Why do you think it's best to consistently use the same exchange?

[EarnOnVictor]

One of the reasons why I think it's best to consistently use the same exchange, is for valuation purposes to maintain consistency, it is so as to determine the fair market value of a cryptocurrency is for during tax preparation. It's how the IRS wants cryptocurrency transactions to be reported on tax returns.

I do not buy the idea of using one exchange, it's even risky as it will devastate us if anything bad happens. Your point is not also genuine in my country because the government do not tax risky activities like gambling and trading directly, they only tax you with your bank inflows and outflows.

Notwithstanding, considering the IRS concern, it is no big deal, many people have different earning activities and are still fairly reported and taxed. So why risk so much with an exchange due to it?

So, why do prefer to consistently use the same exchange?

I don't prefer it, but I would have had a better trading/investmenet focus and personal accountability with a single exchange. But I can't trust them.

[mich]

Well there is only 2 exchanges I use. And they are Binance and Coinbase. I did use others like Kraken before but not anymore. It is because they already have all of my information. And I do not want to send it out to more exchanges when I do not have to.
And I been trading on them for alot of years now. So I do not get any problems when I want to send fiat to the exchange or to my bank. And they are not going to steal from me at any time but do not know this is true for some other exchanges.

[dezoel]

To me I don't really consider all this listed above the most important thing to do is to monitor and build your trust from that particular exchange even as we know that using one particular exchange is risky but provided they are trusted and have all the trading pair you required then no need jumping from exchange to exchange most at times we can have difficulty with passing kyc and other important things that could be needed by the exchange.

I have to agree with you. It’s not necessary to jump from one exchange to another just to prevent your funds from losing. The fact that one certain exchange you have been using has already proven its credibility and have been so much trustable with all those years, then that would guarantee already the security of your funds.

However, trying a new reliable exchange may also be a good idea, but that decision of yours would still depend on your own preference and perspective.

People are using terrible exchanges and this is why these type of questions rises time to time. If you used a good and trusted exchange then you wouldn't have a need to provide a proof of trying to do something like this, we are going to end up with a person who ends up not doing the right thing at all times, so we should be careful and not really deal with exchanges that are risky. Pick a place that you think looks trusted, and if enough people trust a place then there must be a reason.

Biggest example would be Binance, if they are at the top of the list, with trillions going around, then it means the place must be trusted and you can put your money in there. Consistently using them would not create any issues for you, or at the very least you could trust them more than you trust most of the other places, and this is why people should not have fears about them.

I believe we are going to see Binance be even bigger, I know that sounds silly, but people will see other exchanges being not so trustworthy and shady, so they will withdraw their money from those places and put it all on Binance, so eventually we are going to see Binance become much bigger than what it is right now.

[doomloop]

Well there is only 2 exchanges I use. And they are Binance and Coinbase. I did use others like Kraken before but not anymore. It is because they already have all of my information. And I do not want to send it out to more exchanges when I do not have to.
And I been trading on them for alot of years now. So I do not get any problems when I want to send fiat to the exchange or to my bank. And they are not going to steal from me at any time but do not know this is true for some other exchanges.

I am having long journey into this crypto world, and I was using some good number of exchanges in my early days but then suddenly I have some huge loses in few which gone without any prior notice after this now I am also using two exchanges for long time these are giving good service without any problem as you mentioned I also have Binance and Coinbase with I was thinking to go ahead with Kraken but due to personal issues I drop this idea and now having just two exchanges which are giving best all time.

I don't know why I don't buy into this idea because it's quite a double check cause using a particular exchanges could be challenging most times and when you don't have other alternatives what would you do, so it's best to opt in different exchanges that will save you the stress of unforseen circumstances, let's say for instance you wanted to do some transactions via p2p and then you're having either network issues and KYC challenges as well and it's just that exchange your having and by the way that transactions is needed urgently what will you do. So this is why I wouldn't want to be consistent with just an exchange but multiple exchanges.

Due to P2P and having KYC is now surely challenging issue for many around this community because governments are forces for this and without doing things which they required we can't do anything specially while we are having emergency we need to go ahead with exchanges which are suitable for us.

For me, as mentioned above Binance is doing good work because in case of emergency I am having enough time and space for fixing my issues and also having money into my pocket it's going good but still fear is always around us for having troubles because we can face consequences as well which are never been on note but can happen.

