Better to keep safer than loser,though the chance of being scammed or hacked the Exchange we are dealing with still they are vulnerable in hacking.
What i am doing is putting my money in exchange while i do my Daytrading(though this is years ago when i last trade0 but once i'm done then full out my coins and put in my wallets.
it is a bit losing sometimes because of Crypto volatility but yet i am doing it a little strict.
and also try arbitrage because this can be profitable in some ways.
Topic: How do you trade if you won't leave your coins on exchange - page 11. (Read 2358 times)
We are told several times on this forum never to leave your coins on exchange, well I know the difference about low rated exchanges and high rated exchanges and I know that many traders prefer high rated exchanges for trading because of volume and Liquidity but my point is there is no way to be a trader without your coins sleeping in exchange wallets, why? Because sometimes while you are asleep bitcoin can hit a new price target.
I think the point of leaving your coins in an exchange is that the probability of that exchanges being hacked, your coins will be gone as well. That's why proponents of it are totally against this kind of practice. I understand your concern, but are you willing to swap your security overnight?
For example BTC is trading at 8000$ and I put up a sell order at 9000$, most times this won't happen in an instant, sometimes you wake up the next day and your order became successful isn't it? Now for those saying 'don't leave your coins on exchanges' how do you trade?
Maybe the rule of thumb is not to leave big money in an exchange, like thousands of dollars in one exchange. I still remember Quadriga-X exit scam, wherein some software developer has left his 6 digits in that exchange, and the next day it was all gone in an instant. So there's a trade-off here, and it's up to know to weigh the cons/pros of leaving our money in an exchange.
Don't think too deeply about how you can trade if you can't leave your coins in the exchange.
You just need to understand why it is being said that storing your coins in the exchange has a high risk of losing your money.
If you are planning to place your sell order with a wide difference from its current price, then it is most likely you are going to store it for a little while. Meaning, you have the choice of extracting your funds out of the exchange and put it to safety. That is what they meant by you should not leave your coins in the exchange.
You just need to understand why it is being said that storing your coins in the exchange has a high risk of losing your money.
If you are planning to place your sell order with a wide difference from its current price, then it is most likely you are going to store it for a little while. Meaning, you have the choice of extracting your funds out of the exchange and put it to safety. That is what they meant by you should not leave your coins in the exchange.
I will like to share a truth about this trading and deposit issue here, even if you keep completing a trade and withdraw in an instant I don't see how this safe you from hacks, what matters is how lucky you are, don't you know that hacks has no fixed time? What if you get hacked exactly after you make a deposit on any exchange?
That is confusing me because when you will sell your coin in exchange, you must send it to exchange wallet amd waiting for transaction confirmed. And then basic trading for high risk, high volatile product that must using free money, money that you already to lose. If you want your money safe, just trade for gold or silver.
$8k is a lot of bitcoin, of course its risky to stay put that on an exchange. Better to hold it first on your own wallet the one with own private key then just check the price of btc feom time to time, when it reaches the desire price you wsnted to sell then trade it. Deposit on the exchange then sell. That is a holders style, but if you want to be an active trader, you need to give up sometime on watching the market while your funds still there and at the end of the day after all your trades are done. Put t back on your wallet. Sounds hassle but this is for safety, unless you are using a high trusted exchange to be relax even your huge funds just settling there.
There is no such thing as 'HIGH TRUSTED EXCHANGE', it's lot safer not to leave coins on exchange, remember that even the most strongest exchange 'binance' got hacked years ago, hackers can penetrate at any time
We tend to trade those atcoins in a particular exchange but we know the fact and the risks that if we store those altcoins for too long, the tendency that we may lost them is possible.
We have to pull them out every now and then. Or just like what I did, I still some altcoins in one exchange but not that much so whenever I wanted to trade them I may buy more by depositing when I have to.
We have to pull them out every now and then. Or just like what I did, I still some altcoins in one exchange but not that much so whenever I wanted to trade them I may buy more by depositing when I have to.
Trading Patten are different from one trader to another.
If anyone wish for long trading then they have to put their fund in exchanges (Trusted exchange recommended). If anyone wish for short trading or follows trading signals, then they don't need to put their fund in exchanges all the time. They can withdraw after fulfill their target. So it's depends on trader how would they like to trade.
I basically follow price of currencies and prefer short trade as i don't feel safe, putting my fund in exchanges in all the time long
If anyone wish for long trading then they have to put their fund in exchanges (Trusted exchange recommended). If anyone wish for short trading or follows trading signals, then they don't need to put their fund in exchanges all the time. They can withdraw after fulfill their target. So it's depends on trader how would they like to trade.
I basically follow price of currencies and prefer short trade as i don't feel safe, putting my fund in exchanges in all the time long
You already answered your own question. If you dont leave your coin on an exchange how would you trade right? You should left your coin there to be able to trade and the thing about withdawal or concern about safety is also depend on you. If you willing to put that amount there for trading is fine, as long you keep your account safe. Like many have mentioned, you only need funds that you are afford to trade, and thats also included the money you are willing to risk.
Wallet and exchange are different. But there are some wallet that can directly exchange coins. Maybe you need that one.
Wallet and exchange are different. But there are some wallet that can directly exchange coins. Maybe you need that one.
what they mean is, don't make the exchange place your wallet. how can you trade if you don't have funds in it? however, the majority of cases of loss occur because of the place of exchange being hacked. to be honest, I still keep my assets at a local exchange, because I believe it's quite safe, and they have an official office here. Do with your own risk, not many people recommend storing their assets in the long term in the place of exchange.
That's a risk you should be willing to make.
Keeping it an exchange could be profitable or could become a devastation.
