Selling litecoin on Uphold to make a profit
Learning outcomes
Review the amount of litecoin we have on the exchange
What was the original value
How much is it worth now
What profit do we want to make
Create a limit order to acheive the desired profit
Have the profit paid direct to bank account
Review
Log into Uphold and check the contents of the litecoin wallet and calculate it's current value.
We have 0.10239867 litecoin
It is worth:
$12.65
£9.58
We started with £10 that was sent originally from the bank to uphold.
Exchange Rate:
Sterling: 1.00 = Dollars 1.31962 = 0.01068 LTC
The table above shows the current value of our litecoin and what the target sell price has to be to make £2 profit.
For this exercise, we will create a limit order and have the funds automatically paid to the bank account
This represents a 20% increase so it's a nice example of how to make some money.
As before, you will create a transaction in Upload, select Litecoin in the from field then select Max to state all coins for sale.
Drag the buy / sell control toward the top of the screen next to the from field to indicate the limit order is a sell order.
The max number of litecoin we have.
The direction of the order, and the price.
Final amount that is due if the price reaches the target
We cannot use the max amount, we need to reduce it slightly by removing the last three digits in the from field. If we don't reduce the amount the limit order cannot be created.
.
Removed the last three numbers
Target Sell price
Current Sell price
Changed the to field so the money is paid direct into the bank when the price increases and the trade is executed
Press Preview to review the trade before comfirming the limit order
As usual, enter your 2 factor authentication code
Final check before Confirming the order
Press the Confirm limit order, then open the Activity Window and the Limit tab.
The Limit order is now active, keep and eye on new transactions in the bank account
Now we wait, patiently for the litecoin sell price to increase.
If we had bought more litecoin and still just wanted to make £2 profit then the sell price would need to be lower because we have more to sell.