Crypto account startup - 2 steps still needed?

Posted By: DdlV

Crypto account startup - 2 steps still needed? - 06/08/20 18:49

For new crypto trading, the Broker page in the manual has always had 2 steps:

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    First, register with a bitcoin exchange service where you can buy or sell bitcoin for dollars or Euro; examples: Coinbase™ or Bity™. Register there, enter your credit card or bank account data, and buy bitcoin. Credit card transfers are usually more or less instant, bank transfers can take some days.
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    Finally, register with a crypto exchange; examples: Bittrex™ or Binance™. For depositing bitcoin, the crypto exchange shows you a receiver address to which you send coin from your wallet, or that you use as withdrawal address for the bitcoin exchange service.
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This is in the context of Z10, but I suppose meant to apply to all crypto trading...

Is this 2 step process still necessary? Binance, for example has a "Fiat Gateway" where one can purchase bitcoin and other coins with fiat...

Of if not necessary is it still preferred for security, lower cost, or some other reason(s)?

Thanks.

Posted By: DdlV

Re: Crypto account startup - 2 steps still needed? - 06/15/20 06:01

Hi jcl. Appreciate your thoughts on this. Is the manual still correct and 2 steps are needed?

Or are 2 steps recommended for some reason(s)?

Thanks.

Posted By: jcl

Re: Crypto account startup - 2 steps still needed? - 06/15/20 08:57

Depends on the exchange. Meanwhile most exchanges offer to convert and store your bitcoins, so you need no separate wallet. Problem is when the exchange goes belly up. Then you'll wish you had stored your excess bitcoins at a safe place.

Posted By: DdlV

Re: Crypto account startup - 2 steps still needed? - 06/15/20 15:45

Thanks jcl.

So, for example, it's reasonable to go directly to Binance, without going to Coinbase first?

Also, what about brokers vs. exchanges? Most things I read say brokers are better execution, etc. Or does that only matter if one is trading very frequently?

Thanks.