FIA17
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I do agree with your post here and was up and running on yobit in absolutely no time, unlike most other exchanges where it seems like there is endless amounts of paper work just to get an account. The yobit interface seems simple and is easy to navigate as well so I had no issues adjusting to yobit exchange and it has been a pleasant experience.
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I did see this and was a little surprised myself that it was not making more news then it did. It does kind of go against the point of the crypto currency community but I guess they may open up a new world of fiat withdrawals as those are still fairly limited and mostly support the us dollar. There are many other currencies out there too that need to find its place and maybe tagging up a bank license will get Kraken into that area.
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Great post and pretty well 100% accurate as well. I do like the coinbase one especially as they seem to be very keen on working with the tax authorities but they seem to be the only crypto exchange that is eager, or maybe they are being forced to as well who knows. I have never had any issues with any of the ones I have dealt with and they were all on that list of yours.
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I do not think we are headed into a monopoly just yet with Binance but they certainly are the closest one to being there out of the major exchanges out there. But in all honesty they also have a great product which attracts a lot of customers so they do deserve this. But there are many other ones still available and I think there always will be a good competition among the crypto exchanges.
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Well Binance is likely the most popular exchange and with likely the most volumes flowing through it but that does not mean it will be the best exchange for you to use. I always look at factors like coin pairings, fiat withdrawal support, fiat currency support and average fees to make my decision on what is best for me.
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Yep I have gone through this process many times, easiest way is to actually setup multi factor again with the new phone and deactivate it on the old phone. But there is a an official process as well which is documented by google and works well too, just google it.
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Buying Bitcoin With U.S. Dollar At Yobit Exchange?
FIA17 replied to Cryptominded's topic in Exchanges
I have not used yobit for any sort of fiat deposits or withdrawals but have also not heard anything negative about it either. However if you are in doubt then simply purchase at another exchange and transfer the coins into yobit as that would basically achieve the same thing. -
This fees will be dynamic which means that they will vary from day to day. Do remember that exchanges earn money with these fees so hence they will change things accordingly. There is a website which I found in another post in this forum called bestchange which really helps identify the best rates for your coins in question.
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There are many to choose from out there now so do choose carefully. However things I like for is ranking on coinmarketcap, coin pairings and fiat withdrawal options as the three most important factors in helping me choose an exchange.
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That is a great question but ultimately exchanges hold a lot of coins on their hot wallets and these coins are of course owned by the exchange and not by the users themselves. Hence it would be just like robbing a bank, banks hold lots of money in bills for their customers and it is no different with crypto exchanges. Hack the algorithms and get the coins out. Hence we are constantly reminded to not store large amounts directly on exchange hot wallets.
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Choosing an exchanger has never been as easy as it is with BestChange
FIA17 replied to BestChange's topic in Exchanges
This is a great post and thank you very much for it. A total overview of the best fees for most of the major coins in question and all in a convenient, easy to understand format without a lot of clicking and ads. Great site, highly recommended! -
That really shows us all how much fiat money can be made through things like crypto currency exchanges however do keep in mind that Coinbase is one of the major exchanges and one of the most popular as well but still that is some unreal numbers in just transaction fees alone and it is all coming from individuals making trades and withdrawals.
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It is difficult to give an answer on what fees they charge as the fees are constantly changing. I am on Binance as well and noticed that one day they had a really low ethereum withdrawal and then next time I checked only a couple days later this fee had tripled so we always need to keep our eyes on the fees. But do remember this is how exchanges make a living so a lot of their fee money goes right back into the exchange in terms of maintenance and operations.
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You can still get rich with bitcoin and crypto currencies however it is much harder now then it used to be when they were all valued at a far lower price. Now to get rich you are first going to have to invest a fair bit into bitcoin or other alt coins and it is not sure that you will even garner any returns. But who knows what happens if you are holding some bitcoin today they may be worth so much more in 10 years so having patience is also a part of getting rich.
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Some common mistakes are putting all of your investment into one single coin and not doing enough research about that coin to understand if it is a safe investment or not. If that coin is of course bitcoin then you will be fine or any of the other major coins should be fairly ok as well. But if you decide to invest in a low valued, unknown coin and it dumps big time then you will have basically nothing left very quickly. Think things through and invest carefully.
