h0lybyte
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October 18, 2018, 01:07:35 PM |
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Hi, I'm attempting some margin trading on an exchange for a few days, I'm wandering what the best practice is when you decide to go to bed. Should you leave the coins on the exchange, or pay the fees to withdraw to an external wallet and then move them back in the morning? Thanks.
Moving your coins everday before going to bed will charge you on each transaction and if you count fee for a month, it sums really decent amount. Sometimes it is bettee to keep your coins on exchange unless you are not planning to come back tomorrow because spemdimg $3-$5 everyday on withdrawals matters
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renemagritte
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October 18, 2018, 01:29:41 PM |
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I leave them in the exchange, but If you're not in a position (yes, I open position and sleep haha, but I order stop loss etc.) and if you have a lot of monet there, I think you should withdraw it to your wallet. That is safer.
Because there is always a possibility that exchange can be hacked, exit-scammed etc. Never trust them so much.
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nicster551
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October 18, 2018, 01:40:51 PM |
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Hi, I'm attempting some margin trading on an exchange for a few days, I'm wandering what the best practice is when you decide to go to bed. Should you leave the coins on the exchange, or pay the fees to withdraw to an external wallet and then move them back in the morning? Thanks.
I just put my funds inside the exchange that I trust since I know a lot of people also do that and don't mind if they lose it or not since they only trade the funds they can afford to lose.
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The Sceptical Chymist
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October 18, 2018, 01:52:29 PM |
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Is it a big amount? If so, I would probably withdraw it because I'm paranoid. If it's not that much then leave it.
That's what I think it should come down to--as well as whether you trust the exchange you're using or not. I would be perfectly fine with leaving funds on Coinbase or Binance overnight (or even longer), but if it was an exchange like Yobit or one of the sketchier ones, I'd definitely move the coins to my own wallet. I haven't heard of an exchange pulling an exit scam lately, but I have little doubt that what Cryptsy, Mt. Gox, and the rest of them did will happen again. People's paranoia about leaving funds in an exchange wallet isn't exactly unjustified. It's smart not to if the fee to withdraw your coins is reasonable enough. Sometimes it would cost more than it's worth to move what you have off the exchange, but then you run the risk of getting scammed. One word of advice to OP if he hasn't figured it out yet: choose the exchange you're going to use wisely. I don't even know how many there are out there, but it's a lot and ones like Yobit have been known to screw their customers over. Even if your coins are safe overnight, there can be other problems that pop up, like "wallet maintenance" or them not paying proof-of-stake earnings on coins you own. I've seen that happen.
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atrocityx
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October 18, 2018, 05:59:42 PM |
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I definitely think you should avoid trades overnight but thats just me.. its such a scary thing even if you set an alert to be awoken at 3 or 4 in the morning and aren't really awake enough to grasp whats going on and have to make an immediate decision... but I see the other side too where sometimes trades take longer than that to play out, and you shouldn't be so scared out of your position... I think the easiest solution is play the extremities and avoid the dumb zone in the middle... like only go long below 6100 and only go short above 6800 and play on small margins... then it makes it a bit less stressful even if you hold your position through the night.
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Parodium
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October 18, 2018, 06:29:15 PM |
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Never keep your coins on an exchange for more than a few weeks, you're likely to eventually get hacked and lose your money. Almost all small exchanges experience some sort of hack or breach, even the big ones do from time to time. The only way to be safe is to pull it out regularly. Also, only keep in what you can afford to risk, not your entire balance.
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Dissident991
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October 18, 2018, 08:11:43 PM |
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It's not necessary to withdraw to an external wallet every time only if you are not planning hold for a long time. Also you can miss good orders while you wait deposit.
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Pioneer88
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November 04, 2018, 04:16:20 AM |
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One expert on margin trading recommended me to long Bitcoin Cash 30x when its price was 425$. Did not believe in him when I saw the total crypto markets were in red. I missed a good chance. He told me, chances like that come weekly, he suggested to continue long on Bitcoin Cash 5x-10x leverage even when its price is around 500$ now. Target 1: 519$, target 2: 534, Target 3: 579$. Hold for some days or even weeks. Stop-loss at 479$ and reentrance at 461$. Good luck! The only place that you can leverage BCC/USD now is at Bitseven. Remeber that BCC/BTC on Bitmex has another outcome. I do not respond for any of your loss. You own your risk. Never trade with fund that you're not affordable to lose all. However, I welcome any tips or donation if you win big ![Smiley](https://bitcointalk.org/Smileys/default/smiley.gif)
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wayancrypto
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January 20, 2019, 02:14:02 AM |
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This depending on the which trading platform that you want to use, if you want to do margin trading in crypto exchange will be more risky to keep there because issue of hack, so for the better withdraw everytimes you make profit, but if you want to do margin trading on the Meta trader platform that will be less risk because our ID registered on the platform and for withdrawal request should be the same with that ID.
