Do you daily withdraw coin balances from the exchange(s)? - page 3.

btcney

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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 do. This is worth the extra effort and the fees to be honest because there are just so many exchanges that are closing down on a daily basis either from a runaway scam or a "hack". Even the best of them can't be trusted.

Cryptsy and Mt Gox were two of the most trusted exchanges but we all know how they ended up.

And now there's poloniex. I store a fraction of my altcoins on an exchange for ease of access, because it's indeed very annoying to have to sync all your altcoin wallets. But the rest i keep in my desktop wallets, especially bitcoin.

Pearls Before Swine

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I find it very sad that a thread like this needs to exist, but I totally get it. We should all of us be able to not worry that our money won't be stolen by whatever exchange we use overnight. Makes sense, right?

Well, I'd probably take a chance with poloniex or coinbase. Anywhere else I wouldn't be able to fall asleep. Then there's the ridit issue of having to pay to withdraw your money. It's laughable. These are some real drawbacks of bitcoin that people like to deny, but they're legit ones.

Sled

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I don't daily withdraw my coins in exchanges because i don't store too much amount of bitcoins there because i just buy and hold and when i buy i put it on a safe wallet for long term because i am more in a long term investment rather than short term because it is not that worth it for me.

nicolas1979

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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.

Day trader is period time to trade, not meaning every day we withdraw our profit. Simple thing is, if today we got loss so what we withdraw from our account? nothing. If you're day trader we can withdraw next week, because next week there's enough profit to close our fee transaction & evaluation about how good our strategy?. Actually, we can withdraw our money anytime we what, exchange will help us. But a good strategy can build by single day. Trust me.

espante

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I withdraw in chunks depending on my profits. In times of high profits I could withdraw on a weekly basis but generally it will be once every month or two. I could do it daily and I wouldn't mind the current fees but I go for exponential increases in my earnings using my profits.

What I will say though is if you are trading such small amounts that the daily transaction fees are a problem then withdraw weekly or monthly instead. There are obviously advantages and disadvantages to withdrawing daily vs weekly or monthly.

amaral1977

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I dont withdraw the balance, but i dont actually trade very high amounts. If you do trade high amounts or large proportions of your money then leaving it on exchanges is a real risk... just opt it against the fee and decided.

deddod

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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 do withdraw my balance from the exchange or profit trading result is every week. I do that in order to minimize the fee in each withdraw.

1Referee

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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?

I surely do. I am very paranoid when it comes to having an entity other than myself have total control over my coins. If my trading session for the day is over, I immediately withdraw every single satoshi back to my own wallets. I must however note that in some cases trading sessions can last for days, where I go sleep with open orders, and thus depend on the exchange to not go nuts or whatever. That's basically the only exception I am willing to make.

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

Since sending it back and forth, to e.g. a Nano S Ledger, everyday will also involve transaction costs and extra effort.

I don't care about fees because I don't play around with insignificant amounts. I rather pay even $25 to withdraw my coins, instead of seeing my trading coins get swallowed by the exchange in question. It doesn't make any sense to care about transaction fees in this regard.

nmaryrai

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I dont withdraw funds daily from the exchanger. Once a week i schedule withdrawal and that's only half from profit. I let balances to grow in exchanger and half profit i withdraw, considered as additional income for family.

Oralmat

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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.

Nahl

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sometimes yes but often too no because even i did trading everyday but sometimes the profit not always high but usually i have target of the particular amount for profit so if i have already reach that amount then immediatelly i will withdraw my bitcoin even at the same day but if i have not reach my target profit even it took a couple days then i will hold it

dady12

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withdrawing Ang keeping your money on exchange depends on individual mindset as everyone have his or her own target for taking his or her profit,for me,I prefer keeping my money there to the point that I feel is safe,though it is not advisable to put more than what you can afford to lose into any trading platform as it risky to do that .taking your money out and depositing when you want to trade is like giving more money as transaction fees to excahnges

carlfebz2

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Quote from: eternalgloom on June 15, 2017, 08:52:41 AM

I used to do this back when the fees were just a couple of cents, that was also around the time some major exchanges got hacked, after Gox though.

Now I usually just leave my principal on the exchange and withdraw any profits if they're large enough to warrant the fees for making a withdraw.

This is what I do back in the past I do really withdraw all the money I have principal+profits anytime when I do make trading because I do really want to secure them and I don't trust exchange wallet and for some other situation regarding on their policies and I'm afraid to compromise those coins but now its impossible thing to do seeing on the fees.

hahay

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I do not trade too often in some exchanges, but if I have time to trade every day I'll let my saldo there until I make a withdrawal if I need it.

eternalgloom

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I used to do this back when the fees were just a couple of cents, that was also around the time some major exchanges got hacked, after Gox though.

Now I usually just leave my principal on the exchange and withdraw any profits if they're large enough to warrant the fees for making a withdraw.

Idrisu

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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.

To me , it is not necessary as the exchangers (poloniex) I am using is very reliable. I do live my earning in my exchangers platform account and if possible withdrawn it whenever I need money. It is possible to withdraw your earning from your exchangers platform but you will be pay networks fees from both ends.

xhienigat

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No, I don't do daily withdrawal not unless I really need the money but usually I set down a target on when I will withdraw my coin balances from the exchange sites.

AjithBtc

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I have placed certain volume of altcoins into the exchange. This is because when particular coin is in pump moving it from the wallet to the exchange and then making a trade is quite risky. Because some coins pump for a very short time and in a short gets dump.

bearex

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Nice question! I think day traders with a lot of funds, withdraw them when they are finished for the day, and put them in some sort of (cold) storage. I, however, don't really have that much, so i just keep everything in the exchange and hope for the best! But if you think about it, it is actually quite a lot of hassle, if you poses high amounts of coins, sending them onto exchange and back, paying fees back and forth,...But it is definitely safer than keeping them on an Exchange, just in case it gets hacked.

amacar2

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If you are asking about bitcoin than obviously no I don't keep moving them between exchange and my hot/cold wallets daily but I move all my alts out of exchange almost daily or when I don't want to trade them. I mostly keep bitcoin in my wallet and only deposit it to exchange if I want to exchange them into fiat or buy other alts.

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