You can use your bitcoins or other cryptocurrencies as stock deposit. Otherwise, you can trade them and try to make a profit. Put in mind that cryptocurrencies market is very volatile. You can make substantial earnings but losses can also be very large.
When I talk about losses, I refer to various kinds of risks that are inherent to the cryptocurrency market.
- Market is very volatile. Prices can change rapidly. The extent of those changes might also be very high. It can happen that the bitcoin price changes by 30% in one day.
- Exchange market are subject to security failures. Many examples are by now available, including Mt.Gox, coinex.pw, bter and others. When a site is hacked and coins are stolen, their is often no way to recover your deposits.
- Bitcoin has no central authority behind, no guaranty as well.
Cryptocurrencies trading platforms:
Bter (RECOMMENDED)
Coinex.pw (Offline since March 2014, shut down)
Cryptsy (NOT RECOMMENDED)
Vircurex (not yet tested)
Coins-e (not yet tested)
Cryptocurrencies markets are still very volatile. Prices can go up and down in short time. You can make money but you can lose as well. So, do not invest in those exchanges more that you can afford to loose. Finally, this post is for information only and may not be regarded as recommendation of any type.
BTER :
bter.com is a cryptocurrency trading website. You can here exchance a cryptocurrency for another or for chinese yuans. If you don't yet have an acount then click on the link bellow to open an account and get 10% discount on your trading fees for 6 months:
If you already have an account, login into your account using the link bellow to benefit from the 6 months tranding fees discount:
You need to deposit some funds in your account. The simplest way is to use cryptocurrencies like bitcoins or litecoins. Deposit of chinese yuans might be more complicated.
In early 2015, bter announced that a substantial amount of bitcoins has been stolen from their cold wallet. After going offline for few weeks they finally reopened the site and resumed withdrawals gradually. Trading was again enabled by March 12th.
COINEX.PW (NOT RECOMMENDED) :
After the spectacular collapse of MtGox last month, many other exchanges show difficulties. Coinex.pw a cryptocurrency exchange has shut down operations in March after being victim to cyberattacks resulting in the theft of considerable amount of coins belonging to the costumers. The owner has first deleted his accounts on Reddit and GitHub. He reappeared later, and promised that coinex.pw will refund the costumers from his own coins. He also revealed that the same thing happened in the past and that the stollen amount were refunded from the company's account.
It seems that the website is again operational but withdrawals are not possible. Any amount you deposit there will probably be lost.
coinex.pw has been shut down.
CRYPTSY :
Cryptsy, another popular cryptocurrency exchange is also experencing difficulties probably due to hacker's attacks (they say: our wallet that was bloated by transaction spam and moving to a multiple wallet system). But it seems that Cryptsy is having a particular problem. They process deposits fast, transactions are also going but if you try to withdraw your coins then you get stuck. Withdrawals may remain in "Pending" status for a long time, sometimes for many days. By the time you get you coins, the valued might have been droped by a considerable percentage. It took me 5 days to get my IFC coins out of this exchange. A quick search on many forums reveals that Crypsty is being exprencing this kind of difficulties since several months already. Some users report withdrawals pending for over a week. Some also reported the same difficulties with other coins than IFC. Overall, despite a good market depth and intersting prices, I do not recommend this exchange.
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