If an exchange is hacked or suddenly close down then it will be a difficult task to get it all back.
I think what is really clouding your mind is greed.
You want to make profit from the volatility of bitcoin and it is normal for all of us.
Here is some little advise if you are still forcing your way down that road.
Keep an amount in exchange that you think you could lose and will not regret in the end.
Exactly, and the risk is always there. Keeping it an exchange could be profitable or could become a devastation.
If an exchange is hacked or suddenly close down then it will be a difficult task to get it all back.
I think what is really clouding your mind is greed.
You want to make profit from the volatility of bitcoin and it is normal for all of us.
Here is some little advise if you are still forcing your way down that road.
Keep an amount in exchange that you think you could lose and will not regret in the end.
There is no one who could tell what will happen to the exchange and it's way better to avoid that risk while having the opportunity to become profitable for not keeping the coins in exchange.
To OP, better to follow this because it came from the people who encounter a lot of issues in different exchanges. Also, remember that even the biggest and most popular exchange can still be a victim of hacking.
Well we have different strategies, though letting your coins stay in exchanges has risk it has an advantage for traders who frequently trade. Just like what you have said if you set a target price when to sell your coins then you need to let it sleep there until it reach the amount you want.
I dont use the exchanges as my wallet, I just monitor the price. So if I see the value increasing and im ready to trade my coins then thats the time to transfer it to my chosen exchange.
I dont use the exchanges as my wallet, I just monitor the price. So if I see the value increasing and im ready to trade my coins then thats the time to transfer it to my chosen exchange.
Some people do not leave their coins on exchanges for some reasons too include safety. They are worry to let it stay and choose to keep it in another place. But other people let it stay for the sake of fortunate.
Depend on your purpose actually, you can't trade if you choose long term investment, and you are considered that this strategy is suitable to you.This is why you need to store them on the cold wallet, at least it will make your coin safe as long as you can hold the prikey.
But when you choose as a trader actually you are still comfortable to store your money on the exchange. I believe there are some exchange who have a high-security system. They don't want to make its user is disappointed and will make their business close quickly.
For example BTC is trading at 8000$ and I put up a sell order at 9000$, most times this won't happen in an instant, sometimes you wake up the next day and your order became successful isn't it? Now for those saying 'don't leave your coins on exchanges' how do you trade?
Given example shows that you will hold your bitcoin until the price of bitcoin will hit $9000, in this case, you don't even need to let your BTC to sleep in an exchange since we have a lot of different wallets that you can use to store your BTC. The main point of this advice to not leave your coins on an exchange is to avoid your funds to get stolen, freeze, or anything that can hurt your assets. If you know that your expected price will take a lot of time before it reaches, then you should understand that it is safe if you don't leave your coins alone.
That's a risk you should be willing to make.
Keeping it an exchange could be profitable or could become a devastation.
If an exchange is hacked or suddenly close down then it will be a difficult task to get it all back.
I think what is really clouding your mind is greed.
You want to make profit from the volatility of bitcoin and it is normal for all of us.
Here is some little advise if you are still forcing your way down that road.
Keep an amount in exchange that you think you could lose and will not regret in the end.
Keeping it an exchange could be profitable or could become a devastation.
If an exchange is hacked or suddenly close down then it will be a difficult task to get it all back.
I think what is really clouding your mind is greed.
You want to make profit from the volatility of bitcoin and it is normal for all of us.
Here is some little advise if you are still forcing your way down that road.
Keep an amount in exchange that you think you could lose and will not regret in the end.
The perspective of not leaving your coins on exchange is when you are not trading. You definitely won't put your coin in your wallet and expect to be trading on an exchange because it dosent work that way. If you trade and make profit then you can withdraw to your wallet not when you have pending orders.
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Now for those saying 'don't leave your coins on exchanges' how do you trade?
Actually this is different as you are thinking. If you are a day trader, then I think you must have to put balance on exchanges. You have no way but ut is always recommended that don't store your coins in exchanges, have you got it? 
if trading without leaving coins on the exchange or leaving a message, then with full-time trading, every day traders always do that to get instant profits. Yes, as we know that traders have different trading methods, but I personally never leave coins on any Exchange during daily trading.
Based on what you are saying right now and that means it's not always true if the daily trade will leave their coin on exchange site, I just realize about the fact that to send back our money to our wallet is not so expensive as there was so many scalable coin that cost penny to use its blockchain. fees is not a big problem but some daily traders just wanna earn more while they were sleep.
You can do that with a dex. Most of the stable coins are tokens on Ethereum platform and they are listed on Decentralized exchanges where you can create a contract to sell the coins in your wallet when there's users that want to buy at the price you want. It's all same like a centralized exchange except you are the one that holds the coin until the exchange is made.
We are told several times on this forum never to leave your coins on exchange, well I know the difference about low rated exchanges and high rated exchanges and I know that many traders prefer high rated exchanges for trading because of volume and Liquidity but my point is there is no way to be a trader without your coins sleeping in exchange wallets, why? Because sometimes while you are asleep bitcoin can hit a new price target.
For example BTC is trading at 8000$ and I put up a sell order at 9000$, most times this won't happen in an instant, sometimes you wake up the next day and your order became successful isn't it? Now for those saying 'don't leave your coins on exchanges' how do you trade?
Some people do not leave their coins on exchanges for some reasons too include safety. They are worry to let it stay and choose to keep it in another place. But other people let it stay for the sake of fortunate. For example BTC is trading at 8000$ and I put up a sell order at 9000$, most times this won't happen in an instant, sometimes you wake up the next day and your order became successful isn't it? Now for those saying 'don't leave your coins on exchanges' how do you trade?
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