[Official] Crypto Currency Chit Chat Group - Part 6

[qsgsgs]

A little late, wasn’t paying attention to all the ongoings. Scrolled back & realise Binance is ‘unbanned’. This is great news, finally can shift my stuff from Mandala back to Binance.

Kraken & Binance is my go to exchanges now. Just keep in mind the good old golden rule, “Not your keys, Not your coins”!

Heard Kraken only charges a small fee for withdrawals back to bank. How quick is the USD transfer process in your experience?

cc @MikeDirnt78

 

[Kunkka]

 

[KingOfJustice]

Actually this "not your keys, not your coins" saying was almost no longer true in last cycle. Many people left their assets in exchange for the whole of the previous bear market without any issue. But this cycle, it really come back with a vengeance to pwn so many

Got lah, cryptopia, livecoin, OctaEX... etc plus many smaller ones, mostly hacks & runaways plus flash crashes like Poloinex. And also HitBTC and others tend to hold customer funds hostage.

But if left at big exchanges like binance, kraken, coinbase, bitfinex all these then its fine. Even coinhako survived.

Own wallet still the safest as long as you don’t reveal your seeds.

 

[KingOfJustice]

Heard Kraken only charges a small fee for withdrawals back to bank. How quick is the USD transfer process in your experience?

cc @MikeDirnt78

$4 USD for fiat withdrawal from kraken. DBS side charge about $7+ SGD, depending on exchange rate’s equivalent to $10 USD.

Withdraw from Kraken before 10:00pm today, receive tomorrow morning in DBS account at 10:00am.

p/s : Outward from DBS to Kraken is free. Transfer before 4pm today, same day after midnight will receive in Kraken.

**correction: DBS charge about $7+ USD for incoming, not $7+ SGD.

 

[AikiBoy]

if they loan out your asset how they pay interest in earn??

 

[sacredrays]

$4 USD for fiat withdrawal from kraken. DBS side charge about $7+ SGD, depending on exchange rate’s equivalent to $10 USD.

Withdraw from Kraken before 10:00pm today, receive tomorrow morning in DBS account at 10:00am.

p/s : Outward from DBS to Kraken is free. Transfer before 4pm today, same day after midnight will receive in Kraken.

i thought dbs charge $10 sgd equivalent in usd for inward tt of usd?

 

[KingOfJustice]

i thought dbs charge $10 sgd equivalent in usd for inward tt of usd?

Yes correct, DBS charges USD $7.01 fees equivalent to $10 sgd. Type wrongly.

 

[codemasterguy]

Should get someone who know blockchain to interview him.
All the questions are so "light" for heavy weight technologist like him.

 

[pikafunk3]

Is kraken good?
Approved for Singapore use?

 

[AikiBoy]

i cant trade my usdt... but i can convert usdt small amount to bnb. if i want load other coins, how to do

 

[Mecisteus]

Heard Kraken only charges a small fee for withdrawals back to bank. How quick is the USD transfer process in your experience?

cc @MikeDirnt78

I've not tried withdrawing from Kraken.

Only a few USD as test withdrawals from Gemini and FTX.

But I got many many deposits to all of the exchanges.

 

[KingOfJustice]

Is kraken good?
Approved for Singapore use?

Reliable but no formal approval in SG. That’s why not many locals talk about it. And they don’t have those fanciful referral programs.

These are excerpts from Kraken FAQ:

“Kraken offers most services to our clients living in Singapore, with the following exceptions: *Clients living in Singapore cannot use Off-chain staking. *Futures trading is restricted.”

“Kraken is regulated by FinCEN. Kraken client funds are held directly by clients in their own bank accounts at our partner banks, which are heavily regulated.”

They are one of the few which you can actually do direct USD-Crypto trades & pairs.

But i wouldn’t vouch for any exchange at all no matter the reliability. Own wallet still safest.

 

[Lordzephyr9]

SNM went up from 0.20 to $9.50 in 1 hour. what happened?


Read HWZ Forum Rules!

 

[Trueblue82]

 

[HustlerKing]

Reliable but no formal approval in SG. That’s why not many locals talk about it. And they don’t have those fanciful referral programs.

