So let's say I want to start trading crypto today. Have

You don't want to start trading crypto until August 1.

Exchanges have internal wallets. Buy BTC and transfer them to an exchange, that's it. Storing coins on exchanges is always a risk, transfer coins to normal, official wallets (cold storage), when you are not going to trade them.

Exchanges have fees on every trade. For instance https://poloniex.com/fees/ (a maker places an order, a taker fills it).

>>2734094
>What do I need?
A way to get fiat in to BTC/ETH/LTC. Look in to Coinbase or Gemeni but prepared to give them personal information.
>Do I need a different wallet for each coin I buy?
No and yes. You can keep coins on exchanges but it isn't the best practice. But if your trading and not holding, you can have a few wallets and trade alts then back to BTC/ETH or fiat. Might only need a handful of wallets (I have 5 but 3 are web based).
>How do the exchanges work?
Transfer coins to exchanges and then sell and buy others. You can do fiat to exchange transfers but I've been too impatient to set that up. Usually you'll have to sell in to BTC or ETH. Learn these 2, mainly BTC as you may think your gaining money in USD but your could be losing position against BTC pair.
>Do you have to pay per transaction?
Yes. It's a lot smaller than stocks etc. It's usually a flat percentage so it's the same cost if you sell 100 fag coins once as it would to sell 1 fag coin 100 times.

It's bear for sure right now but when things go good, it's amazingly fun and you can make good gains % wise since there is high volatility. Most stuff on /biz/ of lately is straight up shit. Don't be shilled in to being a bagholder. It's not fun in this market. Do your research. I usually keep 3 exchanges open, cryptowat.ch, marketcap, tradingview, Twitter, biz, reddit, etc. Open If truly day trading. Don't be scared to sell and hold fiat on exchanges. You can really reposition yourself nicely during a few down days by selling and holding cash for a later, lower buy in. Don't try to chase gain, you only incur a loss when you sell, and only invest what you can afford to lose. If you get to where you double your money, pull out your initial investment. It's much more fun to play with house money. Might would be more profitable in this market to buy something like XRP and hold for a few until the bull comes back to play. Lastly, good luck future rich fag.

>>2734159
>>2734166
Thanks to both of you, this is helpful. And yeah, I'd rather avoid being a bagholder so I generally disregard any shilling here and just go off of charts and technicals in stocks anyway. Been burned once from listening to the fags in Robinhood general.
So are there pros and cons to different exchanges? Which ones are the best?

>>2734206
>Which ones are the best?
I'm partial to bittrex because of the amount of coins available, the chart options, and have never seen it get dossed. No margin trading though.
Kraken is OK. Less coins but can sell for fiat and transfer if you go that route. They have margin trading. Avoid the 5xs long/short until you watch things for awhile. I lost 13 ETH during the Krakening on May 8th and it fuxking sucked. They got dossed.
Polo I avoid now. Too many complaints about long deposits, withdrawals, dossing, etc. I do like following their volume though.
GDAX is OK. Few coins but links to Coinbase account. Be careful onargin here as well.

There should be some new better exchanges coming down the road soon. Until then, I'm a bittrex guy for now.

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>>2734094
I hate that cunt.

>>2734094
>Been trading stocks for years
>How do exchanges work?
>What are commission fees?
>What is google?