Where do daytraders store their crypto?

[blockman]

It's not advisable to keep your assets in exchanges.

Many years ago when I started with crypto everything was so uncertain, exchanges were often hacked, scams and frauds were everywhere, and keeping coins without private keys was a really big problem! That rule still exists, never doubt it, if you don't have private keys you don't own coins, but many other things have changed, exchange offices are now much more reliable than before! I am not afraid to keep some amounts on different exchanges! I am doing the same for years and I never had a single problem, that speaks for itself!
People who day trade should choose a reliable exchange for that and be free to store some amounts there! If you are afraid of that you shouldn't day trade in the first place! Simply moving funds after every trade is too expensive!

It's okay if you do that because you know that it can happen anytime, just being aware is already good as it is because you've seen the changes. As you've said, it still applies today.
Choosing a reliable exchange is vital and if the hack happens, they can just refund all the affected users. But we don't know if that ever happens again, if they're going to give the same refund as before, we just don't know what can really happen in the future.

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[Oilacris]

It's not advisable to keep your assets in exchanges.

Many years ago when I started with crypto everything was so uncertain, exchanges were often hacked, scams and frauds were everywhere, and keeping coins without private keys was a really big problem! That rule still exists, never doubt it, if you don't have private keys you don't own coins, but many other things have changed, exchange offices are now much more reliable than before! I am not afraid to keep some amounts on different exchanges! I am doing the same for years and I never had a single problem, that speaks for itself!
People who day trade should choose a reliable exchange for that and be free to store some amounts there! If you are afraid of that you shouldn't day trade in the first place! Simply moving funds after every trade is too expensive!

It's okay if you do that because you know that it can happen anytime, just being aware is already good as it is because you've seen the changes. As you've said, it still applies today.
Choosing a reliable exchange is vital and if the hack happens, they can just refund all the affected users. But we don't know if that ever happens again, if they're going to give the same refund as before, we just don't know what can really happen in the future.

Speaking of future then everything is not assured or doesnt really have any guarantees that it would really be happening again or possible things to happen specially that this market involves big money

which is great spot for hackers to get huge amount of money.For daytraders then most of their funds would be stored on exchangers yet they are active on making out some trades then it would

be understandable that they would really be having that kind of set-up.Funds are on idle and able to make out some immediate move when there's opportunity but of course it would be having
its cons.

[BobK71]

In this regard, I would say that you can trade on exchanges like Binance. Trading fees are much lower. You can convert your assets into a stable coin by trading every day. Binance is very useful in this case. You can easily convert to USDT or BUSD to your assets. If you select others exchanges like it you can do.

[blockman]

It's okay if you do that because you know that it can happen anytime, just being aware is already good as it is because you've seen the changes. As you've said, it still applies today.
Choosing a reliable exchange is vital and if the hack happens, they can just refund all the affected users. But we don't know if that ever happens again, if they're going to give the same refund as before, we just don't know what can really happen in the future.

Speaking of future then everything is not assured or doesnt really have any guarantees that it would really be happening again or possible things to happen specially that this market involves big money

which is great spot for hackers to get huge amount of money.For daytraders then most of their funds would be stored on exchangers yet they are active on making out some trades then it would

be understandable that they would really be having that kind of set-up.Funds are on idle and able to make out some immediate move when there's opportunity but of course it would be having
its cons.

That's how it goes for them and it's up to them how long they're going to keep it there. They don't have to keep all that they have in exchange even if they're day traders.
Leaving only the funds that they need to trade and taking the profits that they have to so that they have assured money that they've got from trading.
It is what they should do so that when things unexpected come, they are able to take the money with them and have comfort and peace of mind.

[feelideb]

The issue of  trusting a centralized exchange with your coin is a very dicey risk that is unavoidable for traders! Having to take a position require that you trust an exchange with your fund! However, one can mitigate this risk by following a time bound plan for your trading hoping you will not fall victim of a hack or government regulations!

[Sebas.tian]

In this regard, I would say that you can trade on exchanges like Binance. Trading fees are much lower. You can convert your assets into a stable coin by trading every day. Binance is very useful in this case. You can easily convert to USDT or BUSD to your assets. If you select others exchanges like it you can do.

Exactly, trading on binance will really help you to make a huge amount of profits from the market. Binance exchange fees is more lower compare to ethereum gas fees that is too high for traders to  make a passive income in this period.

I believe binance is very useful to both short and long traders which many traders has confirmed the coin among the best coins to invest in this season, and have full assurance that you will definitely achieve something good at the of the market. It will be difficult for you to experience failure in binance investment because of the low gas fees that involved.   

[Eternad]

The issue of  trusting a centralized exchange with your coin is a very dicey risk that is unavoidable for traders! Having to take a position require that you trust an exchange with your fund! However, one can mitigate this risk by following a time bound plan for your trading hoping you will not fall victim of a hack or government regulations!

