Cryptsy Cryptocurrency Exchange
Cryptsy is one of the leading cryptocurrency exchange sites, offering you the possibility to not only buy and sell Bitcoins, but also most of the alternative coins that are on the market. Cryptsy was founded in 2013 and has quickly become a popular places to do trades. Unlike many other exchanges it is not possible to see the value of the cryptocurrencies in dollars, but only against Bitcoins, LiteCoins and Primecoin making it a place for established cryptocurrency owners only.
However for established cryptocurrency holders it is one of the best places to trade the different cryptocurrencies that are available on the market, as Cryptsy has more than 114 different markets that you can trade currently. When you register an account you will have a wallet for all of the cryptocurrencies that they have in their market, making it a great place to hold many different coins at once. Once you have opened your account you can buy, sell and transfer all the coins available and transfers between Cryptsy users are made instantly.
For investors of the different coins it is also possible to auto sell your coins by putting in the value that you want it to reach and then the system will sell it when it hits that rate. This is ideal for investors who wants to be able to not constantly look at the market to make a profit, but simply enter the value and receive a profit that way through.
You also have access to all your transaction history including deposits, withdrawals and transfers in and out. This allows you to keep a track of everything you have done and also gives you the chance to see what you have made profit and losses on.
You will be charged a small fee for all the transactions that you make in Cryptsy, which doesn't amount to a lot of money overall, as the fee is 0.30% of the total amount that you either buy, sell or withdraw from the site. Withdrawals are quite fast and takes around 10-50 minutes after you have confirmed the transaction, which is the standard for cryptocurrency exchange sites.
Deposit, Withdraw and Transfer Coins
One of the first things you have to do in order to start buying and selling coins in Cryptsy is to deposit coins into the site. This is done by sending Bitcoins, LiteCoins or Primecoins to your unqiue wallet address that you get when you create your Cryptsy account. You can also deposit any other coin they support into the system, however they can only be used for selling in there as they do not support buying other coins with them yet.
If you need to withdraw your coins to another wallet or to a gambling site, then you simply go to the withdraw menu for the coin you need to withdraw and press the withdraw button. From there you will have to enter the unique address of the receiver and then accept the withdrawal and the money is on its way.
For transfers that you have to do to other users within Cryptsy, there is a special Cryptsy wallet address that you have to obtain from the receiving party. By getting this address the person will receive the coins instantly and without any fee. The other way to do it is to make a withdrawal request, but that will charge you 0.30% fee as well as take up to one hour before going through.
How to Buy and Sell Coins
In order to be able to make any trades in Cryptsy you will have to either deposit Bitcoins, Litecoins or Primecoins to your Cryptsy wallet. It is not possible to buy any of the three coins by paying with dollars yet, but it will become available very soon according to Cryptsy. This limits Cryptsy compared to other exchange sites, but for traders that already have Bitcoins, Litecoins or Primecoins it is not a problem at all.
Once you have deposited one of the three main coins into your account it is possible to start buying the other 50+ alternative cryptocurrencies that they offer. To place an order is very simple as you simply got to the market that you want to buy from, enter the amount of coins you want to buy and the price you want to buy them for. Once that is done you will see the total transaction cost and you can submit your order. Cryptsy will then put your order on the market and find a potential seller for you, through the many sell orders that has been placed in their system. Once found you will be credited the coins you bough and deducted the currency you used to buy them with. You can at all times see your pending orders in the open orders menu, so you always know what you have bought and which are still pending.
If you want to sell a specific coin, then it is the same process as when you want to buy coins. First you choose the coin you want to be paid in when you sell and go to that coins market. There you enter the amount of coins you want to sell and the price, giving you the total transaction value that you will receive. Once the order has been submitted it will be placed by Cryptsy in the selling market and paired up with potential buyers that are interested in purchasing the coins at the price you have specified. Once the order has gone through you will receive the coins you wanted to sell for and the other part will receive your cryptocurrency coins that you sold. You can always see if your order has been processed by clicking on the open orders button and see if it is still pending there or not.
Your balance will always be updated instantly once a trade has been made successfully, so that you can see it in your total balance. Furthermore you can at all times see what your current balance is worth in Bitcoins on the bottom of your balance page, where it takes the current value of all your coins and add it together, giving you an idea if you have made or lost money on your trades.