Leaving your coins on exchanges - page 2.

awik p

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Quote from: ChiNgadOr on October 27, 2022, 07:28:13 AM

Quote from: passwordnow on October 26, 2022, 05:12:03 PM

Quote from: negancoin on October 25, 2022, 05:17:14 AM

I've kept some of my coins on Binance for like three years and I haven't lost any. However, I knew what I was getting myself into by doing so, they could've locked my account for any reason and could've ended up losing my assets. I think some of us are addicted to convenience even we know the risk. Those who stick to " not your keys not your coins " rule are usually people who've had a bad experience and have lost a lot of money by trusting a third party.

We like being convenient and that gives us confidence that our funds are safe in an exchange like Binance. But we all know that there should be some thoughts from us despite having that trust and confidence from them. If we have no intention of trading there for so long, it's better to keep the funds into a hardware wallet.

Binance is a good and reliable exchange but will still need to be very careful not to put out coins in an exchange that could be hacked or our account ending up being hacked. Yes, Binance was once hacked but the team was able to refund customers money because I think they were very reliable.
Not your key not your fund is the advise to every investors that has coin on an exchange to be very careful the way they leave their funds on exchanges because anything that happens to the exchange will affect customers too.

indeed until now binance is still the most trusted exchange, we know their responsibility when hacked, but I personally am still worried if I put funds in the long term on an exchange, considering that we do not fully control the security, this is only for anticipate the possibility of undesirable future. In the crypto world anything can happen, such as the Luna coin, which previously no one expected that tragedy would occur

ChiNgadOr

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Quote from: passwordnow on October 26, 2022, 05:12:03 PM

Quote from: negancoin on October 25, 2022, 05:17:14 AM

I've kept some of my coins on Binance for like three years and I haven't lost any. However, I knew what I was getting myself into by doing so, they could've locked my account for any reason and could've ended up losing my assets. I think some of us are addicted to convenience even we know the risk. Those who stick to " not your keys not your coins " rule are usually people who've had a bad experience and have lost a lot of money by trusting a third party.

We like being convenient and that gives us confidence that our funds are safe in an exchange like Binance. But we all know that there should be some thoughts from us despite having that trust and confidence from them. If we have no intention of trading there for so long, it's better to keep the funds into a hardware wallet.

Binance is a good and reliable exchange but will still need to be very careful not to put out coins in an exchange that could be hacked or our account ending up being hacked. Yes, Binance was once hacked but the team was able to refund customers money because I think they were very reliable.
Not your key not your fund is the advise to every investors that has coin on an exchange to be very careful the way they leave their funds on exchanges because anything that happens to the exchange will affect customers too.

cheezcarls

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To be honest if we do arbitrage trading, the transaction fees kinda cost a lot unless you’re only trading low gas type coins and tokens. As for Bitcoin, we cannot see it switching from PoW to PoS like Ethereum did last September 15th.

So transaction fees when depositing and withdrawing BTC from non-custodial wallet to exchange and vice versa are going to be painful in our pockets if we’re only trading small or medium-sized amount worth of BTC.

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Quote from: Oshosondy on October 19, 2022, 04:02:21 AM

Not only that, another are hackers. Many exchanges has been hacked in the past, many exchanges are hacked yearly, even Binance and some other trustworthy exchanges has been hacked before.

My experience with cryptopia back in the days would never allow my leave my coins on an exchange, that is coins not being traded, I hardly have time to day trade this days by the way, so coins with me are mostly kept as a future investment, and like I said before, my experience with cryptopia would never allow me leave my coins on an exchange platform.

Quote

After you finish trading in a day, because of the stable coin low fee, did you move your coin to a noncustodial wallet and move it back to an exchange if you want to trade next time? Or you just leave it alone on the exchange you are using?

What effective way you use to protect your coin as a trader?

As a day trader, I don't think there is any other effective way to protect your coins other than leaving them on the exchange where you trade and hope the exchange does not get hacked.
@op, your scenario about withdrawing in usdt can only work on a day that the trader made some profit, on a day the trader traded in loses, withdrawing out of the exchange and paying the withdrawal fee is another loss all together.

So I think the most effective way is to have a two separate portfolios, your trading portfolio and investment/hodl portfolio, the investment/hodl portfolio should be far greater than the trading portfolio since in the end, your investment/hodl portfolio is more likely to make you rich, and I will also advice that, every profit coming from trading portfolio should go into investment/hodl portfolio which must be kept/held in a very safe non-custodial wallet like hardware wallet and the likes.

