Newbie Canadian with question about exchanges (binance-newton/shakepay)

Maus0728

legendary

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Quote from: Undergroundking16 on January 04, 2021, 07:31:02 PM

My question: is it possible to transfer my holdings in binance to something like Newton and can somebody enlighten me on the process? Is my thought process correct?

That's very possible. Every cryptocurrency exchange allows their customers to move their crypto from one place to another as long as you are sending to a correct cryptocurrency address. The link given above is a good reference for withdrawing crypto in an exchange as most of them have the same process.

Quote from: Undergroundking16 on January 04, 2021, 07:31:02 PM

If btc dips again and I wanted to buy more quickly, does Newton or shakepay allow me to do that?

It's an exchange so you can definitely buy your choice of cryptocurrency as long as you have Canadian Dollars sitting in your wallet. As per checking, there also have a mobile application to monitor your funds if you are away from your computer.
[1] https://www.newton.co/coin/buy-bitcoin

kotajikikox

full member

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I don't have Experience in newton but some Good vouch Reading here in Forum so i think they are Good for Canadian cryptonians .

But From Binance you wanted to transfer to another Exchange ? Like the Above Post said , If you are planning to Just Buy and hold a little before selling then Holding in Exchange is not bad ,But you mentioned Planning to Hold Long term ?

Then better to Have a Ledger Wallet in which you can Hold Safely and in your own Position , Because Never Forget that "Not your Key is not your Bitcoin" and exchange Has your Key .

Anyway Welcome to the Forum and Just stay communicating to learn More.

but "NEVER TRUST ACCOUNT LIKE THIS ,offering a Communication as He see's your interest in Crypto and you're a Perfect target

Quote from: Vicky Swift on January 04, 2021, 08:19:37 PM

I am also a rookie, if you don’t mind, we can discuss with each other

squatter

legendary

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STOP SNITCHIN'

Quote from: Undergroundking16 on January 04, 2021, 07:31:02 PM

I think I messed up though. I opened a binance account which I know is not based in Canada. I bought btc using binance by buying usdt from Canadian dollars.

Now, as I have been learning more I realize that it might not be a good idea to use binance to buy btc and that I should be using something like Newton or shakepay to buy. I am looking to hold and stick with ltc, eth, btc in the long run. I'm not much interested in trading at this time.

My question: is it possible to transfer my holdings in binance to something like Newton and can somebody enlighten me on the process?

Here is Binance's guide on how to withdraw cryptocurrency from your account: How to Withdraw from Binance

I've read that Newton is a good fiat onramp for Canadians -- certainly cheaper than buying with a credit card and incurring cash advance fees. However, unless you plan to sell in the immediate future, there's no need to send your bitcoins there. It's ideal to avoid using exchanges to store your coins. They could get hacked, and you could lose everything. If you're planning to hold your bitcoins, why not withdraw to a wallet you control?

Quote from: Undergroundking16 on January 04, 2021, 07:31:02 PM

I also know that it's best to store my btc in an offline hardware wallet. If btc dips again and I wanted to buy more quickly, does Newton or shakepay allow me to do that?

They both allow you to withdraw to a hardware wallet. What type of wallet you use for storage is up to you.

Vicky Swift

newbie

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Sell from Binance and buy from other places? If you want to shift your position, I don’t know other good ways
I am also a rookie, if you don’t mind, we can discuss with each other

Undergroundking16

newbie

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For background I'm Canadian.

I just started looking into crypto in November after a co worker told me about it and I have put in about a few hundred bucks just to start learning, money I don't care if I lose. I think I messed up though. I opened a binance account which I know is not based in Canada. I bought btc using binance by buying usdt from Canadian dollars.

Now, as I have been learning more I realize that it might not be a good idea to use binance to buy btc and that I should be using something like Newton or shakepay to buy. I am looking to hold and stick with ltc, eth, btc in the long run. I'm not much interested in trading at this time.

My question: is it possible to transfer my holdings in binance to something like Newton and can somebody enlighten me on the process? Is my thought process correct? I also know that it's best to store my btc in an offline hardware wallet. If btc dips again and I wanted to buy more quickly, does Newton or shakepay allow me to do that?

Thank you for any help

Topic: Newbie Canadian with question about exchanges (binance-newton/shakepay) (Read 120 times)