Topic: Why do you think it's best to consistently use the same exchange? - page 2. (Read 932 times)
June 20, 2024, 03:49:20 AM
It doesn't really matter. Unless you are trying to avoid giving your ID to many different exchanges (good), don't engage in arbitrage trading (good I guess?), prefer to keep all your eggs in one basket (bad - use wallets), or trying to accumulate rewards (bad - they are a waste of time). But those are the only things I can think of off the top of my head.
June 20, 2024, 02:13:03 AM
I used some exchanges but I only use one exchange to trade which is Binance and don't have too much activity on the other exchanges. If you used more than one or two exchanges, you need to split your funds to those exchanges. You need to watch both exchanges at the same time, especially if you have the same coins at those exchanges.
Maybe you can have different coins in that two exchanges so you can trying to makes more profit. But if not, you can confuse how to manage your time to monitor both exchanges. Besides that, when you select one exchange, you must gets convenient when you use that exchange to trade.
Maybe you can have different coins in that two exchanges so you can trying to makes more profit. But if not, you can confuse how to manage your time to monitor both exchanges. Besides that, when you select one exchange, you must gets convenient when you use that exchange to trade.
Same as I my trades usually goes with binance since this is the top exchange where I trust the most compare to other ones.
I only go on other exchange if I receive a token coming from airdrops or those I receive which is not listed on the top exchange. Because its hard to trust or stay for multiple exchange because we don't know how long they would able to stay since exchange scamming is happening. But for me I don't store a lot of balance there and people also should because its hard to be in a situation where we are chasing for justice and want to get our coins back if suddenly they turn into a scam. To aviid confusion and manage well your funds much better to stay on one exchange for a while and if they are not busy and sure thay they can monitor the exchange and the market news then maybe they should think about splitting their attention on two exchange.
If we can use one or two exchange, that can helps us to prevents the confusion about the funds. We can also managed how much money we can use to one exchange and while we trade, we can use our time to analyzing the coins that we wants to used to trade. But this is only for those who have a better skills in trading.
If you don't have much skills in trading, it is better you used one exchange and sticks to that exchange until you can improves your skills. We don't have to be greedy by using more than two exchanges, especially if we don't have a high skills in trading. We will have that chances to used more than two exchanges in the future so we can make more profit.
June 20, 2024, 12:17:24 AM
The only time people may want to change is when the platform doesn’t have the feature they desire. But when it has everything, you will definitely continue using.
People probably use not just one but multiple ones if one exchange offers something they need but another doesn’t but still has something that they need. Personally I think it would also be a good idea to distribute your assets in different platforms but for convenience this might not be the best idea.Personally I would suggest to not spread your asset across a centralized exchange, instead, move everything to your decentralized wallet where you and only you have the access to the wallet. Only send the amount of money you wish to transact with to an exchange at that time. Many people make this mistake and the consequences may not be frequent, but don’t be unfortunate like a few people.
June 19, 2024, 09:04:45 AM
In my opinion, it is not necessary to use the same exchange consistently if along the way sometimes our wishes and the exchange do not work as they should. For example, when we have used an exchange for several years but suddenly there is a change in transaction costs to become high or something like that, then we will definitely leave that exchange and choose another exchange with lower transaction costs.
This option is not wrong for everyone to do if they have special reasons that could interfere with their comfort in using an exchange's services. So it wouldn't be wrong if each of us wanted to use more other exchanges in order to be able to adjust transaction costs because most people who change to using exchange services are more concerned with the issue of costs at a particular exchange apart from the special menus and features available in that particular exchange that might This doesn't exist on other exchanges.
So please use several well-known exchanges that have been trusted for a long time in order to get better service, including service fees which can be very affordable because we as users are actually free to use any exchange and are not required to use just one exchange. However, it would also be very good if one exchange could have everything we need so that we as users don't have to worry about registering on a new exchange to get certain things, like in the example of transaction fees.
