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

I think there's no special having more than 3 exchanges to trade, I don't know how you can manage yourself taking care of those accounts in day trading, and maybe if you have 1-2 trading would be enough IMO.  Binance and decentralized exchange like Pancakeswap are enough, they had a lot of coins supported which is I think there's no need to find another exchange.

A day trade is a very crucial part of trading, if you can't give enough time to manage, it will result in losing your initial capital or worse than that.  The most important on exchange that can be used in day trading is that has supported a lot of coins and tokens and it has a high trade volume.

Some people are exploring their opportunity using DEXs other than CEXs. My go-to exchange also is binance as I can trade p2p with my local fiat. But if the coin or token is not listed in binance, that's when I will use another exchange. Whereas, for active traders, they are looking for exchanges where they can get good profits. However, using in some of these DEXs require higher gas fee like UNI. But it all depends on your goals here. If the token is listed in UNI only, what other choice can you take, right?

Why would you need to trade on different platforms when usually one exchange in enough to trade ? I usually use binance to trade and i do not think i need any other exchange. There are very time times when i need to switch the exchange if i need to trade a coin which is not avaible on binance. Also sometimes you may use uniswap or pancakeswap for swapping coins which are not avaible on centralzied exchanges. But in a nutshell, one primary centralized exchange is enough for trading.

OP, you've to improve on your writing style. The huge line spacing doesn't look appropriate. A single line space would be enough to show paragraphing.

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I've accounts with three out of the five exchanges listed there. However, if I had my way I would've remained with just one – Binance. There's nothing special in having so many exchanges for trading if I could help it. It's the same way a lot of traders populate their trading platforms with fancy indicators to give them a false sense of a professional trader. There's no advantage to that. If you've an asset you want to trade which isn't listed on any of the exchanges you've, for me I would let it go instead opening another exchange account. You don't want your personal data flying everywhere online.

Binance is far much better than making use of Coinbase. I make use of both, but why I prefer Binance over Coinbase is because they list a lot of coins and the trade volume is very on there than Coinbase. So, Binance is definitely good choice to make for anyone who plans to invest in as many coins as possible.

You would only see some coins on Coinbase and they will tell you it’s not trade able. But in a situation where Binance is not functioning in your country, then you would he left with either choosing Coinbase and managing the lined options you would have or you can choose Decentralized exchanges. But last year Coinbase listed so many coins, which is quite unusual with. Let’s hope they are likely to continue that way.

It is really a good suggestion i also wanted to to give this .However its always good to use Binance for day trading cause for day trading you need to have huge amount of volume if not you may make loss .However you can also use Kucoin ,it is also a good exchange with a good volume .You can find more popular pair on there so you can choose what you want trade for .Remember day trading is high risky you need to have much experience behind that if you wanna good profit in every trade .

I think the best thing you can do in a situation like this is to go for a DEX (Decentralized exchanges or peer to peer community based transaction). These are the only exchanges where you wouldn’t be restricted at all or asked to do any form of KYC.

These exchanges that you have mentioned (Coinbase.com and Binance) are all centralized exchanges, and since they are regulated by the government, they would always require the users to KYC before having the full access to every features that they have on their platform. Some of them wouldn’t even let you trade until you have done the KYC. So, the best thing to make use of is the DEX. You would be able to buy and sell any cryptocurrency of your choice without the need for intermediaries.

If I can only use Coinbase to trade because of the restricted area, I think I can accept it, but I will search for other ways to trade. I am sure that there is a way for me to get one or more exchanges to trade. It depends on how you want to figure it out.

I will be okay if I can't buy the new coins because that will be too risky to trade those coins. It will be better if I can access Binance and trade on that exchange because I will have many coins to trade.

You are free to use Defi, but you need to know the risk, and those Defi exchanges don't need KYC. But if that is a day trade, I think that depends on you because you should know what you choose.

No need to use too many exchanges to make daily trade. It is more than enough to use one exchange for daily trade.

