Finding my new CEX Home after Binance KYC spooked me! FTX?

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(Edited)

Hello HODLers,

I have not completed my KYC on Binance and therefore I cannot really use it anymore. I know other Hive users have been affected as @toofasteddie wrote about it too.

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As I might be relocating to the US very soon I looked at US based CEX. I felt there are a few options but I feel Coinbase is the most "secure" but also the least attractive for involved cryptocurrency investors such as myself. The choice of cryptocurrencies is low and fees are high.

I looked at Kraken which used to be my go to exchange but I felt it is lagging its peers and has kind of crappy UI and list of coins.

Then I read more about FTX which I completely missed out.

They recently were valued at $25bn in their last funding round where they raised 420mns with 69 investors including Blackrock, Tiger Global or the Ontaria Teachers Pension Plan. More information in this Decrypt article.

Their numbers are growing and I also like that they are very involved in different ecosystem and have their own coin. They remind me of Binance but the US version (even if their HQ is in the Bahamas at the moment)

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They seem to be also quite involved in lobbying along Coinbase the US congress in order to defend our industry so I will be happy to give them some of my money !

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What are your thoughts on FTX?

If you are a user, what are the pros and cons to use it?

Finally, if you use another exchange and think I should definitely check it out, please tell me !

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13 comments
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How long will they remain outside US pushed KYC?

Is there vaccine discrimination in Bahamas?

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I think I read that Bahamas did not have any lockdowns and I don't thinks vaccines are mandatory there

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I think kucoin is also worthy (referral in the link 😉)

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I will check that one for sure and use your link if I end up creating an acocunt ;)

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I'll check them out as well and use the link if I decide to!

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Hehe, I am making my account and went back to this article as I remembered you shared your link.

Lucky you ! Having a billionaire like myself using your referral :D

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I "accidentally" gone through the KYC of Binance when ordered my card... :))

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Hehe sometimes you have to do what you have to do.

I am still thinking to accept and do my KYC as there are a lot of cool things on Binance...

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FTX is excellent. Best points are:

  • Free withdrawals (although with restrictions on ETH / ERC20). I like this a lot, particularly when I'm testing out a new wallet for the first time.
  • Better trading functionality. You can do things like trailing stops which I don't think are possible on Binance.
  • Strong Solana focus. A lot of Solana coins get listed early.
  • Margin lending. Lend out your stables. Rates are better on Kucoin but FTX approach is simpler and there's some kind of guarantee (don't quote me on exactly what though!)

I do think they have KYC requirement though. I think Kucoin is the only one I use currently where I'm still unverified.

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Free withdrawals (although with restrictions on ETH / ERC20). I like this a lot, particularly when I'm testing out a new wallet for the first time.
That's a very cool feature !

  • Yes the Solana focus is attractive even if I kind of missed this train. Maybe there is still growth going forward
    Margin lending is nice and if rates are good, this is great news. Do you have possibility to borrow against collateral on the platform?

To be honest, it is not the KYC thing that got me out of Binance, it is the fact that I was unverified and had to do it to comply and the fact that they are a Chinese company to me and I did not feel comfortable giving them my datas.

Thanks a lot for all these information! I appreciate it

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I’ll have to check these out! I’m verified with some but looking to stop that because of the crazy fees and stuff. Coinbase is nuts, I’m losing lots of profit to these damn fees they are charging!

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in the last F1 Grand Prix the FTX logo was on the dashboard of the Mercedes

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