Why do you think it's best to consistently use the same exchange? - page 3.

Smack That Ace

legendary

Activity: 2002

Merit: 1109

Free Free Palestine

Quote from: TastyChillySauce00 on September 30, 2024, 11:32:42 PM

Quote from: Hanadawa on June 21, 2024, 08:52:46 AM

I will not be tempted by various promotions and discounts offered by other exchanges as long as I don't have problems with my current exchange. From the start I chose an exchange that was trusted, had lots of crypto assets and the most important thing was that it was easy to send, deposit and withdraw my assets. I don't need to learn new things and adapt to a new exchange interface. But to be honest I don't just use one exchange and have tried several exchanges. But in essence I only use one or two exchanges to make transactions and don't try other exchanges just because they offer price differences or lower fee promotions.

remembering the FTX case, a good and reliable exchange could become a bad exchange in just matter of short time.
so just trusting the same exchange for too long might also pose risk if suddenly things goes south, I'd think that diversification of asset through various "trusted" exchange as something that's truly necessary.

I personally also try to seek the most trusted exchange there is but honestly, i'm not risking my money to be in the same situation as FTX, waiting so long to get reimbursement is such a pain in the ass, that with a big "IF" our money even get reimbursed in the first place, things can get messy. it's okay to keep trusting exchange but also on the lookout for the impending doom, to avoid being the victim.

Most people agree that it's best to use just 1 exchange for reasons like consistency, routine, and ease of management...but I'm of the same mind as you. Indeed, risk is all around us and diversification is essential. We often advise each other to diversify assets, whether it's gold, bitcoin, or real estate...even the best assets have risks. Or even when protecting the seed phrase, we always have 2 or 3 backups to minimize the risk. So why do we only use 1 exchange when it is already risky because it is a centralized platform?

Regarding privacy, once we have used one or more exchanges, our privacy will no longer exist. What guarantees that the exchange we are using does not sell our personal information to 3rd parties?
Even the banks, schools, and services we use every day are silently collecting our data and selling it. There is only one way to ensure privacy and that is to not use any centralized exchanges or platforms.

Nothingtodo

full member

Activity: 448

Merit: 136

Hire Bitcointalk Camp. Manager @ r7promotions.com

It is very important to use only one specific exchange instead of using multiple exchanges. If more than one exchange is used, my personal security is at risk as I have to provide my personal documents to different exchanges. By using an exchange, my personal documents are given only to that particular exchange, so there is no chance of my personal documents being leaked.

TastyChillySauce00

legendary

Activity: 3010

Merit: 1028

Leading Crypto Sports Betting & Casino Platform

Quote from: Hanadawa on June 21, 2024, 08:52:46 AM

I will not be tempted by various promotions and discounts offered by other exchanges as long as I don't have problems with my current exchange. From the start I chose an exchange that was trusted, had lots of crypto assets and the most important thing was that it was easy to send, deposit and withdraw my assets. I don't need to learn new things and adapt to a new exchange interface. But to be honest I don't just use one exchange and have tried several exchanges. But in essence I only use one or two exchanges to make transactions and don't try other exchanges just because they offer price differences or lower fee promotions.

remembering the FTX case, a good and reliable exchange could become a bad exchange in just matter of short time.
so just trusting the same exchange for too long might also pose risk if suddenly things goes south, I'd think that diversification of asset through various "trusted" exchange as something that's truly necessary.

I personally also try to seek the most trusted exchange there is but honestly, i'm not risking my money to be in the same situation as FTX, waiting so long to get reimbursement is such a pain in the ass, that with a big "IF" our money even get reimbursed in the first place, things can get messy. it's okay to keep trusting exchange but also on the lookout for the impending doom, to avoid being the victim.

Epaper

full member

Activity: 795

Merit: 112

Quote from: G_Besar on June 19, 2024, 12:44:54 AM

Quote from: Epaper on June 15, 2024, 12:56:25 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.

I agree with you that choosing various exchanges can indeed provide flexibility in managing transaction costs. Especially if you use a trusted exchange, we can feel safer and more comfortable in making transactions. In addition, it might be ideal if there was one platform that could meet all our needs so that we could save time and effort.

johnsaributua

sr. member

Activity: 812

Merit: 257

PredX - AI-Powered Prediction Market

I have 4 of my favourite cex to exchange, although 1 of them I often use but anticipate better.

I was a little uncomfortable at first with the collection in the tos procedure about the kyc requirements that I had to provide, but the cex is getting more and more I need because a token / coin if it is listed of course it is a real coin that can benefit.

Because the cex exchange only asks for a connection I think it should be more research to use it especially the new market domain, many designations are the goal of coin hodlers, I am an airdrop hunter and I need a lot of exchanges. Also a trader if he has an arbitrage trading style will certainly need a lot of markets too, I think it is optional and I am confident in my decision.