DEX is the solution for all your concern. Daytraders nowadays doesn't rely that much on CEX since there is already an alternative way to day trade without risking money on CEX since the current available DEX has sufficient volume to rival what CEX offered and this is only possible with the DeFi idea that used on DEX. Still many people are using CEX for trding due to its feature of placing limit order which DEX can’t provide because this is the limitation of an AMM exchange.

[doomloop]

The issue of  trusting a centralized exchange with your coin is a very dicey risk that is unavoidable for traders! Having to take a position require that you trust an exchange with your fund! However, one can mitigate this risk by following a time bound plan for your trading hoping you will not fall victim of a hack or government regulations!

DEX is the solution for all your concern. Daytraders nowadays doesn't rely that much on CEX since there is already an alternative way to day trade without risking money on CEX since the current available DEX has sufficient volume to rival what CEX offered and this is only possible with the DeFi idea that used on DEX. Still many people are using CEX for trding due to its feature of placing limit order which DEX can’t provide because this is the limitation of an AMM exchange.

DEX is great and all but at the same time it's limited most of the time. Look at how many coins and tokens you can trade on Binance and how good they are, then go ahead and check uniswap. Maybe the number is bigger on uniswap, because there are tokens which you can swap there but we can't even see them listed on CMC, it is inclusive like that.

However, the reality is that the amount of marketcap the coins on Binance you can trade versus volume uni or pancake have is not even comparable to me. This is why DEX is still lacking a lot, you need to get a lot more wrapped stuff in all of the chains in order to make them equally strong so we can trade there.

[Mahanton]

The issue of  trusting a centralized exchange with your coin is a very dicey risk that is unavoidable for traders! Having to take a position require that you trust an exchange with your fund! However, one can mitigate this risk by following a time bound plan for your trading hoping you will not fall victim of a hack or government regulations!

DEX is the solution for all your concern. Daytraders nowadays doesn't rely that much on CEX since there is already an alternative way to day trade without risking money on CEX since the current available DEX has sufficient volume to rival what CEX offered and this is only possible with the DeFi idea that used on DEX. Still many people are using CEX for trding due to its feature of placing limit order which DEX can’t provide because this is the limitation of an AMM exchange.

You do got some point but there are important things which you can found on CEX which isnt on DEX. Yes, volume might be considerable but the volume that we could find in CEX is much more volatile due to
lots of buyers and sellers who do engage actively and speaking on whose do have bigger volume then CEX does have and plus having that feature where you could convert your assets to fiat is something
which is preferrable most of the time which it isnt surprising that people would really love on staying up on these platforms rather than with dexes but the main risk on here is that you dont
hold your own keys when you do deposit up your funds into an exchange but if you could able to bare it out then these things wont be an issue.

[kawetsriyanto]

Obviously keeping your coins in an exchange is not as safe as a hardware wallet, but what do daytraders do?  If I daytrade, I would just keep my coins in the exchange until I need to withdraw or if I know I won't be trading for a while.

That's what most daytraders probably do. Sending regularly our tokens to hardware wallets will require too many costs or fees. It won't be an effective way to manage our tokens, the profits decrease regularly if always withdraws the tokens to the hard wallet. The only way is to keep our token on the exchange, and only send the tokens to a hard wallet once we think it is really needed. Even if we stop trading for a while, better to keep the tokens on the exchange. Except, if we are no longer have the plan to trade on the exchange in the future.

[rojan]

Assuming you trade a lot and are a daytrader and use binance, coinbase and all those exchanges, you need your coins on the exchange to trade.  But when you are done with trading that day, do majority of traders just leave their coins there till the next day?  Now if you are trading it with USD, then no issue then right since the balance would be USD or a portion of your balance is in USD?


If you are doing this with coins like ETH, you are going to pay a ton of fees each way.  Your exchange is going to charge you a fee and you going to pay a decent fee sending it back the next day.  Now imagine having many other altcoins where the fees are similar.  I can' t imagine people are depositing/withdrawing each day?  The deposit/withdraw fees would eat them up if they do ETH or even if they use a lot of other coins because the exchange is going to charge them a flat fee each time.


Obviously keeping your coins in an exchange is not as safe as a hardware wallet, but what do daytraders do?  If I daytrade, I would just keep my coins in the exchange until I need to withdraw or if I know I won't be trading for a while.  The other thing is some coins they want to trade, it is possible they can't store it in their hardware wallet because that coin is not supported.  So because of that, no other option than to store it on the exchange?  Or they use something like metamask?  But still they have to pay fees depositing/withdrawing right?

What is happening here is that the real traders are treating all the girls like BINANS one now in AJ days, so the training of all the girls here is for them maybe one day or two days a week they will buy at fixed price and sell in short time for profit in the void.  But they will repeat the training along when they get a little successful business but here they are a lot for a month.

[shawon01]

Assuming you trade a lot and are a daytrader and use binance, coinbase and all those exchanges, you need your coins on the exchange to trade.  But when you are done with trading that day, do majority of traders just leave their coins there till the next day?  Now if you are trading it with USD, then no issue then right since the balance would be USD or a portion of your balance is in USD?