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Quote from: negancoin on October 25, 2022, 05:17:14 AM

I've kept some of my coins on Binance for like three years and I haven't lost any. However, I knew what I was getting myself into by doing so, they could've locked my account for any reason and could've ended up losing my assets. I think some of us are addicted to convenience even we know the risk. Those who stick to " not your keys not your coins " rule are usually people who've had a bad experience and have lost a lot of money by trusting a third party.

We like being convenient and that gives us confidence that our funds are safe in an exchange like Binance. But we all know that there should be some thoughts from us despite having that trust and confidence from them. If we have no intention of trading there for so long, it's better to keep the funds into a hardware wallet.

Fatunad

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Quote from: Oceat on October 25, 2022, 06:46:27 PM

Quote from: GeorgeJohn on October 25, 2022, 05:56:18 PM

We have lamented on this thread before concerning leaving your funds in exchange, i believe that exchange of cryptocurrency in a platform is nice, but a process of leaving your funds in a platform of an exchange, i think it's absurd wrong, and from my perspective, scammers can attack the exchange and all your funds will wiped away and all you have saved will will not be recovered, so therefore it's good to save your coins outside exchange.

There are things to consider first on why they have to leave their funds in exchange although, majority of the best choice is not to but with this certain factors you might wanna rethink again. For example, if you are trading in the exchange do you really want to just take your funds without considering the tx fees and the hassle of waiting? Most traders leave their funds in the exchange to avoid this hassle plus it's convenient if you have a lot of order. Choosing the best reputable exchange will help you to not to get too much anxious for leaving your funds in exchange.

When executing orders then this is why i dont really actively pull out my funds on an exchange especially when you do see some buying opportunity then you would definitely miss it
up when you do still need to make up some deposit and wait up for some confirmation whereas you could have eventually done it instantly if you do already have funds into
your exchange wallet.Well, this is the perks but in the other side speaking about risk of losing those funds still lies around thats why its a personal
choice on which one you could able to bare up whether you would be pulling it out or letting it stay.

Oceat

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Quote from: GeorgeJohn on October 25, 2022, 05:56:18 PM

We have lamented on this thread before concerning leaving your funds in exchange, i believe that exchange of cryptocurrency in a platform is nice, but a process of leaving your funds in a platform of an exchange, i think it's absurd wrong, and from my perspective, scammers can attack the exchange and all your funds will wiped away and all you have saved will will not be recovered, so therefore it's good to save your coins outside exchange.

There are things to consider first on why they have to leave their funds in exchange although, majority of the best choice is not to but with this certain factors you might wanna rethink again. For example, if you are trading in the exchange do you really want to just take your funds without considering the tx fees and the hassle of waiting? Most traders leave their funds in the exchange to avoid this hassle plus it's convenient if you have a lot of order. Choosing the best reputable exchange will help you to not to get too much anxious for leaving your funds in exchange.

GeorgeJohn

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We have lamented on this thread before concerning leaving your funds in exchange, i believe that exchange of cryptocurrency in a platform is nice, but a process of leaving your funds in a platform of an exchange, i think it's absurd wrong, and from my perspective, scammers can attack the exchange and all your funds will wiped away and all you have saved will will not be recovered, so therefore it's good to save your coins outside exchange.

Silberman

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Quote from: negancoin on October 25, 2022, 05:17:14 AM

I've kept some of my coins on Binance for like three years and I haven't lost any. However, I knew what I was getting myself into by doing so, they could've locked my account for any reason and could've ended up losing my assets. I think some of us are addicted to convenience even we know the risk. Those who stick to " not your keys not your coins " rule are usually people who've had a bad experience and have lost a lot of money by trusting a third party.

I can understand why people like the convenience however this to me only makes sense for those which trade the markets every single day as even if the fees for withdrawing your money are small they add up and soon they could become and important cost you need to pay, but for those which are not traders and are using their exchange wallet as their main wallet then this is a huge mistake as they are giving up their privacy and the ownership of their coins for no benefits at all.

negancoin

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I've kept some of my coins on Binance for like three years and I haven't lost any. However, I knew what I was getting myself into by doing so, they could've locked my account for any reason and could've ended up losing my assets. I think some of us are addicted to convenience even we know the risk. Those who stick to " not your keys not your coins " rule are usually people who've had a bad experience and have lost a lot of money by trusting a third party.

