ETH Margin Trading on Kraken - A Personal Rant/Review - Seeking Tips and Binance Exchange
This is going to be a very quick rant on exchanges and margin trading. I LOVE leverage when I feel confident. I started crytpo trading as a highschool dropout living with parents with less than $1000 to invest on August 1st. I made a very risky trade on Kraken selling both my BTC and BCH and going in all BCH neart $200 and selling at near $700
So I'm pretty risk tolerant and I always do my research well. I've lost a bunch of money margin trading and I've done better in my gains than losses. I've done all these on Kraken and I'm so damn disappointing, annoyed and theoretically enraged. Why? The damn site doesn't work.
I have to attempt 10 times to log into the site.
If 1 in 10 orders goes through; It's called a miracle.
If 10 orders consecutively went through without errors, I'll be checking Al Jazeera for news on the Second Coming of Christ.
I wouldn't talk about charts because I use Tradingview anyways.
EOS and XLM still doesn't have USD pairs.
Amidst all, the current 24 Hour volume is $589,224,536
The only reason I'm using the site is for leveraged trades on ETH. I've been buying ETH at X5 margin with my full margin level since $458 to $705 and boy I'm glad. But I'm also enraged. I had to try over 1000 times to make those trades and lost many more potential gains thanks to orders not processing through.
The site worked fine when it was doing $200,000,000 a day. I assume they haven't upgraded the infrastructure. Binance on the other hand has gone from 80 million USD volume to 1920 million USD volume in ~3 months and they've been adding more and more coins and features on top of trading competitions.
So if any veteran knows what's going on this is your time to speak up. Why is Kraken so stupid and careless despite starting off as a fiat ready trusted high volume (at the time) exchange. Since Aug 1st there has been ZERO development with the site.
I'm Purely in for the X5 leverage on ETH/BTC and X2 leverage on ETC. I use other exchanges for most my tradings. So what are my options? What does the great steemit community know about crypto margin trading? Let me know in the comments below.
For the rest of you: Kraken is only for margin trading. Keep out for all other reasons. Binance is the best Centralized Exchange which also pay me GAS for my NEO. These guys also started a referral program. For the first time I'm putting it on the internet cause exchanges like Kraken needs to learn from exchanges like binance that have tons of features and work to give better service each day in 7 languages.
https://www.binance.com/?ref=10102736
Happy trading and Happy steeming!
I know, we also use Kraken and it's very disappointing that they cannot upgrade it so it's properly usabe. Hope they'll fix it soon!
I just missed out on some more profits thanks to their excellence in serving customers.
I have some of the same problems with kracked I mean kracken often get frustrated with my binance as well but they seem to work out issues on the app pretty quick and add a lot of new coins and we get some say in that plus they have the competitions which are pretty cool as well I'm always looking for the best exchange but until I find the perfect exchange binance does the trick.
I don't use the App. I've only seen Binance down once. The positives far out weight the negatives. Let's wish they'd grow into becoming that perfect exchange. They do have a great team and their growth is pretty impressive.
Kraken drives me nuts also !! 😜I've used it first because of the euros , and I'm pretty happy with all the (little) trades in ETH, BTC and LTC I've made till now but toooooo painful to use now...but I'm a noob and don't know how to do else...lol...I love to use @blocktrades also, never got disappointed 😉
My recommendation is https://www.binance.com/?ref=10102736
I've used Bittrex and they are good too. They have a lot more coins to choose from but the fees are 0.25% compared to 0.1% from Binance. If you purchase their BNB coin which @hajin had predicted to almost triple in the coming months, you get a 50% discount on fees.
If you need a decentralized exchange just get Bitshares. The entire NASDAQ exchange can be made to run on BTS. You can also buy BTS on Binance who listed BTS after Bitttrex de-listing.
No euros pairs in Binance ?
Binance doesn't deal with fiat in order to avoid some regulation. You have USDT for stability. They have ETH, BTC, BNB pairs. When you want to get Euros you'd have to take your money out and use an ATM, trade face-to-face or get your money through Kraken or just load it to your Debit Card with CEX.io (Which is like coinbase but you can trade and they provide X3 margin and you can choose to trade at market price without high fees)
My word! Am going binance... Kraken seemed promising in the early days... Even poloniex disappoints a lot... Imagine SBD and STEEM temporarily disabled on poloniex over a week now, and sbd i transferred there since is still in limbo ...
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Never even touched Poloniex after checking the interface. It just looks cheap and I hear it works cheap too. You should have tried Bittrex (which is actually pretty decent) or blocktrades.
Hopefully you'd get your funds back soon. $34 SBD makes a forced HODL sound less menacing.
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