thegoatiest (OP)
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August 30, 2018, 10:39:18 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.
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metribitcoin
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August 31, 2018, 02:17:23 AM |
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Its will be more efisien just keep it on the exchange , and make sure you already turn on all security features in that exchange, like use private and unique email address, turn on 2 FA, and to avoid phising link always log in from bookmark link.
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mk4
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Paldo.io 🤖
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August 31, 2018, 02:44:56 AM |
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Personally if I would just use the funds the following day, I would leave it as I only allocate a small percentage of my funds for trading anyway. Sure if I lost those funds it would hurt for sure, but it's nothing really life wrecking.
Pretty much completely up to you. 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. Just make sure you're using a secure password and activate 2fa.
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manggis97
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October 08, 2018, 01:12:07 AM |
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For better withdraw only the profit and for the initial balance keep on the exchange, and make sure use trusted and legit exchange and they never get any issue of hack. I been use exchange of Bittrex and Poloniex in more than 2 years and i leave some balance there in that times, and untill now all balances is safe.
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peter0425
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October 09, 2018, 08:17:44 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.
The best practice is not to leave your coins in an exchange, specially if its a big amount. Prevention is better than cure so my advise is to take your money out so that you will have a good night sleep. Chances are, if the exchange is hack then you are still safe because you still have your money in you wallet otherwise your money is gone for good, just saying. |
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cryptocrusher
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October 09, 2018, 02:33:46 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.
You need to consider what exchange it is that you are using and how much you trust them, then also how many coins you have within that exchange. If you only have $1000 it makes no sense to pay around $10 every day to remove them because that will eat away all your profit.. If you have $100k then it may be more worthwhile as it's such a lower percentage. |
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bit-freedom
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October 09, 2018, 04:27:57 PM |
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There are risk of losing your funds if you kept it in exchange. However, it depends on the amount. If the amount is small and doesn’t justify paying the withdrawal fees, it will make more sense to keep in exchange.
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Marcel666
Jr. Member
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The Premier Digital Asset Management Ecosystem
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October 09, 2018, 05:18:55 PM |
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Some exchanges charge for every action, even setting up and cancelling orders. But all charge for withdrawals and deposits. So withdrawing your assets regularly could cost quite a bit especially when your profit ratio is not too high.
There is also the security risk with leaving your assets when not actively trading.
Weight the risks and losses in each situation putting the security of the exchange into consideration.
You decision would not always be the same.
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supermine
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October 09, 2018, 05:22:06 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.
If you have the intention of going for trading the next day so you need to leave it in the exchange itself because withdrawing will leads to transaction fee and withdraw fee and in some exchange you need to pay deposit fee again if you want to deposit in the next day so just keep it in the exchange hope that exchange will not get hacked overnight.  |
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lornadane
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October 09, 2018, 11:19:16 PM |
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It depends which exchanger you choose to trade. Like I kept some coins 900 USD worthy in Binance to trade, still, I haven't withdrawn them, they are safe in Binance exchange, the same thing I did in bancor exchange. So. if you trade in well-reputed exchanges which have strong security options then I think you can keep your tokens there. No need to spend some extra fees.
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cryptocrusher
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October 10, 2018, 07:33:50 PM |
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It depends which exchanger you choose to trade. Like I kept some coins 900 USD worthy in Binance to trade, still, I haven't withdrawn them, they are safe in Binance exchange, the same thing I did in bancor exchange. So. if you trade in well-reputed exchanges which have strong security options then I think you can keep your tokens there. No need to spend some extra fees.
Binance have a track record of dealing with security risk and refunding victims when there are any breaches but as always you can't be certain that a major exchange is fully safe, many people did that with mt.gox and look how that ended up. If Binance lost all users funds they'd be in no position to repay the victims. |
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sana54210
Legendary
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October 11, 2018, 05:43:06 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.