People need to figure out how they can handle that matter because people will have different situations and conditions. We need to be more creative to find what we want, and the internet is your answer

I actually use different exchange for my trading platform but specially top ranked exchanges Binance, Kucoin and gateio Centra exchange and pancakeswap for Binance Smart chain and quickswap for polygon platform as my day trading platform.

You can only trade a coin you have access to so if you want to trade a particular coin but don't have access to it then move on to other coins. They are so many out there that you shouldn't kill yourself over not been able to trade a particular one. The altcoin market is full of so many opportunities that money can be made from basically trading any project not minding if it won't be around for a long time. You can basically trade the hype of certain projects and come out successful.

Engaging in this style of trading should be approach with caution though as the nature of the altcoins market can kill any project from the radar and leaves you in losses, also engaging in this style of trading means you're exposing your funds to risks such as rug pull etc.

Actually, I am not a day trade. I am short term and this is in spot exchanges. I only use 2 two exchanges. Sometimes, only visit other small exchanges when I only have certain tokens listed there and then convert them to certain coins in order to available to send to my common exchanges.
I think that If I become a day trade, I also cannot do trading in several exchanges. 2 exchanges are enough to maiximize my focus

^ This is true and you are definitely right, it is hard to manage multiple accounts on an exchange and of course, it required fees in every exchange that you have used. I think focusing on one exchange makes you better if you are a day trader but of course, use the exchange that supported a huge altcoin and only Binance had this qualification. This is also to cover your fees when you are in one exchange, the more exchange you have the more fees that you are going to pay.

Keeping it simple as possible is a way to be good trader. Being on exchange you trust and doing your thing is good enough.

Exactly. I don’t know why OP is stressing on multiple exchangers to day trade? Day trade is nothing like you buy on one exchanger and then sell it on the other exchanger. It’s completely wrong order of trading. Day trading is product of your intense timing, research on the project, and technical analysis.

You don’t simply need more than one exchanger to this. It’s just that in day trading you have to be very quick while making the trade. Things are wild volatile here so rest is the story.

I am content with my Binance account for most part of my day trading as we can find most of my preferred coins in Binance and volume is a big plus for us, but i do have account in Huobi, Gate.io and Kucoin since you will find almost every coins with these three exchanges. But it's bit difficult to manage multiple accounts. I have account with all the major exchanges but 70% i will use Binance and remaining 25% i would use the three exchanges i have mentioned and rarely other exchanges like coinbase, FTX and sometimes DEX.

Well of course you need at least once exchange account to trade... then how could you even trade?  Now if you only had coinbase, you basically can't even trade much altcoins right?  Or imagine like bitstamp where they even give you lesser coins to trade.


Now if you have coinbase and binance, then thats more than enough because you basically have access to most coins right?  But not coins from pancakeswap/uniswap with those meme coins like shiba tron etc?


Put it this way.  If you only could use a few exchanges, which would be your must have?  I feel like you need one to cashout via fiat... like coinbase and one for altcoins like binance. 

It's a very unique question.
I think you need minimum one  exchange account to trade on it. There is no need to make many accounts. And it's very difficult to manage all accounts. So, I prefer you make account on binance l, Coinbase, ftx exchange etc. These are all top exchanges of the world. You can choose anyone of exchange and start your trading journey with it.  These are all good platforms for you as a trader.  Day trading is not so easy. We have to learn different indicators for judging graphs.

Well you can see it here ^{[ https://coinmarketcap.com/gainers-losers/ ]}.
All these shitcoins have been hyped too much right now and I don't think if you chase profit on it perhaps the risk was still there. Most shitcoins are on Pancakeswap and Uniswap exchange. Meme coins now gain too much hype you should still be careful upon making a decision if you have a plan to invest.
However, if you avoid restrictions DEXs are good for you. ^{[ https://coinmarketcap.com/rankings/exchanges/dex/ ]}

Having a different exchange is ideal too depending on the purpose if OP does not want to have KYC I guess the most ideal is Kucoin, and of course, the trusted exchange platform such as coin base, binance, MEXC and crypto.com have different exchanges have perks too like if the transaction of the other platform, for example, eth network, sol network, or matic network has an error to them or upgrade the other platform is open to still commit a transaction.