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Quote from: gunhell16 on October 24, 2022, 08:51:51 AM

The important thing is that you learned from your experience. But maybe it's not bad if you spread or split the crypto assets you have among a few trusted centralized exchanges, right? As others have said don't put all your eggs in one basket. These words are quite correct and true.

But, of course, if we put it in different exchanges let's just make sure that the exchange platform is like Binance, Kucoin, Houbi, and others that are already known in this industry. Although all exchanges still have risks associated with them, even so, the exchange can fix them immediately in the event that hackers enter their platform, such as Binance, no matter how many times hackers have entered they immediately resolved it and still maintained the stability of their traders' trust in cryptocurrency.

and the reputation of an exchange like binance will be at stake if it doesn't solve the hacking problem. Currently, Binance's security is already using double security which of course is still difficult to hack (although the possibility of hacking will still occur). Binance really keeps its customers safe, and their assets are replaced in the event of a hack. But you still have to be careful, don't put all your assets in one place that might still be hacked.

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Quote from: Cryptmuster on October 24, 2022, 03:01:16 AM

If we are talking about day trading, then the funds must be stored on the exchange, otherwise it will all be very difficult and expensive, but in this case it should be a small part of your deposit and you must understand all the risks. But in general, you are right, coins should be kept on a cold wallet (medium and long term transactions) to be sure of safety, because otherwise you put your investments at great risk.

People should not have the misconception that transferring your coins out of exchanges is expensive, it would take less than $1 to transfer most stable coin out of exchanges and it will take lower amount to transfer your stable coins from noncustodial wallet back to an exchange that you are using. If you calculate trading fee, most money traders are spending are on trading fee. If you think I am wrong, calculate the amount of money you used to open and close position daily and see how right I am. But yes it is not convenient to be sending from wallet to exchange and back to wallet again daily.

Bhig Daddy

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I didn't deposit any more money on some exchanges, so I left some coins there so I could continue to trade.
Additionally, it makes it simple for me to trade right away anytime I want, without having to wait for deposit periods, which might occasionally take longer.
And if I can make a sizable profit, I'll take the money right away and transfer it to another wallet or withdraw it from my bank.
However, in order to avoid regretting it if something were to happen to the exchange, you should be able to accept the implications of keeping your money there.

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Quote from: samcrypto on October 24, 2022, 06:24:37 PM

Quote from: Yamifoud on October 24, 2022, 06:36:46 AM

I hope it was clear to everybody the risk of leaving our coins to the exchanges for a long time. Might sometimes do this but not necessarily use this for holding. Day traders will consider this but if we are not, it is more advisable to have a separate and controlled wallet than risking our funds in them as we can't assure the safety of our money in their hands. It is much better to anticipate what might happen( lose) so we have nothing to regrets if there is something will happen to them.

Even a good exchange can face a problem as well so to avoid any hassle better to put your coins that you intend to hold on a hard wallet and if you are trading have some capital only to spend on the exchanges. Aside from being got hacked there’s also a risk for freezing your account and the site might ask for more KYC which you might not be able to comply and that can result to losing the money. I do have separate wallet for different purposes, holding is also one of my top priority.

These days when we get into an exchange we're supposed to fulfill KYC. Most of the standard exchange does it. As said, anything could happen even with the exchange that stands high on the market. Understanding the same it is good to have our funds kept on the hardware wallet. If you were able to enable every security features available including 2FA, then users can hold funds in exchanges.

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Quote from: Yamifoud on October 24, 2022, 06:36:46 AM

I hope it was clear to everybody the risk of leaving our coins to the exchanges for a long time. Might sometimes do this but not necessarily use this for holding. Day traders will consider this but if we are not, it is more advisable to have a separate and controlled wallet than risking our funds in them as we can't assure the safety of our money in their hands. It is much better to anticipate what might happen( lose) so we have nothing to regrets if there is something will happen to them.

Even a good exchange can face a problem as well so to avoid any hassle better to put your coins that you intend to hold on a hard wallet and if you are trading have some capital only to spend on the exchanges. Aside from being got hacked there’s also a risk for freezing your account and the site might ask for more KYC which you might not be able to comply and that can result to losing the money. I do have separate wallet for different purposes, holding is also one of my top priority.

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Quote from: serjent05 on October 21, 2022, 05:22:22 PM

Quote from: Oshosondy on October 19, 2022, 04:02:21 AM

What effective way you use to protect your coin as a trader?