I don't think you should consider keeping or withdrawing while you continue doing that daily. If you want to know weather you should cash out all your trading into btc and not trade while you sleep that might be a good idea since all kinds of crazy stuff may happen but if you are looking to withdraw while you will once again trade there next day than it is just futile withdraw/deposit fee's you pay and definitely should not do it. Only withdraw when you want to get out, while trading its useless. However like I said previously definitely try to be on no trades while sleeping because market won't wait for you to wake up. |
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Ewinsane
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October 13, 2018, 01:18:37 PM |
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It depends which exchanger you choose to trade. Like I kept some coins 900 USD worthy in Binance to trade, still, I haven't withdrawn them, they are safe in Binance exchange, the same thing I did in bancor exchange. So. if you trade in well-reputed exchanges which have strong security options then I think you can keep your tokens there. No need to spend some extra fees.
Binance have a track record of dealing with security risk and refunding victims when there are any breaches but as always you can't be certain that a major exchange is fully safe, many people did that with mt.gox and look how that ended up. If Binance lost all users funds they'd be in no position to repay the victims. Withdrawing daily sometimes is not always the thing, as what is important is to even make your account secured and at least have some little trust on the exchange you are using, which if you know the trust is shaky, you should not even be using it in the first place. The reason why I said little trust is because no exchange can be trusted completely, bullshit happens and you really want to be sure you are not trading with what you cannot afford to lose. Most of the time, the choice is always left for you but the only thing I will advise not to ever do in margin trading is to leave a position overnight without at least setting a stop loss as that would be a terrible idea. |
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allahabadi
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October 13, 2018, 01:54:35 PM |
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Bitmex is considered a safe exchange; dunno abt others, but it also depends on how much u have; if the withdrawal fees are peanuts; then u may withdraw.
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PizzaBTC
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October 13, 2018, 02:13:25 PM |
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It depends which exchanger you choose to trade. Like I kept some coins 900 USD worthy in Binance to trade, still, I haven't withdrawn them, they are safe in Binance exchange, the same thing I did in bancor exchange. So. if you trade in well-reputed exchanges which have strong security options then I think you can keep your tokens there. No need to spend some extra fees.
Keeping coins in an exchange overnight is something that should not even be a thing as long as what you have on the exchange is your trading fund, why will you want to be moving it around. Just make sure your funds are secured by at least making sure you are using the additional securities present on the exchange like 2FA to secure your account from getting hacked, but most especially, always make sure you are on an exchange with something you can afford to lose, because anything can happen and since it is a centralized exchange, you really may lose everything if something terrible happens. |
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cryptolidus
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October 13, 2018, 09:25:37 PM |
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There is no sense to withdraw your coins from exchange overnight if you are intending to trade with them the next day.
It is true that exchanges can be hacked but good exchanges will refund if that happens. Always keep only the amount
you will be trading with on exchanges.
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DJohnson
Jr. Member
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October 13, 2018, 10:20:07 PM |
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I would not recommend withdrawing often as most exchanges require you have withdrawal fees. I think most people only leave a small portion of their total coins on a margin exchange, and remove profits at a regular basis.
If you don't take profits occasionally, it can be easy to be tempted to use all of your funds on an exchange - which could end up very bad on leverage. Preserve your profits - if you get them.
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raven.tiu17
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October 13, 2018, 11:34:40 PM |
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Just use 2FA for a better quality security protection if you can't use 2FA probably your account is endanger, I use bitmex for margin trading and i dont have any problem on that exchange but KYC is a mandatory.
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jeantyo1
Newbie
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October 18, 2018, 09:16:29 AM |
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Agree with guys. Anything could happen, and if I were you, I wouldn't keep the coins on the exchange. If only it has a cold storage like CEX ( https://cex.io/) or similar to it. Even so, I would probably be afraid of leaving my coins on the exchange and rather withdraw them. |
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omonuyak
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October 18, 2018, 11:06:18 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 a trader i don't think there is need to be moving the coins from exchange to your private wallet daily. The risk of living you coins in exchange is understandable and millions of dollars has been lost to scammers and hackers through that but I believe that the whole system is full of risks and your private wallet can still be hack if you did not carefully keep them. I have left some of my coins at poloniex for more than a year now because it is safe and I don't need to be afraid of hackers because the system is secure. |
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