How many exchange accounts do you need to daytrade?

[jerry0]

If you are trading btc, eth and those most popular coins, having coinbase and binance is more than enough.  Having just coinbase is enough would you agree?  But if you are restricted to how many exchange accounts you could have... due to your location...then what are your options if you want to trade altcoins?



Example say you could only use coinbase and can't access binance or even binance.us.  Thus any of those new coins that you see come out, you can't buy unless coinbase lists them.  What do you do?  Binance requires KYC but also they don't allow people from certain regions.  You cannot vpn because even if you do, well when they KYC you, then you cannot do anything.



So how is it possible for someone to trade but more specifically daytrade... if say coinbase is the only account they could use in their location?  Say every other exchange, they are restricted due to their location.  I heard there is Defi but I don't know anything about his.  I also heard of pancakeswap... so that doesn't care where you are located and no KYC? 



For example if someone is a daytrader and trades altcoins, if you have access to coinbase and binance... that is more than good enough.  Then if you add say FTX, kraken, kucoin, then you pretty much have everything set up.



But what about people that want to trade those new coins whether its a memecoin or not and its not in coinbase yet?  How do people handle this?  I remember how back then people wanted to buy dogecoin... only to find out... hey coinbase doesn't have it etc. 

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[TheEconomists]

In my opinion it all depends on individual traders because they are people who don't trade new coins or buy new tokens. In a situation where one has Binance account there is a new tokens that will be launch in another exchange and if you don't have and account with that exchange you will have know choice than to open an account with that exchange to enable you trade that particular coins or tokens.

[livingfree]

Coinbase has Coinbase Pro: https://pro.coinbase.com/

And that's where you can trade, if you're wanting to use VPN just for you to have an access to any other exchange. Make sure that you have read their terms about it.

Because if you don't and you have tried and deposited there, your fund is at risk of being held by the exchange.

If you want to day trade elsewhere, just always check if you're in a region that they allow to do so. Make account for every exchange if that's what you prefer.

[Scripture]

You only do day trading on an exchange where you can freely trade without any restrictions, so if you want to buy other token that is not available on your trusted site then you have no choice but to open an account to other exchange or use DEX, this will always depend on you and depends if the new tokens are worth buying.

Day trading is not easy especially if you use many exchanges, I'd rather focus on one exchange and do my work there.

[Smartvirus]

It doesn't end in having so many accounts, one important factor is, you having enough funds to fund all them accounts on a single or several exchanges. Another question  one has got to concern him or herself with is that; of what use is it having several accounts with regards to trading. Are there a limit to how much or how many trades one can put out in the market or is the trading limited to only a certain number of coins?

It virtually doesn't make sense and it's rather safe to have or trade on a single or perhaps 2 exchanges as it in a way, diversifies your portfolio and keeps you off risk or ha less, scammers and over trading.

[GreatArkansas]

Decentralized Exchange is your friend here if you are really facing issues about these centralized exchanges being restricted on your location, you can use such decentralized exchanges which are already popular these days, but not all decentralized exchanges (DEX) are good/without restriction, like dyDx, they have restrictions.
But you can use such alternatives especially on other chains, like Solana, mango markets, Serum DEX, etc.

[jerry0]

Give me list of all decentralized exchanges.


I assume they are


pancakeswap

uniswap

[mrongoz_imut]

Based on which active network coin do you want trade, some trader looks like with trade on Solana coin network and need dapp exchange like raydium, not worry about fees transaction because Solana network have small fees than erc or bsc network. But I like with trading common coins and I use Binamce as my trading exchange. But many exchange listed for trading not only with Binance but also could be in Kucoin or with Hotbit.

[mk4]

Pretty simple — you use exchanges with the trading pairs you're planning on trading. It's not rocket science. And if you can't due to problems concerning jurisdiction, you do the deals peer-to-peer, or by using the "DEXs".

Give me list of all decentralized exchanges.


I assume they are


pancakeswap

uniswap

https://www.coingecko.com/en/dex

P.S. Probably use normal spacing. Using too much line breaks makes your posts annoying as hell.

[Ararbermas]

~snip

Using too much exchange isn't necessarily mate wherein you must choose which one is good for you.

As a trader in my personal opinion the most important is "fees and security " and you don't need more exchange to day trade because indeed most cryptos nowadays are listed already in some popular exchanges..

