Would it be wise to use domestic and foreign exchanges separately?

[manul888]

I am trading cryptocurrency in Korea,and I am using two different exchange platforms: a exchange called Dove Wallet and Binance, due to liquidity and also a price difference called Kimchi Premium. Is it common to use two or more exchanges?

[dkbit98]

I am trading cryptocurrency in Korea,and I am using two different exchange platforms: a exchange called Dove Wallet and Binance, due to liquidity and also a price difference called Kimchi Premium. Is it common to use two or more exchanges?

It is very common and I know that many people have accounts on more exchanges, because for some of them you don't need to pass kyc verification and for other exchanges you must pass it.
Some exchanges have better volume or lower fees, and there are other decentralized exchanges like Bisq and people can use all of them for trading.
I don't however recommend anyone holding Bitcoin on exchanges because next hack is just around the corner.

[Little Mouse]

It depends. I use mainly Binance for all if all the coins are available there. If I don't find my desired coin/token on Binance which is very possible because Binance don't list all the project, I have to go to Kucoin and some other crypto exchanges.
But before signing up and deposit money into any exchange, be sure that there’s enough liquidity on the pair you are looking for trading. Otherwise, you may lose big amount.

[tranthidung]

Hacked Exchanges since 2011.

The list is not a perfect one and some hacked exchanges probably were missed. Nevertheless, even with this list, you can see how many exchanges were hacked. 90 exchanges were named in the list that was last updated in January 2021. I hope you can see risks for your capital when you store your crypto on exchanges.

However, some points to note:

• If you are good at security and have healthy web-surfing habit, choose a non-custodial wallets for your crypto. Secure it by your side. It is your priority
• If you are bad at security and have bad web-surfing habit, choose a big and trusted exchange. I don't say big exchanges can protect you from all stupid things you do. Fortunately, their security structures can protect you somewhat

[rhomelmabini]

Very very common and I guess to crypto savvy that's a normal thing. Good to know you're using Binance but sad to see the Binance Korea shut down because of tight liquidity and low volume and as always look for exchanges that has good amount of liquidity but check as always if they're reputable enough.

[tyz]

I am trading cryptocurrency in Korea,and I am using two different exchange platforms: a exchange called Dove Wallet and Binance, due to liquidity and also a price difference called Kimchi Premium. Is it common to use two or more exchanges?

I know people which use 20+ exchanges, just to be able to trade most part of existing coins

It depends on what you are trading. If you are just trading Bitcoin and Ethereum, you are actually fine with one big exchange with good liquidity. If you trade many altcoins then you would be required to use more exchanges.

[traderethereum]

It is normal to use two or more exchanges to trade because that is what we do if we want to spread our balances and make more money.
But you need to have more time to manage your balance because that can make you confuse between your first account and second account.
As long as you can manage better, that will not be a problem.
Maybe you can give more attention to one exchange, so the other exchange can be your backup trade, just if the exchange gets a bullish trend.

[sujonali1819]

It's normal to all. I have a doubt that there is someone doing trade has only one accounts on only one exchanges. Yes, it's common that after some days or month even year someone can chose only one as his favorite and can do trade only there.

So don't feel doubtful to use more than one exchanges but always keep the logins deferent/unique for each exchange. And don't hold your fund in any exchange like a crypto wallet.

[passwordnow]

Nothing new if you're using two or three or more exchanges. You find your exchange which you're comfortable using and there's no problem that you're using a lot of exchanges as much as you can. There's no rule in the crypto market that only allows us to use a few exchanges or letting us stay only to one exchange. If the exchange is very much convenient and you don't have problem on it then stick to them if that's giving you the delight when you trade but if not, find another one and so on.

[Myleschetty]

I am trading cryptocurrency in Korea,and I am using two different exchange platforms: a exchange called Dove Wallet and Binance, due to liquidity and also a price difference called Kimchi Premium. Is it common to use two or more exchanges?

It's very common to use two or more exchanges because every exchange have their own benefit and you using the dove will also help you since it a local exchange and I read that the Asian crypto market price is usually higher than international exchange price.

[Mr.right85]

Of course, its in ones best interest to used different exchange separately. Using different exchanges separately helps you to better understand which service is more better and reliable. It also pushes the various exchanges to do better in terms of the services they offer to the crypto community. So, its very much in one's best interest to use the services of different exchanges. Another way it could also help is in cases of a hack. Should it be that your funds where all in one exchange, a single hack and its all gone but having different exchanges guides against this unlikely event.

[Findingnemo]

I am trading cryptocurrency in Korea,and I am using two different exchange platforms: a exchange called Dove Wallet and Binance, due to liquidity and also a price difference called Kimchi Premium. Is it common to use two or more exchanges?

Yes you can there is no restrictions on how many exchange you want to use. And you know you also can amek profits from the price difference in the exchanges you are trading for particular coins which is commonly known as arbitrage trading.

[BIN-BIN]

I use more then 5 exchanges for my day trading, it all depends on your preference and the service you need from various exchange, if you stick to one exchange you may not be able to differentiate the exchange unique features that yoy at have missed sticking to one.

[hatshepsut93]

If you're using a small local exchange that doesn't have KYC, chances are it also attracts criminals, so if your coins will be linked to it, the more reputable international exchange might become suspicious of you, especially if they don't know that the wallet you are interacting with is an exchange wallet and not some shady darknet marketplace.

[GreatArkansas]

Just make sure you will read first the TERMS & CONDITIONS of such exchange you will use.
Avoid random exchanges without really trading volume and not reputable at all (research first).
There are some (or must of) exchanges that are now requiring their customers to undergo AML / KYC verifications, so before you deposit your funds on an exchange, double-check and do research to avoid your funds being locked to the exchange.