Do you daily withdraw coin balances from the exchange(s)? - page 2.

mk4

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Quote from: gn01 on June 14, 2017, 08:25:57 AM

When you do day to day trading, do you withdraw your coin balances from the exchange(s) at the end of the day? Since sending it back and forth, to e.g. a Nano S Ledger, everyday will also involve transaction costs and extra effort.

I personally don't since I don't daytrade (I trade like once in 2 weeks) but if I did daytrade I definitely would withdraw everytime. People should take bitfinex's hack a lesson. Will it happen again? Unlikely, but very possible.

Link for those who are curious: https://en.wikipedia.org/wiki/Bitfinex_hack

Kemarit

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No, I don't withdraw daily funds from the exchanges, because we all know that you will incurred fees daily if you are going to withdraw it. Although it is not safe to sit your money in a exchange it is better to put just enough for my trading in there. But if let say I sell my stash of bitcoin or altcoin then I will definitely get the funds out of there and transfer it to my safe wallet. I will just left enough for trading purpose.

btc_angela

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Quote from: ChronoLite on June 17, 2017, 09:32:19 AM

I'm not. Because in night time, sometimes altcoin are rising up and you may missed them if you do withdraw everyday. I withdraw only when I need my money or just want to make my money safe with transfer it to different wallet.

Same here. I don't usually withdraw my bitcoin and I just let is sit there because I may missed a lot when the price of bitcoin goes higher. And I just withdraw if I need fiat money. And just transfer it to my Electrum wallet if needed for storage. I usually transfer it to my Electrum once a month only.

Sweetbtc

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Quote from: posternat on June 17, 2017, 08:47:52 AM

Quote from: Oralmat on June 15, 2017, 10:29:51 AM

I do not and I would not do that for a couple reasons. I do bleed off the profits once or twice a week, but that is different, I keep my trading base balance on the exchange. First, a TX can take a decent bit of time, even with a higher fee, and that lost time can mean the difference between hitting the sweet spot on a trade signal and missing it completely, even ten minutes after spotting the opportunity.

Secondly, not every trade drops a huge return, some increase the overall funds by just a bit after all is said and done and adding daily network and exchange fees to the mix just lowers the margins. Also, the exchanges I use appear to use some odd system of addresses and outside tracking would be increased by sending off site and back.

The exchanges I use give you an address and it stays with your account unless you request a new one, but the balance does not stay in that wallet if you watch. I assume that they do this to have the use of the funds for the site, but who knows.

chineseprancing

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Of course no, I withdraw 1 time a month because I just want to keep it first and sometimes I just wait to increase first the price of bitcoin before I sell it. Due to I just want to withdraw high amount that's why I cannot daily exchange my bitcoin balance.

gabmen

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That would be too expensive and would likely eat a big chunk out of the earnings that i have for that day id i withdraw at a daily basis so no, i'd rather have my earnings withdrawn in to avoid paying a bigger amount. If you add up all the fees you'd pay daily compared to that once a week or once a month withdrawal, the price difference would be big

suryana

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I schedule to withdraw half from trading profit of bitcoin from exchanges once a month. Because, i have other sources of income to meet daily needs. Bitcoin an investment option for me.

AicecreaME

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No, I don't withdraw coins from the exchanges that often because even though I used hardware wallets, I don't do that getting the whole bitcoins from my wallet to an exchange because I only use the amount that I really need for a certain trade or investment to an altcoin because I think it is very risky to store so much bitcoins in an exchange and it is best to just leave our bitcoin in hardware wallet.

chaser15

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Quote from: gn01 on June 14, 2017, 08:25:57 AM

When you do day to day trading, do you withdraw your coin balances from the exchange(s) at the end of the day? Since sending it back and forth, to e.g. a Nano S Ledger, everyday will also involve transaction costs and extra effort.

No. Although it might save me from chance of being scammed, once you put money on a trading site, somehow you must trust them even a bit since you allow your money to be deposited there. Besides regular withdrawals will just destroy your trading strategy and supposedly earnings. Ask those long time traders and Im sure most of them don't do regular withdrawals like multiple times per week unless they earned big with the trend they take a ride.