I withdraw my coins that are not listed on the trading wall. I keep a minimum of coins on the exchange as much as possible. I only leave the coins that are due to trading. Once the trading is complete, I withdraw the funds immediately.

I already experienced being hacked and it's painful since I use the exchange to store my coins before, so when my account was hacked, all my coins were stolen. Yes, I learned my lesson the hardway but I say that lessons were well learned. Cheesy

The important thing is that you learned from your experience. But maybe it's not bad if you spread or split the crypto assets you have among a few trusted centralized exchanges, right? As others have said don't put all your eggs in one basket. These words are quite correct and true.

But, of course, if we put it in different exchanges let's just make sure that the exchange platform is like Binance, Kucoin, Houbi, and others that are already known in this industry. Although all exchanges still have risks associated with them, even so, the exchange can fix them immediately in the event that hackers enter their platform, such as Binance, no matter how many times hackers have entered they immediately resolved it and still maintained the stability of their traders' trust in cryptocurrency.

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Quote from: xSkylarx on October 24, 2022, 08:05:21 AM

Quote from: Oshosondy on October 19, 2022, 04:02:21 AM

After you finish trading in a day, because of the stable coin low fee, did you move your coin to a noncustodial wallet and move it back to an exchange if you want to trade next time? Or you just leave it alone on the exchange you are using?

Is there really someone that really moves in and out his crypto on the exchange daily? We all know that doing it everyday can be very annoying and also it's kind of dangerous if the person mistakenly copy/paste the wrong address. It's true that leaving our assets on DEXs have risks but that can be minimal as long as we use a well-established platform like coinbase, ftx, or binance. I trade 3-5x weekly on binance and I just keep my trading funds there when I'm busy. I don't feel afraid when I leave my assets there since they are already proven to be reputable. I just withdraw the profit every week or until it's big enough that I can buy something from it.

Yes, I tried doing it before out of fear, but I had to stop early because it was too complex, costing both money and time. If you are a regular trader that every time you have to deposit and withdraw you will feel frustrated and lose interest in trading afterwards. Anything can happen but we should not be too negative with exchanges as they are also an important part of the market and without them we would not be able to trade or make a profit. I also have the necessary amount of assets available on the exchange and only withdraw when necessary, the rest I leave can be traded at any time.

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Quote from: Oshosondy on October 19, 2022, 04:02:21 AM

After you finish trading in a day, because of the stable coin low fee, did you move your coin to a noncustodial wallet and move it back to an exchange if you want to trade next time? Or you just leave it alone on the exchange you are using?

Is there really someone that really moves in and out his crypto on the exchange daily? We all know that doing it everyday can be very annoying and also it's kind of dangerous if the person mistakenly copy/paste the wrong address. It's true that leaving our assets on DEXs have risks but that can be minimal as long as we use a well-established platform like coinbase, ftx, or binance. I trade 3-5x weekly on binance and I just keep my trading funds there when I'm busy. I don't feel afraid when I leave my assets there since they are already proven to be reputable. I just withdraw the profit every week or until it's big enough that I can buy something from it.

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Quote from: LastKiss on October 24, 2022, 03:31:41 AM

Quote from: Oshosondy on October 19, 2022, 04:02:21 AM

~snip~

After you finish trading in a day, because of the stable coin low fee, did you move your coin to a noncustodial wallet and move it back to an exchange if you want to trade next time? Or you just leave it alone on the exchange you are using?

Mostly I leave my trading funds on the exchange because I did trading not for a very long term tho, if I want to hold for the long term I choose to put my funds in my wallet rather than on the exchange. Although stablecoin has low fees, if we do it like 1 time a day and we calculate how much fees we spend in a month then it feels like I'm wasting my money for nothing.

Although its really hard to anyone to always do their withdrawals on daily basis so maybe its also good for them to earn a little bit to cater the withdrawal fees so that it will not hurt them. Or they can set a weekly withdrawals so that they cannot feel anything so they can also do what they want on whole week span. But all of this always depends on peoples prefer but they should always keep in mind that never always trust the exchange even if they are trusted.

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I hope it was clear to everybody the risk of leaving our coins to the exchanges for a long time. Might sometimes do this but not necessarily use this for holding. Day traders will consider this but if we are not, it is more advisable to have a separate and controlled wallet than risking our funds in them as we can't assure the safety of our money in their hands. It is much better to anticipate what might happen( lose) so we have nothing to regrets if there is something will happen to them.

Topic: Leaving your coins on exchanges - page 2. (Read 1096 times)