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RE: Weathering the Storm: How to Capitalize on a Crypto Market Crash
Thank you for this post! I'm also new to cryptocurrency and trading in general, so I greatly appreciate posts about the fundamentals of both. I'm looking forward to your future posts (and cocktails). By the way, what advice would you give regarding trading on multiple exchanges? For example, I currently trade on Kraken exclusively, but am looking to expand my portfolio with ZEC/CAD and LTC/CAD trading pairs, which Kraken currently does not offer. Should I wait for new pairs, purchase USD, or move assets to another exchange? What advice would you offer? Cheers!
Ideally you would withdraw a crypto from Kraken to another exchange to trade it for the crypto you want. There are very few cryptos that are paired to CAD, usually just BTC and ETH and Kraken has XRP. Note you will be charged a small withdrawal fee and depending on what you're withdrawing the transfer can take some time (as is the case for BTC and ETH these days).
LTC I think you can get on Kraken via BTC? So I would just do that. You can play the long game and buy BTC when it's dipping (say, today or tomorrow) and then buy LTC with that BTC when BTC is up and LTC is down. Right now I think BTC may bounce back a bit on Monday. LTC has been consolidating in a downtrend.
Don't wait for new pairs, there is no way to predict when that will happen.