Why shouldn't you deposit fiat into binance to buy crypto?

GrosWesh

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Quote from: mistatoto111 on January 30, 2021, 05:29:06 PM

Quote from: GrosWesh on January 30, 2021, 05:21:08 PM

Quote from: mistatoto111 on January 30, 2021, 05:15:33 PM

How? with same/similar method mentioned in the op?

By sending some funds from my personal wallet to binance, without purchasing ever via binance. Everyone is able to trade, and withdraw (until 2 btc/day) without filling a kyc.

Correct me if i'm wrong, but that's the way i always thought binance works.

Sure, but where did you buy your cryptos to even be able to do that?

By cryptos i mean essentially eth, purchased on various other exchanges. When i started, i bought a few on cex.io. Later, i stopped, due to huge fees... Tongue

But i have to say your 'story' is not the only one i hear about these days... Roll Eyes

Could Binance be changing it's kyc politic ? Probably a few things will change, because of new regulation laws several countries plan to launch (us, france etc...)

mistatoto111

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Quote from: GrosWesh on January 30, 2021, 05:21:08 PM

Quote from: mistatoto111 on January 30, 2021, 05:15:33 PM

How? with same/similar method mentioned in the op?

By sending some funds from my personal wallet to binance, without purchasing ever via binance. Everyone is able to trade, and withdraw (until 2 btc/day) without filling a kyc.

Correct me if i'm wrong, but that's the way i always thought binance works.

Sure, but where did you buy your cryptos to even be able to do that?

GrosWesh

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Quote from: mistatoto111 on January 30, 2021, 05:15:33 PM

How? with same/similar method mentioned in the op?

By sending some funds from my personal wallet to binance, without purchasing ever via binance. Everyone is able to trade, and withdraw (until 2 btc/day) without filling a kyc.

Correct me if i'm wrong, but that's the way i always thought binance works.

mistatoto111

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Quote from: GrosWesh on January 30, 2021, 03:48:01 PM

Quote from: mistatoto111 on January 30, 2021, 01:53:15 PM

I deposited to binance via visa card, didn't ask me for any KYC. Only when I were going to buy they asked to verify my ID.

I have been trading for years on binance without having spent any kyc.

How? with same/similar method mentioned in the op?

Indymoney

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Quote from: electronicash on January 30, 2021, 02:06:22 PM

both platform will still be asking for all your details and documents so why not just chose one instead. whoever recommends you this had no tried both or may be he just thought binance still isn't asking kyc for its users. you will likely want binance more because of the variety of altcoins present there which mostly if not all are also on coinbase.

i felt binance to be more secure also since the last time they were hack they guarantee to give back whatever will be lost from you.

Currently Binance is doing much more then Coinbase because they have more variety of altcoins they are giving may other features which are not available on coinbase best thing they have much better support which are ready to help you in any case my personal experience with Coinbase is never been good so just because of this now I am happy to leave this.

GrosWesh

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Quote from: mistatoto111 on January 30, 2021, 01:53:15 PM

I deposited to binance via visa card, didn't ask me for any KYC. Only when I were going to buy they asked to verify my ID.

Acting this way (from Binance) 'would be' borderline ... let people deposit with their credit card then ask them to submit personal infos when they want to trade would be a kind of trap ... Astonishing... Roll Eyes

I have been trading for years on binance without having spent any kyc.

electronicash

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both platform will still be asking for all your details and documents so why not just chose one instead. whoever recommends you this had no tried both or may be he just thought binance still isn't asking kyc for its users. you will likely want binance more because of the variety of altcoins present there which mostly if not all are also on coinbase.

i felt binance to be more secure also since the last time they were hack they guarantee to give back whatever will be lost from you.

mistatoto111

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Quote from: jackg on January 30, 2021, 01:23:49 PM

Quote from: mistatoto111 on January 30, 2021, 10:24:27 AM

But you must verify your ID to trade on binance anyway, so what difference does it make?

I haven't been asked to? Only if I tried to deposit fiat would it ask me for ID? I still haven't got it verified.

I deposited to binance via visa card, didn't ask me for any KYC. Only when I were going to buy they asked to verify my ID.

virasog

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Quote from: mistatoto111 on January 30, 2021, 09:49:44 AM

People are recommending to buy cryptos on coinbase and then transfer it to binance to trade there. Why?

Most of the US customers prefer to buy bitcoin from coinbase but for the rest of the world binance is a good platform to buy bitcoins. You can buy bitcoin from anywhere where you feel comfortable. Both platforms require you to have KYC.

jackg

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https://bit.ly/387FXHi lightning theory

Quote from: mistatoto111 on January 30, 2021, 10:24:27 AM

But you must verify your ID to trade on binance anyway, so what difference does it make?

I haven't been asked to? Only if I tried to deposit fiat would it ask me for ID? I still haven't got it verified.

The Cryptovator

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The question is who recommends you? I must say those who are recommending use coinbase to buy crypto and, are well familiar with it. Most probably they have good experiences with coinbase. But most exchanges required KYC to buy crypto. Those who are familiar with peer to peer exchange would recommend you for that. But you have to consider your situation. I will suggest buying a peer to peer decentralized exchange then transfer your funds into Binance. So even you don't verify your account still you can enjoy a trading experience with a withdrawal limit.