[Minor Miner]

To me I don't really consider all this listed above the most important thing to do is to monitor and build your trust from that particular exchange even as we know that using one particular exchange is risky but provided they are trusted and have all the trading pair you required then no need jumping from exchange to exchange most at times we can have difficulty with passing kyc and other important things that could be needed by the exchange.

I have to agree with you. It’s not necessary to jump from one exchange to another just to prevent your funds from losing. The fact that one certain exchange you have been using has already proven its credibility and have been so much trustable with all those years, then that would guarantee already the security of your funds.

However, trying a new reliable exchange may also be a good idea, but that decision of yours would still depend on your own preference and perspective.

People are using terrible exchanges and this is why these type of questions rises time to time. If you used a good and trusted exchange then you wouldn't have a need to provide a proof of trying to do something like this, we are going to end up with a person who ends up not doing the right thing at all times, so we should be careful and not really deal with exchanges that are risky. Pick a place that you think looks trusted, and if enough people trust a place then there must be a reason.

Biggest example would be Binance, if they are at the top of the list, with trillions going around, then it means the place must be trusted and you can put your money in there. Consistently using them would not create any issues for you, or at the very least you could trust them more than you trust most of the other places, and this is why people should not have fears about them.

I believe we are going to see Binance be even bigger, I know that sounds silly, but people will see other exchanges being not so trustworthy and shady, so they will withdraw their money from those places and put it all on Binance, so eventually we are going to see Binance become much bigger than what it is right now.

Before its collapse, Mt.gox was considered the largest and most reputable exchange at the time, its dominance was not unlike Binance's current one. FTX is also one of the exchanges that is considered to be Binance's most formidable competitor in 2021, but as you know, things are not going as well as you think.
Binance is arguably the largest and most reputable exchange on the market today, but what proof do you have to guarantee that it will grow bigger and will never get hacked or go bankrupt?

Every centralized platform and service is trustworthy until it is no longer trustworthy, and that is when they collapse without giving us any notice. As we often say, everything has risks and diversification is the solution, so don't be naive and put all your trust in Binance or any centralized service in the market.

[alastantiger]

And I been trading on them for alot of years now. So I do not get any problems when I want to send fiat to the exchange or to my bank. And they are not going to steal from me at any time but do not know this is true for some other exchanges.

Trusting an exchange is kind of becoming difficult as the new exchange do not understand customer service and think that they're going to be in business forever hence they don't treat their customers right and also don't take our complaint into consideration when improving on their exchange some of them don't improve their exchange. I too only use two exchange and one is for my trading and buying of coins that I want to hodl while the other is use for trading my cryptocurrency to fiats. I only used one exchange before but Binance stopped supporting the exchange of cryptocurrency to fiat for my country hence I had to use other exchange that has that function. One exchange is enough then we can have a backup just so when the exchange isn't functional, we can use the other exchange and not get stuck. Don't change your exchange when it has been serving you just fine and you have no complaints about their services.

[Baki202]

Trusting an exchange is kind of becoming difficult as the new exchange do not understand customer service and think that they're going to be in business forever hence they don't treat their customers right and also don't take our complaint into consideration when improving on their exchange some of them don't improve their exchange. I too only use two exchange and one is for my trading and buying of coins that I want to hodl while the other is use for trading my cryptocurrency to fiats. I only used one exchange before but Binance stopped supporting the exchange of cryptocurrency to fiat for my country hence I had to use other exchange that has that function. One exchange is enough then we can have a backup just so when the exchange isn't functional, we can use the other exchange and not get stuck. Don't change your exchange when it has been serving you just fine and you have no complaints about their services.

even the ones that are worth the trust do not mean that you have to leave your money over there and I think sticking to the exchanges that you are already using I don't believe in switching exchanges because if not for converting to fait and also for trading exchange's can be very risky to do business with, and the same way they are always trying to protect their self from any other things that will ruin their reputation since their different exchanges and I love the way they are also been monitored by the government just that they are spoiling the fun for investing bitcoin because most of them are decentralized and you have to even do kyc when everything was suppose to be private  but it as no your data is no longer safe.  and I have used almost every exchange but their are some that don't even have any serious customers because of the kind of service they render.

[Adbitco]

To me I don't really consider all this listed above the most important thing to do is to monitor and build your trust from that particular exchange even as we know that using one particular exchange is risky but provided they are trusted and have all the trading pair you required then no need jumping from exchange to exchange most at times we can have difficulty with passing kyc and other important things that could be needed by the exchange.

