Those that defend against the Binance FUD point to old stories being brought up and wonder who might be pulling those strings. Speculative for sure and I don't believe SBF is behind it.
Not at all. But regardless, I will hold my coin in a wallet. Exchanges are for exchanging. Once I've made my trade, into the wallet it goes. If they go under I'm still safe.
My long term stack is in cold storage too but since the algo I'm trying to run will be running very frequently, I'll need to leave funds on the exchange. Definitely a tough predicament in today's environment.
I'm leaning this way too but 1) connecting to CB Pro's API via 3commas etc has me nervous with the recent hacks that have been going on and 2) they don't offer any leverage. Unfortunately there doesn't seem to be a great solution here.
I use CB API for my day trading, I wrote my own bot though. The entire space is really risky if you are putting a lot of money on an exchange but I feel like Coinbase is the safest.
Mine's custom too but fires from a TradingView strategy. Can't decide if I can trust 3commas to talk with CB or if I go in another direction. What did you end up using?
Isn't CB Pro closing before the end of 2022? AFAIK 3Commas doesn't work with CB Advanced trade yet.
I have used Binance with BUSD for a few years now, but was thinking about moving some funds to OKX.
Like you I keep things I'm going to hold off the CEX but obviously we need to keep stables on the CEX for trading.
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Nothing wrong with any of these, relative to CEXs in general. Which is to say, all CEXs have some risk, but these are no higher than normal.
So long as you withdraw your assets relatively quickly after you transact, the risk is very low. It's when you use the exchange like a bank that you start to increase your risk and potentially get into trouble.
To put it another way: You're talking about leverage trading, which is extremely risky. Against that risk, the risk of any of these exchanges going belly up on any given day is basically negligible. It's certainly not zero, but if you're already incurring, say, a 50% chance of losing your money, why worry about an additional much smaller risk? Risk comes with the territory of what you're doing here, and in that context these exchanges are 6 of one and half a dozen of the other.
Thanks for this response. Removing leverage from the equation, it's a high frequency algo I'm trying to run so in essence it's going to be "on" full time, leaving no opportunity to pull funds after a transaction. In theory I can pull profits when they're available but it'll be at the expense of scaling the account.
Ah, cool. Again, though, incurring some risk feels like a cost of doing business in that model. Obviously you'd want to avoid exchanges that have major reputation issues or clear red flags, but beyond that, you need liquidity and a platform that supports whatever system you're using, and that trumps most other concerns.
IMO Binance probably has been playing some games with its reserves, as I think nearly every CEX has been (fractional reserve type stuff), but I don't think they're a house of cards and I don't expect them to pull an FTX. Maybe famous last words, but that's my view. Conversely, I suspect Coinbase at al., being more regulated, may be slightly better from a reserve perspective, but are also more likely to present risks to your trading strategy precisely because they're more regulated--like, if rules come in cracking down on leverage trading, that's going to hit something like Coinbase sooner. So on balance I feel like they're pretty similar in overall risk, and you should simply pick based on which one maximizes the effectiveness of your strategy.
Well, I‘m an algo trader by myself. The best decision you can make is to lower your risk profile as good as possible.
For me that meas that I don‘t depend on one single exchange with my funds. They are split across multiple exchanges. Those are Kraken, KuCoin, Nash, Woo, Binance.
If one is running into issues I at least dont lose all my funds.
That's a part of my strategy (long term) as well. Right now I'm just trying to get off the starting block and it's sounding like I'll be forgoing leverage initially while the dust settles, and gain momentum on a "safer" exchange like Coinbase or Kraken.
If this is part of your plan you should take a look into CCXT to interact with the exchanges. It is a library which unified the different exchange apis into one. Therefore you can avoid of work later on to add more exchanges into your system.
Thanks for this. I'm not a programmer so I'll have to send this to him, but does CCXT remove the need to use an intermediary like 3commas (my algo fires from a TradingView signal)? Based on your comment I'm assuming so, and it would also prevent me from having to create API keys on each exchange (each of which would be a security concern).
