Pros and cons of your exchange | Bitcointalksearch.org

xen1oph

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Quote from: figmentofmyass on November 12, 2019, 02:16:22 PM

Quote from: xen1oph on November 12, 2019, 08:43:52 AM

I often use Binance, but it doesn't fit me completely, so I'm combining it with other exchanges. Before Coinbase increased their fees, I used it as well.
Now my working combination is Binance (ok for large amounts, safe enough, has a good reputation) + Changelly (fast transactions, fees to crypto are ok, responsive support team).

why use changelly at all? their 0.25% fees (probably higher if you consider their spread) are much higher than binance's 0.1%.

i've also seen a good deal of complaints about changelly re freezing funds and requiring KYC. https://www.reddit.com/r/Monero/comments/8bdigt/dont_use_changelly_millions_stolen/

i'm shopping for a new exchange though after coinbase jacked their fees up and binance kicked out USA traders. kraken and kucoin seem like the logical replacements, though i'm on the fence about kraken.

I'm using it for the reasons I explained above because it's fast and simple. Sometimes that's all I need from an exchange - three-step transactions w/ no extra functions in a short period of time. So 0.25% fee is ok for me, as it was with Coinbase before they're increased it to 0.5%, as you also said.
As for KYC - I read that Reddit thread and came to the conclusion that the whole KYC situation itself is painful to Monero community (if you look through subreddit, there will be many issues with other exchanges, including Binance, who requires KYC as well)

buwaytress

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I do have a pair of exchanges I use a lot, but both I would say are very different from the typical Binance, with orderbooks and all that. I started out chiefly using Localbitcoins (LBC), but now I try to use LBS plus Bisq as much as possible. Both are P2P, and I would probably move to Bisq fully if not for the lack of volume and action there. LBC is still my all-time favourite, even though it's centralised.

I used to use orderbooks in the past, but never truly seriously. If I have to exchange something more predictably though, I go with Bitpanda. It's probably closest to Coinbase in operations. Low fees, very low payout waiting times, almost comparable to LBC rates all in all. And there's a good verification option for it, recently including my country, and even without, they have a high EUR limit (which of course runs out after a year or so for most people).

The Sceptical Chymist

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Quote from: xen1oph on November 12, 2019, 10:42:31 AM

Definitely not protecting Changelly, just trying to keep in mind that the platform exists for several years and still has its benefits, like those I mentioned earlier. Dunno.

I opened a scam accusation against Changelly a while back, but the issue was mostly resolved to my satisfaction. But I'm not sure it would have been had I not alerted them about the thread I created. I'd used them a number of times before with no issues, and I don't think they're scammy at all. I'd probably use them again if they had any coins I was interested in, which they no longer do.

And yeah, Binance is great and I miss being able to have an account with them. Unfortunately after they restructured their US business I got excluded. Oh well.

I don't do a lot of trading, but occasionally I likes me some NEO, and for that I use Kucoin. They've been solid so far, and I've never had any issues with them. The only thing that annoys me is the "main account" and "trading account" setup they use, which is just stupid. There's no reason for that to exist.

figmentofmyass

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Quote from: xen1oph on November 12, 2019, 08:43:52 AM

I often use Binance, but it doesn't fit me completely, so I'm combining it with other exchanges. Before Coinbase increased their fees, I used it as well.
Now my working combination is Binance (ok for large amounts, safe enough, has a good reputation) + Changelly (fast transactions, fees to crypto are ok, responsive support team).

why use changelly at all? their 0.25% fees (probably higher if you consider their spread) are much higher than binance's 0.1%.

i've also seen a good deal of complaints about changelly re freezing funds and requiring KYC. https://www.reddit.com/r/Monero/comments/8bdigt/dont_use_changelly_millions_stolen/

i'm shopping for a new exchange though after coinbase jacked their fees up and binance kicked out USA traders. kraken and kucoin seem like the logical replacements, though i'm on the fence about kraken.

hugeblack

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Certainly, Binance will win, there is no comparison between these two platforms.
The first represents one of the largest crypto platforms and Changelly provide an ideal solution for those making relatively small conversions.
It may be safer to use Changelly because the coins go to your wallet but there are many cases of scam against them, so I expect anyone to avoid them with large sums.

The only con of Binance is that your country is not supported and therefore you may face some problems even if your transactions are less than 2BTC limit.

semobo

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Quote from: xen1oph on November 12, 2019, 10:42:31 AM

Quote from: semobo on November 12, 2019, 10:25:08 AM

Changelly has issues and scam accusations as well when the amount involved is much larger so trusting that anonymous for bigger transaction is risky.Like you said I am also using binance nowadays but not too often since I lost interest on every shitcoin now only HODLing the coins.