A truly smart exchange would do more than just charge less in fees. It would change depending on demand and volume: pay attention to the people and modify rates. We're talking about blockchain transparency, which means that the exchange changes its services to fit what we do
Shouldn't these companies step up their game and start taking care of their users? Don't just focus on the money; keep up with the times, learn about the crypto culture, and offer a platform that prioritizes safety and user satisfaction
June 19, 2024, 08:52:39 AM
I used some exchanges but I only use one exchange to trade which is Binance and don't have too much activity on the other exchanges. If you used more than one or two exchanges, you need to split your funds to those exchanges. You need to watch both exchanges at the same time, especially if you have the same coins at those exchanges.
Maybe you can have different coins in that two exchanges so you can trying to makes more profit. But if not, you can confuse how to manage your time to monitor both exchanges. Besides that, when you select one exchange, you must gets convenient when you use that exchange to trade.
Maybe you can have different coins in that two exchanges so you can trying to makes more profit. But if not, you can confuse how to manage your time to monitor both exchanges. Besides that, when you select one exchange, you must gets convenient when you use that exchange to trade.
Same as I my trades usually goes with binance since this is the top exchange where I trust the most compare to other ones.
I only go on other exchange if I receive a token coming from airdrops or those I receive which is not listed on the top exchange. Because its hard to trust or stay for multiple exchange because we don't know how long they would able to stay since exchange scamming is happening. But for me I don't store a lot of balance there and people also should because its hard to be in a situation where we are chasing for justice and want to get our coins back if suddenly they turn into a scam. To aviid confusion and manage well your funds much better to stay on one exchange for a while and if they are not busy and sure thay they can monitor the exchange and the market news then maybe they should think about splitting their attention on two exchange.
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June 19, 2024, 06:14:17 AM
One of the reasons why I think it's best to consistently use the same exchange, is for valuation purposes to maintain consistency, it is so as to determine the fair market value of a cryptocurrency is for during tax preparation. It's how the IRS wants cryptocurrency transactions to be reported on tax returns.
For tax matters, each exchange has its own rules and perhaps before we use the exchange we have read the provisions. Personally I use exchanges that have a good reputation although the personal taxes are a bit higher than some of the cheaper exchanges. The aim is for a security process so that when we use it it has more value for carrying out transactions. If the benchmark uses the same exchange consistently, what happens when the exchange experiences problems as has happened on several previous exchanges.This is different from storing bitcoin assets because exchanges basically do not have a much better level of security for the long term so we have to choose a wallet that is much safer. I use the exchange only for transaction purposes, both trading and related matters, because the exchange is not a safe place to store assets.
June 19, 2024, 05:23:36 AM
I used some exchanges but I only use one exchange to trade which is Binance and don't have too much activity on the other exchanges. If you used more than one or two exchanges, you need to split your funds to those exchanges. You need to watch both exchanges at the same time, especially if you have the same coins at those exchanges.
Maybe you can have different coins in that two exchanges so you can trying to makes more profit. But if not, you can confuse how to manage your time to monitor both exchanges. Besides that, when you select one exchange, you must gets convenient when you use that exchange to trade.
You must concern with something before you select the exchange. You must make sure about the security, view of the site, your feeling when you trade, and other things to gets the right exchange. It's not just about the tax but it's how your feeling can feels comfortable when you trade.
Maybe you can have different coins in that two exchanges so you can trying to makes more profit. But if not, you can confuse how to manage your time to monitor both exchanges. Besides that, when you select one exchange, you must gets convenient when you use that exchange to trade.
You must concern with something before you select the exchange. You must make sure about the security, view of the site, your feeling when you trade, and other things to gets the right exchange. It's not just about the tax but it's how your feeling can feels comfortable when you trade.
June 19, 2024, 04:27:09 AM
To me I don't really consider all this listed above the most important thing to do is to monitor and build your trust from that particular exchange even as we know that using one particular exchange is risky but provided they are trusted and have all the trading pair you required then no need jumping from exchange to exchange most at times we can have difficulty with passing kyc and other important things that could be needed by the exchange.
You are right, personally I like using a particular exchange. I see no reason to jump from one exchange to the other, What I mostly do is to 1 exchange to do all my p2p transactions or trade, except if that particular P2P exchange doesn't work anyore before I will like to make a change by downloading another exchange app. Most of the exchangs I downloaded always have one issue or the other one exExample is kyc problem just as you have earlier said. So most times we Just need to make things easy for ourselves rather than doing things the way it will be stressful to us.
what i noticed lately is that people trying to have lot of exchanges surround them maybe when think the one they are using fails then they jump to the next one without hesitation, although this actually a cool idea but at then we are revealing our personal details to the exchange that is why is always advisable to delete account when noticed that you are longer interested using the exchange anymore or if they betrayed the trusted you had for them.
