which to keep, bitstamp or binance?

Bitcoin Questions and Answerswhich to keep, bitstamp or binance?

dz asked 11 months ago

i took your advice and got an accnt on bitstamp so i could purchase xrp by sending btc from coinbase to bitstamp. then i decided i wanted to buy a few (ada)cardano’s. so i get an accnt on binance since i didn’t see a way on bitstamp to buy ada.

brings me to a couple of questions:

i’m still using coinbase to buy btc using debit card as it’s fee is ~1.468% vs ~3.9% using CC. probably better for me, newbie, to keep the coinbase accnt to buy btc and then send to other exchange, yes?

is there any valid reason to keep the bitstamp accnt since i can buy xrp & cardano on binance? i don’t know as i see rumblings about binance on reddit lately

2 Answers
Steven Hay answered 11 months ago

Hey DZ,
OK, glad the advice worked and you were able to get your XRP.
Sure, no harm keeping the Coinbase account. That rate sounds reasonable. Still, there are cheaper ways. Have you looked at buying Bitcoin from Bitstamp? Sending BitStamp a bank transfer might be cheaper than Coinbase and the exchanges will have different prices and trading fees too. I suspect BitStamp will work out cheaper, unless you’re using Coinbase’s GDAX exchange instead of Coinbase brokerage itself.
As for Binance… Quite simply, I don’t know. I believe they recently re-opened registrations there. I’ve also heard rumours about them, but I’ve been hearing far worse rumours about Bitfinex and other exchanges for a long time, with no tangible result thus far… At the end of the day, you should not keep your coins on ANY exchange but rather in your propertly-secured, personal wallet. Adding a hardware wallet to the mix is even better and they’re not very expensive considering the high level of security they offer.
I believe the Ledger Nano S supports XRP, I don’t think any wallets yet support ADA but you might want to check that.

dz answered 11 months ago

hey thanks for the reply!
no, i haven’t tried buying btc from Bitstamp but i will. i did look at GDAX, but some youtube howto’s about it seemed there still had to be a better way & with less fee’s. so i’ll try sending some USD to Bitstamp.
appreciate the insight into Binance. if there had been another recommended way to buy the Cardano’s i would have but all this is a learning curve for me as you can tell. i believe in the crypto/digital philosophy and tech enough that i don’t mind the curve.
i’ll search about Bitfinex, thanks for the head’s up.
i do have a Ledger Nano, and have all my coins on it, except the recent Cardano’s. there was an article recently on financemagnates{}com that mentioned support for Cardano’s on Ledger Nano. i’ve sent a question to Ledger about it but haven’t rec’vd a reply yet. i’ll need to ask Cardano support i guess so i can get them off Binance and closer to home asap.
thanks again!

Bitcoin Video Crash Course 

Dummy-proof explainer videos enjoyed by over 100,000 students. One email a day for 7 days, short and educational, guaranteed.

We hate spam as much as you do. You can unsubscribe with one click.