Which currency exchange companies are trustworthy?

[headlesschick]

Hello, I've been reading about crypto for the last few days and decided I'd like to dip my toes in the game and start buying in 5-15% of my montly income

I've got a question regarding best currency exchange service provider. I was considering coinbase, but I read that it does not respect it's clients privacy and tracks people. Not that I would anything illegal, but I don't like the idea of being tracked how do you get your fiat to crypto?

Also do you keep a lot of your money in the phone? Any android recommendations? I was suggested kraken, but the reviews seemed a bit off. Also in multiple places I read it's not recommended to do day trade for beginners so would you discourage me from going into that or not?

Thanks a lot!

[yazher]

1. Coinbase
2. LocalBitcoins
3. Coins.ph
4. CEX.IO
5. Binance
6. Bitstamp
7. Kraken
8. Hitbtc


and Stay away from Yobit...

[headlesschick]

1. Coinbase
2. LocalBitcoins
3. Coins.ph
4. CEX.IO
5. Binance
6. Bitstamp
7. Kraken
8. Hitbtc


and Stay away from Yobit...

Thanks for the reply btw, do you know if it's safe to use VPN while using coinbase? I read reports of people's accounts being deactivated.
I live in Denmark, but have other nationality (seems like I can't register in other than my country) and currently traveling (can't seem to be able to change the country for registration). So I thought I could try VPN. Your take on it?
I'll look into other exchanges your suggested.

[emersonlogan62]

1. Coinbase
2. LocalBitcoins
3. Coins.ph
4. CEX.IO
5. Binance
6. Bitstamp
7. Kraken
8. Hitbtc


and Stay away from Yobit...

I've been using yobit exchange for long time without having any issue with them.If you have any unsolved issue you can try to reach their support through this link https://yobit.io/en/support/

I also suggest bittrex exchange for smooth trading and instant withdraw.

[akamit]

Hello, I've been reading about crypto for the last few days and decided I'd like to dip my toes in the game and start buying in 5-15% of my montly income

I've got a question regarding best currency exchange service provider. I was considering coinbase, but I read that it does not respect it's clients privacy and tracks people. Not that I would anything illegal, but I don't like the idea of being tracked how do you get your fiat to crypto?

Also do you keep a lot of your money in the phone? Any android recommendations? I was suggested kraken, but the reviews seemed a bit off. Also in multiple places I read it's not recommended to do day trade for beginners so would you discourage me from going into that or not?

Thanks a lot!

If you want to buy crypto anonymously then the best option for you is Localbitcoins or paxful or the currency exchange section of this forum.
But check the trader's terms first on localbitcoins (not sure about paxful), because some traders ask for personal docs to verify identity and imo you should skip those traders. Choose the highest rated traders.

Binance is one of the best exchange right now and also has an option to buy crypto with cards. I'm not sure if you need any kyc when you buy but you will need kyc if you want to withdraw more than BTC2

Any smart android phone should work, I guess you are not using outdated smartphones.

[bL4nkcode]

I've been using yobit exchange for long time without having any issue with them.If you have any unsolved issue you can try to reach their support through this link https://yobit.io/en/support/

No matter how hard you defend yobit is, it's still shady exchange, so to OP, please stay away from yobit exchnage. Messaging their support will end up months before they responded to you, and maybe will take a year before your problem got solve.

I also suggest bittrex exchange for smooth trading and instant withdraw.

There's no instant withdraw in any exchange especially in bittrex.

[bhadz]

Coinbase is following the regulation of US so that's why your privacy might be compromised but overall the service they provide is excellent, I've used them before but years has passed I stopped using them but I still think that they are one of the best.

Also do you keep a lot of your money in the phone?

Don't do this, get a hardware wallet like Ledger nano S or Trezor if you want to keep most of your money there.

Any android recommendations?

I have no problem with Coinomi.

[headlesschick]

If you want to buy crypto anonymously then the best option for you is Localbitcoins or paxful or the currency exchange section of this forum.
But check the trader's terms first on localbitcoins (not sure about paxful), because some traders ask for personal docs to verify identity and imo you should skip those traders. Choose the highest rated traders.

