How do you trade if you won't leave your coins on exchange - page 12.

Twinkledoe

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Quote from: target on May 06, 2020, 10:40:40 AM

You consider this issue every time BTC goes up. You would have to get out of the exchange in order to do safeguard your coins. Its risky to leave the coins but withdrawal fees are getting higher. What you can do is move your coins to XRP when withdrawing or any altcoin with cheap fees such as TRX or USDT. Or you can use dex with the noncustodial wallets, your coins don't go anywhere.

If I may add, use doge also when transferring from one exchange to another or better if you have doge wallet. In my experience, doge is one of the alts with low tx fees and is available in most exchanges. It is really advisable not to store your coins in the exchange because you don't know when these hackers will penetrate their system.

bigcash2011

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Keeping your coins on an exchange wallet is a bit risky that is why it is just advised to be careful and avoid putting all your assets there, holding in physical wallets and wallets where you have the private key is the best option but i agree it is for Hodlers that are in for long term. Traders have to put their coins on exchange wallet but what you can do is trade with 20 30 or 50 percentage of your holdings only to minimize risks.

Marble777

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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.

adzino

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Quote from: VDraci on May 06, 2020, 10:35:07 AM

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?

They warn people not to store it for long term. I mean, what they are trying to say is, as soon as you are done with your exchanging activities, don't store it over there. Withdraw it and keep it somewhere safe.
In other words, don't use the exchange like your personal wallet.

HunterUnchained

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For trading, it's always recommended to trade with a portion of your portfolio and leave the balance on your main external wallet. With this, you minimize or control your risk in cases where the exchange undergoes a hack or system breach. Also, you can take the necessary precautions by ensuring you have all the security protocols like 2FA, email authentication activated on your account. With this, you can be sure to have top level security on your account. It's always a bad idea to leave your assets on the exchange if you aren't trading.

Iyanu14

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Quote from: VDraci on May 06, 2020, 10:35:07 AM

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?

The advice is just for your good. Many exchanges are vulnerable to hackers who have stolen millions of dollars. It's not necessarily your coins are on exchange before you monitor price and trade. Keep your coins in your wallet app where it is safer than exchange. Then when you have a favourable price to trade with, quickly transfer your coins to the exchange. It's better to spend little gas for transfer than losing the whole coins on the exchange.

hiburak

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If you're a trader then you will have to use an exchange. The advice to store coins on the wallet is given to traditional investors (holders who don't trade very often), not to those who day trade.

Darktongue

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Quote from: VDraci on May 06, 2020, 10:35:07 AM

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?

Here this situation you can't withdraw your coin from exchange every time. Your profits will nothing after withdraw, either believe some centralized exchange or use some decentralized exchange like idex exchange. In forum this suggestion is for long time holders.

Chuky92

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It is true that as traders there is every chance that funds must be left on the exchange; however, from my own understanding, when the statement of not leaving funds on exchanges are made the idea is, don't leave your funds for too long and if you aren't trading with it, then withdraw to external or personal wallets. Also, if it is a valuable coin, withdraw to personal wallet; I have seen those who always send out their trading profits. For the fact there is no secure exchange be it top exchanges or otherwise, then there is need to be security conscious for the sake of our funds.

batang_bitcoin

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That reminder means that don't leave most of your coins on exchanges. Like using them as your main cold storage or personal bank account. Exchanges doesn't go like that and we usually store coins there that we'll use for trading so it's basically the real thing that happens. We leave the tradable amount and coins in exchanges if we have plans of trading it or we have put into sell order. The main reason of that reminder is don't use exchanges as your safety vault.

hushpupppy

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Quote from: VDraci on May 06, 2020, 10:35:07 AM

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?

I think you have mixed it up, when it comes to trading, your capital stays on the exchange platform, and you only withdraw your profits,
But when you send out your coins out of an exchange, then you are investing, with no intention to sell soon.

Trading means you can afford to sell any time there is an opening which is now, while withdrawing your tokens from exchange means, you are selling later at a rather desired price.

If you are a trader, you don't have to send your coins around, withdrawal charges will claim your profits from you

Fesatmas

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I have never left my coins on the exchange except to trade in the short term for me it is not a problem because waiting for a sell order successfully even if bitcoin goes up in a flash then I will look for a trap again with the right price and the possibility of it coming back, and that's me do when trading.
Every valuable coin I always keep in a cold wallet.

Kupid002

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Quote from: bittick on May 06, 2020, 12:27:21 PM

Some may leave their coin on exchange sites but others may have differenr way than it just like try to trade when they were not going to sleep and they were moving back their coin to their personal wallet again. That's true if we will always use exchange site but it doesnt mean there is no way to trade without leave our money on exchange site.

the suggestion that give by users is to put your balance in your own wallet if you will only plan to hold a coins or bitcoin.

Exchange is not wallet to use to stored your coins or other currency they are only use for trading, so if you are daily traders you can stay it there in exchange so every time you want to buy in daily you can buy anytime. But like other suggestions don't bring all your all balance in exchange so in case the exchanged hacked or plan to run you still have available balance to recover the lost if this case happen.

minairia3

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$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.

Greatdev

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Quote from: target on May 06, 2020, 10:40:40 AM

You consider this issue every time BTC goes up. You would have to get out of the exchange in order to do safeguard your coins. Its risky to leave the coins but withdrawal fees are getting higher. What you can do is move your coins to XRP when withdrawing or any altcoin with cheap fees such as TRX or USDT. Or you can use dex with the noncustodial wallets, your coins don't go anywhere.

Honestly this doesn't answer OP question, withdrawal in lower fee is the solution you gave not how to trade without leaving fund on exchanges, I don't see how you won't leave your coins on exchange here, day traders trade from time to time, some even a whole day in trading, even while sleeping orders are getting in place Roll Eyes

bittick

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Some may leave their coin on exchange sites but others may have differenr way than it just like try to trade when they were not going to sleep and they were moving back their coin to their personal wallet again. That's true if we will always use exchange site but it doesnt mean there is no way to trade without leave our money on exchange site.

Ucy

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Quote

my point is there is no way to be a trader without your coins sleeping in exchange wallets

You can actually be a trader without having your coin on exchange. This probably will be abit difficult for day traders.

I actually used to leave coin on exchanges after trading because I traded with funds I could afford lose. So you should trade on "secure" exchange with what you can afford to lose if you prefer leaving coins on exchanges.
There are some interesting ways your kind of problem(or things like fast automated day trading) could be well handled in very decentralized manner, even on a slow Blockchain while you still fully control your keys/coins. Don't know if they have been tried yet.

target

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You consider this issue every time BTC goes up. You would have to get out of the exchange in order to do safeguard your coins. Its risky to leave the coins but withdrawal fees are getting higher. What you can do is move your coins to XRP when withdrawing or any altcoin with cheap fees such as TRX or USDT. Or you can use dex with the noncustodial wallets, your coins don't go anywhere.

VDraci

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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?

Topic: How do you trade if you won't leave your coins on exchange - page 12. (Read 2334 times)