Barrybean

1 post

+1 votes

on society general borg

Society Maintenance

Any idea when society is likely to be back ? Just i placed an order with THC23 Monday not noticing they havnt been online in a few days, Pretty sur…

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on S12345

Sending BTC direct from KYC crypto account

Weidly for me That's whats happned to me today , Coinbase restricted my account then said it was closing it , gave some basic instructions on how to r…

on S12345

Sending BTC direct from KYC crypto account

Merry Christmas biggaz!

With the fees on the way down I was hoping to put in a long overdue order.
The BTC is currently sitting in my KYC registered account (coinbase) and I usually transfer to an anonymous coinbase wallet and then to transaxe. With the high fees it’s far more tempting to transfer direct to transaxe as it can often save 15-20 pound per order. How risky is this? And what’s the potential outcome if it goes south.

Any advice appreciated

Budzinho 10/10

Once or twice definitely won't lead to any problems. Some Biggaz say they have never sent to an external wallet and had no issues.

Worst case scenario; they close your account and you are forced to sign up to a better exchange like Kraken ;)

Budzinho 10/10

Yeah the 72 hours thing is normal and only applies to your first purchase.

Best external wallets;

Exodus (if you can find it)
Coinomi
Atomic Wallet

Ethicallyliving

I always send direct to the vendor. I don’t send to a wallet first. I have 50+ buys.

TWDuke

Merry Xmas S12345

Quoting Grandmaster Flash "Don't Do It"

Have learned the hard way, just had my account closed by an FCA approved exchange.

I have a thread elsewhere on LB which I'll update soon.

Yet again the best advice is to listen to the old timers, it tends to pay to be paranoid in being a bigga.

And I am guilty of hubris here as I am an IT guy here.

If you send from an FCA regulated exchange they will eventually review, flag and question specific transactions.

An intermediate hardware wallet before sending has turned into a survival skill.

Before that I was on an exchange which was not FCA approved and my bank ended up blocking the transactions.

S12345

Thanks for the advice TWDuke. I just put a final order through yesterday with a direct send but yeah don’t think I’ll be doing it again as it’s not worth the risk.

When you say hardware wallet is my coinbase wallet app considered as one, it’s separate from the coinbase app and doesn’t require personal details or could you provide me with some examples?
Also what prevents the exchange flagging sends to hardware wallets in the same way and question what the funds were for and where they went etc

Thanks

Odin

Can anyone advise me please on a similar question is it ok to send from new Kraken account straight to transaxe . i use paybis atm but there expensive. Merry Christmas 🙂

Budzinho 10/10

A new Transaxe address is generated for every transaction so in general it should be fine.

There have been stories of people here getting accounts closed but that's more likely to be a bank issue.

Essemcee

99.9% you will be OK mate.
I have transferred straight from Coinbase exchange for over a year.
It doesn't seem to attract the same attention if you transfer funds directly from your bank account rather than buy on coinbase with debit card.
I have done over 50 straight from exchange transfers to transaxe wallet and not a single issue from coinbase side ever. Not an email, not a warning nothing.
At 1 point coinbase was nuking alot of accounts but i can attest first hand that it isn't happening to me.
Either transaxe has a better tumbler or exchanges have loosened their grip on wanting to know where the coin is going.
I suppose the new promise of sharing data in the future hy 2026 might be the reason if the latter assessment is correct..
E

Sofasurfer

And for balance...I used Coinbase to buy BTC and send firect to Transaxe for a couple of years but in September they froze my account with £400 of BTC in there and I'm still waiting for them to unblock it and then I'll transfer anything in there direct to my Exodus wallet. Dealing with their customer service is useless as they now want to know what I wanted to use Coinbase for in the future. They didn't particularly like it when I answered that I will not be using them and will cash out any money when they eventually decide to allow me access to my money.

I honestly would not ever recommend them as they seem quite random on who they question about their account.