Thanks, I'll read extra on the forum to figure out which one would be better suited for me. I was considering Localbitcoins, but then read an article on it: https://www.financemagnates.com/cryptocurrency/news/danish-tax-agency-cracks-down-on-delinquent-crypto-traders/
Since Scandinavian countries have everything running like a clockwork, Localbitcoins (Finnish exchange) would provide data to Denmark and Danish tax authorities would most probably take away +36-40% of the earnings, thus making it almost impossible for me as a newbie to profit.

Binance is one of the best exchange right now and also has an option to buy crypto with cards. I'm not sure if you need any kyc when you buy but you will need kyc if you want to withdraw more than BTC2

That's really good to know 

Coinbase is following the regulation of US so that's why your privacy might be compromised but overall the service they provide is excellent, I've used them before but years has passed I stopped using them but I still think that they are one of the best.

I wanted to use their service, but seems like it would be problematic to do so while traveling (currently in Indonesia and they automatically set-up the country of registration based on IP. It won't allow me to register with country of my residence).

Also do you keep a lot of your money in the phone?

Don't do this, get a hardware wallet like Ledger nano S or Trezor if you want to keep most of your money there.

Looking forward to getting one, but not sure how it works with shipping it to Asia (going to check their websites). Thought I could keep it on the cloud/desktop/phone for the next 3 months until I'm back in Europe.

I have no problem with Coinomi.

Thanks, will check it out!

Really great to get some of the consufion out of my way, thanks a lot people!

[Findingnemo]

1. Coinbase
2. LocalBitcoins
3. Coins.ph
4. CEX.IO
5. Binance
6. Bitstamp
7. Kraken
8. Hitbtc


and Stay away from Yobit...

I've been using yobit exchange for long time without having any issue with them.If you have any unsolved issue you can try to reach their support through this link https://yobit.io/en/support/

I also suggest bittrex exchange for smooth trading and instant withdraw.

Yobit never resolved their accusations against them and even their support team doesn't help much and so rude so be careful what your are vouching for.

[iamaruf]

1. Coinbase
2. LocalBitcoins
3. Coins.ph
4. CEX.IO
5. Binance
6. Bitstamp
7. Kraken
8. Hitbtc


and Stay away from Yobit...

Thanks for the reply btw, do you know if it's safe to use VPN while using coinbase? I read reports of people's accounts being deactivated.
I live in Denmark, but have other nationality (seems like I can't register in other than my country) and currently traveling (can't seem to be able to change the country for registration). So I thought I could try VPN. Your take on it?
I'll look into other exchanges your suggested.

Don't Use VPN while using coinbase.Coinbase locked my friend account for using VPN.though after contacting them they unlocked that account.but I recommended you don't use vpn while using coinbase

[Murat]

I use Binance Coinbase & bittrex. I am kinda afraid of coinbase as sometimes I heard a lot of people lost their money as coinbase team freeze or lock the account without any email. Same with Bittrex they closed so many accounts with notifying the users and people lose so many money as they didn't even refund their users.

So when you choose an exchange you should read the terms of services before you deposit any money. So far I think Binance can be trusted using them from the beginning without any issue. Withdraw limit 100 BTC per day which is fair enough. I may give you a fair tip if you start trading under my ref link to test the site out.

[erikalui]

I haven't used coinbase as an exchange as they don't accept my country. I have used:

1. Hitbtc
2. Kucoin
3. Huobi
4. Coinexchange (the volume is too low)
5. Tidex
6. Livecoin

While others like cryptopia have been hacked, yobit is shady (although I never faced any problems), mercatox had some issues, liqui is shut down, etherdelta was earlier hacked and I've never used binance. I don't trust Idex too much but it's still reliable.

[hugeblack]

Coinbase is the best option for every newbie since things are like dealing with a bank with a low-risk level.
What is your strategy? If you want to hold Bitcoin, download this wallet ----> https://play.google.com/store/apps/details?id=org.electrum.electrum else follow the steps below.
You can then use Binance to buy some altcoins and then use Metamask to altcoin wallet.