If you are doing this with coins like ETH, you are going to pay a ton of fees each way.  Your exchange is going to charge you a fee and you going to pay a decent fee sending it back the next day.  Now imagine having many other altcoins where the fees are similar.  I can' t imagine people are depositing/withdrawing each day?  The deposit/withdraw fees would eat them up if they do ETH or even if they use a lot of other coins because the exchange is going to charge them a flat fee each time.


Obviously keeping your coins in an exchange is not as safe as a hardware wallet, but what do daytraders do?  If I daytrade, I would just keep my coins in the exchange until I need to withdraw or if I know I won't be trading for a while.  The other thing is some coins they want to trade, it is possible they can't store it in their hardware wallet because that coin is not supported.  So because of that, no other option than to store it on the exchange?  Or they use something like metamask?  But still they have to pay fees depositing/withdrawing right?

What I think here is that some of the merchants here have chosen some exchangers like Bean Ansar Coinbase and many more such popular exchangers they do here every day and through its short term training they get a good profit from here.  They do this via SMS. Basically they are very popular. Some of these are fixed by some traders

[macson]

In this regard, I would say that you can trade on exchanges like Binance. Trading fees are much lower. You can convert your assets into a stable coin by trading every day. Binance is very useful in this case. You can easily convert to USDT or BUSD to your assets. If you select others exchanges like it you can do.

Binance is one of the recommended exchanges for storing assets because of its good reputation and experience in terms of security.  but for those with large capital, there is nothing wrong with moving the assets in a personal wallet after trading because we can't make sure an exchange as good as binance is safe from hackers.

[nur rochid]

In this regard, I would say that you can trade on exchanges like Binance. Trading fees are much lower. You can convert your assets into a stable coin by trading every day. Binance is very useful in this case. You can easily convert to USDT or BUSD to your assets. If you select others exchanges like it you can do.

Binance is one of the recommended exchanges for storing assets because of its good reputation and experience in terms of security.  but for those with large capital, there is nothing wrong with moving the assets in a personal wallet after trading because we can't make sure an exchange as good as binance is safe from hackers.

moving personal assets is better, because the profit we can collect in personal assets, by dividing the placement of assets like that, we indirectly minimize risk. as we know binance is not spared the hackers, but luckily they take full responsibility. For now, Binance is indeed the most favorite exchange, and it is feasible to trade there, especially for beginners with minimal experience, of course, the security of placing funds is the first choice.

[zaesvlas]

At the same time, one should not lose sight of the fact that everyone chooses for work or, in this case, storage, the option that he considers more convenient or reliable.

[Desscount]

In this regard, I would say that you can trade on exchanges like Binance. Trading fees are much lower. You can convert your assets into a stable coin by trading every day. Binance is very useful in this case. You can easily convert to USDT or BUSD to your assets. If you select others exchanges like it you can do.

Binance is one of the recommended exchanges for storing assets because of its good reputation and experience in terms of security.  but for those with large capital, there is nothing wrong with moving the assets in a personal wallet after trading because we can't make sure an exchange as good as binance is safe from hackers.

When it comes to exchanges indeed Binance is one of the most popular exchanges,
especially by looking at the features that Binance has, it can be said to be complete so many people use it,
the level of security is also high although indeed we never know whether it will be safe from hackers

[milewilda]

In this regard, I would say that you can trade on exchanges like Binance. Trading fees are much lower. You can convert your assets into a stable coin by trading every day. Binance is very useful in this case. You can easily convert to USDT or BUSD to your assets. If you select others exchanges like it you can do.

Binance is one of the recommended exchanges for storing assets because of its good reputation and experience in terms of security.  but for those with large capital, there is nothing wrong with moving the assets in a personal wallet after trading because we can't make sure an exchange as good as binance is safe from hackers.

When it comes to exchanges indeed Binance is one of the most popular exchanges,
especially by looking at the features that Binance has, it can be said to be complete so many people use it,
the level of security is also high although indeed we never know whether it will be safe from hackers

There's no such thing about perfect security even with the current best exchange did experience some hack.
Hack Brief: Hackers Stole $40 Million from Binance Cryptocurrency Exchange

Therefore, there's no assurance about security but good thing that they are really that prepared on making out some compensations or refund
on affected users.

[Captain Corporate]

There's no such thing about perfect security even with the current best exchange did experience some hack.
Hack Brief: Hackers Stole $40 Million from Binance Cryptocurrency Exchange

Therefore, there's no assurance about security but good thing that they are really that prepared on making out some compensations or refund
on affected users.

I remember this period, Binance acted as if nothing happened and that was so impressive that it was the first time I have seen a place get more customers after a hack. Normally when a place gets hacked, they are in trouble and have a hard time paying people their withdrawals and so forth, which eventually leads to them bankrupting as well. In this case, Binance said "calm down, everything is under control" and for the first time in crypto history, they were actually not lying, because exchanges always say that but they are always lying. People saw this, they withdrew with no problem at all and realized Binance was different from any other place, so there were even more people coming back to Binance, even new people.