How many exchange accounts do you need to daytrade?

[maydna]

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?

If I can only use Coinbase to trade because of the restricted area, I think I can accept it, but I will search for other ways to trade. I am sure that there is a way for me to get one or more exchanges to trade. It depends on how you want to figure it out.

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.

I will be okay if I can't buy the new coins because that will be too risky to trade those coins. It will be better if I can access Binance and trade on that exchange because I will have many coins to trade.

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? 

You are free to use Defi, but you need to know the risk, and those Defi exchanges don't need KYC. But if that is a day trade, I think that depends on you because you should know what you choose.

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.

No need to use too many exchanges to make daily trade. It is more than enough to use one exchange for daily trade.

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. 

People need to figure out how they can handle that matter because people will have different situations and conditions. We need to be more creative to find what we want, and the internet is your answer

[redsun114]

I think the best thing you can do in a situation like this is to go for a DEX (Decentralized exchanges or peer to peer community based transaction). These are the only exchanges where you wouldn’t be restricted at all or asked to do any form of KYC.

These exchanges that you have mentioned (Coinbase.com and Binance) are all centralized exchanges, and since they are regulated by the government, they would always require the users to KYC before having the full access to every features that they have on their platform. Some of them wouldn’t even let you trade until you have done the KYC. So, the best thing to make use of is the DEX. You would be able to buy and sell any cryptocurrency of your choice without the need for intermediaries.

[sarmrakib]

I really High recommend you use binance exchange for day trade it very user friendly alot of new crypto currency are traded there with high volume with low risk. Alot of tokens where you can choose and use for day trade. Choose one or two exchange not many exchange required. For trading. It's very easy to use and understand

It is really a good suggestion i also wanted to to give this .However its always good to use Binance for day trading cause for day trading you need to have huge amount of volume if not you may make loss .However you can also use Kucoin ,it is also a good exchange with a good volume .You can find more popular pair on there so you can choose what you want trade for .Remember day trading is high risky you need to have much experience behind that if you wanna good profit in every trade .

[Webetcoins]

I am content with my Binance account for most part of my day trading as we can find most of my preferred coins in Binance and volume is a big plus for us, but i do have account in Huobi, Gate.io and Kucoin since you will find almost every coins with these three exchanges. But it's bit difficult to manage multiple accounts. I have account with all the major exchanges but 70% i will use Binance and remaining 25% i would use the three exchanges i have mentioned and rarely other exchanges like coinbase, FTX and sometimes DEX.

Binance is far much better than making use of Coinbase. I make use of both, but why I prefer Binance over Coinbase is because they list a lot of coins and the trade volume is very on there than Coinbase. So, Binance is definitely good choice to make for anyone who plans to invest in as many coins as possible.

You would only see some coins on Coinbase and they will tell you it’s not trade able. But in a situation where Binance is not functioning in your country, then you would he left with either choosing Coinbase and managing the lined options you would have or you can choose Decentralized exchanges. But last year Coinbase listed so many coins, which is quite unusual with. Let’s hope they are likely to continue that way.

[Mpamaegbu]

OP, you've to improve on your writing style. The huge line spacing doesn't look appropriate. A single line space would be enough to show paragraphing.

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.

I've accounts with three out of the five exchanges listed there. However, if I had my way I would've remained with just one – Binance. There's nothing special in having so many exchanges for trading if I could help it. It's the same way a lot of traders populate their trading platforms with fancy indicators to give them a false sense of a professional trader. There's no advantage to that. If you've an asset you want to trade which isn't listed on any of the exchanges you've, for me I would let it go instead opening another exchange account. You don't want your personal data flying everywhere online.

[JohnBitCo]

Give me list of all decentralized exchanges.


I assume they are


pancakeswap

uniswap

I actually use different exchange for my trading platform but specially top ranked exchanges Binance, Kucoin and gateio Centra exchange and pancakeswap for Binance Smart chain and quickswap for polygon platform as my day trading platform.

Why would you need to trade on different platforms when usually one exchange in enough to trade ? I usually use binance to trade and i do not think i need any other exchange. There are very time times when i need to switch the exchange if i need to trade a coin which is not avaible on binance. Also sometimes you may use uniswap or pancakeswap for swapping coins which are not avaible on centralzied exchanges. But in a nutshell, one primary centralized exchange is enough for trading.

[24Kt]

Give me list of all decentralized exchanges.
I assume they are
pancakeswap

uniswap

I actually use different exchange for my trading platform but specially top ranked exchanges Binance, Kucoin and gateio Centra exchange and pancakeswap for Binance Smart chain and quickswap for polygon platform as my day trading platform.

Why would you need to trade on different platforms when usually one exchange in enough to trade ? I usually use binance to trade and i do not think i need any other exchange. There are very time times when i need to switch the exchange if i need to trade a coin which is not avaible on binance. Also sometimes you may use uniswap or pancakeswap for swapping coins which are not avaible on centralzied exchanges. But in a nutshell, one primary centralized exchange is enough for trading.

Some people are exploring their opportunity using DEXs other than CEXs. My go-to exchange also is binance as I can trade p2p with my local fiat. But if the coin or token is not listed in binance, that's when I will use another exchange. Whereas, for active traders, they are looking for exchanges where they can get good profits. However, using in some of these DEXs require higher gas fee like UNI. But it all depends on your goals here. If the token is listed in UNI only, what other choice can you take, right?

[sheenshane]

I think there's no special having more than 3 exchanges to trade, I don't know how you can manage yourself taking care of those accounts in day trading, and maybe if you have 1-2 trading would be enough IMO.  Binance and decentralized exchange like Pancakeswap are enough, they had a lot of coins supported which is I think there's no need to find another exchange.

A day trade is a very crucial part of trading, if you can't give enough time to manage, it will result in losing your initial capital or worse than that.  The most important on exchange that can be used in day trading is that has supported a lot of coins and tokens and it has a high trade volume.