I don't know much about trading and I am learning every single day. My learning process is slow when it comes to understanding finance and investment because I am from an architecture background but I have taken my higher education on Management so I understand a little bit about investment. When I first started my blockchain I was completely unaware of crypto and bitcoin. It took me almost 1 year to understand what is actually blockchain and crypto is.
I usually don't write about finance or blockchain-related content because I feel I am still a noob to talk about investments and coins. If I need to describe my relation between crypto and investment, I will say I am a shitcoin holder and a very slow long term holder. As I am a novice, not a pro so I don't like to take risks and try to stay in a safe zone as long as possible.
If you ask me the background story of bitcoin or trading analysis, research, I won't tell or explain to you much. I just read the news, do my own research, and can read graphs a little bit. I am still learning the meaning of curves, volumes, candles, and sometimes read the background story of each coin that's all.
Anyway, today's post is kind of different and not very analytical post. I have mentioned before that somehow a part of my life depends on crypto and you can call me a "buy - seller" on that note. I love to increase my portfolio and that's why always ended up buying coins because of FOMO or Hype or a piece of news. Anyway, let's get into the topic.
BTC-UAH :
UAH is known as Ukrainian Hryvnia, the currency of Ukraine and for currency exchange, I used to use a local exchange called Kuna.io so far. Basically, I needed a local exchange to convert my BTC into UAH. Recently, Binance has also introduced the BTC-UAH pair which is pretty amazing. Now, I can easily sell/trade BTC on Binance for UAH. But I was not pretty sure how the entire transaction and withdrawal work until today. Thanks to my boyfriend for further info.
If you want to sell your BTC-UAH or if you want to buy BTC through UAH, Binance gives you the option to perform the entire transaction. You can easily use your VISA/Mastercard to deposit and withdraw UAH. First, I tried to open an ADVcash account but somehow KYC process I didn't like so later I tried to use my MasterCard and it worked perfectly. The transaction fee is 3.5% but fast.
On the other hand, the performance of Kuna.io is a little bit complicated or I would say costly. First, if you want to withdraw BTC then you have to pay a withdrawal charge which is almost 0.0005 BTC but it varies. After withdrawal, you have to wait for a long time for your BTC to be deposited on your local exchange. Sometimes it takes 30 minutes to one hour too.
Then again you have to trade your BTC-UAH or you have to convert your BTC-UAH according to your local exchange price and then you can withdraw your fiat (UAH) to your bank card directly giving 1.5% charge.
USDT-UAH
USDT withdrawal process is almost the same but quick, to be honest.
Now, the twist is the price of both exchange and withdrawal fees. When the BTC price is up, obviously the BTC-UAH pair is up but the price difference between Binance and Kuna.io is huge. Plus, if you withdraw your BTC to your local exchange wallet you have to pay withdrawal fees where the Binance trading fee is less. Another fact is, when you are trading, converting your crypto to FIAT, they will take a small number of fees for transactions as well. The same goes for the USDT-UAH conversation, Binance is giving 28 UAH per 1 USDT where Kuna.io is giving only 26.80 UAH per 1 USDT. If I use Binance, I need to pay fewer fees than the local exchange of Ukraine.
So, this is my today's understanding and learning and now I can save some money for further trades. That's why people always say, do your own research...
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Priyan
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