Topic: Meaning of leaving money on the exchange - page 2. (Read 514 times)
It is not really good leaving your profit on exchange sites, cause you are not fully in control of your coins in the account. So, it is better for you to withdraw to your wallet where you have all the access code, so as to avoid losses.
Because a lot of people are losing money because of those fraudulents exchanges, i still remember those times in where i had more than 0.50 bitcoins on my poloniex wallet, and poloniex closed my account without any explanation, i tried to send several support tickets but none of them was answered (bitcoin was below $2500 by those times) but it was not fair, a lot of people had the same issue.
I dont know why it happened to me, but because of this is that i am so insecure about exchanges and everything that concerns about them.
I dont know why it happened to me, but because of this is that i am so insecure about exchanges and everything that concerns about them.
That is just a precaution given to people who uses exchanges as even the most reliable exchange can be vulnerable to attacks. Not to mention that the exchanges have the power to hold your account when they want it. This exchanges are not the extension of your wallet as any time they can be shutdown by the certain countries they are operating with.
It's not always a safe bet to keep Bitcoin in the exchange. If you have a wallet, try to keep it in your wallet, and importantly, keep your wallet's private key
Quite ironic:
https://techcrunch.com/2017/11/07/a-major-vulnerability-has-frozen-hundreds-of-millions-of-dollars-of-ethereum/?ncid=mobilenavtrend
Trusting an online service, or trusting hardware.. really I'm not sure what's worst. It depends on the size & reputation of the service. I trust my bank probably more than I should, but I wouldn't wanna have all my money in gold bars under by bed. Or even worse, as a magic code in my memory, which I don't trust at all.
It's not always a safe bet to keep Bitcoin in the exchange. If you have a wallet, try to keep it in your wallet, and importantly, keep your wallet's private key
If you make $300 profit in bitcoin as you said let say the profit was made on $3000, if you have not cash out your profit in bitcoin, you have not made that profit. It is still a paper profit if the profit is still in the form it was made. And if you have cash out in bitcoin but your bitcoin is still on the exchange that means you are not in charge of your fund yet and if anything happen to wallet on exchange of which you donot have private key , then youhave lost of everything.
Hello,
I was doing some research on Bitcoin trading.
http://prntscr.com/h76g3r
What does this mean by "Ideally, when trading, only deposit to make a trade, then get your money off the exchange." from the link above. I took a screenshot from an article.
Does this mean, if i take a trade on exchange GDAX and close it the trade with a profit of say $300, I need to withdraw $300 from GDAX instantly? Or does this mean, don't leave extra money in my GDAX trading account that I will not be used for trading only?
Thanks, still learning.
I was doing some research on Bitcoin trading.
http://prntscr.com/h76g3r
What does this mean by "Ideally, when trading, only deposit to make a trade, then get your money off the exchange." from the link above. I took a screenshot from an article.
Does this mean, if i take a trade on exchange GDAX and close it the trade with a profit of say $300, I need to withdraw $300 from GDAX instantly? Or does this mean, don't leave extra money in my GDAX trading account that I will not be used for trading only?
Thanks, still learning.
It only means that you don't store all your bitcoin in an exchange because it is not safe. Most traders here will just leave a few bitcoin or altcoin on an exchange for their daily trading needs. And if the coins already grow and just sitting on it, we have a practice to moved that coins and deposit to your personal wallet like Electrum because you have total control of it. When your coins are just sitting in an exchange, there is a likelihood of a hack resulting you losing it. Or if the exchange suddenly close because the authorities says so, like what happened to BTC-e, then its gonna be difficult for you to get it back. So to be safe moved your coins out from an exchange to a wallet that you own.
Yeah then you of course should leave it on the platform.
Cashing out your losses at the end of the day isn't necessarily the best idea, though.
I don't even think it's safer, especially with altcoins, where you can double but also half your bet within a few hours.
Cashing out your losses at the end of the day isn't necessarily the best idea, though.
I don't even think it's safer, especially with altcoins, where you can double but also half your bet within a few hours.
It means it's more safe to hold your currency locally, in a hardware wallet, than trusting an online service to do it for you. One that can be hacked or go out of business, or be a scam. They're not as reliable as large banks (which themselves proved not to be so reliable either)
So it means when you're not actively trading but holding it for years/months.
Of course you can also screw up holding your bitcoins yourself, but then it's your own fault.
So it means when you're not actively trading but holding it for years/months.
Of course you can also screw up holding your bitcoins yourself, but then it's your own fault.
Thanks Kloug for the help,
I plan to only day trade the bitcoin market BTC/USD so, I will be cash most of they day or when I go to sleep.
It means it's more safe to hold your currency locally, in a hardware wallet, than trusting an online service to do it for you. One that can be hacked or go out of business, or be a scam. They're not as reliable as large banks (which themselves proved not to be so reliable either)
So it means when you're not actively trading but holding it for years/months.
Of course you can also screw up holding your bitcoins yourself, but then it's your own fault.
So it means when you're not actively trading but holding it for years/months.
Of course you can also screw up holding your bitcoins yourself, but then it's your own fault.
Hello,
I was doing some research on Bitcoin trading.
http://prntscr.com/h76g3r
What does this mean by "Ideally, when trading, only deposit to make a trade, then get your money off the exchange." from the link above. I took a screenshot from an article.
Does this mean, if i take a trade on exchange GDAX and close it the trade with a profit of say $300, I need to withdraw $300 from GDAX instantly? Or does this mean, don't leave extra money in my GDAX trading account that I will not be used for trading only?
Thanks, still learning.
I was doing some research on Bitcoin trading.
http://prntscr.com/h76g3r
What does this mean by "Ideally, when trading, only deposit to make a trade, then get your money off the exchange." from the link above. I took a screenshot from an article.
Does this mean, if i take a trade on exchange GDAX and close it the trade with a profit of say $300, I need to withdraw $300 from GDAX instantly? Or does this mean, don't leave extra money in my GDAX trading account that I will not be used for trading only?
Thanks, still learning.
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