Want to relay my recent experience to help other canucks entering the cryptocurrency scene. I wanted to invest 100K in both main coins and some alt coins. Depositing that amount can’t be done using ETF/bank-transfeetc. – the only reasonably quick way is to wire funds. For wires, most exchanges have a percentage based deposit fee – something that makes absolutely no sense to me
. Whether you wire 1K or 1MM, the amount of work for the exchange is identical, so it should be a flat fee. Deciding on an exchange is more complicated than that though: each one has their own rules for minimums/maximums, trading fees, supported coins, holding periods, and withdrawal fees. They also can vary greatly on the amount of time verification takes. One thing to note is that pretty much all exchanges don’t charge a fee for inbound crypto transfers.
2 months ago I signed up for 10 exchanges (Coinbase/GDAX, Binance, Coinsquare, Kraken, ezBTC, QuadrigaCX, Bitfinex, Gemeni, Bittrex, Poloniex) and was verified on 7 of them (I’m still in queue for Gemeni, Bittrex, and Poloniex). Verification times gave me what I thought was a decent indicator of the level and quality of support I would receive.
Of these exchanges, some have what I believe to be relatively high trading fees (Gemeni .25%, Bittrex, .25%, ezBTC .30%, QuadrigaCX .50%) vs lower maketaker fees (GDAX 0/.3%, Binance .1/.1%, Gitfinex .1/.2%, Coinsquare .1/.2%, Kraken .16/.26%). Still others have high percentage based wire fees. And finally, there’s a big disparity between withdrawal fees: free on some exchanes, vs fixed rate based on the coin for others, vs Coinsquare’s insane fixed 0.0025 BTC regardless of what coin or the amount being withdrawn.
So here are some observations on the exchanges. Please note that the below is not a reflection on any of the people who work at the exchanges. I’m sure they are working as hard as they can and are doing their best. It’s just my experience. It’s also not financial advice. Also, I’m only human so feel free to offer corrections or better advice. Coinsquare
: amazingly fast verification time, and for very large deposits seems to likely be the best option as they will let you speak to a human being by phone and will waive the deposit fee (I didn’t know this until later though). I excluded them because of their high 0.5% percentage based deposit fee and their crazy high withdrawal fee. They also only have support for 6 coins. QuadrigaCX
: I had a terrible initial experience with QuadrigaCX’s support, so I immediately excluded them. They have high trading fees and there are many complaints of support tickets being ignored or having extremely lengthy wait times. They have a crazy high 1% percentage based CAD wire fee, but offer free USD wires. Note that they only support wires for large amounts. GDAX/Coinbase
: Loads of good reviews, but only has support for 4 coins. Seems like they also don’t have a fee for crypto withdrawals. You also can’t seem to wire CAD or USD funds directly to GDAX. I think you may have to wire USD funds to Coinbase and then transfer them over to GDAX (for free). Kraken
: I created an account but the verification page just appeared blank for me. After a few days, their support team got back to me telling me that they had a bug and that I needed to create a new account using a different email address and try again. That worked. I decided to use them as they seemed like the best all-around alternative. I was impressed with their support response (they gave me an answer that worked and responded in days as opposed to weeks), they offer a no-fee inbound CAD wire, support 16 coins, and have low (though not free) crypto withdrawal fees. They have also been around a while and have a good reputation (They were picked to handle MtGox claims). Wiring funds to them was a hair-raising experience though. You basically need to send your funds to an unknown bank in Tokyo, Japan. Kraken also has two slightly different sets of wire instructions: one that is on their website, and the other that their support folks send out. Only one of them mentions that you should tell your bank not to use an intermediary that will convert your currency. If you do things properly, and are lucky, you end up only paying ~$40 in fees. But chances are, you don’t, and end up paying 4%! (see https://www.reddit.com/BitcoinCA/comments/7rd6k8/fees_when_sending_to_krakencom/
