Bitcoin Forum

Hi,

Is coinmarketcap.com still the most popular 1st to go site for crypto investors?

On coinmarketcap site under exchanges> what does top 100 by adjusted volume mean and top 100 by reported volume mean, whats the difference?

I understand most exchanges lie about volume so where do I go to see real true raw volume?

Lastly I am from UK so looking for the biggest known volume BTC<>£GBP pairs so which Crypto exchanges on coinmarketcap.com have their main Headquarters in UK?

Is there a site that compares true volume BTC<>£GBP pairs?

Thanks,

Adjusted volume is a best guess based on what the major exchanges (I think these are binance, coinbase, bitfinex and bittrex or bitfinex) suggest their volume is. They're assumed not to lie.

Reported volume is the volume the exchange suggests it has, generally they lie to show your assets will be more liquid there.

Not sure which exchanges are based in the UK mainly. I've used coinbase but their head office isn't in the UK Binance Jersey are in the UK (technically) but in a self governing channel island.

If you don't mind me asking, why does the exchange specifically need to be from the UK? Coinbase Pro is pretty reputable, and while they're not mainly based on the UK, you still have access(also with BTC/GBP).

i recommend using coingecko over coinmarketcap. they do a much better job of filtering out fake volume exchanges. https://www.coingecko.com/en/exchanges/


not that i know of. coinfloor is the oldest UK-based exchange, and they have bigger XBT/GBP volume than kraken. coinbase pro definitely has better liquidity and volume though.

Most people use it, this is also my go to place whenever i need price updates in the Altcoins im invested in. But you may want to look for other references such as tradingview because the price in CMC isn't really that accurate. As for the volume is the amount of people buying and selling Cryptocurrency and i think they're pulling the BTC price data in Binance as it has the biggest reported volume of $3 trillion plus dollars.

Just in case exchanges get hacked or they scam and run away. If the headquarters are abroad from me then how do I claim or bring a legal case to a company thats abroad?

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Okay just to confirm CoinGecko is overall better than Coinmarketcap?

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They say on the website that Adjusted Volume is a volume from spot markets excluding markets with no fees and transaction mining.
This really doesn't explain the difference.
The website also says the following:

(4) Volume (Cryptocurrency)

The volume of any cryptocurrency is the total spot trading volume reported by all exchanges over the last 24 hours for that cryptocurrency. Some market pairs are excluded from the sum, denoted by two asterisks (**) on the markets tab, if the exchange does not enforce a trading fee or otherwise offers significant incentives to trade on the market pair. Market pairs with these characteristics are rather susceptible to wash trading, resulting in artificially inflated reported volumes. From our experience, we have found that it is better to exclude these markets to give a better representation of relative trading volumes for the crypto market.

So that's all the information. I think most exchanges inflate their volumes in one way or another.

You might have a good point there. But just a reminder(if you don't know yet), it's mainly a BAD idea to leave funds on exchanges(unless you're trading frequently). I personally don't think you'd have much of a problem if an exchange gets hacked if you immediately withdraw the bitcoin you buy anyway.

yeah, coinmarketcap is useless. it can't be trusted at all. binance is the only exchange in its top 15 that isn't overrun with fake volume.


coinbase has a registered UK corporation, physical london address, and an e-money license issued by the UK FCA. that's who you would bring a legal claim against. https://register.fca.org.uk/ShPo_FirmDetailsPage?id=001b000003O1uMmAAJ

there's a big difference between quasi-anonymous offshore exchanges (based in places like the seychelles) like poloniex and bitmex, and reputable/licensed entities like coinbase.

You can use coingecko and one more thing, dont  use only one aggregator site everytime. Use more than one, I would like to add in LiveCoinWatch. If you see minor differences or none then you can relieved. One time or another, some big exchange is going to pay these sites to line up for them and then you would have to move to a new one.

Well the exchanges that have been working for years now have lesser chances of scamming you.

