How do you trade if you won't leave your coins on exchange - page 9.

giammangiato

legendary

Activity: 1862

Merit: 1327

Quote from: VDraci on May 06, 2020, 09:35:07 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?

Some exchanges support hardware wallet trading, than you have to connect and trade but you will lose the opportunity of do good gains putting in orders your coins and you have to be costantly connected for be ready to sell at the right price!

litepool.ru

full member

Activity: 531

Merit: 100

Quote from: Mia44 on May 22, 2020, 10:23:16 AM

It all depends on how you trade, if you are a long-term trader then you do not need to leave the currency you own on the exchange, if you are a short-term trader, trade with great frequency, leaving your assets On exchange is required.

Exactly, if we hold altcoin in the long term, there is no need to leave the assets in the exchange because they may be attacked in the future. But if we trade short-term and have constant frequency every day, then we must put money in the exchanges

South Park

hero member

Activity: 2884

Merit: 794

I am terrible at Fantasy Football!!!

Quote from: VDraci on May 06, 2020, 09:35:07 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?

If you decide to avoid leaving your coins in an exchange then you are going to face several limitations, first of all day trading will become impossible and you will need to become a position trader or a swing trader, since it will be impossible for you to transfer your coins fast enough to the exchange to take advantage of the fast variations in the price.

Also you will be unable to use limit orders and will have to use market orders exclusively, this means you may not get the best possible price when you trade but if your strategy takes this into account then it should not be such a huge issue, however you still need to be careful and watch the slippage and avoid trading if it is too big for you.

aemma

copper member

Activity: 966

Merit: 14

It is not as if the idea is a trader moving all his entire assets off exchanges, the idea is, keeping only your trading funds and moving others off exchanges. Also, another idea is, if you know you won't be trading for a while it is better moving the assets off exchanges as well. I think those who have been victims of hacked exchanges won't ever leave their assets for a long time again because they have learnt, once they are done trading they withdraw, it is better paying a little fee for charges than loosing a whole lot to hackers. The reason why this has been said many times is because there are some people who uses exchanges to store their assets, whether they are trading or not.

thesmallgod

full member

Activity: 1498

Merit: 129

Trading is not possible when you leave your coin in a wallet. You have to transfer it to exchange platform that you want to trade. The reason why it is being suggested that you should not leave your coin in exchange platform is the fear of an attack on the platform that might lead to loss of your coin as it has happened in the past https://thespinoff.co.nz/business/28-05-2019/how-new-zealand-company-cryptopia-lost-over-20-million-from-a-hack/. However, it is not advisable to keep coin in an exchange for a long time just the way it is being kept in a personal wallet for long term investing. When you are trading, you withdraw some percentage of your profit constantly to your wallet depending on your set goal. However, trading on a decentralized exchanges are less risky than centralized exchange but you can have issue related to limited trading, low liquidity etc.on most DEX platforms.

spike420211

sr. member

Activity: 1610

Merit: 372

If I do not trust the exchange, then I will never make a deposit on it.
There are many opportunities for trading without intermediaries, for example, decentralized exchanges.
The market has a fairly large number of good exchanges of this kind.

BitcoinTurk

hero member

Activity: 1666

Merit: 629

It is essential to use an exchange service to trade, so no investor can fully stay away from these services. Generally, individuals who do not want to keep their investments in their wallets of such services send money to exchange services for a short period of time depending on market movements. After this submission, he quickly completes his transactions and transfers his existing capital back to his own wallet. This is actually nothing more than the user self-suffering for short-term transactions, but unfortunately exchange services do not provide us with any extra security measures to safely store our money. I usually prefer to keep my money in my wallet or exchange accounts. I am not constantly transferring between my wallet and exchange service account.

Ryker1

sr. member

Activity: 1932

Merit: 442

Eloncoin.org - Mars, here we come!

Well, I would really agree that you should not leave your coins on the exchange if you will remove your eye on it because of the volatility on the bitcoins' price and you perhaps just missed your target price. It is safer to be on a day trading because you will have the chance to remove your coins anytime if the market is not getting in favor of you. But some do longer time trading because they find it more profitable to them but for me, --it will still be better to put only the amount of coins that you may afford to lose and will not hurt you so bad because at the end of the day risk is what we are taking when we do trading.

Indeed, I believed that once you leave your coin on exchange and you did not hold the private key, the coins you have been stored do not belong to you.