Hanadawa

sr. member

Activity: 686

Merit: 407

rollbit.com/trading

Quote from: Wexnident on June 18, 2024, 06:07:39 PM

Quote from: Cryptomultiplier on June 02, 2024, 11:21:32 AM

-snip-

I will not be tempted by various promotions and discounts offered by other exchanges as long as I don't have problems with my current exchange. From the start I chose an exchange that was trusted, had lots of crypto assets and the most important thing was that it was easy to send, deposit and withdraw my assets. I don't need to learn new things and adapt to a new exchange interface. But to be honest I don't just use one exchange and have tried several exchanges. But in essence I only use one or two exchanges to make transactions and don't try other exchanges just because they offer price differences or lower fee promotions.

justdimin

hero member

Activity: 3220

Merit: 678

www.Crypto.Games: Multiple coins, multiple games

Quote from: Cryptomultiplier on June 02, 2024, 11:21:32 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.

My reason is also 'being convenient'. Yeah, I do agree with the "easy" ones, those people are right, well at least right for me. It's easy, because I am already using one and do not see a reason to move. If I had to move, I need to find a reputable one that I can trust, and move all my money there, which makes no sense because it's a lot of work, or at least it's scary to do it.

I personally believe that the best thing to do right now would be just realizing that life isn't as simple as you may think, or that hard as you may imagine, it's just calm and regular. That's why I prefer the calm and regular option, keep staying at where I am because it's the easy option and I would not get any worries about any other place. If anything happens where I am, then I may start reconsidering.

Samlucky O

sr. member

Activity: 504

Merit: 389

The great city of God 🔥

Using one exchange is good for me than using multiple exchange. It will save you of stress and many other factors like kyc because if you chose to use multiple exchange, it will occupy alot of space in your phone. It will not add anything to your list of important things on phone and many other factors. So using a single exchange is good. Except it has lost its usefulness before I may consider not to use it again. I have a friend of mine that use the sake of this multiple exchange and lost access to the one that has fund in it. What happens is that all of his centralised exchange on his mobile phone has different password so he was using another password for another exchange for long till he forgot the right one and he didn't has a backup, he was lucky to have the registered email where he received a recovery password and he changes it. In this aspect it can Leed to being confuse at some point.

oktana

sr. member

Activity: 1680

Merit: 288

Eloncoin.org - Mars, here we come!

Quote from: NotATether on June 20, 2024, 02:49:20 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.

Your first point makes a lot of sense. Actually I can remember not wanting to use an exchange because they asked for my ID. It’s something I have supplied to an exchange before then, but having to give it out like it’s a souvenir was indeed a problem for me.

NotATether

legendary

Activity: 1568

Merit: 6660

bitcoincleanup.com / bitmixlist.org

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.

michellee

hero member

Activity: 2604

Merit: 816

🐺Spinarium.com🐺 - iGaming casino

Quote from: avp2306 on June 19, 2024, 07:52:39 AM

Quote from: michellee on June 19, 2024, 04:23:36 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.

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 select the top exchange that have reputation, we don't have to worry with anything. We can trade with calm and just focus on our analysis. The top exchange will gives their services to their customers and will makes them comfortable while trading at their place.

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.

N.O

full member

Activity: 336

Merit: 208

Quote from: oktana on June 18, 2024, 05:29:59 PM

Quote from: Reatim on June 15, 2024, 11:03:17 PM

Quote from: oktana on June 08, 2024, 06:43:40 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.

Yes , It is risky when we switch on new exchange. We should take steps if we have knowledge that we will get the money from that . Here are many exchanges which may scam anc our money will be waste and we will cry . I think you should use reputed exchange and always do your research and never hear the voice of inexperienced person. Mostly we become unsuccessful due to advise of inexperienced person and we act on that and then we lose our investment and after he says he is not responsible for that . Responsibility is yours and always use reputed exchanges like Binance where you are safe and nobody can damage you otherwise he will be ban and his account will be suspended and he will be unsuspended when will give his confirmation.

slapper

legendary

Activity: 1946

Merit: 1100

Leading Crypto Sports Betting & Casino Platform

Quote from: G_Besar on June 19, 2024, 12:44:54 AM

Quote from: Epaper on June 15, 2024, 12:56:25 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.

It sounds good to save a few bits on fees, but are we giving up safety for pocket change? It's dangerous to jump from one place to another. For the sake of lower fees, do you really want your coins to be on the line?

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

avp2306

sr. member

Activity: 1022

Merit: 363

Quote from: michellee on June 19, 2024, 04:23:36 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.

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.

MarjorieZimmermanGinger

hero member

Activity: 1540

Merit: 812

Leading Crypto Sports Betting & Casino Platform

Quote from: Cryptomultiplier on June 02, 2024, 11:21:32 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.

michellee

hero member

Activity: 2604

Merit: 816

🐺Spinarium.com🐺 - iGaming casino

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.

Adbitco

hero member

Activity: 1428

Merit: 653

Leading Crypto Sports Betting & Casino Platform

Quote from: Pi-network314159 on June 18, 2024, 09:49:12 PM

Quote from: Adbitco on June 02, 2024, 11:36:17 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 ex
Example 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.

G_Besar

hero member

Activity: 1120

Merit: 504

Quote from: Epaper on June 15, 2024, 12:56:25 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.

Ultegra134

hero member

Activity: 1778

Merit: 907

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.

serjent05

legendary

Activity: 3052

Merit: 1281

Get $2100 deposit bonuses & 60 FS

Quote from: Cryptomultiplier on June 02, 2024, 11:21:32 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.

Topic: Why do you think it's best to consistently use the same exchange? - page 3. (Read 1358 times)