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Q&A Thoughts on Binance?

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ShinG3e
post Jan 31 2021, 08:40 PM

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QUOTE(HokkienMee_Lover @ Jan 31 2021, 02:28 PM)
For people who don’t know what is Binance, Binance is a cryptocurrency trading platform.

From what I have found online:
1. Binance has low transaction fee
2. Binance has way more crypto to buy and at a lower rate
3. Binance is easy to register for an account

But
1. Binance can’t let u withdraw fiat currency, only crypto can be withdrawn

The above points are what I have gathered after doing some searching

The problem is that I’m still at lost on how to withdraw funds into usd/myr

I have heard about some intermediate application to transfer funds from btc to usd/myr like TransferWise and other application. But I’m still not sure how is the process and how’s the rate of exchange.
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in binance there is also P2P where u can sell your crypto's to MYR/SGD or others directly to your bank account.

Luno is for newbies. Luno/Sinegy/Tokenize just simple buy/sell and transfer/deposit. no brainer stuff.

Binance/Bitfinex/Bittrex is for crypto veterans. It has more product offering like Staking, Saving, margin etc.


ShinG3e
post Feb 1 2021, 03:19 PM

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QUOTE(Pikichu @ Feb 1 2021, 03:14 PM)
later share FR on Binance remember to tag me, thank you.
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no need wait FR. i tell you straight, as a Binance user of 3 years, it's good. the UI/UX is responsively good. the mobile app is friendly too.
ShinG3e
post Feb 1 2021, 06:49 PM

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QUOTE(steady bro @ Feb 1 2021, 03:26 PM)
i used to be using bittrex last time when i first started crypto

but for now binance is the best ledi, its the biggest exchange with the biggest volume and have the most coins traded, theres so many counters

and verification process is simpler than other exchanges
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i remember my first exchange is poloniex hahahaha. then bittrex. then bitfinex. then cryptopia for ICO shitcoins. then binance. rclxms.gif

but binance currently tops hands out. variety of services and product under 1 roof.
ShinG3e
post Feb 1 2021, 07:38 PM

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QUOTE(steady bro @ Feb 1 2021, 06:57 PM)
yeah, last time i used to like bittrex alot cos its the safest last time and big volume alot of coins

but then binance starts to eat up most of the market share and volume, no choice hav to switch to binance
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yup i agree. pointless to trade in a low liquidity exchange, which is easy to manipulate price. biggrin.gif
ShinG3e
post Feb 1 2021, 07:55 PM

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QUOTE(steady bro @ Feb 1 2021, 07:45 PM)
but sad to see bittrex end up like that, they were one of the top volume exchanges last time, and they were one of the first to implement those security measures like 2FA etc

now they are not even in the top 10 or 20 exchanges, daily volume not even 10% of binance's laugh.gif

but yeah u are right, no point trading in a low volume exchange, when u want to sell ur coins theres nobody to buy it laugh.gif
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either innovate or die. binance and bitfinex aggressive in expension, introducing new product and services whereas bittrex just remain... like that. no big features like the current exchanges that put alot of things under 1 roof.

oh well. maybe there will be another one to take on binance? brows.gif
ShinG3e
post Feb 1 2021, 08:09 PM

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QUOTE(steady bro @ Feb 1 2021, 08:03 PM)
i think they got hit hard by the US regulations too (since they are US based), alot of KYC needed to be performed on their customers, even those foreign ones, eventually many non-US users moved to other platforms like binance and yup that time binance aggresively expanding, take away all the bittrex clients laugh.gif

nowadays bittrex mostly US users and the active counters are BTC, ETH and a few famous coins, other counters all virtually dead laugh.gif
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bittrex us client pulak kena rampas from coinbase and gemini hahahahaha. what to do weyyyy. onshore fail, offshore also fail.
ShinG3e
post Feb 1 2021, 08:17 PM

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QUOTE(steady bro @ Feb 1 2021, 08:15 PM)
haihh, will they close down soon? i still have some USDT over there, dont want to put all coins in 1 basket
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i suggest u take out the USDT and park at DeFi for interest yield yo. Or Binance's saving USDT @ 6%.
ShinG3e
post Feb 1 2021, 08:27 PM

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QUOTE(steady bro @ Feb 1 2021, 08:22 PM)
yeah that sounds like a good idea, been seeing some /k parking their coins in Defi for interest, will move it out asap thumbup.gif
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i use pancakeswap DeFi 1st jan 2021, the yield around 230%. although not stablecoin, but it gives interest in native token.

but due to the price rally, with the monthly interest earned... i don't need to work already. brows.gif checkitout.


ShinG3e
post Feb 1 2021, 10:52 PM

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QUOTE(steady bro @ Feb 1 2021, 08:57 PM)
wahh 230% drool.gif

yeah if price rally like 500-600% or more (very common for low marketcap coins), u really untung kaw kaw ledi thumbup.gif  thumbup.gif
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bro, price rally 260% already la (30D). brows.gif

https://www.coingecko.com/en/coins/pancakeswap/myr

yield + rally = ?????? brows.gif

the marketcap not too low also. inching closer to uniswap and sushiswap.

QUOTE(HokkienMee_Lover @ Feb 1 2021, 10:20 PM)
wow,big money, mind if i ask u got interest how much?? seems like a solid deal for newcomers like me
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per mth or per day? brows.gif

per day at current price: 1,XXX brows.gif

This post has been edited by ShinG3e: Feb 1 2021, 10:52 PM
ShinG3e
post Feb 1 2021, 10:58 PM

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QUOTE(HokkienMee_Lover @ Feb 1 2021, 10:54 PM)
fuyooh profit kaw kaw
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stonk + luck brows.gif

QUOTE(steady bro @ Feb 1 2021, 10:54 PM)
wahh u really huat liao  thumbup.gif  thumbup.gif

so tomorrow throw letter liao? tongue.gif
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not working already bro lel laugh.gif
ShinG3e
post Feb 2 2021, 12:58 AM

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QUOTE(HokkienMee_Lover @ Feb 2 2021, 12:26 AM)
steady bom pipi u
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brows.gif

crypto = equal opportunity
ShinG3e
post Feb 2 2021, 02:42 AM

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QUOTE(Doomsday @ Feb 2 2021, 01:48 AM)
same here, been staking few stuff here and there, 2 weeks saw the results already.

Not yet ROI but it's good passive income  brows.gif  brows.gif
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Janji above ASB/EPF, then its gooding. Literally get paid while waiting coin to go up.

QUOTE(penanghomes @ Feb 2 2021, 02:01 AM)
Pancake CAKE has a very good steady upward trend.

Price 0.64 on 1st Jan 21 to 2.67

This one can HODL for a long term
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Yes the upward trend is consistent regardless of other dogecoin or xrp or btc dump. It started 3rd week jan.

Now still holding tons of cake but only sell the harvested cake for monthly income.

Thankful i found it early and skeptical at the beginning cause the APY too good to be true.
ShinG3e
post Feb 2 2021, 10:05 AM

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QUOTE(Doomsday @ Feb 2 2021, 02:47 AM)
did you reinvested the cake farmed ?
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Yea i compound daily. But too bad APY going down cause more ppl staking now.

 

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