Renampun

sr. member

Activity: 2338

Merit: 365

traders will definitely leave their coins on the exchange...
I have never seen a trader not leave their coins on the exchange, they will definitely leave their coins there because it will be very troublesome to transfer from a private wallet to exchange every time you want to trade.

pilosopotasyo

member

Activity: 952

Merit: 27

The risk is on you if you let your coins sit in exchanges for a long time, even if the exchange is highly reputable you never know what's going to happen, not your key not your coins, so it's better to deposit if you are going to trade but don't let your coins sit there for a long time or you will be sorry later.

Mia44

full member

Activity: 412

Merit: 101

It all depends on how you trade, if you are a long-term trader then you do not need to leave the currency you own on the exchange, if you are a short-term trader, trade with great frequency, leaving your assets On exchange is required.

Festac

member

Activity: 210

Merit: 10

To trade successful you need to create trading orders on exchanges and for the order to be successful it might take seconds, minutes , hours, days or even weeks, NO way you can escape not leaving your coins on exchanges

skeleto88

member

Activity: 224

Merit: 10

From my own perspective,of Don't leave your assets in exchange means that don't store it there for a long time without doing anything or making any trades. If you want your assets to be in a safe place rather have them in your personal wallet than leaving it any exchange that are prone to any kind of attacks.

smyslov

sr. member

Activity: 2030

Merit: 269

Quote from: Twinkledoe on May 22, 2020, 12:05:10 AM

That's the dilemma of some traders, since they are always using the exchange for their trading activities, for them it is better to let their funds sit in the exchange for a while. Because the tx fees that it will incur back and forth will be significant for them. But I think if there are days that they are not in trading, they should transfer it to a more secure wallet.

It is really a dilemma if the trader is actively trading, but he should make sure that he will not let his exchange sit in the exchange for a month while waiting for the market to improve, if he knows how to check and had an insight in the market, he'll know the right time to put his coins in the exchange, and also he should only trade in a reputable exchange.

Twinkledoe

full member

Activity: 1904

Merit: 138

★Bitvest.io★ Play Plinko or Invest!

Quote from: Kotone on May 21, 2020, 11:32:51 PM

This is logical and common sense. If you will trade obviously you will be needed to put that on exchange. Having said that, its your responsibility to make sure you are using a good and trusted exchange were those coins are gonna be safe. But there is no such thing like that. So it will depend on you, how much you willing to left there. No string attached risky but thats how trading works.

That's the dilemma of some traders, since they are always using the exchange for their trading activities, for them it is better to let their funds sit in the exchange for a while. Because the tx fees that it will incur back and forth will be significant for them. But I think if there are days that they are not in trading, they should transfer it to a more secure wallet.

Kotone

hero member

Activity: 1372

Merit: 503

This is logical and common sense. If you will trade obviously you will be needed to put that on exchange. Having said that, its your responsibility to make sure you are using a good and trusted exchange were those coins are gonna be safe. But there is no such thing like that. So it will depend on you, how much you willing to left there. No string attached risky but thats how trading works.

Jorge158

member

Activity: 434

Merit: 10

Storage funds are not advisable to be kept on an exchange for long term unless on is a short term or day trader. Traders normally have frequent flow in their tokens hence cannot move their funds in and out so frequently. For long term investors, it is better to have funds stored on a wallet with key phrase and other login securities. Remember, "not your keys, not your cryptocurrency"

coin-investor

hero member

Activity: 2996

Merit: 598

Leading Crypto Sports Betting & Casino Platform

Quote from: VDraci on May 06, 2020, 09:35:07 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?

Are you selling all your Bitcoin if you are you have to take that risk but if you are waiting for the big pump to happen then don't just let your Bitcoin lying on exchanges, just wait for the right time to deposit and trade it at the price you want, the price will not jump immediately, you can sense it if you are always looking in the market.

Wayrey2020

jr. member

Activity: 198

Merit: 2

it is not convenient to trade if you will not leave your coins on excgange. and it will even result in losses.
Imagine buying bitcoin in this clogged transaction era, then sending to to wallet address, how do you take profit when theres a bull ?

Thats why it is recommended to use trusted and legit top exchange platforms alone.

MCDev

sr. member

Activity: 680

Merit: 255

I think that advice is for long-term holders.
If you are a daily trader it is absolutely necessary that you keep the money in an exchange wallet, but if you are a long-term holder, it is more important to ensure the safety of your money. So for long-term holders, it's not wise to put money in an exchange wallet.

Topic: How do you trade if you won't leave your coins on exchange - page 9. (Read 2359 times)