Which Bitcoin Exchange do you use and why ? - page 49.

byt411

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Quote from: Trading on May 27, 2014, 02:04:14 PM

Thank you for the explanation.
I wonder if that system of KYC makes sense? KYC has as a goal to avoid money laundering. No one can clean money if he deposits bitcoin and only withdraws back to bitcoin, after doing some serious trading. He started with bitcoin and ended with bitcoin or another alt coin. No money entered the banking system or even was converted outside your exchange for fiat.
There are a lot of exchanges that don't request any verification or even identification, if you just deposit or withdraw alt coins. You are losing against these exchanges.

Yes, depositing and withdrawing alt coins does not require verification, all you need is create account.
KYC information is stored in case authorities need it, so that we can quickly inform them without pestering our customers.
As I said, if you don't trade fiat at all, you won't need to verify.

Gimmelfarb

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i use BTC-E first and foremost. the trade engine there is much superior to bitfinex and bitstamp (at both of the latter, i have had orders never trigger because of bad coding/massive lag). BTC-E also will not roll back trades and freeze trading to hurt traders vs. liquidity providers like bitfinex does.

but i don't keep all eggs in one basket either. so i also use bitfinex and bitstamp (i keep lower balances at those sites), and i also use cryptsy and mintpal for altcoins.

Trading

legendary

Activity: 1455

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Nothing like healthy scepticism and hard evidence

Thank you for the explanation.
I wonder if that system of KYC makes sense? KYC has as a goal to avoid money laundering. No one can clean money if he deposits bitcoin and only withdraws back to bitcoin, after doing some serious trading. He started with bitcoin and ended with bitcoin or another alt coin. No money entered the banking system or even was converted outside your exchange for fiat.
There are a lot of exchanges that don't request any verification or even identification, if you just deposit or withdraw alt coins. You are losing against these exchanges.

byt411

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Activity: 798

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Quote from: Trading on May 27, 2014, 01:40:22 PM

https://anxbtc.com just went up a lot in volume (http://www.bitcoinity.org/markets/list?currency=ALL&span=24h).
Their KYC policy states no need for verification if people don't do transactions in fiat.
But this isn't clear if refers only to deposit/withdraw in fiat or someone depositing bitcoins and trading it for fiat, but only withdrawing in bitcoin or another alt coin, must also verify.

Hi, ANXPRO here. Let me explain.
If you want to trade Bitcoin for altcoins, then no verification is needed.
However, if you want to trade Bitcoin for fiat currencies, even if you don't deposit/withdraw in fiat, verification is needed.

Trading

legendary

Activity: 1455

Merit: 1033

Nothing like healthy scepticism and hard evidence

https://anxbtc.com just went up a lot in volume (http://www.bitcoinity.org/markets/list?currency=ALL&span=24h).
Their KYC policy states no need for verification if people don't do transactions in fiat.
But this isn't clear if refers only to deposit/withdraw in fiat or someone depositing bitcoins and trading it for fiat, but only withdrawing in bitcoin or another alt coin, must also verify.

BitCoinDream

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The revolution will be digital

Quote from: Pobre on May 23, 2014, 08:26:14 AM

Quote from: BitcoinExchangeIndia.com on April 19, 2014, 10:55:12 AM

After the fall of Mt. Gox ...I think this is very important Q to all Bitcoin newbies like me.

You dont need to worry about things like Mt Gox happening in the future, Mt Gox was a highly mismanaged website and the exchanges i use are btc-e : for buying and bitstamp: for selling.

How do u know that an exchange like BTC-e, that runs by anonymous people, wont turn out to be another Mt. Gox ? Moreover, reports are coming that Bitstamp is asking too much of documents for BTC buyers and thereby holding FIAT for long term (earning on interest).

Pobre

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HEy Hey HEY??

Quote from: BitcoinExchangeIndia.com on April 19, 2014, 10:55:12 AM

After the fall of Mt. Gox ...I think this is very important Q to all Bitcoin newbies like me.

