Which is the better exchange platform?


#1

Hi everyone,

I am new to bitcoin and am not sure which is the better exchange to use to purchase Cardano coins. Bittrex, Binance or Bitfinex?

Bittrex seems to be having some problem at the moment with a number of complaints by users calling it a scam.
Binance and Bitfinex seems to be more stable with good user comments.

Is anybody here using either of these exchanges?
I don’t think Bitfinex is selling Cardano coins.
So, is anybody using Binance?

Thank you.


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Hello from south africa
Hey, I'm Toddy, from the UK
#2

Bittrex is not a scam. It is a very serious US-based exchange with good security features, which you have to enable yourself. However, like all exchanges struggling to cope with the crypto boom these past weeks due to an insane amount of new registrations, it can take up to several weeks to get fully registered with an enhanced account, due to strict regulations and KYC procedures. Especially if you are not US based, since they compare your submitted data to local public records. It has the largest choice of altcoins, and you can trade ADA with BTC or ETH, not fiat. Only downside of Bittrex is the user-interface in my opinion, but they are working on redesigning it.
Here is the link to Bittrex Fees.

Binance HQ is Hong-Kong based, and falls under Chinese regulations which tends to be unstable these days on cryptos. Its servers are in Japan and South Korea. Much better interface in my opinion. Fees are interesting here is the link. :slight_smile:

SUMMARY
FREE DEPOSITS on both exchanges (apart from the inevitable network fees)

TRADE
Bittrex : 0.25% commission per trade
Binance: 0.1% commission per trade

WITHDRAWAL:
Bittrex: Free, but there is a network transfer fee built into the coin
Binance: Depends on coins + network transfer fee as well

VERIFICATION:
Bittrex: Enhanced account can take several weeks ( you cannot withdraw with a Basic Account)
BInance: No registration needed up to 2 BTC threshold deposit/withdrawal

Piece of friendly advice:

  • When you withdraw your coins from an exchange or your wallet, ALWAYS do a test with 1 coin as a precaution to check that you haven’t been hacked and/or build confidence the first time.
  • Always triple check that you have pasted the same address as the one you’ve copied. Another address and you might very well lose your coins
  • Use a desktop link to Bittrex/Binance rather than Google Results that can be manipulated (such as this guy who got hacked for over 100k in BTC)

Finally, NEVER store your private keys on your computer. This guy got all is coins stolen this way.


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#3

I have both and I like Binance better because it seems simpler to use and has the rest of my alt coins… Actually I only opened a Bittrex account to get ADA but soon after, Binance started accepting it so I moved all my ADA to Binance and never logged on Bittrex again. Both seem solid, I just prefer Binance.


#4

I have no experience with Bittrex. I have Binance and my KYC process took about 1 week, which put me at level 2 account holder. When I opened my Binance account around 2 months ago, I bought IOTA that day.

My ETH from coinbase to binance took about 5 minutes. Then, I bought ADA with my ETH limit order that took about 5 minutes.

I also recommend creating an account from the referral program. Binance rewards both individuals.

My reference URL:
https://www.binance.com/?ref=11255820


#5

I’ve used Bittrex for ADA purchases and haven’t experienced any problems. I don’t think they are a scam , just overwhelmed with support tickets. Just remember not to hold your coins on any exchange. After you purchase them, send them to your wallet. Send a small portion first to make sure they go through ok to your wallet.

Also a tip, where ever you are purchasing your BTC from, consider buying Litecoin if it’s available to you and transfer the Litecoin to the exchange. Then trade the Litecoin to either BTC or ETH for buying the ADA.
Litecoin will have much cheaper fees and will get to the exchange a lot faster. BTC fees are much higher and a lot slower. ETH has been experiencing higher fees and congestion lately.


#6

Thanks for the Litecoin tip!


#7

Thanks for the tip. It was hard deciding between the two. With Bittrex being overwhelmed, I was having a bit of a problem leaning towards them.


#8

They all have their quirks, sometimes Binance does wallet maintenance so you can’t deposit or withdrawal your balances for a bit…the other day it took me a few tires to be able to log onto site, so it’s good to have multiple options…


#9

Thanks for the Litecoin tip. I was considering buying Ethereum then using that to buy ADA. Now, I’ll buy Litecoin instead.

On another issue, I have a Coinbase account and I will be using it to buy Litecoins. I have noticed that price of coins listed on Coinbase is always higher than Bittrex for instance Bitcoin is $750 higher on Coinbase than Bittrex. Any idea why this is so?

I appreciate your reply. Thank you.


#10

The primary explanation for discrepancies in bitcoin price across different exchanges is the fact that, as a decentralized digital currency, there is no standard or global bitcoin price at any given period of time.

It isn’t pegged to the USD or to any other fiat currency, nor is it linked to a particular country or to an exchange. As with commodities of all types, supply and demand vary depending upon the time and the market, and the price of bitcoin fluctuates as a result.