These are excerpts from Kraken FAQ:

“Kraken offers most services to our clients living in Singapore, with the following exceptions: *Clients living in Singapore cannot use Off-chain staking. *Futures trading is restricted.”

“Kraken is regulated by FinCEN. Kraken client funds are held directly by clients in their own bank accounts at our partner banks, which are heavily regulated.”

They are one of the few which you can actually do direct USD-Crypto trades & pairs.

But i wouldn’t vouch for any exchange at all no matter the reliability. Own wallet still safest.

Kraken off ramp to usd or sgd? Need to use DBS multi currency account for it?

 

[AikiBoy]

SNM went up from 0.20 to $9.50 in 1 hour. what happened?


Read HWZ Forum Rules!

100x sia...
when my shib or algo x100

 

[snowblaze]

Actually this "not your keys, not your coins" saying was almost no longer true in last cycle. Many people left their assets in exchange for the whole of the previous bear market without any issue. But this cycle, it really come back with a vengeance to pwn so many

These big exchange and platforms, jokers lied all the way. Lied got reserve. Lied everything all healthy while concurrently withdrawing money into their own pocket

 

[bossjiaksai]

i thought dbs charge $10 sgd equivalent in usd for inward tt of usd?

Yes correct, DBS charges USD $7.01 fees equivalent to $10 sgd. Type wrongly.

Is there a bank that offers free USD inward TT? I see citibank's and SC's website, seems like they do offer free inward TT

https://www.sc.com/sg/pricing-guide/#sc-lb-module-fee-and-rate-1

 

[middleclass]

Gemini and Genesis are 2 completely separate entities. Of course this is with the assumption that Gemini themselves abide strictly by the regulations and licenses they were given, and not chut pattern like FTX. But this applies to all CEX, including Binance, CDC, Coinbase. If someone insists on committing fraud, there's no regulations, licensing or enforcement that can stop them.

For Gemini, they have this product called Gemini Earn, which is called Gemini Grow now. They stated very clearly that funds put in Gemini Earn / Grow is passed on to their 3rd party partner Genesis for returns. There are warning messages everywhere including when you want to deposit your Gemini funds into Gemini Earn. I used to put in Gemini Earn but withdrew everything after Luna collapsed. Once you put money into Earn, Gemini has no more responsibility for your money since the risks are now passed through to Genesis (and you). In hindsight, they probably should have just named their Earn product as Genesis Earn, and don't use the name Gemini since it gives the impression that it is an official programme by Gemini.

Gemini itself, if they abide by the rules which allowed them to operate, should be very safe, since they are a reserve exchange with 1:1 collateral, no margins, futures or derivatives. Of course, one can argue that FTX also say they are very safe but also collapsed, but I suppose Gemini's track records is a lot more solid than FTX. FTX wasn't brought down by their exchange itself. It was brought down by the actions of their management, which is fraudulent in the first place. FTX itself, if operated properly, is actually a massive golden goose, the amount they make from fees are ridiculous, which is why there are several big companies intending to buy out parts of FTX. I think the Winklevoss brothers should be more solid than that, they were already billionaires before starting Gemini, no need chut stunt.

I started using Gemini in 2017, rode through the 2018 bear, Gemini didn't let me down. After the FTX / Genesis news broke, I also withdrew my funds from Gemini, no issues at all. Recently I deposited a little back to buy / trade, and tested withdrawals. As recently as Friday, no issues too, funds were deposited and withdrawn quickly. I have a few wire transfers withdrawal initiated yesterday and today, Gemini processed it already, now waiting for it to reach my bank tomorrow / Tues since the US and SG banks don't process wires on weekends.

Summary: don’t trust crypto staking

 

[middleclass]

These big exchange and platforms, jokers lied all the way. Lied got reserve. Lied everything all healthy while concurrently withdrawing money into their own pocket

Bro, not that I want to say, but use common sense also know who so nice to take your money and help you earn 8% to 19% pa interest “risk free”?

if they really confident and the method really low risk or risk free, they would have approached traditional money market to borrow funds at 2% to 5% to grow those money themselves.