Best exchange to send cryptocurrency payments - HK Resident?

[thomasparra]

Just logged in on my Binance account created maybe 4 years ago and they are now asking for a lot of information (like a bank). I have little money on there but I'm not sure I can trade or even take the money out without doing their KYC.

Thought I would ask

1) Should I do their KYC or just move to another exchange (to send payments swiftly. I don't trade often, but more so buy, hold and pay third parties from time to time). Is an exchange the best for that? Ideally an exchange insulated from US/EU in the long term.

2) What is the best cryptocurrency for payments (fast and cheap) nowadays? I know that I was paying a LOT in fees if I were to pay with BTC or ETH a few years ago.

Last edited: Jul 25, 2024

 

[apres777]

thomasparra said:
Just logged in on my Binance account created maybe 4 years ago and they are now asking for a lot of information (like a bank). I have little money on there but I'm not sure I can trade or even take the money out without doing their KYC.

Thought I would ask

1) Should I do their KYC or just move to another exchange (to send payments swiftly. I don't trade often, but more so buy, hold and pay third parties from time to time). Is an exchange the best for that? Ideally an exchange insulated from US/EU in the long term.

2) What is the best cryptocurrency for payments (fast and cheap) nowadays? I know that I was paying a LOT in fees if I were to pay with BTC or ETH a few years ago.
Click to expand...

USDT is commonly used, since you "mostly" cut out the exchange rate part plus it's cheap and fast. (USDT-TRC20)

Keep some TRON (TRX) in your wallet for better fees.

It's probably also the easiest currency if you want to exchange to another currency or sell PSP for cash E.G

 

[thomasparra]

apres777 said:
USDT is commonly used, since you "mostly" cut out the exchange rate part plus it's cheap and fast. (USDT-TRC20)

Keep some TRON (TRX) in your wallet for better fees.

It's probably also the easiest currency if you want to exchange to another currency or sell PSP for cash E.G
Click to expand...

Thanks, will definitely consider USDT more often. Is there some kind of reliable offline (software or hardware) multi currency wallet to store most of these currencies or a platform is best?

 

[karlx]

I've been using Trezor hardware wallet for a few years and found it very reliable for storing various crypto tokens.

 

[jafo]

thomasparra said:
Just logged in on my Binance account created maybe 4 years ago and they are now asking for a lot of information (like a bank). I have little money on there but I'm not sure I can trade or even take the money out without doing their KYC.

Thought I would ask

1) Should I do their KYC or just move to another exchange (to send payments swiftly. I don't trade often, but more so buy, hold and pay third parties from time to time). Is an exchange the best for that? Ideally an exchange insulated from US/EU in the long term.

2) What is the best cryptocurrency for payments (fast and cheap) nowadays? I know that I was paying a LOT in fees if I were to pay with BTC or ETH a few years ago.
Click to expand...

Binance is bothering you while you are an HK Resident? 😳
Do you have a US passport by any chance or link to the US? 🙄

PS. This is the first I heard of Binance (and other exchanges outside the US) giving HK residents a hard time, so I am curious as it can spill over to a "friend" 😉 )

 

[thomasparra]

jafo said:
Binance is bothering you while you are an HK Resident? 😳
Do you have a US passport by any chance or link to the US? 🙄

PS. This is the first I heard of Binance (and other exchanges outside the US) giving HK residents a hard time, so I am curious as it can spill over to a "friend" 😉 )
Click to expand...

I don't have US passport, I think they are doing these KYC checks once per year (like banks)for everyone since they got in trouble with the IRS now.

 

[jafo]

thomasparra said:
since they got in trouble with the IRS now.
Click to expand...

Yes. This is 100% true!
Which would be a great new thread.... Thanks for the idea!

 

[JackAlabama]

jafo said:
Binance is bothering you while you are an HK Resident? 😳
Do you have a US passport by any chance or link to the US? 🙄

PS. This is the first I heard of Binance (and other exchanges outside the US) giving HK residents a hard time, so I am curious as it can spill over to a "friend" 😉 )
Click to expand...

id expect more of this from binance since they royally "owned" recently.
As soon as I hear of such adverse publicity reading lamestream media (like the binance articles), I move elsewhere. Its due to media pressure monkeys go especially wild.