). You also have no idea how much the fees will be until the money finally shows up in your account. That’s tremendously unsettling. Luckily my bank branch manager was familiar with crypto currency wires and helped me do things properly. But, the wire took over 2 weeks to show up (Jan 18th), and Kraken support is so overloaded that they didn’t’ respond, despite me escalating my support ticket several times. I eventually had to resort to a reddit post to get a response to my support ticket. I gave support my wire receipt and answered lots of additional questions to help them try to “locate” it. Perhaps the worst part of my entire experience was that while my wire was being located, the entire crypto market tanked by 50%...and no one would respond to my support ticket…I felt helpless. A Kraken support rep a few days ago said that they are handing >50K new user registrations per day and have >20K new support tickets per day. I feel they should turn off new user registrations until they are capable of servicing existing customers. This is what their competitors have done. I found it disheartening to learn that the only way to get a response to my support ticket was to complain via social media --- many others have found the same. While I was waiting for my wire to appear Kraken had a >48h outage. Prior to the outage, the site was almost unusable as you’d receive constant 50x errors (I found this out prior to wiring my funds). After the outage, I find that their site is still barely usable. Pages take 10-15 seconds to load and when they do load many times they display errors so you have to continually retry until things work. At the end of the day though, they did come through for me: my wire arrived safely. So with my funds in Kraken, I tried to use them to purchase crypto. But no matter what I tried, none of the CAD dollar trading pairs would appear. I logged out and back in a few times and 15 minutes later, it suddenly started appearing. With the flakiness in Kraken’s platform, I had no choice but to transfer everything to a more stable and faster exchange: Binance
: These guys have their shit in order. Super simple site navigation once you get used to it, fast verification times, blazingly fast website and trading engine, more than 50 coins supported, etc. But, they don’t support fiat – you must use one of the other exchanges to buy crypto with fiat and then transfer in your crypto. Gotta say it again: everything is super fast. Not just the page loads, but also trading, email confirmations, and withdrawals. Trading takes a bit of getting used to as you aren’t really buying or selling crypto…you are instead “trading” one crypto coin for another. Depending on the coin you want to purchase, you might have to trade your coin for BNB (binance’s own coin) and then trade BNB for the coin you desire. Be Your Own Bank
: One final word of advice. Binance is awesome, but don’t trust anyone as despite everyone’s best intentions: no matter how secure a platform is, it can and will be hacked. As soon as you have done your shopping, transfer your coins off to your own wallet. This is why withdrawal fees are important.
You might be asking: in hindsight, if I had to do it all over again, what would I do differently? To wire CAD funds I would try to use Coinsquare if it’s a big amount (after re-reading other people’s recent reviews). For USD wires, I might try using Gemeni, but I still haven’t been verified by them and have been waiting for almost 2 months. Before using either I would re-test how long it takes for a support ticket to be responded to. If you do wire funds, don't wire an exact round amount like "10,000.00", instead I would wire "10,070.45" so that it's easier to locate if things go wrong. Once the account has been funded I wouldn’t hesitate to transfer everything to another exchange if I wasn’t happy with the platform, the number of coin offerings, or quality of service I was receiving: you can always come back when things improve.
Things change so quickly so not sure how helpful this will be…just wished I had known some of the above before starting.
