Topic: A BETTER WAY TO EXCHANGE DIGITAL CURRENCIES. (Read 226 times)
i trade with binance and i believe it is an amazing platform and properly secured than most centralized exchange. for me, it remains the number cryptocurrency trading platform with the higest trading volume. IEOs conducted on binance are most successful. the shapeshit exchange is a decentralized and i have not use it before. i prefered uniswap and forkdelta exchange whenever i want to use decentralized exchange.
There are a lot of exchanges where you can swap your coins but the most important thing is choosing the right exchange. So instead of deposit your funds at the exchange you can use some hardware wallets like ledger nano s and trezor wallets.
I have not swap account before. So, what's the charge for swapping account from one exchange to another?
Which other can you add to Binance platform so that I have two to choose from or have option B.
No offence. But it looks like you are wantonly dragging the discussions in this topic and others that you have created. Several members have already informed you that no centralised exchange is good. However, if you are willing to use a centralized exchange, Binance can be used as a trading platform considering the fact that they support major salt, good liquidity and security etc. They have also suggested other alternatives like Huobi, Bisq etc. The right way to chose an exchange is to search for major exchanges like Huobi, Okex etc, check if they support the altcoin you are planning to trade. Search for any open scam accusations against the exchange and choose an exchange that meets your needs. You have to do your own research before choosing an exchange which you think is suitable.
There are a lot of exchanges where you can swap your coins but the most important thing is choosing the right exchange. So instead of deposit your funds at the exchange you can use some hardware wallets like ledger nano s and trezor wallets.
Which other can you add to Binance platform so that I have two to choose from or have option B.
Other than Binance, you can choose exchanges like Changelly, Poloniex, and Coinswitch. I have used all these exchanges, out of these I would prefer Coinswitch exchange because it is an exchange aggregator. It supports many leading exchanges like Binance, Changelly, Hitbtc, OKEx, Changenow, etc. Here you will have an option to choose the best rates by comparing the rates across exchanges and trade at the best rate. It supports around 300 coins and no KYC or AML is required to trade.
In this case, Binance is the best option.
Their fee is very cheap. And they give best withdrawal limit without KYC.
Binance supports almost all countries and they are adding more fiat pairs to their exchange. This makes them the top exchange because they offer best service and support.
Their fee is very cheap. And they give best withdrawal limit without KYC.
Binance supports almost all countries and they are adding more fiat pairs to their exchange. This makes them the top exchange because they offer best service and support.
Very great comment.
From the discussion so far on the thread its clear that shapeshift is out of it due to insecurity.
It is also good to have an alternative exchange platform.
Which other can you add to Binance platform so that I have two to choose from or have option B.
In this case, Binance is the best option.
Their fee is very cheap. And they give best withdrawal limit without KYC.
Binance supports almost all countries and they are adding more fiat pairs to their exchange. This makes them the top exchange because they offer best service and support.
Their fee is very cheap. And they give best withdrawal limit without KYC.
Binance supports almost all countries and they are adding more fiat pairs to their exchange. This makes them the top exchange because they offer best service and support.
No exchange is safer than keeping your coins in your wallet, the best advice I can give is never trust any exchange, either centralized or decentralized anything can happen, stay safe
Unfortunately, even decentralized exchanges can be hacked too due to flaws in the software like what happened to Bisq recently https://www.coindesk.com/hacker-exploits-flaw-in-decentralized-exchange-bisq-to-steal-250k
you will never ever find any software (open source or closed source) that has no bugs. decentralized exchanges are not an exception here. the important point is the severity of the hacks. such hacks in a centralized exchange would lead to millions of dollars lost and all the platform users affected by it since there is one centralized point of failure. but in a DEX such hack leads to a smaller size loss and less user affected (7 users in this case and only 3BTC+4000XMR worth $250k).
Exchanges are ranked based on volume and Liquidity, the difference between shapeshift and binance is marginal, binance is a top exchange, one of the best in crypto space and shapeshift is also a reliable insta exchange but not good like binance, shapeshift should be compared to changelly and instaswap
1. BINACE and
2. SHAPESHIFT
2. SHAPESHIFT
You shouldn't be comparing the two since it caters to different people. Binance is for people inclined to trade cryptocurrencies while Shapeshift.io is for people who want to buy/exchange crypto instantly they call it "instant" crypto exchange by some people. In Shapeshift.io you cannot really set the asking/selling and the bid/buying price since the amounts are set by the Shapeshift itself, also the cryptocurrencies bought/exchanged by you are sent directly to your address and is not held in a wallet from your trading account. So if you are an active trader or will be putting up orders both in the buy and sell side Binance would be a better fit for you or look out for other crypto exchange that will be bank friendly with your country.
