Topic: How to be ready when it comes to selling? - page 2. (Read 605 times)

Exchange can fail at any time. It does not matter the time of the season or year. Those who escape exchange collapse are most times from insiders who get whatever plans the exchange is making to shut down or scam customers.  For your information it is better to leave your crypto in a cold wallet than transferring it to an exchange to avoid avoidable stories of hack or scam. Leave it in your cold wallet until you are ready to sell at once and then move it to an exchange and sell.

I know it's a difficult call to make about when to sell especially when we are in bullish market but yes we never know when it would start crashing hence we need to do the basics which is having a TP/SL set up I mean OCO orders are the savers here and once the price reaches near your TP then you need to cancel and reset new TP and SL, I personally follow this to maximize my profits and minimize the loss.

We seem to be standing on the corner of a bullish market and it is very difficult for me to understand what the future holds. I think if your investment is part of good profit at this time then sell and keep the profit in your wallet. Because if the btc price breaks completely in the future, then the market situation may go down again. I think investment should always be profitable so this is not the right time for long holding.

I totally understand your point but I would advise you not to be very greedy to the extent of wanting to catch the selling price at the very best, if you want to catch the best price for selling you could fall into problems because at the time which you think is the best might not be the best, so instead of find the best time to sell just be prepared to take profit at a desire or conducive level.

Exchanges are really not trusted, they have more of negative expectations than positive, you should better stick with your funds in a cold storage, if you wish to sell at point it wouldn't take too long to complete your transaction from your cold storage to an exchange the you can sell. Although it's not certain that transactions will be price fast during the peak because there might be congestion but it's better not to loss your funds, instead of losing it all to an exchange no matter the reputation they have it's best to reduce the chance of been scammed by them, instead move all the assets to you cold storage. It will guarantee your safety.

With all the warnings and shout that has been going on it would be totally to see someone fall a victim of exchange issue during this bull season. This period in the crypto space is filled with alot of dramas and stories and one of the naive act to pull off is trying to use an exchange aside it's Original use which is to trade your coins. Exchange should be use for trading of our coins and not as a store house for the coins.

Hey!
Coinbase is not gonna collapse anytime and not even now. But then, no one will openly advise you to keep funds on exchanges, just follow your mind mate.
Meanwhile, if you want to sell at $150k and before the fund arrives exchange from your cold wallet it drops to $148k, I don't think there's a significant difference which we will consider as losses. So, nothing to trouble about.

There are many ways you could dispose your Bitcoin if you actually wants to sell them.
We have so many exchanges whether centralized or decentralized where you can sell them and get your funds.
Most time you don't have to bother yourself or selling on the exchanges. There are people that might be interested in selling your crypto especially when they are close to you. You can also sell through escrow on the forum in case someone is interested in buying it.

The 25% of my crypto I hold on exchange is Coinbase.

Coinbase is one of if not the biggest exchange - what are the chances of it collapsing during a bull run?

I understand exchanges collapsing during bear market but would be surprised if any were to during bull run , has that happened before?

Follow what others are saying about not storing your crypto in an exchange, see Mt. Gox incident and FTX incident as a proof that no matter trusting most CEX look, they're likely to scam people out of their money and they really can do it whenever they please because you're basically giving them your crypto but they write you a receipt that says, you're the owner of this amount of X crypto, though they may give it back to you if you plan to transfer it somewhere else but the moment that they decide to run away with all that crypto that they're supposed to take care of is the moment that it's going to be a lesson learned for everyone that has trusted that exchange to store their bitcoins.

Congratulations. You will be one of the few people around the world that will experience the crypto bull run phase. I said the term "few" because there are only few people globally that are involved into crypto.

You're at work now? Hmmm, do everything in advance and keep track of yourself with the crypto prices through Coingecko or Coinmarketcap app on your smartphone. When we are in a bull market, on those 8 hours nothing drastic will be changing except for Bitcoin going up in price by double-digit percentages. Bitcoin will make a series of higher lows throughout the whole bull market, so don't worry too much about those 8 hours that you are working because you'll be able to sell your tokens at a high price or maybe even higher.

As for exchanges falling during the bull run, I didn't hear of any of them that went bankrupt, at least to those popular exchanges. Probably it's because there will be high daily volume on these exchanges as investors will continue to buy and sell. Even so, I don't recommend storing your funds in an exchange for a long time.

Do you want to lose all your efforts that you have put into keeping your crypto safe for all this while in your cold wallet, keeping crypto on exchange is never a good idea unless you're an active trader and the amount that you're keeping on an exchange should be an amount that if the exchange seize to exist and you lose the money it won't be the end of the world for you but since you're not a trader you have no business hodling your Bitcoin on an exchange.

You're speaking about missing the opportunity to sell at a potentially high price but aren't you considering the possibility of losing all your crypto holdings because the moment you send your coin to the exchange, you're making your coins valuable to hack. An exchange can't protect your crypto like you'll do when you hodl them in a cold wallet as you're already doing.


I'll scarified those few extra profits I would had made by selling at a higher price then making my crypto valuable just because I don't want to miss selling at the supposedly best price. Better still it'll be best you set a price for you to take profit and not try to time the ATH of Bitcoin to sell as it's very unlikely that you'll sell at the ATH.