Bitfinex Withdrawal Reports (Source: Reddit) Is there a Mt. Gox 2.0 in the making? At the beginning of 2014, Mt Gox, a Japan’s-based trading platform, was considered the largest bitcoin exchange in the world. It handled over 70 percent of all Bitcoin transactions worldwide. Binance’s trading fees are far below the industry average which is arguably around 0.25%. The trading fees are also reduced based on trading volume and holdings of Binance’s native token, the BNB, as set out in the below table: Binance Withdrawal fees. Withdrawal fees are usually fixed and vary from crypto-to-crypto. If you withdraw BTC ... Bitstamp is a bitcoin exchange based in Luxembourg and founded as a European-focused alternative to then-dominant bitcoin exchange, Mt. Gox. Its exchange services launched in 2011. It is one of the oldest and most well-respected cryptocurrency exchanges in operation today. Bitstamp aims to offer its users a low-fee way of exchanging large amounts of digital currencies. It ranks among the top ... Binance promised to revert trades, and actually started to do so according to reddit comments. Crypto is a dangerous, unregulated market. I know people like to whine about Binance's relatively high withdrawal fees, but I for one prefer to acknowledge when stuff is being done right. All my crypto investments are on Binance because I bot-trade ... The most liquid UK bitcoin exchange. 100% multi-signature underground cold storage. Immediate bitcoin withdrawals up to 2 XBT from Advance Withdrawal fund. No bitcoin deposit or withdrawal fees. Minimum deposit amount 1000 EUR/GBP/PLN/USD. Cryptopia: cryptopia.co.nz: $2,000,000 0.2% 0.2% ????? Gatecoin: gatecoin.com: $19,000,000 0.25%: 0.35% 20 ... If, for example, we want to withdraw Ethereum, the minimum withdrawal amount is 0.02 with a withdrawal fee of 0.003. You can see the full list here. Margin Trading and Futures. Binance launched their Margin trading platform in July of 2019 which was followed by the Futures platform trading which was launched in September of the same year. Both ... Remember when MtGox warned everyone to withdraw their crypto before they permanently stopped all withdrawals? ... Binance, Bitfinex, Coinbase, Poloniex... It does not matter. level 2. Gold QC: CC 51. 3 points · 1 year ago. Cannot stress this enough. level 1. 2 points · 1 year ago. Full permissioned mods like SamsungGalaxyPlayer are censoring the sub to change sentiment as an FYI. level 1 ...
Bitcoin Documentary Crypto Currencies Bitcoins Blockchain Digital Currency ... 📌How to Deposit and Withdraw on Binance Binance Margin Trading Full Tutorial For Beginners - Duration ... #Like #Comment #Subscribe #Bitcoin #Crypto #Livestream #DigiByte #Litecoin #Invest #Cardano #Ethereum #Binance #Crypto #Invest #Elastos #Vechain #PundiX #Tron #Ethereum #IOTA #Ripple #XRP #Neblio ... In this video, I show you how to withdraw on Binance using the cryptocurrency Ripple (XRP) as an example. Learn step-by-step how to make a withdrawal from Bi... 比特币 Competition and Halving News Binance-US Exchange 16,794 watching. Live now [NOW !] Blockchain Live Bitcoin Giveaway - Meeting Airdrop 10000 Bitcoin 比特币 Blockchain 7,863 watching ... In this video i showed u how to withdraw sa binance using the app version. Sundan nyo lang po ang procedure at madali lang po mag withdraw as long as you reach the minimum amount for withdrawal. In this video I am going to show you how you can deposit and withdrawal money (BTC) from BItMEX. Loading... Advertisement Autoplay When autoplay is enabled, a suggested video will automatically ... Join Binance Exchange Here! https://www.binance.com/?ref=13795076 Join Kucoin Exchange Here! https://www.kucoin.com/#/?r=7chr68 Mine Bitcoin and other Crypto... Withdraw Bitcoins from Blockchain to Your Bank Account, withdraw bitcoins from mtgox to Bank Account, withdraw bitcoins from bitstamp To Bank Account, withdraw bitcoins from btc-e to Bank Account ... Ethereum to 10k minimum + SEC Securities - Duration: 29:09. Digital Asset News 41,846 views. 29:09. How to Withdraw and Sell ... How to buy and sell Cryptocurrencys on Binance. BitCoin and Ripple ... Learn To Bitcoin 127,648 views. 13:40 [HINDI]How to Withdraw INR from Binance - Duration: 6:32. The Crypto Trackers India 29,803 views. 6:32. Top 100X Altcoins That Will Make You RICH in 2020 ...