June 19, 2024, 01:44:54 AM
In my opinion, it is not necessary to use the same exchange consistently if along the way sometimes our wishes and the exchange do not work as they should. For example, when we have used an exchange for several years but suddenly there is a change in transaction costs to become high or something like that, then we will definitely leave that exchange and choose another exchange with lower transaction costs.
This option is not wrong for everyone to do if they have special reasons that could interfere with their comfort in using an exchange's services. So it wouldn't be wrong if each of us wanted to use more other exchanges in order to be able to adjust transaction costs because most people who change to using exchange services are more concerned with the issue of costs at a particular exchange apart from the special menus and features available in that particular exchange that might This doesn't exist on other exchanges.
So please use several well-known exchanges that have been trusted for a long time in order to get better service, including service fees which can be very affordable because we as users are actually free to use any exchange and are not required to use just one exchange. However, it would also be very good if one exchange could have everything we need so that we as users don't have to worry about registering on a new exchange to get certain things, like in the example of transaction fees.
June 19, 2024, 01:27:53 AM
The main reason is probably routine. I'm used to Binance and don't feel like transferring my funds somewhere else. If I were to move my coins, I'd do it to completely avoid centralized exchanges. With the KYC requirements nowadays, it's too time-consuming to hop from one exchange to another, plus I can't be bothered providing all my personal details again. The more often you're required to provide KYC, the more likely you are to be exposed to a database leak because the X or Y exchange was hacked, and it's something that has occurred in the past.
June 19, 2024, 12:18:06 AM
So, why do prefer to consistently use the same exchange?
I believe we all agree that it is the trust and convenience that made us to use the same exchange throughout our transaction. Using the exchange for an extended length of time develops our sense of trust and security, making our worries of losing our funds due to scamming or theft done by the owner of exchanges goes away.
As for me, I would like to use the same exchange as much as possible unless my cryptocurrency holding is not listed on that exchange, and to say the least, there is the feeling of uneasiness using another exchange for the first time. Maybe it is paranoia but I believe many of us feel this uneasiness due to a lack of trust when using an unfamiliar exchange for the first time especially when we are dealing with huge amount of crypto transactions.
June 19, 2024, 12:15:39 AM
The main reason why I'm sticking to one exchange is a security issue, there are almost no exchanges without KYC so this will make us have to do KYC in many places if we move between exchanges, another reason that one exchange will make it easier for us to know whether our trading progress is going well from deposits and withdrawals, and another reason is that the exchange I am currently using is a local exchange whose owner is also known because he is quite well known in the crypto community in my country and also the address of this exchange office is clear, so this is one of the reasons why I only use this exchange or more often only use this exchange, especially as there are lots of markets available and this exchange is quite updated with the latest markets, so I've got what I need here.
June 18, 2024, 11:56:38 PM
Quote from: Wexnident
Cause they're good at what they do and I've had zero complaints so far? Pretty sure that's the only thing you'd ever want out of an exchange. If you start talking about promos, user rewards and whatnot that shit ain't going to end imo. Honestly as long as an exchange is good and is allowed in my country then that's basically the exchange I'm going to use for as long as I could. Also helps that their reputation was good but that's mostly before trying to use it.
Something you have tested before and something you have not tested, I think it will be very easy for you to make a good decision, because you have use the exchange service before in the market and you enjoy their service which you will definitely prefer that service than others exchange service you have not use. You have been using the exchange without a complain of high fee, no scammers and your coins are protected through out your transaction, you need to continue with such exchange, because you are getting what you want from the exchange. That is the most important thing you need to consider before going ahead with such exchange, because if the exchange is not allow in your country, you don't need to use or continue with such exchange in the market but if the exchange is allowed in you country, you can continue using the exchange.