Since cryptocurrencies are volatile, trading funds must always be ready. Depositing while there is an ongoing trend will just result on being missing in action especially if traders most doing trades at altcoins. You have to wait for the confirmation and sometimes there is deposit problem on the way. Since price moves a bit even by only a second, coins must always ready not to just prepare it while there is a trend.

virtualkeybuyer

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I often keep my bitcoins/money in exchange which is mostly used for my trade because any time we can face a good opportunity and in that case if we will not have our bitcoin in exchange then we will need to wait for longer to get the transacted money in that exchange.

Donaldturp

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I wanna hold my balance in exhange sites. But If I need urgent cash, I just withdraw some amount required by my need. The rest still sits in exchange wallet.

dmamigo

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Quote from: akar87 on June 17, 2017, 12:13:53 PM

Quote from: danipay on June 17, 2017, 09:43:39 AM

for me cryptocurrency is best way for investment such as trading . What's the point we invest money in bitcoin or other cryptocoin but we withdraw these every day . like a post above me only withdraw coin if we need money too .

Agree with your opinion. Because my motivation in trading is to increase amount of bitcoin i have in the future (as expected all members here) can enjoy enormous profits. And not for withdrawn even every da

Yes, if you are able to analyse the market technically and successful in trading 3-4 days in a week, its enough to keep your balance to trade the next day. Unless you require money, let it be there. Or if you have profit and want to withdraw its totally the individuals choice.

akar87

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Quote from: danipay on June 17, 2017, 09:43:39 AM

for me cryptocurrency is best way for investment such as trading . What's the point we invest money in bitcoin or other cryptocoin but we withdraw these every day . like a post above me only withdraw coin if we need money too .

Agree with your opinion. Because my motivation in trading is to increase amount of bitcoin i have in the future (as expected all members here) can enjoy enormous profits. And not for withdrawn even every da

danipay

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for me cryptocurrency is best way for investment such as trading . What's the point we invest money in bitcoin or other cryptocoin but we withdraw these every day . like a post above me only withdraw coin if we need money too .

ChronoLite

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I'm not. Because in night time, sometimes altcoin are rising up and you may missed them if you do withdraw everyday. I withdraw only when I need my money or just want to make my money safe with transfer it to different wallet.

xfaqs01

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i dont withdraw daily, fees will consume your fund, just roll the money until it grow, then withdraw in bulk

posternat

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Quote from: Oralmat on June 15, 2017, 10:29:51 AM

I do not and I would not do that for a couple reasons. I do bleed off the profits once or twice a week, but that is different, I keep my trading base balance on the exchange. First, a TX can take a decent bit of time, even with a higher fee, and that lost time can mean the difference between hitting the sweet spot on a trade signal and missing it completely, even ten minutes after spotting the opportunity.

Secondly, not every trade drops a huge return, some increase the overall funds by just a bit after all is said and done and adding daily network and exchange fees to the mix just lowers the margins. Also, the exchanges I use appear to use some odd system of addresses and outside tracking would be increased by sending off site and back.

Krillin61

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Quote from: Ucy on June 17, 2017, 06:27:48 AM

I do. . I started doing this not too long though. Maybe you should use Crypto wallets that store multiple coin like Coinomi.
The great thing about Coinomi is that you can trade/exchange lots of Coins(it has Shapeshift exchange) with it and can also be use for storing multiple coins

I don't think it's worth it. Why do you need to store altcoins if you can store your altcoins safely in exchangers where in 2fa authentication can be used agaist the hackers? Besides, withdrawing everyday would cause decreasing your capital so you'll earn smaller profit in your trading.

Ucy

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I do. . I started doing this not too long though. Maybe you should use Crypto wallets that store multiple coin like Coinomi.
The great thing about Coinomi is that you can trade/exchange lots of Coins(it has Shapeshift exchange) with it and can also be use for storing multiple coins

Meowth05

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Quote from: gn01 on June 14, 2017, 08:25:57 AM

When you do day to day trading, do you withdraw your coin balances from the exchange(s) at the end of the day? Since sending it back and forth, to e.g. a Nano S Ledger, everyday will also involve transaction costs and extra effort.

Nope. That would be expensive as fee charges every transaction. Besides, I don't withdraw everyday as I only withdraw if I need it and I'll make sure that's important since it's better to trade bigger amount than small amount in short trading.

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