I have to agree with you. It’s not necessary to jump from one exchange to another just to prevent your funds from losing. The fact that one certain exchange you have been using has already proven its credibility and have been so much trustable with all those years, then that would guarantee already the security of your funds.

However, trying a new reliable exchange may also be a good idea, but that decision of yours would still depend on your own preference and perspective.

People are using terrible exchanges and this is why these type of questions rises time to time. If you used a good and trusted exchange then you wouldn't have a need to provide a proof of trying to do something like this, we are going to end up with a person who ends up not doing the right thing at all times, so we should be careful and not really deal with exchanges that are risky. Pick a place that you think looks trusted, and if enough people trust a place then there must be a reason.

Biggest example would be Binance, if they are at the top of the list, with trillions going around, then it means the place must be trusted and you can put your money in there. Consistently using them would not create any issues for you, or at the very least you could trust them more than you trust most of the other places, and this is why people should not have fears about them.

I believe we are going to see Binance be even bigger, I know that sounds silly, but people will see other exchanges being not so trustworthy and shady, so they will withdraw their money from those places and put it all on Binance, so eventually we are going to see Binance become much bigger than what it is right now.

Binance can only remain the number one exchange if they don't fall in their services or even implement a difficulty during accessing the site or something so, because as time passes and day goes bye there are lot of exchange that also trying their best to gain people's attentions by competing with these well know exchanges. They tried copying all the things that people's required from the trusted exchanges that is why if you look at some of the exchanges today they are almost similar and having the same look and interface, even though there seems to be little changes in them.  Of course I have used Binance for couples of years now they are trusted exchange In My country Nigeria if not for their little misunderstanding with our Fed G.

[EFS]

I have accounts on many exchanges but I can say that I only actively use one of them. I don't trade regularly but I do deposit/withdraw. There is no downside to using multiple exchanges though. As for the tax situation, it's very difficult even for individuals to calculate what they earn and lose from crypto business, while it's impossible for the state to track it in terms of resources and returns. So you don't need to think too much about such things.

[Koadharber]

To me I don't really consider all this listed above the most important thing to do is to monitor and build your trust from that particular exchange even as we know that using one particular exchange is risky but provided they are trusted and have all the trading pair you required then no need jumping from exchange to exchange most at times we can have difficulty with passing kyc and other important things that could be needed by the exchange.

I have to agree with you. It’s not necessary to jump from one exchange to another just to prevent your funds from losing. The fact that one certain exchange you have been using has already proven its credibility and have been so much trustable with all those years, then that would guarantee already the security of your funds.

However, trying a new reliable exchange may also be a good idea, but that decision of yours would still depend on your own preference and perspective.

People are using terrible exchanges and this is why these type of questions rises time to time. If you used a good and trusted exchange then you wouldn't have a need to provide a proof of trying to do something like this, we are going to end up with a person who ends up not doing the right thing at all times, so we should be careful and not really deal with exchanges that are risky. Pick a place that you think looks trusted, and if enough people trust a place then there must be a reason.

Biggest example would be Binance, if they are at the top of the list, with trillions going around, then it means the place must be trusted and you can put your money in there. Consistently using them would not create any issues for you, or at the very least you could trust them more than you trust most of the other places, and this is why people should not have fears about them.

I believe we are going to see Binance be even bigger, I know that sounds silly, but people will see other exchanges being not so trustworthy and shady, so they will withdraw their money from those places and put it all on Binance, so eventually we are going to see Binance become much bigger than what it is right now.

Binance can only remain the number one exchange if they don't fall in their services or even implement a difficulty during accessing the site or something so, because as time passes and day goes bye there are lot of exchange that also trying their best to gain people's attentions by competing with these well know exchanges. They tried copying all the things that people's required from the trusted exchanges that is why if you look at some of the exchanges today they are almost similar and having the same look and interface, even though there seems to be little changes in them.  Of course I have used Binance for couples of years now they are trusted exchange In My country Nigeria if not for their little misunderstanding with our Fed G.

Here in our country on which Binance has been banned on which the ISP's here had totally shut down to access the site or platform but still im using it because the mobile app that it does have that give still that access into its users on which we can really be able to say that the government couldnt really be that totally be able to block it out and there's still some ways that you could be able to hover yourself on making use the platform itself. We cant really be able to deny that Binance would really be the current #1 platform that can be trusted.

Also when it comes into the coins or tokens that being listed on here then you could be able to say that it is really that something that considered out to be good but still you should really be watching out
into those meme coins or other coins which could potentially be get delisted because there are those times they would really be that loading off to those coins or projects that doesnt generate out such volume.
Staying up on a platform will really be always be basing up into your overall user experience. If you do find it well then why would look for another place?

