Bitcoin Forum

Hi everyone,im new on this forum,i'd like to ask you a question. i started cryptocoin job 4 days ago and i bought 70 iota and its on my bitfinex acc. right now. i see some people saying bitfinex is untrustable because they just try to take down price of bitcoin or something like that also binance is much more common instead of bitfinex when people talking about. my question is should i withdraw my 70 iota on bitfinex to the binance? what is your advice?
have a nice day.

If you're trying to choose between Bitfinex and Binance then yes, go with the second option. However, It's still not recommended to store your coins in exchange unless you're planning to trade them soon, It's better to hold them in a wallet where you control the private keys.

Yes its good if we store our bitcoin in wallet that we have the control.
However, i never use that both 2 exchanger, i only use bittrex so far. But i heard good feedback from other about binance.

True, but this can be difficult when trading all sorts of shitcoins. Both Binance and Bitfinex are adding fairly obscure coins at this point that I don't recognize, so I'm pretty sure I'm not downloading their core wallets either. :D

I'm pretty weary of Bitfinex after everything that's happened over the years. The ongoing Tether/banking FUD continues, which doesn't help. Binance seems like it's got some room to grow before it hits a wall with scaling limitations and it becomes the next Poloniex.

Hi why we should not store coins on those exchange? Do they take fee if we store coins there ?

with my opinion Binance now much better vs bitfinex.
Let's check last few days ago bitfinex have big problem some major coin flashed dump 90% then very fast recover in sec.
Binance have good supporters and many new ICO

Yes, your opinion is right.Binance is a well exchange site.many ICOs coin supported exchange site Binance.Moreover binance is very easy and simple trade for new trader.binance is better then bitfinex.

Binance is better IMHO. Bitfinex of course is one of the biggest exchange that still exist. But since Bitfinex was hacked. Many users there were stoled their funds. Many lose their trust to this exchange. That is horrifying. Binance is a good exchange. Actually im using this exchange and so far, so good. It's also the highest withdrawal limit for unverified account there with 2 Bitcoins. That's pretty huge. Bigger than any exchanges existing. Just one thing i don't like about Binance. Many altcoins that are listed there are shitcoins. But overall, Binance is good.

I would choose Binance over Bitfinex. This is mainly because of my preferences. Binance and Finex are quite a different exchanger. Binance is more similar to Bittrex and Poloniex, these are the altcoin exchanger. They list a lot of altcoins and their main source of volume is from Altcoin/BTC pair instead of BTC/USD. Binance also often make BTC forks future trading, like the recently Bitcoin Diamond fork. If you want to take advantage of this, i.e. selling your forked coin as soon as possible, Binance is a great choice.

Bitfinex, on the other hand, is a coin/USD exchange, similar to Bitstamp, GDAX, etc. They don't list a lot of altcoins, only major one like ETH, LTC, BCH. Their main source of volume is from BTC/USD pair and altcoin/USD.

Both are great and well-known exchange, top 5 in volumes. So, if you want to trade a lot of altcoin against BTC, use Binance. If you want to trade big cryptocurrency against fiat, use Finex.

Probably Bitfinex

Add also Polo and Bittrex :)

well bitfinex has huge volume of bitcoins but very few coins!
so i would rather binance coz it has more coins in it and it has a mobile application too! :)

No. They hold your private keys. That means that you basically don't have any coins, the exchange has. In that case, you can lose all you have for different reasons(ex. the exchange can be hacked, they are scammers and so on)

But how long til we see binance going to require us to submit documents to them?
I have been force to submit my driver's license to bittrex for I can't withdraw funds in there, i took time for verification. I moved some NEO to binance and it was somehow good to receive gas while trading.

Both are pretty good but I prefer binance over bitfinex, if you are planning to hold the coin for a while I wouldn't suggest keeping it on exchange.

I just signed up for binance the other day. There are documents to submit. Front and back of driver's license and passport with a little note where you have to write "Binance" and the date you are registering. This was 3 days ago and I still haven't heard anything regarding approval.

I think, Binance is better then bitfinex.It's very easy ans safe exchange site.Like me, many new traders have who do not understand some complex site.but binace is very easy and safety for all traders.

I prefer binance rather than bitfenix because binance is the number one exchanges nowadays and had the highest volume of bitcoin.

Since i don't really know bitfinex and i don't really wanna know cause it"s a bother to learn other ways if i have a reliable trading site like binance I'm contented of  what i have and what I've achieved so far.

I use both exchanges, they are both excellent. I will note the main differences of these exchanges:
1) There is no margin trading on the Binance, but there is on bitfinex. Margin trading attracts market participants, especially those who trade deposits of 30 000 - 500 000 dollars.
2) I like the opportunity to participate in the ICO in the Binance and invest in BNB tokens. This is cool, because many good projects can not go on long for good exchanges.
3) The best thing about bitfinex for me is the ability to trade a large number of assets to USDT.