You dont need to worry about things like Mt Gox happening in the future, Mt Gox was a highly mismanaged website and the exchanges i use are btc-e : for buying and bitstamp: for selling.

splashdash

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I just use localbitcoins for ease.

ejinte

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Quote from: r34tr783tr78 on May 18, 2014, 05:54:52 PM

No one trading at one of the best? Bitfinex.

Probably, the lowest fees, if we forget about the free ones.
High volume.
Trustworthy, since recently there was a check on their bitcoins by a third party.
Fast trading.
Leverage.
You can also short bitcoin and litecoin.
No need to identify your self or send documents if you only deposit/withdraw cryptocoins.

Yes I use bitfinex for margin trading however I don't use them for getting fiat in and out since they only do bank transfer and require verification.

byt411

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Quote from: Nagato4 on May 19, 2014, 05:19:10 PM

Quote from: byt411 on May 18, 2014, 07:07:41 PM

Quote from: cookmac on May 18, 2014, 06:05:58 PM

I personally dont like any besides localbitcoins, and waiting for the ATM`s arrive in my area.

Any and every exchange out there can be putting in orders without actual orders on prices.

Outside from the usual terrible support.

Bitcoin ATMs charge up to a 10% fee. And even if they do make up orders, ATMs still get the exchange rates from them, so you're even worse off.

Regarding the fee, I am pretty sure bitcoin ATM can never beat exchanges.
But it does offer better anonymity (no identity verification), fast tx time (whole tx should take a min or so), and sometimes it could offer create great earning opportunity (http://www.wired.com/2014/01/bitcoin_atm/) Tongue

No identity verification? They require a photo, a fingerprint scan, a hand scan, a ID scan, and probably, in the near future, a stool sample, a CV, and a background check before you can buy.
Also, ATMs have very high fees.

Quote from: BitCoinDream on May 22, 2014, 05:08:58 AM

Quote from: Nagato4 on May 19, 2014, 05:28:25 PM

Quote from: byt411 on May 19, 2014, 05:13:01 PM

Quote from: Nagato4 on May 19, 2014, 04:57:31 PM

Quote from: byt411 on May 18, 2014, 05:00:40 PM

That's exactly why you should use 0% fee exchanges like ANXPRO.

Though it doesn't explicitly charge a trading fee, the bid-ask spread on there is pretty big (which is about 1%).

For your comparison, these are the bid ask prices at this very moment shown on ANX site.
ANX: 3446.33111 and 3468.84999
BITSTAMP: 3462.89681 and 3465.14489
BTCE: 3403.12888 and 3403.13663

That's because of low volume. If you bid/ask at market price, it should be ok, and someone will fill the trade.

It could be the reason, but unless the gap gets smaller, I see no benefit of using it... Roll Eyes

ANXPRO is a P2P exchange like localBTC or a real time one like BTC-e/Bitstamp ? Never heard of them. Where are they located ?

ANXPRO is a registered money transmitter and company in Hong Kong, and it is a real time Cryptocurrency exchange, which supports direct Hong Kong and Australian Banking, and also SEPA Deposits and Withdrawals.

311

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Come original.

Quote from: ?? on ??

The oldest and trust worthy one:

bitstamp, bitfinex, btc-e

Which one? That's three? lol

PerrythePlatypus

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I trust CoinBase the most, have always delivered my Bitcoins on time. If you want to be extra cautious, Bitcoin ATMs are a good alternative

1986

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I haven't used any but I'm looking for reccomendations for one. I'll have a read though this thread later.

Clegg

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Usually btc-e. I use cryptsy from time to time also.

BitCoinDream

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The revolution will be digital

Quote from: Nagato4 on May 19, 2014, 05:28:25 PM

Quote from: byt411 on May 19, 2014, 05:13:01 PM

Quote from: Nagato4 on May 19, 2014, 04:57:31 PM

Quote from: byt411 on May 18, 2014, 05:00:40 PM

That's exactly why you should use 0% fee exchanges like ANXPRO.

Though it doesn't explicitly charge a trading fee, the bid-ask spread on there is pretty big (which is about 1%).