As long as you are not the one trying to sell tainted coins and then call the exchange scam because of locking your account.

coinmarketcap is an old and first tracking website, but I would not trust the information because it is often not objective. You have introduced some improvements recently. The best way to get and compare information from several tracking websites

Okay you mean market pairs on Coinmarketcap that shows ** symbol means coinmarketcap does not collect this kind of data & also dont collect data from free to use exchanges? Are decentralised exchanges free to use?

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Do quasi-anonymous offshore exchanges have to comply with government regulations and are liable to tax? Coinbase has to comply to these?

When choosing an exchange is there data on coingecko that reveals the location of the exchange?

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Is there a site apart from tradingview that tracks or compares these several tracking sites?

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Hi,

On Coinbase Pro, like to buy Bitcoin at limit price.

What is Post Only & Allow Taker?

How do I avoid fees or minimise fees when buying?

Also can I buy at limit price on normal Coinbase and is fees there also?

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Here's the fee structure of Coinbase Pro for reference: https://pro.coinbase.com/fees

As far as I know Coinbase has higher fees vs Coinbase Pro.

They affect the fees you'll be charged when your order executes. See here (https://help.coinbase.com/en/pro/trading-and-funding/orders/overview-of-order-types-and-settings-stop-limit-market.html):



If your monthly trading volume is $50,000 or less, then it doesn't matter -- maker and taker orders will cost exactly the same. If your trading volume is greater than $50,000 then you can minimize fees by using maker orders. You can find the fee tiers here (https://help.coinbase.com/en/pro/trading-and-funding/trading-rules-and-fees/fees.html).

Coinbase's regular site is much more expensive. Don't use it.

Coingekko has been getting a lot more attention lately because coinmarketcap basically quit working on their website. They have built a website that is basically automated, they made it ready, even updated it few times over the course of years, but right now it is basically all automatic, nobody even has to touch anything on the developer side and it will continue to exist as long as they keep paying the hosting and domain prices. This is why it is not liked as much as it used to, still number one probably, but competition is coming.

Volume is basically "this is what they say they have versus what they probably really have" and none of them are really fully true, you need permission to get to their website to see what they actually have with some sort of API.

I think, for the average user like me, Coingekko and Coinmarketcap really aren't very much different from each other. I've never really understood why the hate for CMC, when they're only giving, as you say: "what they say they have versus what they probably have".

I mean, honest data reporting should not be expected from any centralised exchange, and the aggregator can only report what's reported.

But to OP: Coinbase. You're at least protected by some of the guarantees they have as a registered financial institution in the UK. Otherwise, take out your own insurance =)

we should really be discouraging the use of coinmarketcap. it encourages people to use shady and illiquid exchanges that may end up exit scamming. just compare them side by side. it's like night and day:

https://i.imgur.com/RJ5q0FL.png

https://i.imgur.com/OSe8d07.png

Fair enough, figment, I didn't realise they were that vast in difference. I really just use CMC as a quick checker but I see Gecko ranking well in Google these days anyway. But I think rather than discourage CMC, maybe better to encourage proper behaviour and tell people to use multiple sources. It could be part of my apathy is that I don't trade nor speculate more than necessity, and my volume's at p2p anyway... so I don't feel the need to get numbers that are right. I assume everything I see isn't accurate =\

Im looking for the cheapest fees for BTC<>£GBP pairs with the highest true volumes. So Coinbase Pro the best for this or are there better exchanges that anyone recommends?

Secondly do exchanges charge fees straight way once you submit a limit order?

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Okay for beginners placing limit orders which you recommend to use out of Post Only or Allow Taker if you say both of these fees are the same? Also do Coinbase Pro charge fees straight away once I click on submit order or fees charged once order is fulfilled?

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bitfinex has a BTC/GBP market with ~ 1/3 of coinbase's BTC/GBP volume. bitfinex actually has a better spread and deeper order book though, so it should be perfectly fine. it also has significantly cheaper fees---0.1% maker/0.2% taker vs 0.5%/0.5% at coinbase pro.

https://www.coingecko.com/en/exchanges/bitfinex
https://www.coingecko.com/en/exchanges/coinbase_pro


you only get charged fees if/when your order actually executes.

