Bitstamp v.s. Kraken

[mjgenwll]

Good morning,

Is a gateway exchange (Bitstamp) better for buying XRP than Kraken?  Since I am new, allow me to ask an obvious question: How do I obtain a cold wallet in either.  Also, what are API keys?  Thanks

[DanB]

Bitstamp is a reliable exchange that I highly recommend.

You cannot obtain a cold wallet in online exchanges. I recommend Toast Wallet.

API Keys are used for auto-trading. Don't worry about this.

[mjgenwll]

I got spooked when I was about to allow a wire and I cancelled the wire when I was in my Bitstamp account. 

[mjgenwll]

HHmmm...Toast Wallet

 

[stuffie]

I use both and can say that both are reliable. Kraken has limits, bitstamp has not. 

Both use their own ripple address, you can't use your own.  

 

[mjgenwll]

On the page after the page wherein I had submitted a dollar amount, there was reminder that I would have had to have submitted an identifier code of some sort and thats when I got spooked because I don't know in which field to submit that information.

[mjgenwll]

Also it seems that Ripple has some litigation difficulty with a consortium of customers.  Also the CEO has stated to the effect that when Ripple management has "matured", quite a statement, I suppose, then an IPO in the primary market would likely be offered.  I have been wondering about whether there is a difference in the potential value of shares in the company as it might relate to its protocol.

[zenkert]

@mjgenwll I have been on Bitstamp since september 2017. No worries there at all.

[Malloy]

Remember that Bitstamp (the Exchange: bitstamp.net) even if the same company is behind it is not the same as Bitstamp (the Gateway: Ripple network)...

Bitstamp build a bridge to transfer IOUs from one to the other but they don't work the same.

Bitstamp (the Exchange) there you need to open an account like a bank account with them...after that you can transfer fiat from your bank to you Bitstamp account and vice versa...you can also trade XRP BTC USD EUR BCH LTC ETH

Bitstamp (the Gateway) is part of the Ripple network and only deals with IOUs (and XRPs)...to access the network you need a Ripple Wallet (yours) and need to find a way to transfer money to it...either via someone sending you XRPs or IOUs (USD, EUR, BTC, etc) or by opening a Bitstamp (the Exchange) account and transfer money from your bank to the Exchange (your account) and then to the Gateway (your wallet).

Kraken is only an Exchange like Bitstamp (the Exchange) and works the same...they have more pairs but their trading engine is still pretty bad and often reject any action you try (send or cancer orders, etc)

They are both very trustworthy...never had a problem with deposit or withdraw

 

[mjgenwll]

Read some real horror stories over on Reddit.  Thanks for the welcome.  

[mjgenwll]

Remember that Bitstamp (the Exchange: bitstamp.net) even if the same company is behind it is not the same as Bitstamp (the Gateway: Ripple network)...

Bitstamp build a bridge to transfer IOUs from one to the other but they don't work the same.

Bitstamp (the Exchange) there you need to open an account like a bank account with them...after that you can transfer fiat from your bank to you Bitstamp account and vice versa...you can also trade XRP BTC USD EUR BCH LTC ETH

Bitstamp (the Gateway) is part of the Ripple network and only deals with IOUs (and XRPs)...to access the network you need a Ripple Wallet (yours) and need to find a way to transfer money to it...either via someone sending you XRPs or IOUs (USD, EUR, BTC, etc) or by opening a Bitstamp (the Exchange) account and transfer money from your bank to the Exchange (your account) and then to the Gateway (your wallet).

Kraken is only an Exchange like Bitstamp (the Exchange) and works the same...they have more pairs but their trading engine is still pretty bad and often reject any action you try (send or cancer orders, etc)

They are both very trustworthy...never had a problem with deposit or withdraw

 

 

Thank you.  I am now more able to decide.  I have an account at both but I was concerned as to whether I would be able to set up safe storage and I still need some advise about that.

[Benchmark]

Both Kraken (after the upgrade) and Bitstamp are fine exchanges. Bitstamp is a bit more reliable, but both are transparant and trustworthy. 

[mjgenwll]

36 minutes ago, Benchmark said:

Both Kraken (after the upgrade) and Bitstamp are fine exchanges. Bitstamp is a bit more reliable, but both are transparant and trustworthy. 

Hi again. what do I do with this:  IMPORTANT: you MUST include the above message number in the bank deposit message in order to credit YOUR Bitstamp account..

This is the message I was referring to in my previous post.  This message occurs on the page after having submitted funds to deposit.  I have just now submitted funds but I don't know where to but my public id number, which is the subject of the above message in italics.  Here is more from the Deposit Page:  

WAITING FOR YOU TO SEND THE FUNDS...

International bank transfer deposits carry 0.05% deposit fee on our side (minimum fee = 7.5 USD/EUR) and take 2 - 5 business days to credit. USD deposits credited to your USD balance won't be converted. All other currencies will be converted to the selected balance currency, free of charge.

Third party deposits are prohibited. Third party transfers from corporate bank accounts require further KYC checking. Please contact our support before making a transaction.

One other question:  Is the message number evaluated in the function of an algorithm?

Edited February 12, 2018 by mjgenwll

[Benchmark]

8 minutes ago, mjgenwll said:

Hi again. what do I do with this:  IMPORTANT: you MUST include the above message number in the bank deposit message in order to credit YOUR Bitstamp account..

This is the message I was referring to in my previous post.  This message occurs on the page after having submitted funds to deposit.  I have just now submitted funds but I don't know where to but my public id number, which is the subject of the above message in italics.  

You have to copy that exact message in the comments when you wire the money from your bank account (I assume you try to deposit by bank account).

So copy that string of numbers and letters and put it as a comment/description of your bank transfer to Bitstamp.

[mjgenwll]

ok...but how do I get to the field wherein I will paste the string?  Yes, bank account...    That's why I'm nervous because I don't know how to operate this detail.  Well, gotta go to work.

Edited February 12, 2018 by mjgenwll