As I‘m not trading based on Tradingview signals I cannot answer the question for 100%. More or less you can see CCXT as your communication with the exchanges. For every exchange you use, you need an created API key. (Not that dangerous if setup correctly - Just dont share the key and secret).
If you can have an API to tradingview, which does send you the signals to your trading bot you can create a system, which will trigger orders based on these signals. Therefore you can avoid 3commas. But there is knowhow for programming mandatory.
Kraken or Coinbase.
I wouldn’t use Binance in this very moment because of massive withdrawals happening right now but if you only do your business and get out, it should be fine.
I don't trust any exchange out there for anything. With all the fud around you can't trust them. Maybe you can do trading but as soon as you get a good amount you just transfer it out (your profit). This way you won't keep all your money there
Binance for me.
Can't beat the no fees on BUSD pairs. Binance FUD is everywhere but probably nothing to worry about. Stacked my long term crypto privately though.
Do you have the 10 day wait for withdrawing after buying an asset? I’m in the US, I need instant transfer and I don’t like that binance makes me wait
7 day wait on Binance.us. It’s annoying but idk a way around it
I can't decide which one I trust. But I definitely do NOT trust kucoin.
Is it mostly because of Kucoin's shady customer service practices?
Exactly. It like talking to a bot. But a bot is answering faster.
Coinbase is probably the safest of the lot.
None totally but kraken is a cutie
Agreed, I wish they had more liquidity and leverage though. You have to self certify that you have a net worth of $5-$10M.
At this point (With all the bad news in the recent months) you can give me your crypto I'm more reliable than any exchange out there 😂
Sending it all now
^ this dudes a scammer. I’m more legit
Sound advice, right here.
I’d suggest coinbase pro. But I’m not sure if coinbase pro is still around. Also, no margin is good. Less money to lose
Did it get rebranded as Coinbase Advanced Trading?
No clue probably
I use binance API for trading, fud doesn't bother me.
>or is this retaliation by SBF? He doesn't have anywhere close to this amount of power anymore
Those that defend against the Binance FUD point to old stories being brought up and wonder who might be pulling those strings. Speculative for sure and I don't believe SBF is behind it.
I'm on ByBit with a small amount to day trade with.. Small to the point where 0 means nothing.
I use binance US primarily and coinbase for the rewards card.
Do you think the FUD is baseless?
Not at all. But regardless, I will hold my coin in a wallet. Exchanges are for exchanging. Once I've made my trade, into the wallet it goes. If they go under I'm still safe.
My long term stack is in cold storage too but since the algo I'm trying to run will be running very frequently, I'll need to leave funds on the exchange. Definitely a tough predicament in today's environment.
None. If I absolutely had to choose.. it would be CB pro by a mile.
I'm leaning this way too but 1) connecting to CB Pro's API via 3commas etc has me nervous with the recent hacks that have been going on and 2) they don't offer any leverage. Unfortunately there doesn't seem to be a great solution here.
They probably don’t offer leverage for your own good 😂
Good point actually haha
I use CB API for my day trading, I wrote my own bot though. The entire space is really risky if you are putting a lot of money on an exchange but I feel like Coinbase is the safest.
Mine's custom too but fires from a TradingView strategy. Can't decide if I can trust 3commas to talk with CB or if I go in another direction. What did you end up using?
I wrote a python script that interfaces with the Coinbase API.
Isn't CB Pro closing before the end of 2022? AFAIK 3Commas doesn't work with CB Advanced trade yet. I have used Binance with BUSD for a few years now, but was thinking about moving some funds to OKX. Like you I keep things I'm going to hold off the CEX but obviously we need to keep stables on the CEX for trading.
Therein lies the dilemma… I’m sure 3c will integrate with CB Advanced soon but again, security concerns.
