Coin Exchange Notes

waterworks

waterworks

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For all the awesome peeps who have given me great advice on BHW, I'd like to give something back. I like to write notes when doing research. Here are my notes for exchanges to hopefully help others. Feel free to add similar writeups so we can collect all exchange info in one place.

COINBASE

https://www.coinbase.com/
https://status.coinbase.com/
  • Popular US based exchange in San Francisco, CA.
  • Can only buy three coins (Bitcoin, Etherium, and Litecoin).
  • Could not be easier to buy coins. Super simple interface.
  • Transaction fees can chop into your profits.
  • This is more like a shop, so the price is slightly different than actual exchanges.
  • For US peeps, depositing funds directly from bank via ACH can take 3-10 calendar days.
  • For US peeps, depositing funds directly from bank wire transfer can take 2-3 days. Wire transfers must be sent from US-based bank account.
  • For US peeps, depositing funds directly from CC or Debit Card are ready instantly.
  • Free to move deposited funds into GDAX account.
GDAX

https://www.gdax.com/trade
https://status.gdax.com/
  • Owned by Coinbase. GDAX is not a company. It's actually a service offered by Coinbase.
  • Once you sign up on Coinbase, you are automatically signed up for GDAX.
  • Very popular US based exchange.
  • No transaction fees if you use LIMIT option to buy.
  • Can deposit funds directly from bank account, similar to Coinbase.
  • Can also move USD between Coinbase and GDAX accounts without fees.
***

BITTREX

https://www.bittrex.com/
https://bittrex.com/status

  • Popular US based exchange in Seattle, WA.
  • Offers a lot of altcoins.
  • Can't buy altcoins with USD. Must trade coins such as BTC or ETH to obtain altcoin of choice. Known as crypto-to-crypto trading.
***

BINANCE

https://www.binance.com/
  • Overseas exchange based in Hong Kong, with servers in South Korea and Japan
  • Offers a lot of altcoins.
  • Phone number verification only available for China-based phone numbers.
  • Can't buy altcoins with USD. Must trade coins such as BTC or ETH to obtain altcoin of choice. Known as crypto-to-crypto trading.

***

BITFINEX

https://www.bitfinex.com/
https://bitfinex.statuspage.io/
  • Overseas exchange, based in Taiwan, owned and operated by iFinex Inc.
  • As of November 2016, they no longer allow US citizens to buy/trade/sell coins on the exchange.
 
Last edited:
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Thanks. I had no clue GDAX was owned by Coinbase. GDAX's UI is stunning.
 
which one is have the lowest transfer fee?
 
melih52 said:
which one is have the lowest transfer fee?
Click to expand...

You're going to have to do that research as transfer fees can change. Also, note that transfer fees will vary, depending on the type of coin and which exchange(s) you're working with. It's too much to list here and I just wanted to give a quick overview for newbies.
 
Bitfinex has a fixed 0.2% fee.
Others like Kraken have a fee based on volume.
Coinbase / GDAX is nice, but expensive to buy. And they follow
what you do with your coins and report to the gov.

It's not always the lowest fee that's the most important.
Depending on how and what you trade there are more things to consider.
Security, speed, volume, deposit and withdrawl fees and limits, verification...
 
Extruser said:
Coinbase / GDAX is nice, but expensive to buy.
Click to expand...

You should not group Coinbase and GDAX together when you say 'expensive to buy'. It is not the same cost to buy when comparing Coinbase vs. GDAX, if you use LIMIT option to buy on GDAX, as I mentioned in my post.
 
waterworks said:
You should not group Coinbase and GDAX together when you say 'expensive to buy'. It is not the same cost to buy when comparing Coinbase vs. GDAX.
Click to expand...

Correct. And they are doing a big effort in making crypto more mainstream.
Which is great.
 
helpful for people getting into crypto trading
 
I looked up some of the fees recently.

Bittrex - 0.25% on all trades
GDAX - 0.25% as taker / 0% as maker
Binance - 0.1% on all trades
Kraken - 0.26% as taker / 0.16% as maker
Poloniex - 0.25% as taker / 0.15% as maker
 
Anyone know why coins on Binance are sometimes quite a bit lower in value than what is showing on GDAX or Bittrex?
 
FYI for anyone using Binance. I changed my pass this morning and then later, when I tried to transfer my coins out of Bittrex to another exchange, it wouldn't let me. Said there is a 24 hour hold on transferring away from Bittrex upon changing your pass. Obivously a good security feature. But damn it sucks when the market is hot and your buy/selling like gordon gecko.

This was a bummer as I just sold ETH after solid gains this afternoon and now have it sitting in another coin which is much less volatile, so I don't lose any (or very little) if it tanks before I can transfer earnings to another exchange tomorrow after 24 hr period is up.

Plan accordingly if the market is hot and you want to change your pass. Live and learn. :)
 
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