Topic: Is it safe to buy BTC from exchange and transfer directly to trading platform? (Read 470 times)
August 15, 2017, 04:25:03 AM
If you choose reliable platform it is quite safe. But keep in mind that many exchanges scammed, got hacked or failed in the past, so always be careful to put money on such platforms.
August 15, 2017, 12:41:54 AM
I could buy Bitcoin from a local exchange site and transfer it directly to trading platform (kraken). So, instead of adding my Desktop's wallet address, I could add kraken's generated BTC address.
Is it safe? Does it have advantages or disadvantages?
P.S: I can buy from kraken, but the fees are high and it's time consuming.
L.E:
Buying at my local exchange it's much more cheaper (if I subtract the fees) and it's faster. Actually the prices are higher, but if I subtract the fees it's cheaper. But as I said, this service is an exchange, not a trading platform like kraken.
In order to buy from kraken, I need to convert my local currency to USD (1.15% fee), transfer to Kraken's bank address ($16 fee) and it can take 2 - 5 business days and after that buying with 0.26% (market price) or 0.16% (limit price). If I buy on local exchange, it takes only 5 - 15 minutes and aprox 1h to receive the bitcoin in my wallet.
I'm asking if it's safe to add kraken's BTC address instead of my local Desktop's wallet address so this way I can save more money instead of just throwing on fees. Is this safe? Can the transaction be lost?
This is 100% safe and i am doing the same , i mean to buy at low price at any place and direct send to the exchange Wallet .Is it safe? Does it have advantages or disadvantages?
P.S: I can buy from kraken, but the fees are high and it's time consuming.
L.E:
Buying at my local exchange it's much more cheaper (if I subtract the fees) and it's faster. Actually the prices are higher, but if I subtract the fees it's cheaper. But as I said, this service is an exchange, not a trading platform like kraken.
In order to buy from kraken, I need to convert my local currency to USD (1.15% fee), transfer to Kraken's bank address ($16 fee) and it can take 2 - 5 business days and after that buying with 0.26% (market price) or 0.16% (limit price). If I buy on local exchange, it takes only 5 - 15 minutes and aprox 1h to receive the bitcoin in my wallet.
I'm asking if it's safe to add kraken's BTC address instead of my local Desktop's wallet address so this way I can save more money instead of just throwing on fees. Is this safe? Can the transaction be lost?
Here surely we get the profit in small to save from the transaction fee that we needed to make tge faster confirmation , but still here we have some problems in some particular cases .
What will happen when you will get into dispute of buy of btc , at that time you need to give app proof and history , if you will get lost your proof then may be a small cost save will result into big loss .
So if you can use single address every time then surely it will be 99% good descion .
( Here my friend got scammed once at local Bitcoins due to reverse of the transaction and he have no option to handle or give anything ).
August 15, 2017, 12:19:21 AM
I could buy Bitcoin from a local exchange site and transfer it directly to trading platform (kraken). So, instead of adding my Desktop's wallet address, I could add kraken's generated BTC address.
Is it safe? Does it have advantages or disadvantages?
P.S: I can buy from kraken, but the fees are high and it's time consuming.
L.E:
Buying at my local exchange it's much more cheaper (if I subtract the fees) and it's faster. Actually the prices are higher, but if I subtract the fees it's cheaper. But as I said, this service is an exchange, not a trading platform like kraken.
In order to buy from kraken, I need to convert my local currency to USD (1.15% fee), transfer to Kraken's bank address ($16 fee) and it can take 2 - 5 business days and after that buying with 0.26% (market price) or 0.16% (limit price). If I buy on local exchange, it takes only 5 - 15 minutes and aprox 1h to receive the bitcoin in my wallet.
I'm asking if it's safe to add kraken's BTC address instead of my local Desktop's wallet address so this way I can save more money instead of just throwing on fees. Is this safe? Can the transaction be lost?
There are many platform we can choose to transfer our bitcoin, why did you choose kraken, especially if you have idea that kraken services was quite not good. Of course, we can do nothing about the it has which is kraken platform, my gosh 2-5 days business days was too delayed. Is it safe? Does it have advantages or disadvantages?
P.S: I can buy from kraken, but the fees are high and it's time consuming.
L.E:
Buying at my local exchange it's much more cheaper (if I subtract the fees) and it's faster. Actually the prices are higher, but if I subtract the fees it's cheaper. But as I said, this service is an exchange, not a trading platform like kraken.
In order to buy from kraken, I need to convert my local currency to USD (1.15% fee), transfer to Kraken's bank address ($16 fee) and it can take 2 - 5 business days and after that buying with 0.26% (market price) or 0.16% (limit price). If I buy on local exchange, it takes only 5 - 15 minutes and aprox 1h to receive the bitcoin in my wallet.
I'm asking if it's safe to add kraken's BTC address instead of my local Desktop's wallet address so this way I can save more money instead of just throwing on fees. Is this safe? Can the transaction be lost?
