Binance

Uncle Mclovin · 13-12-2017 12:40am #1

I've transferred a small amount of Litecoin to my Binance account.

I'm looking to buy some Ripple and Iota.

I can see my Litecoin has transferred over from Coinbase but when I go to buy the Ripple or Iota it says I don't have enough funds.

I think I have to transfer to Bitcoin or Ethereum. Does anyone know how I can transfer my Litecoin to one of these two currencies?

Uncle Mclovin · 13-12-2017 12:47am

Apologies.

I figured this out myself.

For anyone else with the same query, you have to sell your Litecoin.

I sold my Litecoin for Bitcoin. Transaction happened almost instantaneously.

Now I must go buy myself some Alt coins.

This whole world is dangerously addictive.

smileawhile55 · 13-12-2017 7:04pm

Yep, and +1 for Binance, it has an inordinate amount of coin pairings listed!

Uncle Mclovin · 14-12-2017 2:24am

Is there a cheaper alternative than Coinbase for transferring funds to Binance? What I'm doing is buying Litecoin/Bitcoin and transferring across.

carrotcake · 14-12-2017 8:53am

Uncle Mclovin wrote: »

Is there a cheaper alternative than Coinbase for transferring funds to Binance? What I'm doing is buying Litecoin/Bitcoin and transferring across.

Yesterday I used Kraken to buy Ripple with euros, with the intention of transferring to Binance. The reason I chose Ripple is that the transfer is quick and only costs 1c. Looking at how Ripple has appreciated overnight, maybe I should have held until this morning.

If you're willing to put up with their terrible servers, then Kraken will save you money. It took me half an hour to make two buy orders because of the amount of error pages when clicking on links. Making the transfer request to Binance took ages too, but once Kraken made the transfer it was confirmed in Binance within a couple of minutes.

fran426ft · 14-12-2017 10:12am

I had tried to register with Kraken but aside from the constant server issues I cannot verify my account. On the verification page I just get a message stating "Feature Disabled""This feature is not currently available." Has anyone else had that problem and managed to get it resolved?

carrotcake · 14-12-2017 10:14am

fran426ft wrote: »

I had tried to register with Kraken but aside from the constant server issues I cannot verify my account. On the verification page I just get a message stating "Feature Disabled""This feature is not currently available." Has anyone else had that problem and managed to get it resolved?

I had the same error messages yesterday when ordering and withdrawing. I just kept trying, and eventually it worked.

GreeBo · 14-12-2017 10:37am

fran426ft wrote: »

I had tried to register with Kraken but aside from the constant server issues I cannot verify my account. On the verification page I just get a message stating "Feature Disabled""This feature is not currently available." Has anyone else had that problem and managed to get it resolved?

Thats basically their "something had a timeout" message.

Just refresh and keep trying.

dodgystats · 31-12-2017 4:08pm

Does anyone know exactly how the Binance valuation works? I have been trying to understand it but am struggling.
It seems to value coin holdings in bitcoin.

For example, if you buy some Ripple, it seems to give you the valuation based on Bitcoin.

So if Bitcoins value goes down, does that mean you Ripple holdings go down as well?

grindle · 31-12-2017 5:01pm

dodgystats wrote: »

...if Bitcoins value goes down, does that mean you Ripple holdings go down as well?

If it stays coupled, yes. If people decide that XRP is worth keeping at a certain dollar price or higher it will go up in BTC value.

EagererBeaver · 31-12-2017 5:41pm

dodgystats wrote: »

Does anyone know exactly how the Binance valuation works? I have been trying to understand it but am struggling.
It seems to value coin holdings in bitcoin.

For example, if you buy some Ripple, it seems to give you the valuation based on Bitcoin.

So if Bitcoins value goes down, does that mean you Ripple holdings go down as well?

It's an exchange. Prices change all the time. Crypto can be difficult, especially when dealing with alts as most markets are in BTC rather than dollars or sterling.

If BTC value goes down (presumably here you mean in in dollar or euro terms) then the value of the alt you hold will change. It does not necessarily mean the value will do down as there are so many different markets. Your holdings do not change. If you have X ripple before, you still have X ripple afterwards.

dodgystats · 31-12-2017 6:13pm

Thanks for the replies

efk1 · 19-01-2018 4:26pm

Just signed up to binance and theyre asking for passport id already

How do people feel about sharing their passport details. Ive already posted my passport to Coinbase so assuming its all good & matter of course
etc ?

thanks

sReq | uTeK · 19-01-2018 4:28pm

Should only need that if you want to transfer more than 2x bitcoins per day.

efk1 · 19-01-2018 4:40pm

grand thanks. and storing BNB in a wallet? or Kucoin.. Will Exodus work?

efk1 · 19-01-2018 4:42pm

I got the answer to above question thanks

Fakent.ie · 24-01-2018 12:26pm

Uncle Mclovin wrote: »

Is there a cheaper alternative than Coinbase for transferring funds to Binance? What I'm doing is buying Litecoin/Bitcoin and transferring across.

send it to gdax for free then to binance

garrettod · 24-01-2018 2:56pm

carrotcake wrote: »

....If you're willing to put up with their terrible servers, then Kraken will save you money. .....