I agree about the fact of accusations, but once you start searching reviews about other exchanges - even Binance had some doubtful moments. Definitely not protecting Changelly, just trying to keep in mind that the platform exists for several years and still has its benefits, like those I mentioned earlier. Dunno.
To the rest of your message - ok, got you.

No exchange is perfect so binance also has issues,especially for people who want to trade anonymously their KYC won't let them do but its the laws from every government enforcing it so we also can't blame the exchanges for such things.Make more clear what feature or coin you are looking in an exchange the people will come up with best solutions.

LUCKMCFLY

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Quote from: xen1oph on November 12, 2019, 08:43:52 AM

~snip~

I always operate in Bitfinex and Binance, Binance seems to me to be fine, after their Hacking they improved greatly, if you start seeing now many movements have occurred since Binance, maybe they are operating in Margin Trade, many operators are still in Bitfinex, but Leverage in Binance is quite attractive to many, especially when prices fall with the "Shorts".

They are offering a great service in Binance, Changelly is something else for me, but for trading operations it is advisable to be on those two platforms, they are very safe, despite the problems of Bitfinex I trust that Exchange very much, I think there is no as much manipulation in arbitration as many Exchanges.

xen1oph

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Quote from: Gozie51 on November 12, 2019, 10:33:32 AM

I like to buy coins from coin exchange because is easier and simple to access, just an email to verify and relogin, and you are already hitting the ground running but unfortunately, it is going down soon.

Yeah, I heard of that. But why unfortunately? There are other similar services. If you're looking for simplicity, like in Coinexchange, but with better reputation.

MURONDI

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I am not a big trader, so at the moment I only trade on yobit and poloniex, I also have a binance and bittrex account but at this time I rarely open them, in the coinbase there is also a balance but never trade there, maybe I would really think about a place of exchange when I have big capital.

Beparanf

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Quote from: xen1oph on November 12, 2019, 08:43:52 AM

How did you choose your current exchange? Does it suit you completely?

I use Binance just like why you used it too for large amount transactions, yobit since I trade some of my bounties earnings and it does process withdrawal fast these days and our local wallet with exchange offers and payment bills that offers smaller fee when trading and converting crypto to fiat. These 3 works for me fine as of the moment. I do have other accounts in different exchanges but didn't use them for quite long, though I left some shitcoin that almost no value there hoping they will pump again so I can used those exchanges again.

xen1oph

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Quote from: semobo on November 12, 2019, 10:25:08 AM

Changelly has issues and scam accusations as well when the amount involved is much larger so trusting that anonymous for bigger transaction is risky.Like you said I am also using binance nowadays but not too often since I lost interest on every shitcoin now only HODLing the coins.

I agree about the fact of accusations, but once you start searching reviews about other exchanges - even Binance had some doubtful moments. Definitely not protecting Changelly, just trying to keep in mind that the platform exists for several years and still has its benefits, like those I mentioned earlier. Dunno.
To the rest of your message - ok, got you.

Gozie51

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I like to buy coins from coin exchange because is easier and simple to access, just an email to verify and relogin, and you are already hitting the ground running but unfortunately, it is going down soon.

semobo

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Changelly has issues and scam accusations as well when the amount involved is much larger so trusting that anonymous for bigger transaction is risky.Like you said I am also using binance nowadays but not too often since I lost interest on every shitcoin now only HODLing the coins.

Wexnident

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I use Binance and some of the local BTC exchanges in my country. It's just a sad thing about KYC at times since I absolutely hate it. I expect to apply for KYC in Binance sometime sooner since I plan to trade a bit more with BTC, and a nonverified KYC account may not be enough. I do love that Binance had the option to let users experience anonymity even with the limit though. There are also various options with trading but I'm already fairly satisfied with what Binance offers most of the time.

xen1oph

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I agree Binance is great, but it's not completely perfect, that's all I'm saying. And... I wouldn't say that simplicity is its main advantage.

Lanatsa

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Quote from: xen1oph on November 12, 2019, 08:43:52 AM

How did you choose your current exchange? Does it suit you completely?

Binance already give out the best experience when it comes to trading and into its non kyc strict thing. 2btc on daily basis is already a
sufficient amount for most people yet we do hate up on giving out our personal details. Platform use then you can either choose basic
or advanced one which is a good thing yet you can toggle it up according into your own preference or depending into your knowledge and skills.

xen1oph

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Activity: 253

Merit: 11

I often use Binance, but it doesn't fit me completely, so I'm combining it with other exchanges. Before Coinbase increased their fees, I used it as well.
Now my working combination is Binance (ok for large amounts, safe enough, has a good reputation) + Changelly (fast transactions, fees to crypto are ok, responsive support team).
Do you have the same pairs of platforms? If so, which ones?

How did you choose your current exchange? Does it suit you completely?

Topic: Pros and cons of your exchange (Read 111 times)