August 14, 2017, 05:07:33 PM
Why would you transfer them from one trading platform to another in the first place? The only advantage I see is not having to pay more fees, instead of sending them to your desktop wallet then sending them again to KRAKEN, you can send them directly and not having to pay the network fees that your wallet will calculate, its nothing much anyway.
Buying at my local exchange it's much more cheaper (if I subtract the fees) and it's faster. Actually the prices are higher, but if I subtract the fees it's cheaper. But as I said, this service is an exchange, not a trading platform like kraken.
In order to buy from kraken, I need to convert my local currency to USD (1.15% fee), transfer to Kraken's bank address ($16 fee) and it can take 2 - 5 business days and after that buying with 0.26% (market price) or 0.16% (limit price). If I buy on local exchange, it takes only 5 - 15 minutes and aprox 1h to receive the bitcoin in my wallet.
I'm asking if it's safe to add kraken's BTC address instead of my local Desktop's wallet address so this way I can save more money instead of just throwing on fees. Is this safe? Can the transaction be lost?
Exactly, but I was asking if it's safe enough to send bitcoins directly to kraken's BTC address instead of my Desktop Wallet. When I buy Bitcoins from my local exchange, I need to enter a BTC address. I can't keep BTC on my exchange site. That's the point.
i think he just didn't understand it. I see that the guy answered his question if its okay to send your bitcoin directly to kraken's which is yes right? but then again op agrees and
asks the same question again, this time with a little context but anyway since its answered i don't think theres a reason to do that again. bottomline, this is getting nowhere.
For op, Again its safe to use krakens btc address but make sure that you don't use it as your main wallet and keep your bitcoins there because you don't control your private
keys there.
August 14, 2017, 03:51:07 PM
Why would you transfer them from one trading platform to another in the first place? The only advantage I see is not having to pay more fees, instead of sending them to your desktop wallet then sending them again to KRAKEN, you can send them directly and not having to pay the network fees that your wallet will calculate, its nothing much anyway.
Buying at my local exchange it's much more cheaper (if I subtract the fees) and it's faster. Actually the prices are higher, but if I subtract the fees it's cheaper. But as I said, this service is an exchange, not a trading platform like kraken.
In order to buy from kraken, I need to convert my local currency to USD (1.15% fee), transfer to Kraken's bank address ($16 fee) and it can take 2 - 5 business days and after that buying with 0.26% (market price) or 0.16% (limit price). If I buy on local exchange, it takes only 5 - 15 minutes and aprox 1h to receive the bitcoin in my wallet.
I'm asking if it's safe to add kraken's BTC address instead of my local Desktop's wallet address so this way I can save more money instead of just throwing on fees. Is this safe? Can the transaction be lost?
Exactly, but I was asking if it's safe enough to send bitcoins directly to kraken's BTC address instead of my Desktop Wallet. When I buy Bitcoins from my local exchange, I need to enter a BTC address. I can't keep BTC on my exchange site. That's the point.
August 12, 2017, 08:47:15 AM
Why would you transfer them from one trading platform to another in the first place? The only advantage I see is not having to pay more fees, instead of sending them to your desktop wallet then sending them again to KRAKEN, you can send them directly and not having to pay the network fees that your wallet will calculate, its nothing much anyway.
Buying at my local exchange it's much more cheaper (if I subtract the fees) and it's faster. Actually the prices are higher, but if I subtract the fees it's cheaper. But as I said, this service is an exchange, not a trading platform like kraken.
In order to buy from kraken, I need to convert my local currency to USD (1.15% fee), transfer to Kraken's bank address ($16 fee) and it can take 2 - 5 business days and after that buying with 0.26% (market price) or 0.16% (limit price). If I buy on local exchange, it takes only 5 - 15 minutes and aprox 1h to receive the bitcoin in my wallet.
I'm asking if it's safe to add kraken's BTC address instead of my local Desktop's wallet address so this way I can save more money instead of just throwing on fees. Is this safe? Can the transaction be lost?
Exactly, but I was asking if it's safe enough to send bitcoins directly to kraken's BTC address instead of my Desktop Wallet. When I buy Bitcoins from my local exchange, I need to enter a BTC address. I can't keep BTC on my exchange site. That's the point.
August 12, 2017, 08:44:34 AM
Why would you transfer them from one trading platform to another in the first place? The only advantage I see is not having to pay more fees, instead of sending them to your desktop wallet then sending them again to KRAKEN, you can send them directly and not having to pay the network fees that your wallet will calculate, its nothing much anyway.
Buying at my local exchange it's much more cheaper (if I subtract the fees) and it's faster. Actually the prices are higher, but if I subtract the fees it's cheaper. But as I said, this service is an exchange, not a trading platform like kraken.
In order to buy from kraken, I need to convert my local currency to USD (1.15% fee), transfer to Kraken's bank address ($16 fee) and it can take 2 - 5 business days and after that buying with 0.26% (market price) or 0.16% (limit price). If I buy on local exchange, it takes only 5 - 15 minutes and aprox 1h to receive the bitcoin in my wallet.
I'm asking if it's safe to add kraken's BTC address instead of my local Desktop's wallet address so this way I can save more money instead of just throwing on fees. Is this safe? Can the transaction be lost?
