Leaving your coins on exchanges - page 5.

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Quote from: ajiz138 on October 20, 2022, 12:28:05 PM

But do big and well-known exchanges provide insurance to users if their exchange gets hacked? We will still get the whole asset right?

I'm not sure about that, even if Binance did in the past. You can't completely rely on the reputation of the big exchanges because in fact you will be disappointed in the end if at any time they can't guarantee your funds back after a hack.

Save your assets in a personal wallet instead of an exchange, it is the best option adopted by bitcoin users. Entrusting your assets to the exchange is limited to trading, it's good to avoid transaction fees. But it all depends on you, if you trust all your assets on the exchange then you should probably know what the risks are.

ajiz138

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I think the only way to keep our assets safe is to store them in a wallet with their own private key instead of storing them on the exchange unless it's a day trade then they have to store it on the exchange so they don't keep depositing/withdrawing so I think it's an option for them as trader.
But since I'm not a day trader so I don't keep assets on the exchange for a long time this would be risky too except when it's necessary to make some trades with coins then I make the required deposits.

But do big and well-known exchanges provide insurance to users if their exchange gets hacked? We will still get the whole asset right?

jrrsparkles

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Quote from: Oshosondy on October 19, 2022, 05:02:21 AM

Are you traders able not to leave your coins on exchanges? How are you able to manage transaction fee and the likes? You are day traders, your coins on noncustodial wallet will most likely be a stable coin like USDT and the transaction fee is not high, some exchanges even make transaction fee for their listed stable coin to have zero fee while cheaper fee while transfering from noncustodial wallet to the exchange.

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 they can't really move back to their wallet everyday cause withdrawal fee on centralized exchanges can eat your profits so at the end of the day you left with nothing so they have to take the risk and hope nothing will happen for the rest of the day.

But to protect the coins while day trading the rule is don't use all your capital for day trading for security as well as risk involved in the day trading which means their entire cryptos are not sitting in the exchange's wallet at the end of the day also they are not burning their profits by paying withdrawal fee everyday. One more point, don't forget to withdraw your profits once for a while like it can be in a week or two or whatever which depends on our goal to reach and withdraw them for long term HODL then just you the day trading capital for its purpose.

el kaka22

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I think "exchanges" is a word that we can lump all in and get away with it. However, the exchange with 10 thousand dollars volume, and Binance are both "exchanges" if you take the word for it. I have to say Binance could be trusted, or at least I shouldn't really change anyone’s idea, and say that I personally trust it, you could or maybe not, that’s on you.

The idea that Biannce could be hacked, or could do something with your money is beyond bonkers. This is the biggest exchange that makes billions in profit and you think they would be really risking it all? They will protect your funds better than you could ever protect them, so that they could continue to rake in profits.

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Quote from: Oshosondy on October 19, 2022, 05:02:21 AM

But how are traders helping themselves? Not to hold on exchanges is good for holders, but would be hard for scalpers and day traders.

Are you traders able not to leave your coins on exchanges?...

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

The only possible cushion for unmitigated risk in terms of this will be to only deal with trusted exchanges. Deal with exchanges with high trust score and I guess that's why Binance is often on the lips of many. Yes, Binance suffered a hack recently but that was swiftly taken care of by the exchange. It never affected depositors. No trader can do without leaving funds on exchanges. I've read a lot of reviews where traders were advised not to leave their stuff on exchanged, no matter what. That's not feasible. If you tell crypto traders not to leave their funds on exchanges because they're centralized, then those who do traditional trading shouldn't also leave their money in the bank. How about that? Aren't banks also centralized?

michellee

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I left some coins, like bitcoin, ethereum, bnb, and usdt, on the exchange to start trading so I don't have to bother sending them from my wallet to the exchange. This is also to avoid transaction fees as some wallets or exchanges require higher transaction fees than others.

And if I have finished trading in a day, I will keep it there for a while because maybe I will continue trading the next day.

To protect my coins on the exchange just by following all the advice from the exchange to enable 2FA, confirmation email and other things. It will be useful if someone wants to take over our account on the exchange. But it would be different if it was the exchange that got hacked and the exchange that would solve the problem.

Hamphser

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Quote from: ultrloa on October 20, 2022, 05:47:09 AM

Quote from: Ziskinberg on October 20, 2022, 05:16:04 AM

Quote from: lienfaye on October 20, 2022, 02:10:09 AM

Quote from: Oshosondy on October 19, 2022, 05:02:21 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?

I know that it's not safe to keep your coins on exchanges. However as a small time trader who's aware of the risk for doing so I still opted to keep the coins on the exchange where I trade. Before, i'm an active day trader on kuCoin, and my concern is the fees if I will transfer it to a non-custodial wallet then send it back. Hence I chose to keep it there despite of the possible worse case that can happen since the capital that I use is the money that I can afford to lose. For big time traders they have their own strategy on what to do and you really need to be certain that your coins are safe and the first step is to look for a reputable exchange.