June 18, 2024, 10:49:12 PM
To me I don't really consider all this listed above the most important thing to do is to monitor and build your trust from that particular exchange even as we know that using one particular exchange is risky but provided they are trusted and have all the trading pair you required then no need jumping from exchange to exchange most at times we can have difficulty with passing kyc and other important things that could be needed by the exchange.
You are right, personally I like using a particular exchange. I see no reason to jump from one exchange to the other, What I mostly do is to 1 exchange to do all my p2p transactions or trade, except if that particular P2P exchange doesn't work anyore before I will like to make a change by downloading another exchange app. Most of the exchangs I downloaded always have one issue or the other one exExample is kyc problem just as you have earlier said. So most times we Just need to make things easy for ourselves rather than doing things the way it will be stressful to us.
June 18, 2024, 07:07:39 PM
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Because it's easy? I don't think there's a need to overcomplicate this, I'd keep using the same exchange over and over if it makes stuff simple for me. Transferring assets? Easy. Buying? Easy. Even what you made as an example can count as it being easy to use, just a lot more specific. Using multiple exchanges can get confusing and introduces a lot of unnecessary steps imo, maybe even overcomplicating something that can be extremely simple lol. Innovations were made to make life easier, I don't think I'd go back to making it hard by myself. June 18, 2024, 06:29:59 PM
The only time people may want to change is when the platform doesn’t have the feature they desire. But when it has everything, you will definitely continue using.
People probably use not just one but multiple ones if one exchange offers something they need but another doesn’t but still has something that they need. Personally I think it would also be a good idea to distribute your assets in different platforms but for convenience this might not be the best idea.Personally I would suggest to not spread your asset across a centralized exchange, instead, move everything to your decentralized wallet where you and only you have the access to the wallet. Only send the amount of money you wish to transact with to an exchange at that time. Many people make this mistake and the consequences may not be frequent, but don’t be unfortunate like a few people.
June 17, 2024, 11:25:57 AM
The reason why people should maintain consistency in using an exchange is because of problems that may arrive from adapting to a new user interface. There are people that already used to a particular exchange and they know how to manage their portfolio accurately using that exchange but when you introduce a new exchange to them it becomes difficult for them.
I have a friend who migrated to a new exchange because of his country being banned from doing P2P, at that period he deposited some amount of Bitcoin to the new exchange and that was how he lost the money. Meanwhile in the other exchange the amount of Bitcoin he deposited who had reflected but in the new exchange it is not up to the minimum amount of BTC deposit.
I have a friend who migrated to a new exchange because of his country being banned from doing P2P, at that period he deposited some amount of Bitcoin to the new exchange and that was how he lost the money. Meanwhile in the other exchange the amount of Bitcoin he deposited who had reflected but in the new exchange it is not up to the minimum amount of BTC deposit.
June 16, 2024, 06:05:14 PM
I think it's best to consistently use the same exchange because it allows for easier tracking and management of transactions, reduces fees, and enhances security.
Most of these exchanges probably have the same security measures, so if you're going to use the same exchanges then I think it's not about any of that security but the security concern is that you're secured with them because you're a repeat customer. If you've got complains, they'd get to your account history and you're right about for easy tracking. So, it all boils down to that moment that if ever we meet some issues using them, they'd probably gonna give us some better response time and some treatment that they'd give because you're a loyal customer to them.In my opinion, it is not necessary to use the same exchange consistently if along the way sometimes our wishes and the exchange do not work as they should. For example, when we have used an exchange for several years but suddenly there is a change in transaction costs to become high or something like that, then we will definitely leave that exchange and choose another exchange with lower transaction costs.
While that is true that it's your preference to use different exchanges. As for transaction costs or you mean by the withdrawal fees, you can always choose other networks with your preferred crypto that has cheaper network fees and this is now common for most exchanges, if not all. 
June 16, 2024, 12:03:17 AM
The only time people may want to change is when the platform doesn’t have the feature they desire. But when it has everything, you will definitely continue using.
People probably use not just one but multiple ones if one exchange offers something they need but another doesn’t but still has something that they need. Personally I think it would also be a good idea to distribute your assets in different platforms but for convenience this might not be the best idea. June 15, 2024, 08:20:58 PM
I think it's best to consistently use the same exchange because it allows for easier tracking and management of transactions, reduces fees, and enhances security.
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