Unfortunately, even decentralized exchanges can be hacked too due to flaws in the software like what happened to Bisq recently https://www.coindesk.com/hacker-exploits-flaw-in-decentralized-exchange-bisq-to-steal-250k
Great point.
Let's assume that the two platforms you're using today starting have bugs and security issues, what will you do?
I suggest you have alternative exchange should in case that comes up.
What do you think?
Let's assume that the two platforms you're using today starting have bugs and security issues, what will you do?
I suggest you have alternative exchange should in case that comes up.
What do you think?
Sure. But as far as I know both currently don't have "bugs". As for security issues, they will. It's just a matter of when. Hence why I put heavy emphasis on immediately withdrawing your funds to a non-custodial wallet after every transaction.
Aside from ShapeShift and Binance what other exchange platform should we adopt and look keenly?
Personally though, I've had zero problem with both Binance and Huobi Global(HBG) so it's really pointless for me to look for alternatives. It's been quite a while since I've used them though, so do your research.
Let's assume that the two platforms you're using today starting have bugs and security issues, what will you do?
I suggest you have alternative exchange should in case that comes up.
What do you think?
Is there an exchange platform that's decentralized and has solve the above problems.?
yes there are. they are called decentralized exchanges or DEX for short. example of which is Bisq. they solve the centralization problems (no KYC, no middle men to take fees, no centralized database to be hacked, you control your keys so nobody can scam you,...) but then they introduce other problems. for example lack of liquidity due to being less popular, having some possible bugs due to being new and open source/free projects, being harder to use and possible sometimes less fast.
keep in mind that sometimes there are projects that call themselves DEX but they are not really DEXes they are centralized like Binance DEX.
It is centralized and it gives customers no guarantee of safety whatsoever. they keep giving you empty promises of safety just like all the others and eventually it is like a ticking time bomb that will explode some day. it could be today or years from now.
Great contribution.
From what you state, one of the problem for security problem of these platforms is as a result of their centralization nature.
Is there an exchange platform that's decentralized and has solve the above problems.?
Very helpful comment.
when it comes to exchanges it is not possible to say which one is "best" because they are all bad. you have to try to figure out the risks involved and then try to choose one that is least bad if you still wanted to trade. for example Binance which is so popular these days is still risky since it is the exact same thing as its ancestors: Poloniex, Bittrex, Cryptsy, Btc-e, Mt Gox,... it is centralized and it gives customers no guarantee of safety whatsoever. they keep giving you empty promises of safety just like all the others and eventually it is like a ticking time bomb that will explode some day. it could be today or years from now.
Aside from ShapeShift and Binance what other exchange platform should we adopt and look keenly?
It really depends. What cryptocurrencies are you planning on trading? Personally though, I've had zero problem with both Binance and Huobi Global(HBG) so it's really pointless for me to look for alternatives. It's been quite a while since I've used them though, so do your research.
1. BINACE and
2. SHAPESHIFT
I don't know them both. Furthermore, if you want to give others good exchanges or any good platforms, you must give them in full links, rather than just a name. With a name, we can find bunches of different domain names and sure only one of them is legit for one exchange. The rest are fake, phishing sites.2. SHAPESHIFT
Thank you for calling my attention to this. I'll edit and add the full domain name and not just the brand names of these exchange platforms.
Any exchange platform that is prone to attack or hacking should not be consider in my opinion because the security of your currency is equal to your currency.
Rule: The security of your crytocurrencies is your currency. If it is not secured it doesn't belong to you and if it's secured then its yours.
Shaoeshift fall outside this rule, so it is not an option I'll like to consider. Thanks
Rule: The security of your crytocurrencies is your currency. If it is not secured it doesn't belong to you and if it's secured then its yours.
Shaoeshift fall outside this rule, so it is not an option I'll like to consider. Thanks
Literally every single exchange that's custodial will be prone to attacks; it's pretty much just a matter of 'when' not 'if'. With that said, since Binance isn't currently strict with KYC, I've been using it for a while when mid-long term trading altcoins. But again, since custodial platforms are prone to attacks, it's heavily recommended to immediately withdraw your funds every time you make an exchange transaction to protect yourself if ever something happens to the exchange.
Don't let history repeat itself: http://cryptosec.info/exchange-hacks/
Thanks for this profound addition.
Donald Trump said his book "Why we want you to be Rich" that "he studies history in order not to repeat history."
That link will be helpful to understand the history of this exchange platforms.
Aside from ShapeShift and Binance what other exchange platform should we adopt and look keenly?
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