The idea of inserting or extracting GBP from Bitfinex makes me want to cry. I have genuinely never seen anyone on any forum say they've used that pairing on Bitfinex, let alone how they funded it or took their gains.

tbh i haven't seen much discussion about bitfinex fiat deposits/withdrawals in general for the past year or 2. their whole operation is difficult to figure out. their 10k eur/usd/gpb minimums indicate they aren't really for retail reddit troll types.

i've seen them periodically shut down eur/usd/gpb/jpy transfers all at once so it seems like they operate all fiat currencies through the same banking network. maybe they are playing games with volume but bitfinex isn't really known for that, and arbitrage seems to be keeping markets in line so fiat must be flowing.

Hi at coinbase pro, on profile information section part of the site it says Taxes status missing.

Im from UK and understand coinbase is in USA.

Can coinbase pro have the legal right to stop withdrawals or freeze my account in future if I dont fill out that taxes section?

I've never heard of a Brit having anything from Coinbase regarding tax. It's purely for Americans as far as I know.

It might be this? https://help.coinbase.com/en/pro/taxes-reports-and-financial-services/taxes/1099-k-tax-forms-faq-for-coinbase-pro-prime-merchant.html  That's the one people mention most often.

It's also triggered only over a certain amount of volume or transactions.

May as well ask them if you're unsure.

Since Coinbase is located in the USA, the tax section only applies to USA residents or nationals living abroad or at least that's what my understanding of how taxation works in the USA is anyway. It would not make sense to get taxed by the USA since living in the UK you'll need to declare your earning to HMRC and it won'e make sense to be taxed twice!

Okay so am I obliged to fill out the tax section form on coinbase to prevent disruptions to my coinbase account?

I doubt there'll be a single reference number or box that needs filling in that'll make sense or apply to you.

I've never heard of any Brit talking about this. Ask support if you're not sure but I'd ignore it unless they nudged me. They're going to know what jurisdiction you're in.

no, they only word it that way ("your tax information is missing", "to comply with tax regulations we need to collect certain information") to persuade USA customers to voluntarily provide it. notice the references to "form 1099-K"? that's not a UK tax form.

in fact, coinbase does not provide any tax forms to non-USA customers. https://help.coinbase.com/en/coinbase/taxes-reports-and-financial-services/taxes/coinbase-tax-resource-center.html

however, be mindful that HMRC may request your info from coinbase, and they have made such blanket requests in the past: https://www.coindesk.com/british-tax-authority-seeks-customer-data-from-crypto-exchanges-in-search-of-tax-evaders

Hi coming back here.

I installed latest version of Google Authenticator. Theres a new feature in the latest google authenticator app that allows you to transfer accounts to a new device.

The question is if I tap on export accounts in google authenticator then will that automatically include the backup recovery keys also or am I still required to enter the recovery key for each account when exporting accounts to new device?

It'll allow you to first choose which accounts you want to export and then it'll create a single QR code that the new phone will scan and set them all up there straight away. No need to do anything else. People have been squealing for it for years but Google like to take their time about these things.

I've been horribly slack with losing 2FA keys in the past so had to cancel all of mine and start again with the recoveries properly recorded this time around.

I personally use BestChange to find the best exchanges. The site is extremely easy to use and has been around for quite some time now, making it one of the more reputable platforms.

For more in-depth info, I use CoinGecko, since this allows you to categorize exchanges by trading volume, number of trading pairs etc. This will help you find the best exchanges for GBP markets. CMC, however, is absolute trash.

Is there a way to save the QR code without having the new phone nearby?

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What is mainnet address? Slso does Bittrex exchange support the new Bytom altcoin as I am still holding old Bytom ERC-20 on my hardware wallet.

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Most phones should have some sort of screen shot/capture function. Mine does it holding down the power and volume down button. I'm not sure how keen I'd be to leave something like that on a phone for any period of time though. That's the key to a lot of things.

Hi coming back here with a beginner question:

Looking at candle sticks charts. The top of a green candlestick shows close price and bottom of it shows open price and vice-versa for red candles.

What I dont understand is crypto and bitcoin market is open 24/7 so how does the candlestick represent a open and close price for a 24/7/365 days constant open market?