Exchange rates: kraken vs. binance vs. p2p

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legendary

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Quote from: btcb3g1nn3r on December 29, 2020, 05:41:26 AM

hi,
I see http://preev.com/ has different sources as input for the exchange rates, as far as I can see, kraken/bitstamp have better rates than binance or other p2p services including localbitcoin.

What's the catch?
If there is no catch but just a fact, why most of you recommend using binance for buying BTC?

thanks

Most people recommend Binance because it's a proven and stable exchange. I use it for most of my crypto to crypto trades.

Kraken is useful if you are EU based and you are dealing with fiat. They have SEPA withdraws with a 0.09 Euro fee.

Lanuf

newbie

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Quote from: btcb3g1nn3r on December 29, 2020, 05:41:26 AM

hi,
I see http://preev.com/ has different sources as input for the exchange rates, as far as I can see, kraken/bitstamp have better rates than binance or other p2p services including localbitcoin.

What's the catch?
If there is no catch but just a fact, why most of you recommend using binance for buying BTC?

thanks

Why is your choice limited to 3 options? Besides localbitcoin, there are other p2p services, as far as I know. For example, you can read here https://cryptototem.com/paxful-review/ about one of them. I'd rather prefer p2p than buy in centralized exchanges with their KYC.

celot

sr. member

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Maybe for bitcoin price each exchange have different on buy order but always have the same price on sell order, maybe bot make price each exchange is different. I only use Binance right now because look soft when trading and fast for withdrawing, I think othe exchange maybe faster for withdraw but I think better hold assets in one exchange only and not make us busy when have any assets with different exchange, exactly when price is goin up we need few time for access to many exchange.

crwth

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Recently, with their promos, I tried to buy a couple of USDT, around $60, with their platform. I have checked multiple custodial wallets that could offer the same thing, but some offer BTC then I would convert it to USDT once I have deposited in the exchange. So one factor that I don't like is the fee that it facilitates while doing the conversion. It gets a chunk of it with that low amount, so not ideal. When I turned into P2P in Binance, it's significantly lower, and it's just an additional around $1 fee instead of an $8 fee IIRC comparing with the custodial wallet.

That's the reason why I would recommend P2P instead of other ways of converting.

BigBoy89

legendary

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There is no catch, just different markets, different liquidity, different limits, and so on. This leads to (temporary) different rates.

IMO Kraken is better for BUYING Bitcoin, but Binance is the best for TRADING.

passwordnow

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Exchanges rate does really vary and it depends in which source they're taking the rates. But in fees they have big differences. This means that whichever has the best fees, you should use them.
But other traders don't mind the fees, as long as they get the best trading experience that exchange can offer. And why everyone is recommending Binance over them all? it's simple because they're approachable and everyone did have a good experience trading there.

mersal

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AFAIK, preev shows the average or the highest price trading on certain crypto exchanges which doesn't mean the value need to be same throughout all the existing crypto-exchange because it is never possible. The prices are changing every second on respective exchange depends on their trading orders not from any other sources even in p2p the traders were allowed to set their own price no matter how much it is from the actual market price.

shushu9977

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All of exchanges are good buying btc or alt. If we see the trading volume and other ranking position, we can recognise that Binance is good for buying any crypto-currencies. Binance is a top ranking exchange, so people are trust this exchange.

btcb3g1nn3r

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I think you're right, I mixed my calculations between adding funds and buying crypto directly, kraken has 3.75% + 0.25eur fee for buying BTC by card

SquirrelJulietGarden

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Quote from: btcb3g1nn3r on December 29, 2020, 05:41:26 AM

I see http://preev.com/ has different sources as input for the exchange rates, as far as I can see, kraken/bitstamp have better rates than binance or other p2p services including localbitcoin.

The bigger volume, the better price for you to choose to enter and exit. Low volume exchanges have big difference from sell to buy orders.

With P2P trades, it is impossible to find best suggestion from preev.com, you need to choose some P2P marketplaces and visit them to find, filter and get the best offers for your trades. P2P trades are risky and you must beware of scam with "too good to be true" offers. Don't find too good rate offers as they are scam trades if the offer owners are new users.

Quote

why most of you recommend using binance for buying BTC?

Binance is a big exchange and has a good reputation. They also responded too good for a hack with their compensation for customers Hackers Steal $40.7 Million in Bitcoin From Crypto Exchange Binance

They provide you some methods: Bank deposit, credit/ debit card, P2P trading, Cash balance, Third-party payment.

webtricks

legendary

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Quote from: btcb3g1nn3r on December 29, 2020, 05:41:26 AM

hi,
I see http://preev.com/ has different sources as input for the exchange rates, as far as I can see, kraken/bitstamp have better rates than binance or other p2p services including localbitcoin.

What's the catch?
If there is no catch but just a fact, why most of you recommend using binance for buying BTC?

thanks

There are several reasons why Binance stands out among major exchanges right now. It has lowest maker/taker fees for starters (just 0.10%) which could be further reduced to 0.075% by using native Binance currency i.e. BNB for fees. Kraken and Bitstamp have relatively higher fees. Although these percentages may look minute but can become important factor when doing margin trading. Apart from that, the volume on Binance is higher than the counterparts which means lesser spread between buy & sell orders. It also means faster order filling.

By the way, I don't think Kraken/Bitstamp have better rates than Binance. In fact, Binance's prices are more close to actual price due to larger volume. However, all these Exchanges are reputable and you can choose any depending upon which deems best for your needs.

Crypto Bright

newbie

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Binance exchange rate is fear better than p2p on transaction fee rate charge withdrawal. in times of kraken exchange i have not used it before, for a trading.

mk4

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Pretty safe to assume that the exchange with the "best" exchange rate would vary a lot throughout the days. Let's not forget that it's the traders on the exchanges that set the buy/sell orders anyway, not the exchange itself.

As for Binance, I'm pretty sure that it's the most recommended exchange mostly for crypto to crypto specifically, but not necessarily the most recommended for buying BTC.

btcb3g1nn3r

member

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Merit: 32

hi,
I see http://preev.com/ has different sources as input for the exchange rates, as far as I can see, kraken/bitstamp have better rates than binance or other p2p services including localbitcoin.

What's the catch?
If there is no catch but just a fact, why most of you recommend using binance for buying BTC?

thanks

Topic: Exchange rates: kraken vs. binance vs. p2p (Read 169 times)