Even if an exchange doesn't go bankrupt since the odds for that happening are very tiny if an exchange is reputable such as Binance, there are other risks such as accounts getting compromised, or the platform facing problems such as hacks and exploits whereas in some cases, platforms repay the loss to their customers but sometimes they don't, so one shouldn't take the risk in the first place.
As said by others, it shouldn't take much time for one to transfer their cryptocurrencies from their hardware wallet to an exchange platform, even if they choose to pay minimal fees, they would get it done in a couple of hours max.

Don’t you just think it will be a better idea if you can move the remaining 25% of your funds to your cold wallet, how are you going to do if the exchange which you are HODLING the coin gets compromised and you lose your money, am sure you are definitely going to feel bad, losing 25% of the amount you worked for is something really bad, so I will recommend you move the remaining 25% to your cold wallet.

Is there any difficulty trying to withdraw from your cold wallet to your exchange wallet? If bull run start, and you want to sell your assets, then you can easily send them to any exchange and swap it,  it’s not something that’s difficult, and it’s not going to take time.

When the market is pumping, it won’t happen within seconds and dump again, the coin which you are holding might remain at a price for hours or days, and if you are withdrawing from a cold wallet to exchange, it’s not going to take much time. It’s better you leave your coin on cold wallet, don’t be scared that you are going to miss out.

What was your plan when you started buying? Was it to sell after this years halving or to hold even beyond it? If it is to sell this year, I will not discourage you because it is your money and I have no rights over it. What I will only advise you is never to save your money in CEX because you will be exposing yourself to risk that can cost you your entire assets. Still keep it in your private wallet, just pay the fees whenever you want to sell, that way you will not be expose your assets to risk.

It is not easy knowing what the peak will be, those who tried it have failed on many occasions as they sold only to see price continue rising. Take for instance, many people  targeted $70k in the recent rise in price that lead to a new ATH, little do they know that price will pass there. Conversely, a good number of short term traders were of the opinion that if price took the 2021 high in the range of $69k that the next destination was going to be $76k before any correction. Some of the people with this believe bought aggressively when price reached $70k with the intention of selling at $76k to make quick profits. As you know, Bitcoin never got to $76k before it rapidly depleted and lost over $10k within few days. With this you can see that is is very difficult knowing what the peak will be.

Bitcoin is not like altcoins which the price depreciates within a few hours. Eight hours will not make you lose the opportunity to sell at a good price. Let your funds remain in the cold wallet because it is safe and when it is time to sell you will achieve it few hours. I might not specifically state any exchange that went bankrupt during the bull run but some negative events such as scams, hacks or corruption that lead to the fall of exchanges cannot predicted. These events can happen anytime to any exchange within a few seconds.

Just have a selling price and follow it no matter how the market turns out. I have set a target and immediately it gets to that price, I will sell and start planning how to begin my DCA for the next bull run. You have been patient for two years, so I think you should still endure these few months.

Crypto exchanges are not storage they are basically for crypto trading holding your crypto in cold storage is the best decision you ever make as a crypto investor.
If I were you I wouldn't touch the 75% in the cold storage footing that the cryptocurrency market will experience in the future market but seamless move of the crypto you want to sell during the bull market I will advise you to get a hardware wallet for that while you send the crypto you wanted to hold for the long term in the cold storage.

I understand your strategy, looks smart but more trappy to me. Don't leave your coin on any exchange if you don't have business selling that particular time because between that range of bullrun, a lot can happen, 1 months in crypto looks like 1 year in crypto world, a lot things can happen that period. You don't even need a centralized exchanges to sell your coins, kindly use a Dex from your laptop and connect your hardware wallet to sell your coin to USDT, it's as simple as that and USDT use for anything you want at any time without worrying of any volatility.

If this is your first bullrun, please have it at the front of your mind that any coin can pump to any price, what you have in mind for the coin to perform is not what night happen. If you have enough profits that you think it's significant enough, sell the coin and move out of the market. If you are in profits and having the mindset to use your money to buy a car, you might keep holding forever until tte profit becomes loss.

Exchange is not a safe place to leave bitcoin because anything can happen and it is a centralized wallet. Keeping some of your assets on Exchange to make things easy for you whenever you are ready to sell is not a good reason for you to leave your coins on Exchange.  If all your assets are in a decentralized Exchange and you want to sell out I don't think it will take you the whole day for the transaction to be successful.  Take your asset out from Exchange,  and let nothing be a reason why it is stored in Exchange.

I don't think this is a very good idea. You can sell crypto not only through centralized exchanges, like binance, but for example, bisq or an aggregator of exchangers - bestchange, and then the unsafe moment of storing crypto on the exchange disappears. In these cases, time is lost only on confirming transactions, but the price is temporarily frozen until the end of the deal, that is, in fact, it is as if you are selling crypto instantly (at current price).

If the crypto network is not overloaded and there are no overpriced high transaction fees, then I don’t think you will miss out on the best selling price. Again, don’t try to catch this best selling price, but sell when it’s already profitable for you. Don't be greedy.

So you see, you understand the risks associated with storing on an exchange, but you still want to hear that it is a safe way. Don't you think you're being too greedy? Don't forget, greed leads to poverty. Crypto will already allow you to make a good profit. Be grateful for at least this.

If you are planning on selling your cryptocurrency in an exchange, do it in an exchange that is already well-known and relatively secured. While there is still no guarantee of safeness, I still recommend that you consider the large/big exchanges if you plan on going this route.

Personally, I convert and keep my BTCs in our local exchange in our country. I do understand the risks of putting my BTCs in such a fragile position and I also plan on purchasing a hardware storage for my BTCs in the near future. Perhaps I may do it once after the halving is done to maximize the prices at this current time.