I’m a total newbie to crypto and I have no clue how or what to do. I have 2 XCH I want to sell, but how? I live in the EU so I would want euro’s for them, not USD (if possible). I googled and it seems gate.io is a scam because they reverse the identification once you have deposited crypto to your exchange address.
I signed up at huobi and submitted my ID card for verification. I also received a deposit address from them but I’m afraid to loose my money when I transfer my XCH to that address.
Is it safe to transfer the XCH to that deposit address? If I do that and convert it into USD how do I get those USD into my bank account? Is PayPal an option? Is huobi a safe and good choice or is there a better option?
I think what you found about gate.io is really old news. They had issues back in 2017, but I am pretty sure it is a solid platform these days. Maybe someone with more experience with it can chime in.
But as for now, I have setup a gate.io account to buy/sell/trade chia. But I won’t leave anything in there. I will keep them in my wallet.
Interesting. Thanks for the link. Over half of those bad reviews are from people that messed up their 2FA and can’t get back in. Ignore those. But the others are concerning. I will definitely think twice about using it. I only setup an account there because if Chia gets below $500, I plan on buying some. But if gate.io is a problem, I’ll look elsewhere.
I have tried gate.io and okex.com in selling XCH. I would personally recommend OKEx. They have more liquidity and the user interface is decent. What I don’t like with these exchanges is that you can only trade up to 3 decimal places. I am used to Gemini exchange that allows to trade up to 6 decimal places.
I have looked around and I don’t really see any (legal) option except gate.io for US residents. As the price drops on XCH, I am preparing to buy. My normal exchange is Gemini so I am looking at buying BTC at Gemini and then transferring it to Gate.io to buy XCH. Then transfer the XCH to my cold wallet. I don’t plan to buy until (if) it drops below $500. We’ll see how it goes.
When I try to go to Okex, I get the following message when trying to setup an account. I know I can get the message to go away with a VPN, but I don’t have any other ID except a US id. So how could I possibly use them?
That was fast. I just got my approval to buy on gate.io with USD. It only took an hour. So now I am prepared to buy USDT directly on gate.io without going through another exchange. I will probably put $500 over there as an initial test. Buy XCH if it drops and transfer out. Make sure I can do the entire process without any issues before putting a larger amount into play.
Agreed. But if I want to buy Chia, I don’ t have any other option. There is a post on here of someone successfully using it. He used Coinbase to get USDT (tether) and then transferred to Gate.io to buy XCH. I hope to remove that first step. But we’ll see how it goes. Here is his experience.
I’d be surprised if trying to get a medium/large amount of USD into gate.io from US banks or payment processors wouldn’t freak out the latters’ compliance/risk/AML people. Whereas transfers into Coinbase are more of a known entity to them. A three-figure amount like you mentioned might fly under the radar, but definitely curious to learn from your experience!
Here’s another earlier thread that suggests transferring Litecoin into gate.io, since Litecoin has very low txn fees. But then you have an extra trade on gate.io (first swap LTC for USDT, to then swap USDT for XCH) so you’d want to run the numbers on the all-in fee+spread friction. Wanna buy XCH today — Coin swap 101
Fwiw I had no problem moving XCH from my wallet to gate.io, trading to USDT and then withdrawing that today. Other than liquidity is a little lacking. Took a while since I didn’t want to buy out a bunch of the sell side. I’m US based.