August 12, 2017, 08:33:40 AM
I could buy Bitcoin from a local exchange site and transfer it directly to trading platform (kraken). So, instead of adding my Desktop's wallet address, I could add kraken's generated BTC address.
Is it safe? Does it have advantages or disadvantages?
P.S: I can buy from kraken, but the fees are high and it's time consuming.
I can't see any disadvantages from this if you were to use your bitcoin right away for trading or buying altcoins but if not, there is a risk of you losing money either way you would send it to kraken right? Since that is the case I think it is a wise option to send your btc directly to it from your local exchange because you would need to pay lesser fees. Also, it would be faster that way and more convenient for you. Is it safe? Does it have advantages or disadvantages?
P.S: I can buy from kraken, but the fees are high and it's time consuming.
August 12, 2017, 08:25:55 AM
Why would you transfer them from one trading platform to another in the first place? The only advantage I see is not having to pay more fees, instead of sending them to your desktop wallet then sending them again to KRAKEN, you can send them directly and not having to pay the network fees that your wallet will calculate, its nothing much anyway.
Buying at my local exchange it's much more cheaper (if I subtract the fees) and it's faster. Actually the prices are higher, but if I subtract the fees it's cheaper. But as I said, this service is an exchange, not a trading platform like kraken.
In order to buy from kraken, I need to convert my local currency to USD (1.15% fee), transfer to Kraken's bank address ($16 fee) and it can take 2 - 5 business days and after that buying with 0.26% (market price) or 0.16% (limit price). If I buy on local exchange, it takes only 5 - 15 minutes and aprox 1h to receive the bitcoin in my wallet.
I'm asking if it's safe to add kraken's BTC address instead of my local Desktop's wallet address so this way I can save more money instead of just throwing on fees. Is this safe? Can the transaction be lost?
August 12, 2017, 08:18:10 AM
Is it safe? Does it have advantages or disadvantages?
it is only as safe as trusting a third party can be safe!
they can run away and scam you, they can get hacked or say they were hacked and you lose money, your account can get hacked, and a lot of different ways to lose your account and with it your bitcoins.
the only advantage that i can think of is for traders who want to have their coins ready to sell and then buy back just as fast.
August 12, 2017, 08:16:42 AM
No disadvantages whatsoever since you are reducing the fees that you would need to pay in the first place. Also, it is a lot faster compared to transferring to your desktop wallet > another exchange.
August 12, 2017, 08:16:07 AM
Why would you buy BTC from a local exchange instead of Kraken, since you're planning to use Kraken anyways?
As far as I know Kraken uses Tether which is very easy to use.
What you said is safe, but I can't say I see the logic in it.
As far as I know Kraken uses Tether which is very easy to use.
What you said is safe, but I can't say I see the logic in it.
August 12, 2017, 08:12:41 AM
Why would you transfer them from one trading platform to another in the first place? The only advantage I see is not having to pay more fees, instead of sending them to your desktop wallet then sending them again to KRAKEN, you can send them directly and not having to pay the network fees that your wallet will calculate, its nothing much anyway.
August 12, 2017, 08:09:35 AM
I could buy Bitcoin from a local exchange site and transfer it directly to trading platform (kraken). So, instead of adding my Desktop's wallet address, I could add kraken's generated BTC address.
Is it safe? Does it have advantages or disadvantages?
P.S: I can buy from kraken, but the fees are high and it's time consuming.
L.E:
Buying at my local exchange it's much more cheaper (if I subtract the fees) and it's faster. Actually the prices are higher, but if I subtract the fees it's cheaper. But as I said, this service is an exchange, not a trading platform like kraken.
In order to buy from kraken, I need to convert my local currency to USD (1.15% fee), transfer to Kraken's bank address ($16 fee) and it can take 2 - 5 business days and after that buying with 0.26% (market price) or 0.16% (limit price). If I buy on local exchange, it takes only 5 - 15 minutes and aprox 1h to receive the bitcoin in my wallet.
I'm asking if it's safe to add kraken's BTC address instead of my local Desktop's wallet address so this way I can save more money instead of just throwing on fees. Is this safe? Can the transaction be lost?
Is it safe? Does it have advantages or disadvantages?
P.S: I can buy from kraken, but the fees are high and it's time consuming.
L.E:
Buying at my local exchange it's much more cheaper (if I subtract the fees) and it's faster. Actually the prices are higher, but if I subtract the fees it's cheaper. But as I said, this service is an exchange, not a trading platform like kraken.
In order to buy from kraken, I need to convert my local currency to USD (1.15% fee), transfer to Kraken's bank address ($16 fee) and it can take 2 - 5 business days and after that buying with 0.26% (market price) or 0.16% (limit price). If I buy on local exchange, it takes only 5 - 15 minutes and aprox 1h to receive the bitcoin in my wallet.
I'm asking if it's safe to add kraken's BTC address instead of my local Desktop's wallet address so this way I can save more money instead of just throwing on fees. Is this safe? Can the transaction be lost?
Jump to: