I have a few beginner questions regarding crypto trading

[Myleschetty]

After falling down the rabbit hole of learning how to mine, and learning how to build a mining rig, learning how that stuff works, I learned what I needed to learn and decided that I cannot afford to start mining right now.

Mining is usually the first dream of all cryptocurrency enthusiasts when they understand how Bitcoin works but when they dig deep about what it takes to be a Bitcoin miner what they do is move to trading or another aspect of making money through Bitcoin

1. I'm currently using coinbase as my main crypto exchange. But I keep hearing from a lot of people who have been trading/mining crypto for years say that they don't use coinbase anymore. Why is that? Also what exchange is the most popular to use right now? Is it still Coinbase?

Coinbase exchange have loose the trust of the people in crypto community or forum due to their inactive customers support, unnecessarily KYC and their centralization rules. Besides, i have never read something good about them on this forum.

[South Park]

3. I've heard mentions in forums and youtube that people who trade prefer to store their crypto in wallets outside of an exchange for security reasons. If I'm understanding that right, that instead of storing their crypto in wallets that you can make on your coinbase account, they store it in a paper wallet or something. Am I understanding that right? And if so, what security risk am I taking by storying the crypto that I've invested in, in wallets that I created in my coinbase account?

You do not have to store your coins in a paper wallet, people are just storing their coins in a wallet only they control, you need to understand the risk of storing your coins in exchanges, the whole concept of bitcoin is predicated on being your own bank and exchanges are de facto banks so you are relinquishing control over your coins by storing your coins long term in exchanges and as such your coins are at a higher risk of disappearing by doing so, so if you are not going to trade every single day then it is better to just send your coins when you will make a trade and then get your coins out of it as soon as possible.

[martina14]

When I started trading I was a newbie and now trading is my passion! Don't think or set in your mind that you're a newbie. Just think you want to do it, and then practice for that! Keep checking the coin's price movements every day, try to read articles, videos about trading, look at the buy and sell orders in potential exchanges and start with 10-20 USD!
You may fail in your first tradings but don't be hesitate to keep trading! By practicing hard, you will be a successful trader. Good Luck.

Therefore, practice make more perfect, through this way we can also learn for every mistakes that were gonna face it in the future. Meaning as one of the traders here in crypto space we supposed to be aware in the possible consequences we may encounter in the actual trading platform.

[jostorres]

When I started trading I was a newbie and now trading is my passion! Don't think or set in your mind that you're a newbie. Just think you want to do it, and then practice for that! Keep checking the coin's price movements every day, try to read articles, videos about trading, look at the buy and sell orders in potential exchanges and start with 10-20 USD!
You may fail in your first tradings but don't be hesitate to keep trading! By practicing hard, you will be a successful trader. Good Luck.

Therefore, practice make more perfect, through this way we can also learn for every mistakes that were gonna face it in the future. Meaning as one of the traders here in crypto space we supposed to be aware in the possible consequences we may encounter in the actual trading platform.

I have done the same thing as well, when I first learned about crypto I wasn't really interested in trading, I was more interested about the potential how it is better to send and receive money, at the time bitcoin was very cheap and you could send and receive bitcoin for under 20 cents, and that is why it was a great method, obviously that changed when bitcoin went up, I have seen as much as 70 dollars once and that was a weird period but it worked for me because that is when I decided maybe if this many people liked trading bitcoin, that could be great for trading for myself as well and that is when I started, this was around 2017, way after I got into crypto.

Ever since that I made a lot of mistakes but the great side of my mistakes was the fact that I rarely ever make the same mistake twice, that is why I made some profit recently because I eliminated most mistakes I do.

[Yamifoud]

After falling down the rabbit hole of learning how to mine, and learning how to build a mining rig, learning how that stuff works, I learned what I needed to learn and decided that I cannot afford to start mining right now.

...

3. I've heard mentions in forums and youtube that people who trade prefer to store their crypto in wallets outside of an exchange for security reasons. If I'm understanding that right, that instead of storing their crypto in wallets that you can make on your coinbase account, they store it in a paper wallet or something. Am I understanding that right? And if so, what security risk am I taking by storying the crypto that I've invested in, in wallets that I created in my coinbase account?

Absolutely, right! But of course, you can still use your Coinbase account, however, if you are thinking about the security of your fund, never let your funds stay there for long or we have to say that you will consider this a fund keeper and just withdraw it when you need money. Because if you are aware of hacking, you are closer to that, who knows exactly if Coinbase will be the target of the hackers. Or there might have an inside job hacking incident.
 

[TimeTeller]

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I have just a few beginner questions regarding crypto trade:

1. I'm currently using coinbase as my main crypto exchange. But I keep hearing from a lot of people who have been trading/mining crypto for years say that they don't use coinbase anymore. Why is that? Also what exchange is the most popular to use right now? Is it still Coinbase?

2. Is it normal to make several purchases on coinbase (using your checking account) as in purchasing portions of several different types of crypto, for those transactions to be pending for a little while before your available balance reflects the amount that you actually purchased? How long does the pending phase usually take on coinbase, if your checking account is in the United States?

3. I've heard mentions in forums and youtube that people who trade prefer to store their crypto in wallets outside of an exchange for security reasons. If I'm understanding that right, that instead of storing their crypto in wallets that you can make on your coinbase account, they store it in a paper wallet or something. Am I understanding that right? And if so, what security risk am I taking by storying the crypto that I've invested in, in wallets that I created in my coinbase account?

That is because for them coinbase is not safe anymore based on what they've encountered or they might have a bad experienced using coinbase before. Then second,  in terms of storing your cryptocuurency at coinbase it is really better to keep it into a paper wallet or ledger or hardware wallet than coinbase. And third , the best exchange platform that are safe to use for my own opinion for now are binance, kucoin, and houbi.

Currently, a lot of traders prefer Binance over Coinbase. This is why you will see that Binance is at the top right now among crypto exchanges.
At some point, some Coinbase's users before encountered problems, so they moved to another exchanges, and most of them go to Binance, Kucoin.
Am a Binance user myself. And I am finding it comfortable using this trading platform. Also, your funds are safe with their insurance.
I haven't used Coinbase ever since, so I can't be of much help regarding question 2.
And with respect to no. 3 - it is always better to store your coins in your own wallet even if you are using top exchange in your trading.
Because anytime, they are vulnerable to hacks or attacks that may derail their operations.

[cabron]

Currently, a lot of traders prefer Binance over Coinbase. This is why you will see that Binance is at the top right now among crypto exchanges.
At some point, some Coinbase's users before encountered problems, so they moved to another exchanges, and most of them go to Binance, Kucoin.
Am a Binance user myself. And I am finding it comfortable using this trading platform. Also, your funds are safe with their insurance.
I haven't used Coinbase ever since, so I can't be of much help regarding question 2.
And with respect to no. 3 - it is always better to store your coins in your own wallet even if you are using top exchange in your trading.
Because anytime, they are vulnerable to hacks or attacks that may derail their operations.

The two however had more traders playing because its mostly what they know and recommended by users for a reason that they are saying its safer. And its true too.
I actually prefer the Binance because I got use to it already because from the beginning its the one introduced to me. If OP had been using coinbase pro from the start, he may got use to it and will not ever try some other else unless he had invested to a project that isn;t listed on coinbase.

[CryptopreneurBrainboss]

When I started trading I was a newbie and now trading is my passion! Don't think or set in your mind that you're a newbie.
You may fail in your first tradings but don't be hesitate to keep trading! By practicing hard, you will be a successful trader. Good Luck.

Every professional trader in the industry today, at some point started as a newbie that had no or little knowledge about the market but what made them professionals today is the deal and determination to continue in the oath they have chosen for themselves and perfect all the skills involves in trading.

The good news is you can do that as well if you stay determined and develop interest that turns into passion for trading. The act of trading is no rocket science, basically what you're doing is buying and selling but to be more accurate in your prediction, you have to understand how the market has previously reacted to get an idea what's likely in stored for the market

Everybodies storyline can't be the same, some make it from the get go, they don't feel failures form the very beginning although at some point that part of your journey begins to discourage you from continues but you have to fight it becomes afteytgat stages your chances of succeeding increase massively.

[wiss19]

I'm currently using coinbase as my main crypto exchange. But I keep hearing from a lot of people who have been trading/mining crypto for years say that they don't use coinbase anymore. Why is that? Also what exchange is the most popular to use right now? Is it still Coinbase?

Coinbase is a good one, but if you’re going to be using it for trading it is best that you make use of the Coinbase trading platform which is CoinbasePro because with that you’re going to be saving up from fees than when you’re making use of the wallet in trading.Apart from the fees that might be high for you, Coinbase is a good and secure platform to mask use of.

In terms of popularity, there are other exchanges that are very popular too such Kraken, Binance, Huobi, Poloniex and so many of them. Binance is the choice for most people and it is the most popular and is even bigger than Coinbase when you check their daily volume, and they have less fees than when you’re making use of Coinbase. You should try them two out and compare to know which is best for you.

[goldade]

After falling down the rabbit hole of learning how to mine, and learning how to build a mining rig, learning how that stuff works, I learned what I needed to learn and decided that I cannot afford to start mining right now.

So as an attempt to better comprehend and explore the world of cryptocurrency(which I've only been aware of for a few years), I decided to invest in a few types of crypto.

I have just a few beginner questions regarding crypto trade:

1. I'm currently using coinbase as my main crypto exchange. But I keep hearing from a lot of people who have been trading/mining crypto for years say that they don't use coinbase anymore. Why is that? Also what exchange is the most popular to use right now? Is it still Coinbase?

2. Is it normal to make several purchases on coinbase (using your checking account) as in purchasing portions of several different types of crypto, for those transactions to be pending for a little while before your available balance reflects the amount that you actually purchased? How long does the pending phase usually take on coinbase, if your checking account is in the United States?

3. I've heard mentions in forums and youtube that people who trade prefer to store their crypto in wallets outside of an exchange for security reasons. If I'm understanding that right, that instead of storing their crypto in wallets that you can make on your coinbase account, they store it in a paper wallet or something. Am I understanding that right? And if so, what security risk am I taking by storying the crypto that I've invested in, in wallets that I created in my coinbase account?

One of the most important factors to consider in choosing an exchange is the fees. Exchanges charge fees for trading and withdrawing. A good exchange charges low which means you have more money to withdraw when you make trades and withdrawals. Personally, I think Binance is the best exchange right now.
I don't use coinbase so I can't answer your second question but on Binance, you can place multiple trades.
Thirdly, it is usually recommended to keep funds in external wallets and not the exchange wallet. This is because these exchanges are not as secured as the wallets and are usually prone to attacks such as phishing

[SquallLeonhart]

One of the most important factors to consider in choosing an exchange is the fees. Exchanges charge fees for trading and withdrawing. A good exchange charges low which means you have more money to withdraw when you make trades and withdrawals.

Honestly I never look at fees when I'm choosing exchanges. Because, I am just looking at availability of the trading-pair I am going to trade with. Basically I'm not an active trader who is constantly making 5 to 10 trades everyday; this may be the reason that I am just looking for the availability of one specific altcoin to start with a new exchange.

You should try them two out and compare to know which is best for you.

Yeah, I am always trading on more than one exchange at a time so that when there will be a problem in one exchange then I could cope up my life by trading in another one. I'm living of the cryptocurrencies hence I need to cash out fiats from cryptocurrencies time to time so I need uninterpreted services all the times.

[Saniati]

I Think binance is the most popular trading exchange platform.

You can use binance beacuse high trading volume and it’s looking me great trading platform.       

[South Park]

I have done the same thing as well, when I first learned about crypto I wasn't really interested in trading, I was more interested about the potential how it is better to send and receive money, at the time bitcoin was very cheap and you could send and receive bitcoin for under 20 cents, and that is why it was a great method, obviously that changed when bitcoin went up, I have seen as much as 70 dollars once and that was a weird period but it worked for me because that is when I decided maybe if this many people liked trading bitcoin, that could be great for trading for myself as well and that is when I started, this was around 2017, way after I got into crypto.

Ever since that I made a lot of mistakes but the great side of my mistakes was the fact that I rarely ever make the same mistake twice, that is why I made some profit recently because I eliminated most mistakes I do.

This is something that many newbies never get, most of the time improvements in terms of profits have to do with making less mistakes, you do not have to be the best trader around the world if you want to make profits in the market of cryptocurrencies, what you need to do is to reduce your mistakes to zero, now I'm not going to say that is easy because it's not but if you are capable of doing this then you will have a very significant edge over almost every single trader around the market.

[clint25n]

When I started trading I was a newbie and now trading is my passion! Don't think or set in your mind that you're a newbie. Just think you want to do it, and then practice for that! Keep checking the coin's price movements every day, try to read articles, videos about trading, look at the buy and sell orders in potential exchanges and start with 10-20 USD!
You may fail in your first tradings but don't be hesitate to keep trading! By practicing hard, you will be a successful trader. Good Luck.

Therefore, practice make more perfect, through this way we can also learn for every mistakes that were gonna face it in the future. Meaning as one of the traders here in crypto space we supposed to be aware in the possible consequences we may encounter in the actual trading platform.

Practice is best way how to learn from our mistake but we should understand about bitcoin news day by day, if you want hold and buy some altcoin you need to read what their update few days later, never buy altcoin without check and see what best news few days later like hardfork, update new exchange lusting until they make new upgrade mainnet system.

[cyriljundos]

i used coinbase twice and im not satisfied with the trading platform. im worried about if coinbase  will attack by hackers and their platform is not much secured and probably all of your assets,bitcoin will be gone. so i transferred to much safer binance, binance is good in trading and high volume coins.

[AakZaki]

Yeah, I am always trading on more than one exchange at a time so that when there will be a problem in one exchange then I could cope up my life by trading in another one. I'm living of the cryptocurrencies hence I need to cash out fiats from cryptocurrencies time to time so I need uninterpreted services all the times.

trading on many exchanges is not a problem, but with a note that these exchanges are trustworthy and have pretty good security. If the exchange that is being used does not provide good security guarantees as well as bad service, then stay away from it.

Currently the most popular cryptocurrency trading exchange used by people around the world is Binance. Binance is a good exchange with good security and several helpful features to make trades. a P2P marketplace is also provided which will be useful for making direct withdrawals to both sellers and buyers.

[blackened515]

i used coinbase twice and im not satisfied with the trading platform. im worried about if coinbase  will attack by hackers and their platform is not much secured and probably all of your assets,bitcoin will be gone. so i transferred to much safer binance, binance is good in trading and high volume coins.

So many people have their own interests in the exchange they want to use, I have seen several traders that uses bitmex because of the features they carries, Binance do not have every features that people finds it interesting, it might be security, financial savings policy, airdrops and many more.
At op, you have understood what you have learnt, or what you have read from the internet, for sure, funds are not to be saved on an exchange, even the more trusted and recommended exchange Binance had been hacked, so why storing coin on an exchange, that's risky. Be sure to be keeping your profit generated from trading in a custodial wallet where you have your 12 mnemonic seed phrase kept save.

[FanEagle]

i used coinbase twice and im not satisfied with the trading platform. im worried about if coinbase  will attack by hackers and their platform is not much secured and probably all of your assets,bitcoin will be gone. so i transferred to much safer binance, binance is good in trading and high volume coins.

So many people have their own interests in the exchange they want to use, I have seen several traders that uses bitmex because of the features they carries, Binance do not have every features that people finds it interesting, it might be security, financial savings policy, airdrops and many more.

Yes, different exchanges are providing different features and facilities to keep attracting their traders. I have been making use of binance and I am very much comfortable with them. In the past I have been trading into many exchanges and compared to most of them, binance must be having rich level of features which are in help of making us to trade accurately and conveniently.

Still, loading faster and getting us price levels without any lagging kind of basic features is something we are all always expecting. When some exchanges are failing to bring these basics, we definitely need to switch over to the better one.

[perfect999]

i used coinbase twice and im not satisfied with the trading platform. im worried about if coinbase  will attack by hackers and their platform is not much secured and probably all of your assets,bitcoin will be gone. so i transferred to much safer binance, binance is good in trading and high volume coins.

But I have been watching coinbase is existing without any such hacking attempts but most other exchanges are facing hacking attempts time to time. Still, that is your opinion on coinbase and I respect it. I have also used binance exchange and I am very much comfortable with their trading environment. But I am not good in identifying security features hence this may be the reason why I am looking into coinbase and binance in same manner.

[cryptolord2077]

You have received quite a few answers already, I just want to give my opinion on security. As you already understood, one of the safest methods is a cold wallet, but if you do not have money for the ledger, then you can use either a paper wallet or an encrypted storage. I like this option much more than a paper wallet that you can lose under completely different circumstances. A possibly safer method would be to use a paper wallet in combination with an encrypted container in which you will store your data. To encrypt the container, you can use the Vera Crypt program.