Look at the biggest gainers in the last day.  Shiba tron and Baby Squid Game.  If you only use coinbase, you cannot buy these coins.


I see both of these are available on pancakeswap.  Anyone can use that without restriction right?

You will need a well established and full fledged exchange if you want to day trade particular coins.
If those coins are not in your region then you will have to use VPNs to get access to those exchanges but since most of them now use KYC your options are very limited.
You can use a P2P exchange/decentralized exchange and day trade the coin.
But again, the best option is to get the KYC done on an exchange which works for your region.

If it is for a day trade, I will better only choose 1-2 exchanges for some top coins.
I use Binance and also one of the local exchanges in my country.
It is very enough because day trading needs more focus. Many more exchanges will divide our focus and we just need to spend more time.

However, if I am going to trade the new coins, I won't trade them daily. Many people may also be concerned to have day trade in some new coins. But I am personally not doing that. I only will use another exchange if possible if I really need to trade the new coin, moreover when I really want to trade them.
I am not a kind of high risk taker, so, better to trade based on top coins

Checking on my authy application almost all exchange have listed authicator and I think use all exchange market, exactly active on bounty campaign last several year make me need to prepare all exchange market but now just left few exchange only as global. right now have Binance as my personal exchange market, then some time use Kucoin but usually active right now with pancake exchange market. There are many shit coin listing on Pancke and I try lucky there how to earn profit with shit coin.

I wouldn't really consider new projects that are barely getting listed anywhere as a thing to do daytrading. That doesn't really make any sense at all. I would guess that there is a good reason for many people to trade on btc-usdt pair, that makes a lot more sense.

I know that it is the highest volume but also it is easier to do day trading as well. First of all it is on all exchanges, that is literally the first thing that exchanges add, before anything else. After that there is also the fact that we are talking about liquidity, meaning you could do any type of trading daily on it if you want to. You don't have to do btc-usdt but you could do something high like that.

I really High recommend you use binance exchange for day trade it very user friendly alot of new crypto currency are traded there with high volume with low risk. Alot of tokens where you can choose and use for day trade. Choose one or two exchange not many exchange required. For trading. It's very easy to use and understand

New coins that are good enough will have more chance to get listed in the good exchanges that you mentioned above but for shitcoins, they are less likely. The only shitcoins that I know that have been successfully listed in coinbase are shib and doge. These two coins along with other varieties are however available in binance.

If you are more into defi and shitcoins, all you need are a decentralized exchange like pancake swap because there are no limitation with them but that makes them more risky than a centralized exchange. The number of exchanges to have might depend on what kind of trader you are. Arbitrage trader might need more but normal trader can only need one to two.

I think I also follow this line of reasoning. I don't see the need to have plenty of account especially if it is not easy to open them like OP is asking. It is by choice to trade in any exchange, if the exchange come with rules too high to comply to you check the next exchange and if one exchange don't have the coin you want to trade, you make choice for another coin, instead of so much worry about certain things. Trading should be enjoyed and should be in a conducive exchange.

If the project is fairly new, you can ask the developer on their social media. If the project isn't really new and has been listed on CMC or Coingecko, check it and click market button to see which exchanges had a volume of that's coin you're looking for.

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I don't think if we want to daytrade we need so many exchange accounts to do it, you can use 1-2 only and it's enough. Using many accounts just make you headache to handle it and you might hold the coins on the exchanges, which is not good for safety.

For me, it is all going to depend on how good you are in Trading, because having too many accounts means you'll also multitask and it could lead sometimes to a big mistake because you forget something, etc. I only trade with one account, that's more than enough for me already to trade BTC, ETH, and other altcoins. It's good to trade when you know you could monitor it truly than to have mini heart attack moments because you're rushing to close or open a trade.

