Choosing a Crypto Exchange

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  1. #1

    Join Date
    Oct 2007
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    Hong Kong
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    856

    Choosing a Crypto Exchange

    I know this question has been asked 100 times, scoured the old threads and couldn't find anything relevant maybe this space is constantly evolving

    My plan is simple, gonna move all my coins into one exchange, hold only BTC by liquidating the alts, and wait for the next BTC run to unload and cash out. So i'm looking for
    1. minimal trading activity and fees
    2. cash out (fiat) easy and cheap in HK

    I'm leaning towards Binance since I read they have FPS support? I'm old school and not too interested in the new players. I did register on most of the exchanges back then like kraken, etc but never really setup a withdrawal account. Today I tried to link up bank and Gemini only to find that they will verify my bank account by me sending them money first....


  2. #2

    Join Date
    Feb 2019
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    3,240
    Quote Originally Posted by ycchai:
    I know this question has been asked 100 times, scoured the old threads and couldn't find anything relevant maybe this space is constantly evolving

    My plan is simple, gonna move all my coins into one exchange, hold only BTC by liquidating the alts, and wait for the next BTC run to unload and cash out. So i'm looking for
    1. minimal trading activity and fees
    2. cash out (fiat) easy and cheap in HK

    I'm leaning towards Binance since I read they have FPS support? I'm old school and not too interested in the new players. I did register on most of the exchanges back then like kraken, etc but never really setup a withdrawal account. Today I tried to link up bank and Gemini only to find that they will verify my bank account by me sending them money first....
    Binance if you want to withdraw into HKD using their P2P and aren't afraid of their shutdown risk, and EQONEX if USD withdrawal is ok for you and/or you want more regulatory cover (assuming you are HK based, in both cases)

  3. #3

    Join Date
    Dec 2016
    Posts
    278
    Quote Originally Posted by ycchai:
    I know this question has been asked 100 times, scoured the old threads and couldn't find anything relevant maybe this space is constantly evolving

    My plan is simple, gonna move all my coins into one exchange, hold only BTC by liquidating the alts, and wait for the next BTC run to unload and cash out. So i'm looking for
    1. minimal trading activity and fees
    2. cash out (fiat) easy and cheap in HK

    I'm leaning towards Binance since I read they have FPS support? I'm old school and not too interested in the new players. I did register on most of the exchanges back then like kraken, etc but never really setup a withdrawal account. Today I tried to link up bank and Gemini only to find that they will verify my bank account by me sending them money first....
    There is a retail ban coming meaning if you aren't a professional investor (HK$8 million in liquid assets), you cannot access crypto exchanges once the ban comes into effect. If you qualify as a professional investor, this shouldn't be a problem.

    Expecting this ban to come into effect later this year or early next year so either hold your cryptos in cold storage or a DEFI wallet. If you bought your alts at the peak, you might have to wait for a while based on current market conditions.

  4. #4

    Join Date
    Feb 2019
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    Quote Originally Posted by Srashes:
    Expecting this ban to come into effect later this year or early next year so either hold your cryptos in cold storage or a DEFI wallet.
    I like this suggestion as well

    Potentially convert to stakable coins like BNB and ADA and stake those from your wallet for on-chain rewards over the winter

  5. #5

    Join Date
    Nov 2014
    Posts
    15

    Tidebit

    I use Tidebit..it works fine....but it will probably be useless once the government shuts it down for retail investors later this year.


  6. #6

    Join Date
    Jun 2016
    Posts
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    Tidebit is reliable and easy to use. Retail ban on crypto probably won't come into effect until 2022.


  7. #7

    Join Date
    May 2018
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    Hong Kong
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    I can second this as I experienced this first hand with FTX that already enforces that on their HK applications . It’s just a matter of time until others follow. Binance gets far more scrutinized than any other exchange so be aware of that since this might not be the best long term strategy . Better go with a more regulated exchanges s.a. Ftx or Kraken IMHO.

    Quote Originally Posted by Srashes:
    There is a retail ban coming meaning if you aren't a professional investor (HK$8 million in liquid assets), you cannot access crypto exchanges once the ban comes into effect. If you qualify as a professional investor, this shouldn't be a problem.

    Expecting this ban to come into effect later this year or early next year so either hold your cryptos in cold storage or a DEFI wallet. If you bought your alts at the peak, you might have to wait for a while based on current market conditions.