That statement is not accurate, sorry. They will cost you money, because you cannot rely on them to provide a stable and prompt service.

Anyone who has had an account with Kraken over recent months will all tell the same story - website down for days, had been crashing regularly for several weeks, poor customer service which relies on slow response emails etc. I've lost all confidence in Kraken and moved on.

Binance are far superior to Kraken. The potential to reduce trade costs on Binance by paying your fees in BNB is a positive feature, while they also provide a decent mobile phone app.

Fakent.ie · 24-01-2018 2:58pm

garrettod wrote: »

That statement is not accurate, sorry. They will cost you money, because you cannot rely on them to provide a stable and prompt service.

Anyone who has had an account with Kraken over recent months will all tell the same story - website down for days, had been crashing regularly for several weeks, poor customer service which relies on slow response emails etc. I've lost all confidence in Kraken and moved on.

Binance are far superior to Kraken. The potential to reduce trade costs on Binance by paying your fees in BNB is a positive feature, while they also provide a decent mobile phone app.

Only use kraken for Euro> Ltc or eth, send that to Binance then trade that for whatever you want

smacl · 24-01-2018 3:23pm

Fakent.ie wrote: »

Only use kraken for Euro> Ltc or eth, send that to Binance then trade that for whatever you want

I've actually found Kraken ok since the upgrade, though not a heavy user. Compared to Binance, a much smaller range of coins. Currently using Kraken, Binance and Kucoin. Don't have GDAX and stopped using Coinbase due to fees.

Fakent.ie · 24-01-2018 3:26pm

smacl wrote: »

I've actually found Kraken ok since the upgrade, though not a heavy user. Compared to Binance, a much smaller range of coins. Currently using Kraken, Binance and Kucoin. Don't have GDAX and stopped using Coinbase due to fees.

Your always going to find a coin that you want on an exchange that you don't have i just use binance I couldn't be bothered with all these exchanges

stooge · 25-01-2018 1:13pm

kraken is much mcuh betetr since they upgraded. Transfers in and out (SEPA) are relatively quick and straightforward plus their limits are pretty good. Verification is a pain though. Binance has much more coins and huge volumes, I tend to use both mostly but also Bittrex/Poloniex and Coinbase

BrokenArrows · 25-01-2018 11:05pm

dodgystats wrote: »

Does anyone know exactly how the Binance valuation works? I have been trying to understand it but am struggling.
It seems to value coin holdings in bitcoin.

For example, if you buy some Ripple, it seems to give you the valuation based on Bitcoin.

So if Bitcoins value goes down, does that mean you Ripple holdings go down as well?

If you are holding say ETH then it will tell you your price in the dill rate of ETC/BTC

In theory if 1 ETC was worth 1 BTC valued at 10k. If BTC crashed by 50% your exchange rate would become 1 ETC for 2 BTC which would be 2 x 5k. So your dollar value wouldn't have changed.

garrettod · 26-01-2018 4:55pm

stooge wrote: »

kraken is much mcuh betetr since they upgraded. Transfers in and out (SEPA) are relatively quick and straightforward plus their limits are pretty good. Verification is a pain though. Binance has much more coins and huge volumes, I tend to use both mostly but also Bittrex/Poloniex and Coinbase

Verifcation can also be a pain at Binance tbf.

However, re: Krakan:

We have seen how badly they handled the website crashing for several weeks prior to the upgrade,

We have seen how badly they handled the update itself, once they commenced it and things went wrong,

We know how poor a level of customer service they provide (no telephone support and responses can take quite a while by email)

... now ask yourself, are these the people you want to trust with your money, or rely on if there's a really big problem and you need urgent assistance ?

For me - the answer is a very clear no !

Fakent.ie · 26-01-2018 5:20pm

garrettod wrote: »

Verifcation can also be a pain at Binance tbf.

However, re: Krakan:

We have seen how badly they handled the website crashing for several weeks prior to the upgrade,

We have seen how badly they handled the update itself, once they commenced it and things went wrong,

We know how poor a level of customer service they provide (no telephone support and responses can take quite a while by email)

... now ask yourself, are these the people you want to trust with your money, or rely on if there's a really big problem and you need urgent assistance ?