For day trading, I will use Binance as the exchange is one of the biggest crypto exchanges and there is no need to use the other exchanges because that can confuse you to trade. In Binance, you can find many coins you can use to trade daily, but without skills, you will have to pick one or two coins to trade. You do not have to use two or more exchanges for daily trade if you can not handle the trade at the same time. By using one exchange, you will be more focused on analyzing and finding the coins.

personally, for day trading, or holding my coins for a long time, I only use 1 exchange. I think that's enough. as long as the exchange is very reliable, it's no problem. however, it's different if the coin is only on a few exchanges, I might sell it and send it to the 1 exchange that I use as a priority. well, so, it all depends on the circumstances. but personally, I only use 1 major exchange.

Dex exchanges are not limited to those but that two are quite the most popular these days. Aside from coingecko's dex list. There's also the coinmarketcap that you can use as your reference.

--> https://coinmarketcap.com/rankings/exchanges/dex/

The top 1 and 2 from both websites are different.

Why should need many exchange for daytrade, when you can use one only. Using one exchange will make it very easy to maintain it and also reduce the trading costs that each exchange will be very different, but if traders have the ability to be able to trade using multiple exchanges it is not a problem but for me only one is enough, the other is used only for one trade on coins that are not listed on the exchange that I usually use.

I guess it depends on you and your capabilities to handle multiple trades. Still ideal is to make a trade and focus on a single account because sometimes hard to manage it depends on your trading strategy, people make a short trade in their other account and the other one is for long trades because they want it didn't affect the others account performance or winrate sometimes it's important to them to have a good reflection of performance.

Depends what your goals are, of course leverage trading a few big ones with solid KYC and good customer service is important. If you are doing things like artbritaging then yeh same as before but more options with  solid bot connectivity. Also where has the company been registered is important.

DEX and swaps are not good to trade because there are slippages or sales tax which will kill your profit. It is why people do like CEX which gives them higher trading volume, less price impacts when they enter or exit (buy or sell) and no hidden sales tax.

On CEX, you will be charged trading fees which are clearly presented in FAQs and Trading fee description. On DEX, if you are not careful, you might be trapped with sales tax, slippage. Additionally, on Pancakeswap or Uniswap, you only can swap immediately. I mean you don't have choice to set up orders at your wanted prices and wait them to be filled later.

I do not bother about the difficulty of having an account on Coinbas, Binance, or other exchanges because there are many other exchanges that I can use to trade.
A daily trader must search for the exchange that can give them comfortable things, including KYC matters so they will not have a problem while they trade.
No matter where you want to trade, whether it is CEX or DEX, you need to make sure that you are ready with the terms&conditions on that exchanges and follow all their requirements so you can trade daily.
If they do not see their coins or tokens listed on popular exchanges and only available on small exchanges, they need to find out if that exchange does not need many requirements to sell their coins or tokens right away.
After selling their coins or tokens, they need to withdraw the profit to the other wallets.

You must have 2 at least.

One account for your crypto investment, long term. You don't touch it in short term.
Another account for your crypto trading. It should not be assigned with too big proportion of your total capital.

If you are seriously with trading (in my opinion, you should not), you can use more than one account for trading but always remember that total capital for all trading accounts should be small compare to your whole capital and the part for investment in non-touch account

You can use 1st trading account for 15-min chart, 2nd trading account for 30-min chart, 3rd trading account for 1-hr chart and 4th trading account for 4-hr chart. I think 4 accounts for trading is enough.

Using too much exchange isn't necessarily mate wherein you must choose which one is good for you.

As a trader in my personal opinion the most important is "fees and security " and you don't need more exchange to day trade because indeed most cryptos nowadays are listed already in some popular exchanges..

Probably i will gonna use another exchange but to check their order book only to see the volume of my trade if it's accurate with the one that i'm using because it's a big advantage as well to see if the coins you wants to trade is really bullish or bearish..

Pretty simple — you use exchanges with the trading pairs you're planning on trading. It's not rocket science. And if you can't due to problems concerning jurisdiction, you do the deals peer-to-peer, or by using the "DEXs".


https://www.coingecko.com/en/dex

P.S. Probably use normal spacing. Using too much line breaks makes your posts annoying as hell.

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.