Probably i will gonna use another exchange but to check their order book only to see the volume of my trade if it's accurate with the one that i'm using because it's a big advantage as well to see if the coins you wants to trade is really bullish or bearish..

[OcTradism]

You must have 2 at least.

One account for your crypto investment, long term. You don't touch it in short term.
Another account for your crypto trading. It should not be assigned with too big proportion of your total capital.

If you are seriously with trading (in my opinion, you should not), you can use more than one account for trading but always remember that total capital for all trading accounts should be small compare to your whole capital and the part for investment in non-touch account

You can use 1st trading account for 15-min chart, 2nd trading account for 30-min chart, 3rd trading account for 1-hr chart and 4th trading account for 4-hr chart. I think 4 accounts for trading is enough.

[traderethereum]

I do not bother about the difficulty of having an account on Coinbas, Binance, or other exchanges because there are many other exchanges that I can use to trade.
A daily trader must search for the exchange that can give them comfortable things, including KYC matters so they will not have a problem while they trade.
No matter where you want to trade, whether it is CEX or DEX, you need to make sure that you are ready with the terms&conditions on that exchanges and follow all their requirements so you can trade daily.
If they do not see their coins or tokens listed on popular exchanges and only available on small exchanges, they need to find out if that exchange does not need many requirements to sell their coins or tokens right away.
After selling their coins or tokens, they need to withdraw the profit to the other wallets.

[OcTradism]

pancakeswap

uniswap

DEX and swaps are not good to trade because there are slippages or sales tax which will kill your profit. It is why people do like CEX which gives them higher trading volume, less price impacts when they enter or exit (buy or sell) and no hidden sales tax.

On CEX, you will be charged trading fees which are clearly presented in FAQs and Trading fee description. On DEX, if you are not careful, you might be trapped with sales tax, slippage. Additionally, on Pancakeswap or Uniswap, you only can swap immediately. I mean you don't have choice to set up orders at your wanted prices and wait them to be filled later.

[saftdo20]

Depends what your goals are, of course leverage trading a few big ones with solid KYC and good customer service is important. If you are doing things like artbritaging then yeh same as before but more options with  solid bot connectivity. Also where has the company been registered is important.

[Peanutswar]

I guess it depends on you and your capabilities to handle multiple trades. Still ideal is to make a trade and focus on a single account because sometimes hard to manage it depends on your trading strategy, people make a short trade in their other account and the other one is for long trades because they want it didn't affect the others account performance or winrate sometimes it's important to them to have a good reflection of performance.

[Strongkored]

Why should need many exchange for daytrade, when you can use one only. Using one exchange will make it very easy to maintain it and also reduce the trading costs that each exchange will be very different, but if traders have the ability to be able to trade using multiple exchanges it is not a problem but for me only one is enough, the other is used only for one trade on coins that are not listed on the exchange that I usually use.

[boyptc]

Give me list of all decentralized exchanges.


I assume they are


pancakeswap

uniswap

Dex exchanges are not limited to those but that two are quite the most popular these days. Aside from coingecko's dex list. There's also the coinmarketcap that you can use as your reference.

--> https://coinmarketcap.com/rankings/exchanges/dex/

The top 1 and 2 from both websites are different.

[OrangeII]

personally, for day trading, or holding my coins for a long time, I only use 1 exchange. I think that's enough. as long as the exchange is very reliable, it's no problem. however, it's different if the coin is only on a few exchanges, I might sell it and send it to the 1 exchange that I use as a priority. well, so, it all depends on the circumstances. but personally, I only use 1 major exchange.

[pieppiep]

For day trading, I will use Binance as the exchange is one of the biggest crypto exchanges and there is no need to use the other exchanges because that can confuse you to trade. In Binance, you can find many coins you can use to trade daily, but without skills, you will have to pick one or two coins to trade. You do not have to use two or more exchanges for daily trade if you can not handle the trade at the same time. By using one exchange, you will be more focused on analyzing and finding the coins.

[AicecreaME]

For me, it is all going to depend on how good you are in Trading, because having too many accounts means you'll also multitask and it could lead sometimes to a big mistake because you forget something, etc. I only trade with one account, that's more than enough for me already to trade BTC, ETH, and other altcoins. It's good to trade when you know you could monitor it truly than to have mini heart attack moments because you're rushing to close or open a trade.