I'd see the fees as one reason why some traders like you who preferred to risk their money leaving on the exchange rather than paying huge fees. It is not quite a smart idea, of course, to keep doing that withdrawal daily, and spend a few bucks for fees that are supposed to be their profit but it is just accumulated to withdrawal transactions. Well, Kucoin is one of the known exchanges in the market and you never feel worried about it. As long as we are using a reputable exchange, that seems okay.

Fees is only a little problem if we want to take out our money on exchange, there are low cost alts which we can select as good option withdraw our funds and its just we need to spend time always doing this. And I think the main reason why people always choose to leave their asset on exchangers is the find to hassle to do daily transaction on any exchanger where they store their funds.

Even sticking with Bitcoin fees which is just a cent which it wont really be that a problem if you do actively pull out your coins on an exchange and really be that assuring that you are really that not a risk taker

specially when you do own huge amount of value in either bitcoin or both altcoins.Its a personal type of choice since not all would really be not that confident on leaving their funds on any platform.

Chances of hacks and exploits is always there which its better to make yourself a little bit paranoid rather than losing all of your assets.Fees arent that costly for you to have
some active transfers from time to time.There are really just some few con's though specially on buying orders easily.

ultrloa

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Quote from: Ziskinberg on October 20, 2022, 05:16:04 AM

Quote from: lienfaye on October 20, 2022, 02:10:09 AM

Quote from: Oshosondy on October 19, 2022, 05:02:21 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?

I know that it's not safe to keep your coins on exchanges. However as a small time trader who's aware of the risk for doing so I still opted to keep the coins on the exchange where I trade. Before, i'm an active day trader on kuCoin, and my concern is the fees if I will transfer it to a non-custodial wallet then send it back. Hence I chose to keep it there despite of the possible worse case that can happen since the capital that I use is the money that I can afford to lose. For big time traders they have their own strategy on what to do and you really need to be certain that your coins are safe and the first step is to look for a reputable exchange.

I'd see the fees as one reason why some traders like you who preferred to risk their money leaving on the exchange rather than paying huge fees. It is not quite a smart idea, of course, to keep doing that withdrawal daily, and spend a few bucks for fees that are supposed to be their profit but it is just accumulated to withdrawal transactions. Well, Kucoin is one of the known exchanges in the market and you never feel worried about it. As long as we are using a reputable exchange, that seems okay.

Fees is only a little problem if we want to take out our money on exchange, there are low cost alts which we can select as good option withdraw our funds and its just we need to spend time always doing this. And I think the main reason why people always choose to leave their asset on exchangers is the find to hassle to do daily transaction on any exchanger where they store their funds.

Ziskinberg

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Quote from: lienfaye on October 20, 2022, 02:10:09 AM

Quote from: Oshosondy on October 19, 2022, 05:02:21 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?

I know that it's not safe to keep your coins on exchanges. However as a small time trader who's aware of the risk for doing so I still opted to keep the coins on the exchange where I trade. Before, i'm an active day trader on kuCoin, and my concern is the fees if I will transfer it to a non-custodial wallet then send it back. Hence I chose to keep it there despite of the possible worse case that can happen since the capital that I use is the money that I can afford to lose. For big time traders they have their own strategy on what to do and you really need to be certain that your coins are safe and the first step is to look for a reputable exchange.

I'd see the fees as one reason why some traders like you who preferred to risk their money leaving on the exchange rather than paying huge fees. It is not quite a smart idea, of course, to keep doing that withdrawal daily, and spend a few bucks for fees that are supposed to be their profit but it is just accumulated to withdrawal transactions. Well, Kucoin is one of the known exchanges in the market and you never feel worried about it. As long as we are using a reputable exchange, that seems okay.

Oshosondy

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Quote from: hugeblack on October 19, 2022, 05:40:09 PM

In general, the withdrawal fee is not a problem, but the times of confirmations. For example, in daily trading, it is difficult to use bitcoin withdrawals (even if the fees are zero) because confirmations may take an hour and therefore other alternatives will be pure and they differ from trading once a month or when the price increases (it will require a longer time for confirmations)

I think this depends on the trader.

Day traders will prefer to just use stable coins with fast confirmation, trade it with unstable coin for day trading and change it back to stable coin for withdrawal. But this could be annoying to traders to withdraw often like this when they make profit, but one of the best decisions to make.

Swing traders will prefer both stable coins and unstable coins like bitcoin. Because they do not trade often, they do not leave their coins on exchanges at all, they convert from stable coins to unstable coin like bitcoin when they believe the price will increase, sending the unstable coin to their noncustodial wallet. When they think price will drop and after making profit, they send the bitcoin back to the exchange to exchange it to a stable coin. They use fee that is enough for the transaction to be successful as fast as possible because they make transaction not often.

lienfaye

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Quote from: Oshosondy on October 19, 2022, 05:02:21 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?

