Which Crypto Exchange?

sand_hun

With Binance, is it just a case of making a bank deposit to purchase your Crypto and then letting it sit there within their platform? Or is further action necessary such as the creation of a digital wallet?

User232002

You can create a wallet if you want, but its also fine to just let it sit in there. Binance has very good security so there is little chance of your money being lost or stolen if it is in there but if you go to a digital wallet such as metamask or similar then there is more chance of that happening.

Eventually, to use other crypto protocols you will want to have your own wallet, but this space is for adults and you need to make sure you've taken care of your own security and don't make mistakes (ie. send your crypto to an incorrect address and its gone, there's no bank or central authority here to intervene and get your payment back).

Flatulentoldgoat

Kraken, plus the app is excellent.

whatstheplan

Coinbase goes public today, some saying it's the next Google, some saying it could be the next Netscape e.g. massive and then ... not.

Scottex99

CB Noob you'll pay 3-4% in fees. CB Pro is 0.5%

I like Swissborg, very slick app, has FPS as an on-ramp. Zumo also good although only BTC and ETH for now.

And yep Binance I've used for years but only just started topping up GBP and it lands in a few mins. My max daily deposit seems to be £173 though which is a. low and b. a weird number to set it as, maybe its from a weekly or monthly round number

Local_Person

TBF it's worth setting up a Coinbase account just for the 'Earn' freebies!

Binance is way better for trading IMO: fees are 0.1% vs 0.5% on Coinbase Pro and way more trading pairs. On the other hand, I believe I'm right in saying fiat withdrawals are free on CB Pro while Binance charges you, which I'm not keen on...

Speedster2

Binance and subsidiaries banned from the UK https://www.ft.com/content/8bc0e5e0-2705-496d-a265-acccaffaee87

I didn't use it, went with Revolut for the simplicity of it, even with the higher fees.

bogleboogle

HansOndabush said:

The crypto exchanges have no FCA protection. If you want to gamble on crypto, you also have to gamble that you can get your money out AND find a bank that will accept payments from a crypto exchange; many of the major ones won't.

I have never had any issues with funding my Binance account via Halifax nor with withdrawing any funds from Binance to my Halifax account. 

Binance has not been banned from the UK, ignore the misleading post above.

https://twitter.com/binance/status/1409229419080728580

Coinbase Pro are Binance are both fine. I personally prefer Binance because of the superior staking options, but the Coinbase wallet is nice.  

lifemagic

Coinbase have an online support forum on reddit and it makes shocking reading, nothing but complaints. If you do use it, then you can get the coinbase and coinbase pro apps. You can switch money between then for free but coinbase pro is much cheaper to trade on. 

Personally I use Kraken now. I think better customer service. The site is less user friendly but the app is fairly easy to use. 

[Deleted User]

The best one I have found to use is Revolut. Sure it isn't purely for Crypto, but very easy to add money and buy coins. Currently the coins on Revolut are held by them, but in the future they will give you access to the wallet.

I use Coinbase, Binance, Kraken, Crypto.com in addition and none are as easy to use as Revolut.

Crypto.com is by far the worst, I think they are overloaded as everything is slow. 

Incidentally, every penny I put in the coins I am prepared to lose, I have lost hundreds over the past month or so since the crash of coins. I know people that have lost thousands. Be prepared and only invest what you can lose, possibly instantly. I put in about £700 all in all and that will be all for now.