For me - the answer is a very clear no !

You don't even need to verify on binance, unless your withdrawing more then 2 btc a day

Radsky · 26-01-2018 9:33pm

Anyone have problems with using Binance's mobile app right now?

garrettod · 29-01-2018 11:29pm

Working fine for me.

It's occasionally a tad slow, but I just put that down to high usage sometimes.

Thedukester00 · 17-04-2018 10:50am

Holding ADA on Binance. What is the best, least expensive way to cash out back to fiat.

Is it too sell for Eth and transfer to Gdax then onto Coinbase?

Fakent.ie · 17-04-2018 10:55am

Thedukester00 wrote: »

Holding ADA on Binance. What is the best, least expensive way to cash out back to fiat.

Is it too sell for Eth and transfer to Gdax then onto Coinbase?

well coinbase charges huge fees so you should of never used them in the first place but its probably your only exchange that accepts euros so, yes I think that'd be the least expensive

smacl · 17-04-2018 11:32am

Fakent.ie wrote: »

well coinbase charges huge fees so you should of never used them in the first place but its probably your only exchange that accepts euros so, yes I think that'd be the least expensive

Kraken also do Euros, fees here; https://www.kraken.com/help/fees

Fakent.ie · 17-04-2018 11:34am

smacl wrote: »

Kraken also do Euros, fees here; https://www.kraken.com/help/fees

Ye i know I assumed he just had a coinbase account cause if he had a kraken account I think hed know the fees are cheaper

smacl · 17-04-2018 11:38am

Fakent.ie wrote: »

Ye i know I assumed he just had a coinbase account cause if he had a kraken account I think hed know the fees are cheaper

Yep. Be interesting to see when and if Binance fiat pairs become available. Looks increasingly likely; https://thebitcoin.pub/t/binance-to-add-usd-to-crypto-trading-pairs-soon/35862

Fakent.ie · 17-04-2018 11:39am

smacl wrote: »

Yep. Be interesting to see when and if Binance fiat pairs become available. Looks increasingly likely; https://thebitcoin.pub/t/binance-to-add-usd-to-crypto-trading-pairs-soon/35862

Don't think that will happen but what do i know

smacl · 17-04-2018 12:06pm

Fakent.ie wrote: »

Don't think that will happen but what do i know

Why so? Maltese government seem up for it and Binanace are definitely up for it so what is the blocking factor?

JohnnyFlash · 17-04-2018 12:08pm

smacl wrote: »

Why so? Maltese government seem up for it and Binanace are definitely up for it so what is the blocking factor?

I’d say the Maltese government will want to do more due diligence on Binance, its explosive growth, its previous issues with government regulation, and its generation of their own coin posing as a pseudocurrency. They’ll also need access to banking facilities.

smacl · 17-04-2018 12:25pm

JohnnyFlash wrote: »

I’d say the Maltese government will want to do more due diligence on Binance, its explosive growth, its previous issues with government regulation, and its generation of their own coin posing as a pseudocurrency. They’ll also need access to banking facilities.

Certainly not the signals they're sending out; (Source)

The Malta Gaming Authority (MGA) is testing the introduction of a digital currency in a controlled environment to see what risks, if any, it might expose Malta’s economy to. At the same time, the country is preparing to implement the world’s first #blockchain legislation. With these moves, Maltese authorities are racing to stay ahead of competing countries, such as Gibraltar and Estonia, that are also looking to take advantage of the fact that many governments are rejecting cryptocurrencies and driving them beyond their borders.

If Malta doesn't pan out for Binance, there would appear to be other countries queuing behind it for the business.

Thedukester00 · 17-04-2018 12:51pm

Fakent.ie wrote: »

Ye i know I assumed he just had a coinbase account cause if he had a kraken account I think hed know the fees are cheaper

Thanks for the reply's.

Atm only have Gdax and coinbase account. Is it not possible to transfer from Gdax to bank account, instead of going through Coinbase?

Also when transferring out from ADA on Binance what would the best currency to transfer to?

Fakent.ie · 17-04-2018 12:56pm

Thedukester00 wrote: »

Thanks for the reply's.

Atm only have Gdax and coinbase account. Is it not possible to transfer from Gdax to bank account, instead of going through Coinbase?

Also when transferring out from ADA on Binance what would the best currency to transfer to?

ada/eth - send to gdax not sure I don't use gdax

h0neybadger · 17-04-2018 9:11pm

Thedukester00 wrote: »

Is it not possible to transfer from Gdax to bank account, instead of going through Coinbase?

Yes, you can transfer direct from Gdax to your bank.

Binance

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