I know that it's not safe to keep your coins on exchanges. However as a small time trader who's aware of the risk for doing so I still opted to keep the coins on the exchange where I trade. Before, i'm an active day trader on kuCoin, and my concern is the fees if I will transfer it to a non-custodial wallet then send it back. Hence I chose to keep it there despite of the possible worse case that can happen since the capital that I use is the money that I can afford to lose. For big time traders they have their own strategy on what to do and you really need to be certain that your coins are safe and the first step is to look for a reputable exchange.

Sarah Azhari

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Quote from: Oshosondy on October 19, 2022, 05:02:21 AM

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

As I know there is no effective way to protect our coin if don't own the key for even a second. If we own the key, the token is like stablecoin is very risk to freeze, we don't know the dynamic because of the unstable economy. So, if I have a chance, I will help my self to avoid all risk.

GreatArkansas

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Quote from: Oshosondy on October 19, 2022, 05:02:21 AM

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

Just use most reputable exchange there, even we all know that even how reputable an exchange is there are still lot of case for hacks but for me, as time goes by, these exchanges with billions of volume is very careful and avoid these hacks so that's the only I can say because these days there are some platform especially decentralized exchange or wallets are starting to have some issue about hacks, but overall I still choose wallet over exchange.

adaseb

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For some you are better off just leaving it on the online exchange. If you don’t have a hardware wallet and use windows and surf strange websites you can easily get your crypto stolen.

Keep on an exchange, don’t reuse passwords, use 2fa, never click links in emails, white list your withdraws, etc and it’s pretty safe.

Jawhead999

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Well I'm not a trader, so I don't leave my coins on exchanges, it's risky too. I would never trust any popular centralized exchanges because all of them have a same risk of getting hacked and going to bankrupt.

Quote from: NicNacCoin on October 19, 2022, 07:36:06 PM

I am not such a big holder. But what I have, I have put them on Binance Exchange.Although I am using other platforms as wallets I still use Binance Exchange for holding.I have kept my money there for the past few years. Till date I have not suffered any damage there.I left my money as enough savings. But I think it is completely safe.

I advice to move all your coins from Binance to your non custodial wallet since you will not know what will happen in the future. There's an exploit on BSC chain on few days ago, hopefully all the coins on Binance wasn't stolen, only few % and they can recover it. If you want to read about centralized exchange going bankrupt, read Mt.Gox case.

NicNacCoin

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I am not such a big holder. But what I have, I have put them on Binance Exchange.Although I am using other platforms as wallets I still use Binance Exchange for holding.I have kept my money there for the past few years. Till date I have not suffered any damage there.I left my money as enough savings. But I think it is completely safe.

hugeblack

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The detailed answer to your question would be:
The nature of trading, money used in trading, trading periods. You will then have details of how much you will earn and what fees you will pay for it.

In general, the withdrawal fee is not a problem, but the times of confirmations. For example, in daily trading, it is difficult to use bitcoin withdrawals (even if the fees are zero) because confirmations may take an hour and therefore other alternatives will be pure and they differ from trading once a month or when the price increases (it will require a longer time for confirmations)

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Quote from: Oshosondy on October 19, 2022, 05:02:21 AM

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

I have a few dollars "estimated asset" on an exchange that I specialize in trading. It's in USDT and the rest I hold bitcoin. I did it for a long time even though I actually know what the risks are of keeping it on the exchange.

It's okay if the amount is small instead of spending a fee on periodic deposits and withdrawals. This is just the way I did it, but for someone who doesn't like to trade then maybe storage on HW or some other storage wallet is recommended.

goaldigger

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Choosing the best exchange can have a good factor here, honestly I have my confidence with Binance and I’m holding most of my capital there because i know it’s safe, though I also transfer some funds to a more secured wallet but that is for my long term holding. As a trader I’m sure already see your balance and you are updated with the news, you can easily get that money once you heard negative news or you want to pull out the money, just put what you can afford to lose and trade professionally, have a good site to trade for your peace of mind.

Silberman

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Quote from: milewilda on October 19, 2022, 03:27:54 PM

Quote from: Oshosondy on October 19, 2022, 05:02:21 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?

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

We do know the risk but due to hassle and fee problems for sometimes(excluding usdt) and ending up on leaving those funds on exchanges because we are just too lazy on doing those basic things this is why we do decide to leave those funds on exchanges.Some are prepared on the risk and some arent, this is why when hack happens then regrets do come out and you do keep on saying into yourself that you should havent done that.Its really that basic that you should not leave your funds on exchangers or something that you dont possess its keys and its the main risk.Come to mind off that Binance had recently hacked
but its not pertaining on their users funds but still indicates that even on the top exchange we do have now is really that prone to hacks and exploits.

I imagine this is true for the majority of day traders, they are probably aware of the risks but they do not have any other option, the profit margins of day traders which are using a small capital are super thin, to the point sending their coins to their own wallet and then sending them back will reduce their profits by a lot, and it is also possible their account could be flagged by exchanges by suspicious behavior, then it is easy to see why most day traders prefer to keep their coins at exchanges despite the risks.

Topic: Leaving your coins on exchanges - page 5. (Read 1031 times)