Altcoin CEX listing. Tranfer coin from Metamask?

Bttzed03

legendary

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https://bitcoincleanup.com/

Quote from: richstan69 on April 05, 2021, 06:59:02 PM

When an altcoin is listed on a CEX such as GATE.IO would it be seen as good practice to transfer the respective coin to the exchange from Metamask?

I was thinking that it would be better place for the coins to be for liquidity purposes when wanting to sell or trade.

I guess it's fine if you are actually planning to sell them in a short time. It's not a good practice if your plan is to store it there and sell after months or wait until it reaches your price target (this is a common practice though). Don't mind the liquidity on the exchange unless you're a market maker.

lobo13hf

hero member

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It's a common process in the cryptocurrency and when you are sending your coin from centralized exchange site to the your wallet and that is not something special.
When you are crypto users and you will always do that anytime.
Metamask is just a public wallet to be used to store your money. You can use cex for the liquidity purpose and that's more than enough.

TheUltraElite

legendary

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So anyway, I applied as a merit source :)

Metamask is a browser addon for helping you send coins from a MEW wallet. It works with both CEX and DEX more useful and safer in case of a DEX.

DEXes usually have a lower liquidity and lack of Ether token to BTC conversion opportunities. Still you can use Metamask to send tokens between DEX just be careful of the site where you are exchanging, there are many phishing sites out there. For sending to a CEX it is just like sending bitcoin from your wallet to exchange.

You mentioned the word "altcoin" - let me remind you of the jargon here, altcoin refers to any coin other than bitcoin. That includes all ERC20 tokens as well. Metamask and ether wallets are only for Ether and ERC20 tokens, meaning a subset of the altcoins.

If you got any specific question though, let it be known.

richstan69

newbie

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Merit: 0

When an altcoin is listed on a CEX such as GATE.IO would it be seen as good practice to transfer the respective coin to the exchange from Metamask?

I was thinking that it would be better place for the coins to be for liquidity purposes when wanting to sell or trade.

Topic: Altcoin CEX listing. Tranfer coin from Metamask? (Read 87 times)