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Binance

Uncle Mclovin

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?

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Uncle Mclovin

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

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

Uncle Mclovin

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

carrotcake

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

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

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

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

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

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

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

Thanks for the replies

efk1

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

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

efk1

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

efk1

I got the answer to above question thanks

Fakent.ie

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

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

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

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

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

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

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

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

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

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

garrettod

Working fine for me.

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

Thedukester00

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

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

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

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