Swordsoffreedom

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Quote from: mistatoto111 on January 30, 2021, 12:34:10 PM

Quote from: Swordsoffreedom on January 30, 2021, 12:18:49 PM

If you want to buy crypto on Binance by depositing fiat money then you must have to pass Full KYC verification, and you have to add your bank account on Binance. Adding Bank account is not easy and this is a very time-consuming process, for verification issues it takes a few days even weeks to add a bank account on Binance. Many people want to avoid such troubles and want to start trading immediately. that's why they buy crypto on coinbase from local users and then transfer to Binance.

Damn, I thought you needed full KYC regardless to trade on binance... my verification is still pending, signed up 24h-ish ago. I do indeed want to start trading asap. Is it completely overkill to open an account on coinbase regarding my situation, or does verification take equally long there too?

You can do trade on Binance Without KYC but they limit your account if you don't pass KYC. Without KYC daily withdrawal limit on Binance is 2BTC. If you want to add bank account then you must have to pass KYC otherwise it is needless.

On coinbase KYC process is a little bit faster than Binance but if you are a non-US customer I think they will not allow you to use full features. they have some country restrictions.
you can see the below link if coinbase available at your place or not:
https://www.coinbase.com/places

mistatoto111

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Quote from: Swordsoffreedom on January 30, 2021, 12:18:49 PM

If you want to buy crypto on Binance by depositing fiat money then you must have to pass Full KYC verification, and you have to add your bank account on Binance. Adding Bank account is not easy and this is a very time-consuming process, for verification issues it takes a few days even weeks to add a bank account on Binance. Many people want to avoid such troubles and want to start trading immediately. that's why they buy crypto on coinbase from local users and then transfer to Binance.

Damn, I thought you needed full KYC regardless to trade on binance... my verification is still pending, signed up 24h-ish ago. I do indeed want to start trading asap. Is it completely overkill to open an account on coinbase regarding my situation, or does verification take equally long there too?

Swordsoffreedom

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If you want to buy crypto on Binance by depositing fiat money then you must have to pass Full KYC verification, and you have to add your bank account on Binance. Adding Bank account is not easy and this is a very time-consuming process, for verification issues it takes a few days even weeks to add a bank account on Binance. Many people want to avoid such troubles and want to start trading immediately. that's why they buy crypto on coinbase from local users and then transfer to Binance.

adzino

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Quote from: mistatoto111 on January 30, 2021, 09:49:44 AM

People are recommending to buy cryptos on coinbase and then transfer it to binance to trade there. Why?

Not sure why someone would recommend something "redundant" like this. You have to go through KYC if you deposit fiat in Binance or Coinbase. Yes, you can buy from coinbase by doing KYC and then send it to binance to withdraw, but I am assuming you are doing this because binance claim that you don't need to do any KYC as long as you withdraw less than 2 BTC daily. But, I have read different posts in reddit where people were forced to do KYC when trying to withdraw something very lower than the said limit (coins worth less than $1,000 USD. "Risk control" was their excuse).
Either way, you will eventually be hit by KYC. So just deposit on exchange that you trust and use it to withdraw. No need to use two different exchanges. Though make sure your bank is crypto friendly.

mistatoto111

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Quote from: jackg on January 30, 2021, 10:18:46 AM

Quote from: mistatoto111 on January 30, 2021, 09:49:44 AM

People are recommending to buy cryptos on coinbase and then transfer it to binance to trade there. Why?

It mightve just been that you'd have to do jyc to deposit to binance and maybe they weren't happy with that.

Also your trades on binance can't be linked to your identity as easily if you buy them through coinbase and transfer (so neither can say how much tax you owe reliably).

But you must verify your ID to trade on binance anyway, so what difference does it make?

jackg

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Quote from: mistatoto111 on January 30, 2021, 09:49:44 AM

People are recommending to buy cryptos on coinbase and then transfer it to binance to trade there. Why?

It mightve just been that you'd have to do jyc to deposit to binance and maybe they weren't happy with that.

Also your trades on binance can't be linked to your identity as easily if you buy them through coinbase and transfer (so neither can say how much tax you owe reliably).

Arabicbet365

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Quote from: Oshosondy on January 30, 2021, 09:57:34 AM

Quote from: mistatoto111 on January 30, 2021, 09:49:44 AM

People are recommending to buy cryptos on coinbase and then transfer it to binance to trade there. Why?

That is wrong, you can buy crypto on binance or coinbase depending on the one you want and like. Coinbase is not available in many countries that binance support. You can also buy crypto on binance directly from the bank or through credit cards like Master and Visa cards. Binance is one of the exchange with good low trading, buying and withdrawal fee.

binanace is a scam also freezed my account with no reason those fuckers are really mad

Oshosondy

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Quote from: mistatoto111 on January 30, 2021, 09:49:44 AM

People are recommending to buy cryptos on coinbase and then transfer it to binance to trade there. Why?

That is wrong, you can buy crypto on binance or coinbase depending on the one you want and like. Coinbase is not available in many countries that binance support. You can also buy crypto on binance directly from the bank or through credit cards like Master and Visa cards. Binance is one of the exchange with good low trading, buying and withdrawal fee.

Beparanf

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Quote from: mistatoto111 on January 30, 2021, 09:49:44 AM

People are recommending to buy cryptos on coinbase and then transfer it to binance to trade there. Why?

Because coinbase has a reputation of freezing account for no reason. Most of the people experience this are those who deposit huge amount of fiat. Binance don't freeze any account that's many people are enjoying using it especially when buying crypto using fiat. In simple terms, Binance is a user friendly exchange.

mistatoto111

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People are recommending to buy cryptos on coinbase and then transfer it to binance to trade there. Why?

Topic: Why shouldn't you deposit fiat into binance to buy crypto? (Read 271 times)