Topic: I have a few beginner questions regarding crypto trading - page 2. (Read 756 times)

Yes, I prefer Binance over any other cryptocurerncy exchange sites. It keeps improving and the trading cost is very less when you own and hold BNB tokens which is a great help for those who do trading. I used Tradingview for the creating my trading signals, when is the right entry and exit and it's good that they always update the price where I can set my entry which is in Binance. Because of this bad opinons, I think Coinbase needs to step up and must hear the feedback of its users.

i used coinbase twice and im not satisfied with the trading platform. im worried about if coinbase  will attack by hackers and their platform is not much secured and probably all of your assets,bitcoin will be gone. so i transferred to much safer binance, binance is good in trading and high volume coins.

i used coinbase twice and im not satisfied with the trading platform. im worried about if coinbase  will attack by hackers and their platform is not much secured and probably all of your assets,bitcoin will be gone. so i transferred to much safer binance, binance is good in trading and high volume coins.

So many people have their own interests in the exchange they want to use, I have seen several traders that uses bitmex because of the features they carries, Binance do not have every features that people finds it interesting, it might be security, financial savings policy, airdrops and many more.

i used coinbase twice and im not satisfied with the trading platform. im worried about if coinbase  will attack by hackers and their platform is not much secured and probably all of your assets,bitcoin will be gone. so i transferred to much safer binance, binance is good in trading and high volume coins.

Yeah, I am always trading on more than one exchange at a time so that when there will be a problem in one exchange then I could cope up my life by trading in another one. I'm living of the cryptocurrencies hence I need to cash out fiats from cryptocurrencies time to time so I need uninterpreted services all the times.

Therefore, practice make more perfect, through this way we can also learn for every mistakes that were gonna face it in the future. Meaning as one of the traders here in crypto space we supposed to be aware in the possible consequences we may encounter in the actual trading platform.

I have done the same thing as well, when I first learned about crypto I wasn't really interested in trading, I was more interested about the potential how it is better to send and receive money, at the time bitcoin was very cheap and you could send and receive bitcoin for under 20 cents, and that is why it was a great method, obviously that changed when bitcoin went up, I have seen as much as 70 dollars once and that was a weird period but it worked for me because that is when I decided maybe if this many people liked trading bitcoin, that could be great for trading for myself as well and that is when I started, this was around 2017, way after I got into crypto.

Ever since that I made a lot of mistakes but the great side of my mistakes was the fact that I rarely ever make the same mistake twice, that is why I made some profit recently because I eliminated most mistakes I do.

One of the most important factors to consider in choosing an exchange is the fees. Exchanges charge fees for trading and withdrawing. A good exchange charges low which means you have more money to withdraw when you make trades and withdrawals.

You should try them two out and compare to know which is best for you.

After falling down the rabbit hole of learning how to mine, and learning how to build a mining rig, learning how that stuff works, I learned what I needed to learn and decided that I cannot afford to start mining right now.

So as an attempt to better comprehend and explore the world of cryptocurrency(which I've only been aware of for a few years), I decided to invest in a few types of crypto.

I have just a few beginner questions regarding crypto trade:

1. I'm currently using coinbase as my main crypto exchange. But I keep hearing from a lot of people who have been trading/mining crypto for years say that they don't use coinbase anymore. Why is that? Also what exchange is the most popular to use right now? Is it still Coinbase?

2. Is it normal to make several purchases on coinbase (using your checking account) as in purchasing portions of several different types of crypto, for those transactions to be pending for a little while before your available balance reflects the amount that you actually purchased? How long does the pending phase usually take on coinbase, if your checking account is in the United States?

3. I've heard mentions in forums and youtube that people who trade prefer to store their crypto in wallets outside of an exchange for security reasons. If I'm understanding that right, that instead of storing their crypto in wallets that you can make on your coinbase account, they store it in a paper wallet or something. Am I understanding that right? And if so, what security risk am I taking by storying the crypto that I've invested in, in wallets that I created in my coinbase account?

I'm currently using coinbase as my main crypto exchange. But I keep hearing from a lot of people who have been trading/mining crypto for years say that they don't use coinbase anymore. Why is that? Also what exchange is the most popular to use right now? Is it still Coinbase?

When I started trading I was a newbie and now trading is my passion! Don't think or set in your mind that you're a newbie.
You may fail in your first tradings but don't be hesitate to keep trading! By practicing hard, you will be a successful trader. Good Luck.

Currently, a lot of traders prefer Binance over Coinbase. This is why you will see that Binance is at the top right now among crypto exchanges.
At some point, some Coinbase's users before encountered problems, so they moved to another exchanges, and most of them go to Binance, Kucoin.
Am a Binance user myself. And I am finding it comfortable using this trading platform. Also, your funds are safe with their insurance.
I haven't used Coinbase ever since, so I can't be of much help regarding question 2.
And with respect to no. 3 - it is always better to store your coins in your own wallet even if you are using top exchange in your trading.
Because anytime, they are vulnerable to hacks or attacks that may derail their operations.

That is because for them coinbase is not safe anymore based on what they've encountered or they might have a bad experienced using coinbase before. Then second,  in terms of storing your cryptocuurency at coinbase it is really better to keep it into a paper wallet or ledger or hardware wallet than coinbase. And third , the best exchange platform that are safe to use for my own opinion for now are binance, kucoin, and houbi.

After falling down the rabbit hole of learning how to mine, and learning how to build a mining rig, learning how that stuff works, I learned what I needed to learn and decided that I cannot afford to start mining right now.

...

3. I've heard mentions in forums and youtube that people who trade prefer to store their crypto in wallets outside of an exchange for security reasons. If I'm understanding that right, that instead of storing their crypto in wallets that you can make on your coinbase account, they store it in a paper wallet or something. Am I understanding that right? And if so, what security risk am I taking by storying the crypto that I've invested in, in wallets that I created in my coinbase account?

Therefore, practice make more perfect, through this way we can also learn for every mistakes that were gonna face it in the future. Meaning as one of the traders here in crypto space we supposed to be aware in the possible consequences we may encounter in the actual trading platform.

When I started trading I was a newbie and now trading is my passion! Don't think or set in your mind that you're a newbie. Just think you want to do it, and then practice for that! Keep checking the coin's price movements every day, try to read articles, videos about trading, look at the buy and sell orders in potential exchanges and start with 10-20 USD!
You may fail in your first tradings but don't be hesitate to keep trading! By practicing hard, you will be a successful trader. Good Luck.