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sedahan13
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February 13, 2019, 03:19:03 AM |
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Keep the coin only when you make open potition and if you want to take rest from trading is better withdraw all of the fund to personal wallet. This way is more safe than sorry because no body know later that exchange is safe, just like cryptopia been hack since more than 4 years operated.
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wuvdoll
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February 13, 2019, 08:57:19 AM |
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I'm attempting some margin trading on an exchange for a few days, I'm wandering what the best practice is when you decide to go to bed. Should you leave the coins on the exchange, or pay the fees to withdraw to an external wallet and then move them back in the morning?
I guess there will be no special cases are needed for the reason of margin trading for whether to keep your coins within exchange overnight or not. You may simply go for your usual practice of what you do with your capital. I do trade only with few major exchanges like bittrex and binance, still I do not prefer keeping my funds there hence I do withdraw time to time and will go for re-depositing whenever needed. At the same time, right now I am having more than one bitcoin in bittrex. I have bought TRX for airdrop and until last night I did not receive my share of airdrop and hence still holding there. If you are an active trader and you are trading with highly reputed and old exchange then you may not go for daily moving out your funds. I am not active trader hence I do not keep funds within exchanges for longer time.
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richcorner100
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February 18, 2019, 03:09:29 AM |
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Withdraw it to personal wallet if you want to take a rest from trading but if you want to do trading all the times just left there and remember to turn on all features of security like 2 step verification and use privacy email address. And if you want to make deposit in big amount is better use 2 different platform.
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BlackPanda
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February 18, 2019, 05:34:26 AM |
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I always leave it stored in exchange. What you really need to pay attention to is how you choose the right exchange because when you trade in an exchange that has good quality you will always feel comfortable and safe. Choose quality exchanges and don't save large assets in an exchange that doesn't have a good reputation. believe that as long as you save in the right exchange, all the assets you have will be very safe. See the historical record and you will feel confident.
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Muzika
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February 18, 2019, 08:46:46 AM |
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I always leave it stored in exchange. What you really need to pay attention to is how you choose the right exchange because when you trade in an exchange that has good quality you will always feel comfortable and safe. Choose quality exchanges and don't save large assets in an exchange that doesn't have a good reputation. believe that as long as you save in the right exchange, all the assets you have will be very safe. See the historical record and you will feel confident.
When holding coin in a exchange it is better to choose a most stable one, whether you have a large amount of coins or even a good amount it is better that you can sleep without thinking of your holdings, it happened to me before that my holdings on exchange got delisted so it is a lesson for me.
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adaseb
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February 18, 2019, 09:02:15 AM |
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It's depends on how much leverage you are given and what risks you are taking.
If you use an exchange like Coinbase or Binance there is no leverage at all, so you need to leave more coins on the exchange.
If you use an exchange like Bitfinex or Kraken which has leverage up to 3.3-5x then you can leave a little less in cold storage.
If you use a derivative exchange like Bitmex which has 100x leverage then you can mostly leave all your coins in cold storage and trade with a small stash.
This is the reason why the derivative exchanges and future exchanges are so popular these days.
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maxreish
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February 18, 2019, 10:07:56 AM |
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Hi, I'm attempting some margin trading on an exchange for a few days, I'm wandering what the best practice is when you decide to go to bed. Should you leave the coins on the exchange, or pay the fees to withdraw to an external wallet and then move them back in the morning? Thanks.
If you are unsure about the consequences. Better to set a stop loss or stop limit. Make sure to double check it before going to bed. At least, when you do the stop limit/loss, tendency is it will save you from losing big or gain at least profit if it went on your way.
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apityeh71
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February 20, 2019, 12:06:27 PM |
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You can keep on exchange if you already make open potition, but dont use all of your Bitcoin to trade in margin platform because by use leverage the risk will be very high and also keep on exchange is mean you not really become owner of that coin because you dont have the private key. If you want to hold Bitcoin for long term is better keep on personal wallet so you have full control with it.
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ginobitcoiner
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February 20, 2019, 12:34:22 PM |
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if I become you I will make a withdrawal of the assets that I have. I am now worried to save the assets that I have on an exchanger. I prefer to play some ltcoin as a withdrawal deduction rather than having to save the coin on an exchanger.
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