Both sites are good and secure, however it is not good idea to leave your coins on exchange for long term.
If your going to hold your iota for longtime better to store them on wallet were you control private keys.

We can see the binance floor although it has been in operation for a long time and the international community attaches great importance and trade on this floor a lot. It is a Chinese floor and has a huge trading volume in 24 hours, in addition because it is a new open floor so there are many incentives for those who want to register and trade on this floor. The USDT transfer fee is very cheap, currently only $ 2, and the pace of liquidity is also very good.

We can see that despite the launch of binance, there is a lot of attention and interest from investors. As a trading floor of the Chinese bureaucracy has a huge trading volume, the speed of liquidity is very scratchy and very low fees. Since it's a new floor, Binance has a lot of incentive programs and offers people with deals or referrals.

At first I would say that exchange is not a good place to store your coin cause it's not totally safe. All exchange can be hacked and your coin can be stolen. Few days ago BitGrail exchange was hacked and all balance stolen as well. Beside if you don't know which one is better between Bitfinex and Binance, I would say that both of them are good but you should use Binance if you wanna trade on your smartphone. Beside as I know Bitfinex is being involved in a lawsuit with the US government so Binance is better option for now.

Both are reliable, as is the official wallet. maximum FUD is due to people not being informed. Largest hassle with exchanges is capacity, due to the massive influx of money <= this indicates they’re not closing down shop soon. Biggest problem with the wallet is key_reuse, followed by generating a good seed. IOTA offers lots of help setting this up.

i personally prefer bittrex becuase of the quality of service they provide, quick withdrawl and deposit services and also the improves customer service

for now it looks like binends are improving on its website so we can use bitfinex first to sell and buy coin in bitfinex also seems safer.

Why not try both exchanges and experience for myself which can be better in terms of service and other features which you many find useful? it seems to me that most are right now recommending Binance because so far this exchange is showing a great promise and it is dealing with its many concerns well unlike HitBTC which has a big customer service and technical problem (many got their coins/tokens lost in transferring to HitBTC). Right now, it is Kucoin and Binance fighting for supremacy and these two got good platform to boast.

Well, I have no idea about bitfinex, as I haven't used it, but I have read some negative feedback about it. I have been using binance for some time and haven't had any issue. I think It is the best at the moment.

binance is good ex I think,bittrex verification is 3 month process. Not to verified

I like trading binance,,because easy trade.
But should move to wallet after buying coin.

Convenient trade is what I experiencing on binance so I would choose them aside for bitfinex and binance doesn't compromised by hacking yet so I would trust them up over the bitfinex since they had been issue to be a compromise site which I can trust up easily again.

if i choose bitfinex or binance i'll go with binance, bitfinex have only limited coin though it has huge volume, unlike binance theres alot of coin you can trade there , but when it comes in security both of them are secured :)

I prefer Binance because its easy to use and Bitfinex got hacked not like Binance, Binance is very safe and easy to use and its mobile friendly same with bitfinex. Binance let you pay fees using BNB and discount 50% of the fees.

Since the starting I haven't heard about anything wrong with the bitfinex , even unheard that bitfinex is more better and is better in best category of trading exchange . So you can trade at bitfinex and also there is nothing like they lower down anything , anything in this cryptourrency market have values by Thier own demand only between the buyers and sellers .
And also if you will go for the trading at binance then still that will be much better for you because binance have own official application at playstore to make trading with mobile at binance .
So you can use that thing according to your need and recuirments .

To store the wallet where we can control the private key is only recommended for long term holding mate.
Not every single kind of strategy suitable with this, choose where you will store your coin is needed after deciding what strategy do  you plan.

In my opinion both is good exchange but in Binance there are telegram support so when you have any problem with their exchange so you can ask directly without to wait a few days to get answer, and also in Binance will be more different altcoin available to trade. Both exchange has big volume so you get more liquidity when trading.

Security and trust wise, i'd say binance. bitfinex has had huge security issues in the past, and were hacked if i'm not mistaken. Not sure what bitfinex's trading fees are, but i know binance's are quite high. I guess it might depend on whether you like to pay a premium for security. I'd definitely say it's worth it

But bittrex is not, what was asked for. Bittrex actually does not trade IOTAs, but Binance and Bitfinex does. And I am also not aware of, that the verification with Bittrex is 3 month process. As far as I know, they actually do not  accept any new traders, due to high demand. Not sure, whether they have stopped it in the meantime.

You can loose access to the coins if the exchange goes down as it recently happened with Binance.  Out of the blue they shut down the exchange for more than 24 hours without announcing first.  They can also disable Sending function for an individual Crypto as Cardano's send was disabled for really long time.  Finally each time you send out your tokens, they charge hefty fees.  So unless you are planning to trade, just want to hodl, keep your coins off exchange.
Binance for me so far has been hands down the best exchange.

Telegram support could be very useful as people who faces any problem would like to get a quick online help. Thus 24 hours online help system is an added advantage as if one has to mail roughly it takes 24 hours to get back reply. This is where an exchange could lead from others in support system.