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Binance lists XRP


karlos
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It's good news, but binance website states something about using 'tags' when transacting in ripple or otherwise you risk losing your ripple, so I don't know why this particular exchange requires tags and others don't, like Gatehub.

Edited by enrique11
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On 11/2/2017 at 2:56 PM, Tinyaccount said:

I couldn't see where they are based....  Anyone know?

Binance?  I think they are Chinese exchange (guessing it should be in China).  They are a great exchange...a good list of coins on their exchange, and their exchange is quick....I cannot recall any significant lag when using their platform...ever.

I like them so much, I actually invested in them (their platform - their token allows for trading discounts).

Edited by enrique11
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6 hours ago, enrique11 said:

It's good news, but binance website states something about using 'tags' when transacting in ripple or otherwise you risk losing your ripple, so I don't know why this particular exchange requires tags and others don't, like Gatehub.

If they are using “destination tags” or “id tags” for your XRP wallet it is because you do not have (they do not offer)an individual wallet on that platform. Instead, the exchange holds a pool of IOU’s and your share of that is identified by the ‘id tag number”. Hence, if you forget to quote the “tag” number when transacting xrp in to the Binance wallet you may loose it.

Bittrex also use the ‘tags’ for xrp.

Edited by Khaleesi
Corrected as per Tinys suggestions
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1 hour ago, Khaleesi said:

Hence, if you forget to quote the “tag” number when transacting xrp in or out of the Binance wallet you will loose it.

Yes any exchange that has a pooled wallet needs the destination tag to identify the user involved.  Many are like that.  Mother-of-Dragons may I gently point out though, that transferring out doesn't always need a tag unless it is to another pooled wallet.  Another point is that you probably haven't lost the XRP... if you can find the transaction hash they will probably adjust your balance up for you.  Even if you can only identify the amount and time you might be able to get it sorted.

But you would be foolish to rely on that...   :) 

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13 minutes ago, Tinyaccount said:

Yes any exchange that has a pooled wallet needs the destination tag to identify the user involved.  Many are like that.  Mother-of-Dragons may I gently point out though, that transferring out doesn't always need a tag unless it is to another pooled wallet.  Another point is that you probably haven't lost the XRP... if you can find the transaction hash they will probably adjust your balance up for you.  Even if you can only identify the amount and time you might be able to get it sorted.

But you would be foolish to rely on that...   :) 

Agreed Tiny..... I was being a little extreme lol :) I made some adjustments to my answer. Thank you.

Edited by Khaleesi
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