Leaving your coins on exchanges

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Leaving your coins on exchanges

We know this common phrase ‘not your key not your coin’. It is just about exchanges, they have the private keys, which means address they give to users are for the exchange owner and they have full control over any money their users send to the addresses. This can lead to inconveniences like blocked or freezer account, withdrawal maintenance, inability to access your coins and many other things that can come up.

Not only that, another are hackers. Many exchanges has been hacked in the past, many exchanges are hacked yearly, even Binance and some other trustworthy exchanges has been hacked before.

These are common reasons we should not leave our coins on exchanges. But how are traders helping themselves? Not to hold on exchanges is good for holders, but would be hard for scalpers and day traders.

Are you traders able not to leave your coins on exchanges? How are you able to manage transaction fee and the likes? You are day traders, your coins on noncustodial wallet will most likely be a stable coin like USDT and the transaction fee is not high, some exchanges even make transaction fee for their listed stable coin to have zero fee while cheaper fee while transferring from noncustodial wallet to the exchange.

After you finish trading in a day, because of the stable coin low fee, did you move your coin to a noncustodial wallet and move it back to an exchange if you want to trade next time? Or you just leave it alone on the exchange you are using?

What effective way you use to protect your coin as a trader?

Myat Kelly Answered question June 4, 2024
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I am not that kind of a major trader in bitcoin,  so some of my coins that I prefer to trade are split in exchanges like Binance and kucoin. I don’t move my coins daily to wallets but mostly abandon them for like a month on exchanges, although it seems risky but the transaction fee attached to a moving coins between exchanges and wallets is an headache to small traders like myself

Myat Kelly Answered question June 4, 2024
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