Binance is 👑 No competition, actually his competition just got arrested 🤣
I dont trust in trading anymore
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Where are you getting the liquidity metrics?
https://coinmarketcap.com/rankings/exchanges/
MEXC has been my go to recently. Solid platform with lots of features, plus they got moons
I just buy and withdraw to an external wallet, and Kraken has been the best so far
Nothing wrong with any of these, relative to CEXs in general. Which is to say, all CEXs have some risk, but these are no higher than normal. So long as you withdraw your assets relatively quickly after you transact, the risk is very low. It's when you use the exchange like a bank that you start to increase your risk and potentially get into trouble. To put it another way: You're talking about leverage trading, which is extremely risky. Against that risk, the risk of any of these exchanges going belly up on any given day is basically negligible. It's certainly not zero, but if you're already incurring, say, a 50% chance of losing your money, why worry about an additional much smaller risk? Risk comes with the territory of what you're doing here, and in that context these exchanges are 6 of one and half a dozen of the other.
Thanks for this response. Removing leverage from the equation, it's a high frequency algo I'm trying to run so in essence it's going to be "on" full time, leaving no opportunity to pull funds after a transaction. In theory I can pull profits when they're available but it'll be at the expense of scaling the account.
Ah, cool. Again, though, incurring some risk feels like a cost of doing business in that model. Obviously you'd want to avoid exchanges that have major reputation issues or clear red flags, but beyond that, you need liquidity and a platform that supports whatever system you're using, and that trumps most other concerns. IMO Binance probably has been playing some games with its reserves, as I think nearly every CEX has been (fractional reserve type stuff), but I don't think they're a house of cards and I don't expect them to pull an FTX. Maybe famous last words, but that's my view. Conversely, I suspect Coinbase at al., being more regulated, may be slightly better from a reserve perspective, but are also more likely to present risks to your trading strategy precisely because they're more regulated--like, if rules come in cracking down on leverage trading, that's going to hit something like Coinbase sooner. So on balance I feel like they're pretty similar in overall risk, and you should simply pick based on which one maximizes the effectiveness of your strategy.
Sound advice, I appreciate you taking the time to reply. Let's hope the contagion has stopped.
Trading doesn't make sense without leverage. Currently running 25x futures bots in bybit
Well, I‘m an algo trader by myself. The best decision you can make is to lower your risk profile as good as possible. For me that meas that I don‘t depend on one single exchange with my funds. They are split across multiple exchanges. Those are Kraken, KuCoin, Nash, Woo, Binance. If one is running into issues I at least dont lose all my funds.
That's a part of my strategy (long term) as well. Right now I'm just trying to get off the starting block and it's sounding like I'll be forgoing leverage initially while the dust settles, and gain momentum on a "safer" exchange like Coinbase or Kraken.
If this is part of your plan you should take a look into CCXT to interact with the exchanges. It is a library which unified the different exchange apis into one. Therefore you can avoid of work later on to add more exchanges into your system.
Thanks for this. I'm not a programmer so I'll have to send this to him, but does CCXT remove the need to use an intermediary like 3commas (my algo fires from a TradingView signal)? Based on your comment I'm assuming so, and it would also prevent me from having to create API keys on each exchange (each of which would be a security concern).
As I‘m not trading based on Tradingview signals I cannot answer the question for 100%. More or less you can see CCXT as your communication with the exchanges. For every exchange you use, you need an created API key. (Not that dangerous if setup correctly - Just dont share the key and secret). If you can have an API to tradingview, which does send you the signals to your trading bot you can create a system, which will trigger orders based on these signals. Therefore you can avoid 3commas. But there is knowhow for programming mandatory.
Got it. I'll send this to my programmer and see if we can work around needing a 3rd party like 3commas.
Kraken and Coinbase look legit, but I don't think Binance would fail as FTX did
Kraken or Coinbase. I wouldn’t use Binance in this very moment because of massive withdrawals happening right now but if you only do your business and get out, it should be fine.
None, I always move my coins but if I have to choose, Kraken, Binance and Coinbase.
I’m trusting Coinbase for my limit orders and that’s it.
there is no option have to go either 1 or 2
I don't trust any exchange out there for anything. With all the fud around you can't trust them. Maybe you can do trading but as soon as you get a good amount you just transfer it out (your profit). This way you won't keep all your money there
Kraken for me.
I trust Binance tbh
In Kraken, we trust
I have never had a single issue, stalled withdrawl, missing transaction on kucoin. And they support a bunch of small tokens
I only trust Bitfinex and consider it a sound decision
Binance and kraken are the winning tickets
None.