[ndutndut]

So, why do prefer to consistently use the same exchange?

For me, the important thing is that it is safe and comfortable for our assets, although there is no safe exchange for our assets because it is better to use a wallet that can be controlled by yourself. However, because exchanges are also needed for many things, both in trading and so on, of course I use the easiest, cheapest and strongest exchange in terms of security.

So far I have only used three exchanges, but I only use one often because there are several things that make me have to create two other exchange accounts because there are airdrop events. But so far I am more comfortable using one exchange consistently. Because we also know that many exchanges have hacking problems and on the other hand I am also lazy to do a lot of KYC every time I create an account on the exchange. Actually, this all depends on each individual who uses the exchange, depending on their needs and requirements. But what is certain is that you still have to be vigilant and careful in using the exchange, especially if you store a large amount of assets.

[AmoreJaz]

So, why do prefer to consistently use the same exchange?

For me, the important thing is that it is safe and comfortable for our assets, although there is no safe exchange for our assets because it is better to use a wallet that can be controlled by yourself. However, because exchanges are also needed for many things, both in trading and so on, of course I use the easiest, cheapest and strongest exchange in terms of security.

So far I have only used three exchanges, but I only use one often because there are several things that make me have to create two other exchange accounts because there are airdrop events. But so far I am more comfortable using one exchange consistently. Because we also know that many exchanges have hacking problems and on the other hand I am also lazy to do a lot of KYC every time I create an account on the exchange. Actually, this all depends on each individual who uses the exchange, depending on their needs and requirements. But what is certain is that you still have to be vigilant and careful in using the exchange, especially if you store a large amount of assets.

It is not wrong to try other trading platforms, but if you are already comfortable with your current exchange, sometimes, you won't look for other services. Unless, you have better options. However, it is always best to check other sites as they may be offering better rates and fees. Need to consider also where you are submitting your KYC docs and most definitely, the reputation of the exchange. It is always advisable to at least have a quick search over the net and see what the public is saying to this platform. Sometimes, it will be your saviour if you happen to see that there are existing complaints such as deposit/withdrawal issues.

[dansus021]

Why do you think it's best to consistently use the same exchange? I personally never move exchanges I mean I didn't really see the benefit move between exchanges, tho I have an account in another exchange as well because some event that with ongoing airdrop or some bounty or token that listed in A exchange but didn't get listed in B exchange. Well there is no such a perfect exchange.

I only used same centralized exchange for a couple of years now and use same decentralized exchange too.

[Adbitco]

Binance can only remain the number one exchange if they don't fall in their services or even implement a difficulty during accessing the site or something so, because as time passes and day goes bye there are lot of exchange that also trying their best to gain people's attentions by competing with these well know exchanges. They tried copying all the things that people's required from the trusted exchanges that is why if you look at some of the exchanges today they are almost similar and having the same look and interface, even though there seems to be little changes in them.  Of course I have used Binance for couples of years now they are trusted exchange In My country Nigeria if not for their little misunderstanding with our Fed G.

Here in our country on which Binance has been banned on which the ISP's here had totally shut down to access the site or platform but still im using it because the mobile app that it does have that give still that access into its users on which we can really be able to say that the government couldnt really be that totally be able to block it out and there's still some ways that you could be able to hover yourself on making use the platform itself. We cant really be able to deny that Binance would really be the current #1 platform that can be trusted.

Also when it comes into the coins or tokens that being listed on here then you could be able to say that it is really that something that considered out to be good but still you should really be watching out
into those meme coins or other coins which could potentially be get delisted because there are those times they would really be that loading off to those coins or projects that doesnt generate out such volume.
Staying up on a platform will really be always be basing up into your overall user experience. If you do find it well then why would look for another place?

That is right because a platform that compromises and bridges people trust can never be trusted any longer because when people are not longer secured with their funds on their platform it's means that automatically they gonna look for other websites, or exchange platform to moved down their funds to trade and do whatever they really want to do over there. Again sorry for your experience, just as we are also facing here in my country but I believe sooner it will get resolved in limited time so that we can all start using Binance Exchange freely without government restrictions again, though we still using if not for the restricted of P2P trade currently.