Given that there is no global standard for the price of a single bitcoin, how can investors be sure that Google, a digital currency exchange, or another price tracker is accurate? The short answer is that these prices are not, in fact, guaranteed to be accurate at all. A reason for this is that most bitcoin price trackers calculate an average estimate or a recently-traded price of bitcoin based on the transaction history of a prominent bitcoin exchange. Google, for example, bases its figures off of the Coinbase API, which is why it links the value of bitcoin to a U.S. dollar.

Beyond the (hopefully modest) inaccuracies built into a price tracker or search engine when it comes to estimating the cost of a single bitcoin, investors should also keep in mind that the actual price of buying that coin in an exchange is likely to be higher.

The reason for this is that most exchanges require some type of transaction fee. This is typically very modest in comparison to the price of a bitcoin, particularly as bitcoin’s value has skyrocketed in recent months, but it does further introduce inaccuracies into the price that you may see listed.


#11

Thank you very much for the detailed explanation to my queries. I have learnt something new today.


#12

Thanks Josh for your reply. Another quick question. Since you are using Binance, do they allow you to buy BTC and ETH with USD via credit card? Or do you have to already have coins in your wallet before you buy IOTA or ADA?

Sounds a bit naive but I am new and still trying to find a way to buy BTC and ETH first before I can buy ADA.

Thanks for taking the time to reply.


#13

I personally buy BTC and ETH with a bank account or credit card using Coinbase and Gemini then transfer those to Binance to exchange with other altcoins. If you only intend to invest in BTC or ETH, you don’t need Binance technically and can just use Coinbase or Gemini and keep them there or transfer to a personal wallet. Binance allows exchange of BTC/ETH to altcoins, like ADA.


#14

Hi @DragonFoong, no USD is accepted by Binance. I transfer all my USD funds through Coinbase. I buy ETH and move to Binance, then purchase ADA with ETH:


#15

I am experiencing that exact issue at the moment. Bought some ADA Friday evening, UK time, and withdrew my ADA to my Daedalus wallet without any problem. Saturday evening I do another trade and then get 'Withdraw Suspend !" against my holding.
Glad I found your post it offered more information about the issue than Binance FAQ.
I assume the suspension will be lifted in a day or two?

Many thanks.


#16

Hi @DragonFoong, you should read the first answer (by Will) on this link:

Why do Bitcoin price vary wildly between Exchanges

It is an excellent explanation.


#17

I am afraid that your understanding about Binance is wrong. Binance has no presence in Hong Kong other than that of a virtual office address. They are really based in Japan. Also, since they incorporated themselves in Hong Kong, they do not fall under Chinese regulations. Hong Kong and China are two countries. If you look at the Basic Law of Hong Kong, per Article 18:

Article 18
The laws in force in the Hong Kong Special Administrative Region shall be this Law, the laws previously in force in Hong Kong as provided for in Article 8 of this Law, and the laws enacted by the legislature of the Region.

National laws shall not be applied in the Hong Kong Special Administrative Region except for those listed in Annex III to this Law. The laws listed therein shall be applied locally by way of promulgation or legislation by the Region.


#18

Thank you @asd_f, I am well aware that they are 2 different countries. My assertion was based on this interview of Binance CEO which claims it was based in HK at the time.
However, it seems that this article I posted 2 months ago is outdated now as I’ve heard they have moved their IP elsewhere to an “offshore location”, the British Virgin Islands and other locations. Is Cardano going to be delisted from Hong Kong exchanges?

In response to China’s decisions, we are moving our IP’s from Hong Kong to an offshore location. So we are registered in multiple locations and we have people in multiple locations. That way we will never be affected by one regulatory body,” explained Binance CEO Zhao.

Source (from mid-january 2018, again might be outdated as everything changes every month in this world haha)

Why would they move their IP outside of HK in response to China’s decisions if as you claim they don’t fall under Chinese regulations in HK?


#19

If you opt to pay fees in Binance’s own coin, BNB, that drops to 0.05%.

I’ve been doing that but could there be a downside I’m unaware of?


#20

I don’t know. But I practise law in Hong Kong and as far as I know, if they are really in HK, the communist Chinese can’t touch them. The exception to this is if China sends out agents to kidnap them, and physically bring their staff and Zhao back into China, then not even the Hong Kong safe haven can save them.

China has thousands of under-covers working in HK. One publicly known kidnapping case is the Causeway Bay Bookstore incidents, where publishers who wrote anti communist books were kidnapped and brought back to China for labour camps. This could happen if Binance is used by the opposition camps in within the communist party to fund operations that will dethrone the Emperor Xi Jinping, aka Winnie the Pooh.

FYI: https://www.reuters.com/article/us-hongkong-bookseller/hong-kong-bookseller-says-associate-abducted-by-china-authorities-idUSKCN0Z21GG