Which means you are trading a shit coin worth "0". So if you have your account in Unocoin, think twice/thrice.
7. Yes, I know many of you are thinking why not Binance {But I am covering only Indian exchanges here.} I will write about Binance in some other topic as I get time, since it is also a topic of discussion.
ADVICE BASED ON MY EXPERIENCE:
- Strictly stay away from the low VOLUME and less secure exchanges like Uno.. & may be some others. No experience of CoinD... but I would not recommend any exchange with low trading volume and low security.
- Zebpay & CoinSwitch are for the newcomers and their buy prices are high and sell prices are low.
- It is not advisable to keep your crypto on any exchange unless you are a day trader or swing trader.
{I use exodus, daedalus, atomic, metamask where I have the complete control over my assets}
So that's it for this first article on my experience with the exchanges.
So here we go...
MY CRYPTO SPACE EXPERIENCE:
::: Aug 2017 Till date :::
PART 1
I am in the crypto space since Aug 2017 and since then I have seen lots of ups and downs. So sharing my experience for all the new crypto joiners who needs to understand first how this space works.
(I would need support of all who are big time HODLER'S like me into crypto, and apologies to anyone/everyone if I hurt anyone's sentiments)
CAUTION:
If you are not a big fan of reading then you can skip this article, but if you wish to save your some hard earned money then I bet this will help you a lot, because I have experimented almost everything in Crypto.
I will be covering in the following topics and the first of my article is based on Exchanges which is the very first topic.
A- Exchanges
B- Trading
C- Leverage Trading & Is it worth? (BitMex/Binance/Bybit)
D- Crypto Trading Signals (Worth or Shit?)
E- Yield Farming
F- DEFI & DAPP
G- Is BITCOIN hackable?
H- Did I lost any money in Crypto?
(Hell ya, I did lose a lot & it does deserve a story to tell)
Notable crypto shorties:
HODL, FOMO, DYOR, ERC20, STAKING, DEFI, MOON, GAS, DEX, ICO and much more...
Important Websites/Apps:
Coingecko, Coinmarketcap, YouTube, Medium, Reddit, Tradingview, Telegram, Twitter and many more...
Important wallets:
Exodus, Metamask, Atomic Wallet, Trezor (Hardware wallet) and many more...
(NOTE: Remember to do KYC on all the exchanges, so that you are doing 100% legal trading, otherwise the law will come chasing you. If you plant to convert your black money in crypto then think twice, because all the transactions are recorded on the blockchain unlike fiat which has no traceability {Except fingerprints})
A - EXCHANGES:
(My experience with the crypto exchanges of India)
1. Initially I started with the zebpay with Rs. 100 and yes that too was looking too much for me as to what if I loose that money also (looks for kids now and back then too) but initially good playground for the newbies to explore the crypto space.
2. I initially started with coinsecure website which is a defunct company now but back in those times it had lots of BTC volume, and it was a really good playground. Remember this was only a website not an app (app privilege that everyone is taking grated as of now)
3. Then came the king Koinex and it was the exchange with the best technology and volume too (still missing Aditya and Team of Koinex) I vividly remember my meeting with the entire Koinex team in the night in their Mumbai office and I was surprised with the working style and may be that is the cause of their downfall, since they burn huge $$$ in building and maintaining their exchange.
4. Anyways I moved from Koinex to Bitbns due to the shutdown of Koinex and I regret today also that some of the transactions were going for 2,00,000 also per BTC with the huge discount of 50%. Even though Bitbns team has got success in their mind including the founder but it's a good platform with the best volume. I Have some assets in WazirX also, but I don't like that exchange somehow, since it is more driven by USDT {Obviously because of Binance, who owns this Indian exchange.}
5. Overall bitbns has never disappointed me on anything except their Deposit & Withdrawals system which lags in the highly volumetric days, but apart from that it's fine.
6. Oh man my experience with the Unocoin is nothing short of a horror film. I joined Unocoin just in Oct for Arbitrage trading of ZIL where I thought I can make 20% to 40%. And after I did the TX, I came to know how big mess I was in. So I had to get rid of my bags and go off from the exchange. I would not recommend anyone to trade ZIL from Unocoin or may be some other coins where those coins are not on the blockchain. Which means you are trading a shit coin worth "0". So if you have your account in Unocoin, think twice/thrice.
7. Yes, I know many of you are thinking why not Binance {But I am covering only Indian exchanges here.} I will write about Binance in some other topic as I get time, since it is also a topic of discussion.
ADVICE BASED ON MY EXPERIENCE:
- Strictly stay away from the low VOLUME and less secure exchanges like Uno.. & may be some others. No experience of CoinD... but I would not recommend any exchange with low trading volume and low security.
- Zebpay & CoinSwitch are for the newcomers and their buy prices are high and sell prices are low.
- It is not advisable to keep your crypto on any exchange unless you are a day trader or swing trader.
{I use exodus, daedalus, atomic, metamask where I have the complete control over my assets}
So that's it for this first article on my experience with the exchanges.
Last edited: