Topic: How many exchange accounts do you need to daytrade? - page 3. (Read 339 times)

Based on which active network coin do you want trade, some trader looks like with trade on Solana coin network and need dapp exchange like raydium, not worry about fees transaction because Solana network have small fees than erc or bsc network. But I like with trading common coins and I use Binamce as my trading exchange. But many exchange listed for trading not only with Binance but also could be in Kucoin or with Hotbit.

Give me list of all decentralized exchanges.


I assume they are


pancakeswap

uniswap

Decentralized Exchange is your friend here if you are really facing issues about these centralized exchanges being restricted on your location, you can use such decentralized exchanges which are already popular these days, but not all decentralized exchanges (DEX) are good/without restriction, like dyDx, they have restrictions.
But you can use such alternatives especially on other chains, like Solana, mango markets, Serum DEX, etc.

It doesn't end in having so many accounts, one important factor is, you having enough funds to fund all them accounts on a single or several exchanges. Another question  one has got to concern him or herself with is that; of what use is it having several accounts with regards to trading. Are there a limit to how much or how many trades one can put out in the market or is the trading limited to only a certain number of coins?

It virtually doesn't make sense and it's rather safe to have or trade on a single or perhaps 2 exchanges as it in a way, diversifies your portfolio and keeps you off risk or ha less, scammers and over trading.

You only do day trading on an exchange where you can freely trade without any restrictions, so if you want to buy other token that is not available on your trusted site then you have no choice but to open an account to other exchange or use DEX, this will always depend on you and depends if the new tokens are worth buying.

Day trading is not easy especially if you use many exchanges, I'd rather focus on one exchange and do my work there.

Coinbase has Coinbase Pro: https://pro.coinbase.com/

And that's where you can trade, if you're wanting to use VPN just for you to have an access to any other exchange. Make sure that you have read their terms about it.

Because if you don't and you have tried and deposited there, your fund is at risk of being held by the exchange.

If you want to day trade elsewhere, just always check if you're in a region that they allow to do so. Make account for every exchange if that's what you prefer.

In my opinion it all depends on individual traders because they are people who don't trade new coins or buy new tokens. In a situation where one has Binance account there is a new tokens that will be launch in another exchange and if you don't have and account with that exchange you will have know choice than to open an account with that exchange to enable you trade that particular coins or tokens.

If you are trading btc, eth and those most popular coins, having coinbase and binance is more than enough.  Having just coinbase is enough would you agree?  But if you are restricted to how many exchange accounts you could have... due to your location...then what are your options if you want to trade altcoins?



Example say you could only use coinbase and can't access binance or even binance.us.  Thus any of those new coins that you see come out, you can't buy unless coinbase lists them.  What do you do?  Binance requires KYC but also they don't allow people from certain regions.  You cannot vpn because even if you do, well when they KYC you, then you cannot do anything.



So how is it possible for someone to trade but more specifically daytrade... if say coinbase is the only account they could use in their location?  Say every other exchange, they are restricted due to their location.  I heard there is Defi but I don't know anything about his.  I also heard of pancakeswap... so that doesn't care where you are located and no KYC? 



For example if someone is a daytrader and trades altcoins, if you have access to coinbase and binance... that is more than good enough.  Then if you add say FTX, kraken, kucoin, then you pretty much have everything set up.



But what about people that want to trade those new coins whether its a memecoin or not and its not in coinbase yet?  How do people handle this?  I remember how back then people wanted to buy dogecoin... only to find out... hey coinbase doesn't have it etc.