[fruktik]

If you use many exchanges you’ll eventually have to do KYC on each of them and that creates lots of security risks because exchanges get “hacked” all the time. If you use only one exchange you’ll have the minimum risk for that scenario. Other than that I don’t see any other reason… It is best not to hold too many coins on an exchange anyway. The latest regulations made trading on the centralized exchanges a nightmare. Either use a reliable dex or don’t trade at all. Hodling seems to be the best course.

Yes, you are right. There is no point in keeping all your funds on one exchange. You need to approach this matter from the path of diversification of funds. Only in this way can you protect yourself from various force majeure circumstances. You should not ignore this point. Why do so many forget about it? These days you should be prepared for any circumstances, and money should be skillfully hidden and reliably protected... )

[naira]

even the ones that are worth the trust do not mean that you have to leave your money over there and I think sticking to the exchanges that you are already using I don't believe in switching exchanges because if not for converting to fait and also for trading exchange's can be very risky to do business with, and the same way they are always trying to protect their self from any other things that will ruin their reputation since their different exchanges and I love the way they are also been monitored by the government just that they are spoiling the fun for investing bitcoin because most of them are decentralized and you have to even do kyc when everything was suppose to be private  but it as no your data is no longer safe.  and I have used almost every exchange but their are some that don't even have any serious customers because of the kind of service they render.

I basically have accounts on all global exchanges such as Binance, Mexc, KuCoin, Bybit, and Bitget. But only to the extent necessary because in the end I only focus on 1 local regulated exchange to make bank withdrawals. In terms of convenience, Binance is definitely the choice that most people would agree with. With the caveat that I don't leave assets on it for more than 2 weeks without trading. Always withdraw to a personal wallet, as that's the only way to avoid experiencing unexpected things that can happen at any time such as hacking.

[jaberwock]

So far I have only used three exchanges, but I only use one often because there are several things that make me have to create two other exchange accounts because there are airdrop events. But so far I am more comfortable using one exchange consistently. Because we also know that many exchanges have hacking problems and on the other hand I am also lazy to do a lot of KYC every time I create an account on the exchange. Actually, this all depends on each individual who uses the exchange, depending on their needs and requirements. But what is certain is that you still have to be vigilant and careful in using the exchange, especially if you store a large amount of assets.

And I think no one would use the same scam exchange, as that was dumb. So yeah. There is a safe exchanges but it's just that we don't know what can happen later on or will run on their minds, so indeed that it is still a good idea to just store the coin on our own possessions. Exchanges aren't even built to HODL coins but they are only being used for buying and trading in which after we use we want to withdraw our coins eventually.

There are still centralized types of crypto wallets which are not far from a CEX and the ones that we must choose are only those who are decentralized or non-custodial. Your preference of using an exchange is great but I only don't think you can have that all in one. Anyways you still have 3 of them, so your needs must be completed now, hehe.

[Oshio-man]

There is a proverbs that say the devil you know is better than the angle you don't know, meaning, you should focus on the exchange you have be using to hold your coins because you don't know if the new exchange is safe or not, which is the reason you must continue with the exchange you have tested positive from their services. There is a particular exchange I have be using over some years, I have achieved a lot of confidence from the exchange whenever am trading or buying coins from the market.

[Oluwa-btc]

So, why do prefer to consistently use the same exchange?

Let's discuss!

I like what you've pointed out and it sure a consistent means for preferring to use the same exchange but I should like to speak up my mind for me using same exchanges enable me to gain trust over that exchange and for the fact that I have a smooth an uninterrupted transactions history I would say I'll rather stick to using same exchanges but it's not advisable in some cases of unforseen circumstances you'll tend to need another exchange to okay that part, so while sticking to your best you also make provision for a backup as well.

[GeorgeJohn]

To me I don't really consider all this listed above the most important thing to do is to monitor and build your trust from that particular exchange even as we know that using one particular exchange is risky but provided they are trusted and have all the trading pair you required then no need jumping from exchange to exchange most at times we can have difficulty with passing kyc and other important things that could be needed by the exchange.

It's better for you to use one particular exchange and also do all the necessary verification for the exchange than jumping from one exchange to another, having different exchange is not encouraging to someone who is trading large numbers of Bitcoin in it exchange, I know that the thing that makes people to be moving exchange to another exchange is because they don't want be verified

But I don't know the reason why some persons do change exchange, because I know that exchange like binance is not traceable when you are partner to them, but the only place that I'm against exchange is the situations whereby you will be keeping your coins in the exchange, for me it's not encourage, because exchange can be hacked at any point in time, so I will advice anyone that is using both verified exchange and none verified exchange to not save coins in exchange.