I live in Denmark, but have other nationality (seems like I can't register in other than my country) and currently traveling (can't seem to be able to change the country for registration). So I thought I could try VPN. Your take on it?

If you want to use a VPN, it is better to have it through dedicated Denmark IP.

[bhadz]

Coinbase is following the regulation of US so that's why your privacy might be compromised but overall the service they provide is excellent, I've used them before but years has passed I stopped using them but I still think that they are one of the best.

I wanted to use their service, but seems like it would be problematic to do so while traveling (currently in Indonesia and they automatically set-up the country of registration based on IP. It won't allow me to register with country of my residence).

Ahhhh okay, so this is why you're asking for some other exchanges.

Looking forward to getting one, but not sure how it works with shipping it to Asia (going to check their websites). Thought I could keep it on the cloud/desktop/phone for the next 3 months until I'm back in Europe.

Mine has been shipped for few weeks but you can check out the authorized distributors/retailers on their website.
https://shop.ledger.com/pages/retailers

[magneto]

Also do you keep a lot of your money in the phone? Any android recommendations? I was suggested kraken, but the reviews seemed a bit off. Also in multiple places I read it's not recommended to do day trade for beginners so would you discourage me from going into that or not?

To be clear, are you looking for exchange recommendations or wallet recommendations?

I would certainly not be using any exchange, even if they are licensed or regulated as a hosted wallet to keep my coins, and even if it's just for the medium term. Given the uncertainty of KYC/AML rules worldwide, they can easily hold your funds or suspend your account on the slightest suspicion of absolutely nothing. It's simply not worth the risk to not use a trustless wallet.


If you're looking to trade, and it seems like that you're willing to provide KYC given the fact that you're considering Kraken, then there are plenty of options. Binance is a big one, though it's mainly crypto to crypto but you don't necessarily need the KYC. I personally have used Kraken without issues in the past, though I've not used them for a while now. Depending on where you're situated, I've heard good things about Gemini also.

As to your question regarding day trading, I don't think it's up to others to decide your risk appetite and your investing strategy. Do what you're comfortable with.

[Capt00]

To OP, it's up to you where you must convenient to use an exchange. It was already stated above about their opinion I think you know which better exchange for you to trade. I must prefer at Binance exchange with a trade of the small amount in a limit of 2 btc you don't need to have KYC/AML so I think that is good to go, but that is my own opinion or I must say do your own research first.

[thanhswp]

My personal lead is Binance, over the past 2 years of operation that proved it. In terms of trading volume, liquidity, customer service, security ... Binance has always been my top choice in trading. Next can be Huobi, Coinbase, Okex, Bitstamp ... However, Binance DEX may soon be the best quality exchange, because this is a decentralized trading exchange, users can control all their own assets. And the decentralized trading exchange is the future and trend of the Crypto market in 2019

[headlesschick]

Hey guys, thanks for the replies

Can't use Binance because of the hack, but they resume deposits from Tuesday again.
In the end I got a cold wallet and bought some BTC at @ 5350 and 5500, now would like to try selling just 10% of it @7000, but can't figure out which exchange to use. I'll try going through the ones mentioned in the replies above.

[jossiel]

Hey guys, thanks for the replies

Can't use Binance because of the hack, but they resume deposits from Tuesday again.
In the end I got a cold wallet and bought some BTC at @ 5350 and 5500, now would like to try selling just 10% of it @7000, but can't figure out which exchange to use. I'll try going through the ones mentioned in the replies above.

How about using kraken, huobi and kucoin?

There's still plenty of exchanges there that you can use if you don't want to use Binance anymore because of the recent hack. If you still can't decide from those suggestions I gave, I'll give you more choices.

https://coinmarketcap.com/rankings/exchanges/

And if it's still not enough, and in your country, if there's an exchange I think it's best for you to try them.

[anshui]

Depending on your needs you should use the exchange . For P2P exchange i would recommend coinbaazar.com , localbitcoins.com. Though coinbaazar is new platform but its safe and secure , with all the parameters, also they charge quite less fees which is a major advantage.