For your comparison, these are the bid ask prices at this very moment shown on ANX site.
ANX: 3446.33111 and 3468.84999
BITSTAMP: 3462.89681 and 3465.14489
BTCE: 3403.12888 and 3403.13663

That's because of low volume. If you bid/ask at market price, it should be ok, and someone will fill the trade.

It could be the reason, but unless the gap gets smaller, I see no benefit of using it... Roll Eyes

ANXPRO is a P2P exchange like localBTC or a real time one like BTC-e/Bitstamp ? Never heard of them. Where are they located ?

Nagato4

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Activity: 625

Merit: 500

Quote from: byt411 on May 19, 2014, 05:13:01 PM

Quote from: Nagato4 on May 19, 2014, 04:57:31 PM

Quote from: byt411 on May 18, 2014, 05:00:40 PM

That's exactly why you should use 0% fee exchanges like ANXPRO.

Though it doesn't explicitly charge a trading fee, the bid-ask spread on there is pretty big (which is about 1%).

For your comparison, these are the bid ask prices at this very moment shown on ANX site.
ANX: 3446.33111 and 3468.84999
BITSTAMP: 3462.89681 and 3465.14489
BTCE: 3403.12888 and 3403.13663

That's because of low volume. If you bid/ask at market price, it should be ok, and someone will fill the trade.

It could be the reason, but unless the gap gets smaller, I see no benefit of using it... Roll Eyes

Nagato4

hero member

Activity: 625

Merit: 500

Quote from: byt411 on May 18, 2014, 07:07:41 PM

Quote from: cookmac on May 18, 2014, 06:05:58 PM

I personally dont like any besides localbitcoins, and waiting for the ATM`s arrive in my area.

Any and every exchange out there can be putting in orders without actual orders on prices.

Outside from the usual terrible support.

Bitcoin ATMs charge up to a 10% fee. And even if they do make up orders, ATMs still get the exchange rates from them, so you're even worse off.

Regarding the fee, I am pretty sure bitcoin ATM can never beat exchanges.
But it does offer better anonymity (no identity verification), fast tx time (whole tx should take a min or so), and sometimes it could offer create great earning opportunity (http://www.wired.com/2014/01/bitcoin_atm/) Tongue

byt411

hero member

Activity: 798

Merit: 1000

Quote from: Nagato4 on May 19, 2014, 04:57:31 PM

Quote from: byt411 on May 18, 2014, 05:00:40 PM

That's exactly why you should use 0% fee exchanges like ANXPRO.

Though it doesn't explicitly charge a trading fee, the bid-ask spread on there is pretty big (which is about 1%).

For your comparison, these are the bid ask prices at this very moment shown on ANX site.
ANX: 3446.33111 and 3468.84999
BITSTAMP: 3462.89681 and 3465.14489
BTCE: 3403.12888 and 3403.13663

That's because of low volume. If you bid/ask at market price, it should be ok, and someone will fill the trade.

Nagato4

hero member

Activity: 625

Merit: 500

Quote from: byt411 on May 18, 2014, 05:00:40 PM

That's exactly why you should use 0% fee exchanges like ANXPRO.

Though it doesn't explicitly charge a trading fee, the bid-ask spread on there is pretty big (which is about 1%).

For your comparison, these are the bid ask prices at this very moment shown on ANX site.
ANX: 3446.33111 and 3468.84999
BITSTAMP: 3462.89681 and 3465.14489
BTCE: 3403.12888 and 3403.13663

newIndia

legendary

Activity: 2226

Merit: 1052

Quote from: byt411 on May 18, 2014, 07:07:41 PM

Quote from: cookmac on May 18, 2014, 06:05:58 PM

I personally dont like any besides localbitcoins, and waiting for the ATM`s arrive in my area.

Any and every exchange out there can be putting in orders without actual orders on prices.

Outside from the usual terrible support.

Bitcoin ATMs charge up to a 10% fee. And even if they do make up orders, ATMs still get the exchange rates from them, so you're even worse off.

It'll take at least 5 years for the ATMs to take on the exchanges. Your bet is P2P exchange.

Topic: Which Bitcoin Exchange do you use and why ? - page 49. (Read 107048 times)