Bitcoin Thread

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Please excuse the NOOB question but which exchange would you choose to open a crypto account on? They all seem to have their pros and cons.
I'm thinking maybe load currency on Luno and trade on Binance, but I'm worried about hitting unknown fees here and there.
Thx.
 
K T said:
Please excuse the NOOB question but which exchange would you choose to open a crypto account on? They all seem to have their pros and cons.
I'm thinking maybe load currency on Luno and trade on Binance, but I'm worried about hitting unknown fees here and there.
Thx.
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Do you want to trade just FIAT/BITCOIN or altcoins? If all you want is to trade bticoin then a local exchange is fine, if you want to trade alts then something like binance. The volume for altcoins is far too low on local exchanges.
 
saor said:
Do you want to trade just FIAT/BITCOIN or altcoins? If all you want is to trade bticoin then a local exchange is fine, if you want to trade alts then something like binance. The volume for altcoins is far too low on local exchanges.
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Thx saor. And by local exchange you mean ACT or Luno?
 
saor said:
Volume on ACT is too low.
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And the problem/effect of that is? (Lot of noob-ness here, sorry)

Reason for asking is I am with ACT, but really don't want to run into trouble or loose the few milli coins I have. So if I need to get them over to Luno or of the exchange I really need to do it.
 
Jackes1754 said:
Thanks for the replies. A follow up dumb question then please...

If you don't hold sufficient enough to justify hardware backups. If Altcointrader is the smaller one then and Luno is the "safer" one, I presume it is not possible to transfer your coins (percentage of haha) from Altc to Luno for example?
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One thing you should look at is fees. At current prices I think it doesn't make sense to transfer less than R10k of BTC in a go.

SauRoNZA said:
I do recall at some point I read or heard that this was why Luno has customer "levels" and that because of this discretionary allowance different limits apply as they need to provide the documentation to SARB etc at different value points.

However I'm buggered to be able to find a source now.
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That's more related to KYC.
 
Jackes1754 said:
And the problem/effect of that is? (Lot of noob-ness here, sorry)

Reason for asking is I am with ACT, but really don't want to run into trouble or loose the few milli coins I have. So if I need to get them over to Luno or of the exchange I really need to do it.
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Volume affects price and your ability to sell. If new to the game I'd used Valr to get in or trade. You can use my referral link for a discount on fees https://www.valr.com/
 
Jackes1754 said:
And the problem/effect of that is? (Lot of noob-ness here, sorry)

Reason for asking is I am with ACT, but really don't want to run into trouble or loose the few milli coins I have. So if I need to get them over to Luno or of the exchange I really need to do it.
Click to expand...
Sometimes if I set an order and look at the trade history for that order, it doesn't go through as a single buy/sell, but rather as many buy/sells as the price bounces around wherever my order is set. On low volume exchanges or trading pairs it sometimes happens that the order is only partially filled as there's not enough trading volume for the price to bounce around enough times to complete the order.

If you're market buying or selling then it's not an issue, but if you're setting limit buy/sell orders then the volume helps to get those orders filled.
 
saor said:
Sometimes if I set an order and look at the trade history for that order, it doesn't go through as a single buy/sell, but rather as many buy/sells as the price bounces around wherever my order is set. On low volume exchanges or trading pairs it sometimes happens that the order is only partially filled as there's not enough trading volume for the price to bounce around enough times to complete the order.

If you're market buying or selling then it's not an issue, but if you're setting limit buy/sell orders then the volume helps to get those orders filled.
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I'd watch out for market orders especially as you may get a final price that's much higher than the market price.
 
SauRoNZA said:
Yes and part of KYC is reporting to entities like SARB.
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Which in this case is not relevant as international transactions aren't taking place. You sure you don't mean the FSCA?
 
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