we were referring to the claim above stating “comments about people getting hacked”.
For hacking in general and if you hold a large deposit (whatever it means for you) in an exchange, it is always safer to use a multisig setup.
But for Kraken indeed, once you have all the “locks” activated, it is pretty hard to lose your coins!
Guys, I really I didn’t intend to argue about this… I guess everyone’s requirements for that might be subjective…
I plan neither to invest a huge amount of money in this platform nor to spend hours for understanding how to trade, how to make a deposit, how wallets are working etc… so for this reason I put up my personal criteria.
Furthermore I don’t have an objective benchmark for myself to “measure” how safer can be one platform compared to another… while you can fairly easily check how user friendly a platform is or about the fees for example…
Except the fees from SEPA in another currency you have additional fees from your bank when you deposit from a CHF account money in EURO… (not to mention the terrible exchange rate they offer you, not to mention that it might take longer for the deposit to be visible etc…)
If you have an option to deposit money from
CHF to CHF, I don’t understand why you shouldn’t go for it and select to deposit EUR from a CHF account…
Well… what can I say? I sometimes like arguing.
Of course everyone’s requirements and criteria (or concerns) relating to choice of trading platform are subjective. But in the end, this is an online forum, where opinions aren’t only shared among two or three discussant or users active in this very thread. It will be “consumed” by other silent readers, possibly many more (we’ve seen it regarding the active trader status). And some of them might act on advice given here. As such, I find it reasonable and appropriate to chime in and share my opinion, even if doesn’t directly address the question.
I am a proponent of focusing on what really matters.
And here’s the thing:
- Bitcoin is one of the most volatile (“real” underlying) assets you can buy. It has risen more than two thirds (39%) over the last 30 days alone, and more than 300% over the last 12 months.
- You intent to invest not "a huge amount of money".
In this light, are you really going to worry about the 0.30 CHF SEPA transfer fees your Swiss bank charges? Or should you still worried about the “terrible” exchange rate they are going to offer you, with a spread of typically …how much? 1%? …or 1.5%?
Everyone might have their own opinion on that. I still think it’s not very reasonable to worry about small one-time fees …on what’s not a huge amount money. Unless you’re waging your own personal war against banks and the banking system that has screwed you over. Or… you are doing these kinds of bank transfers regularly and/or for larger amounts.
Now, I’m often a cheapskate myself. If I have the choice to make a funds transfer or deposit money into a trading account, I will go to some lengths to get the best “bang(k) for my buck” and optimise on transfer and transaction costs. And if I have the choice of saving on transferring money, I will do that. I find that perfectly reasonable.
However, if one is going to invest…
- a “small” amount of money
- into a very speculative and volatile asset
- through an exchange platform dedicated to such (mainly/only crypto) assets and
- do this only occasionally
I would not base the choice of exchange/trading platform on these incidental and negligible fees.
From personal experience, EUR SEPA transfers to EU bank accounts that I have have been same-day.
Yes, totally agree with most of what you say.
The only thing is that personal experience differs significantly from person to person!
I can definitely tell you that from my personal experience my SEPA transfers in EURO never get executed in the same day and the exchange fees are not so negligible…
I have also personal experiences from platforms that other guys inside here describe as “state of the art” and super smooth for opening an account and trading where for me simply didn’t work and the opposite as well…
So what can I say, everything comes down to our individual experiences and preferences.
@olen . I am currently using Kraken, and I am considering moving fully to Binance to benefit from trailing orders.
How do you convert CHF to deposit EUR. Do you have a streamline process to do it? Or getting EUR is not an issue for you.
I was considering using Revolut, but it’s limited and the process is not fully automatized.
I have a premium Revolut account which allows me to convert illimited CHF to EUR at market rates, so this is not an issue for me.
When I started investing Binance did not offer fiat deposits, so I just was just transferring cryptocurrencies from other exchanges to Binance in order to be able to trade there.
Are you still able to transfer money from Revolut to Binance? I tried it on Coinbase and Binance and both say they do not support Revolut.
Nano X as main device and Nano S as Backup one.
1 week ago i´ve transfered an amount to Binance. did work, but today i´m stuck. System says cannot fund by wire transfer. Will see.
I was able to do it using SEPA today.
Haven’t tried in a while.
Not so important right now. I’m more dealing with the combo Kraken/Ledger. Makes more sense IMHO.
This reply arrives maybe a bit late but I think Binance Lite is great to start for an amateur (this Lite version exists on their app -iPhone here- but not on the web browser). As time passes, you just switch to regular to have more control buying selling and trading.
1.5% + mining fees. IBAN CHF/EUR → own wallet
Yes, the Binance phone app is really easy and useful, I do most trades on the phone. Cash out money via SEPA transfer - the money arrives to your normal FIAT account within 1 day. Also Binance is located in China, so any regulation push from western world (probably the US), there is a higher chance, that they will not care about.
…unless they‘re located in Germany, according to their terms and conditions.
Though they don‘t seem to tell you their actual address outright on their website (which is illegal, according to German law).
The western world‘s banks likely will though.
But hey, you might still be able to use your Chinese bank account with them.
It seems very unclear where their HQ is but many sources are coming to the point it’s is in Malta or are they preparing to Cayman Islands?