Why Having Multiple Crypto Exchanges in Your Arsenal Isn’t Just Smart, It’s Essential
Published in · 5 min read · Jan 7, 2024
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Hey there, crypto enthusiasts! So, have you ever been in the middle of a bull run, ready to trade, only to find your go-to exchange is as responsive as a sloth on a cold day? Yep, been there, done that. It’s like finally getting to the front of the line at your favorite coffee shop, only to find they’re out of coffee. Frustrating, right? That’s exactly why I’m here to tell you why having accounts on multiple centralized exchanges isn’t just a good idea — it’s pretty much essential.
1. Avoiding the Dreaded Downtime Drama
Let’s start with the obvious: exchanges go down. And it’s always at the worst possible time, like when Bitcoin decides to do its best impression of a rollercoaster. By spreading your assets across different platforms, you’re not putting all your digital eggs in one basket. You’re like a ninja, ready to jump into action on another exchange when your main one decides to take an untimely nap. This happened to me several times when I used to be allowed to use Binance. It sucks.
2. The Hunt for That Elusive Coin
Ever had your eye on a coin that’s about to moon, but your exchange looks at you blankly? Different exchanges list different coins. It’s like going to a music festival with multiple stages; you want the freedom to move around. Diversifying your exchange portfolio means you’re more likely to find that hidden gem of a coin before it hits the mainstream. So your little crypto group influencer has just made a call on a specific coin… it’s gonna moon. But you need to be ready because in a matter of minutes the oppurtunity to make riches will be gone. You want to be sure you have access to coins at any given time some being on numerous exchanges increases your chances of being set and ready to go at a moments notice.
3. Playing Both Sides of the Coin
Here’s where things get interesting. Sometimes, you want to play it like a chess grandmaster, making moves from both ends of the board. Maybe you want a leveraged trade on the same coin in two opposite directions. Having multiple exchanges lets you do just that. It’s like having a foot in two boats, and as risky as it sounds, it can be a smart strategy. Sure, you could have multiple free accounts at the same exchange but it’s risky and they have been know to ban people for doing that. How they find out is beyond me but I’ve heard of it happening.
4. When Exchanges Pull a Fast One on You
Now, let’s talk about trust issues. Remember when Binance and Kucoin, those big names in the crypto world, suddenly decided KYC (Know Your Customer) was their new best friend? That move left a lot of us feeling like we were stood up on a date. Yea, I’m still wounded Kucoin. The ethos of crypto is all about freedom and privacy, and when an exchange takes a U-turn on that, it’s like a betrayal. By spreading your investments, you reduce the risk of getting caught in such policy change whirlwinds.
5. Chasing the Best Deals
It’s all about the Benjamins, right? Different exchanges have different liquidity levels. You might find that selling your assets on one exchange is like trying to sell ice in Antarctica, while on another, it’s like handing out free lemonade in the desert. Diversifying means you can always go where the market is hottest. Cuz when it’s time to get out… you wanna be able to get out!
6. Surfing Different Fee Structures
Exchanges are like different airlines; they all have their own set of fees and rules. Some might charge you an arm and a leg for withdrawals, while others are more forgiving. By having accounts on multiple platforms, you can always choose the most economical route for your transactions. Yea, I’m a cheapo and I don’t like to pay fees, especially on little scalp trades where I finally have won the trade for a buck or two.
7. Staying Ahead of Geo-Restrictions
Ever faced those annoying geo-restrictions? One day you’re trading happily, and the next, your exchange is like, “Sorry, we don’t serve your kind here.” With multiple accounts, you can bypass these regional roadblocks and keep your trading game strong, no matter where you are. Some exchanges have even figured out the VPN deal… but let me see if I can shill one to you anyways (sorry, influencer tactic activated).
8. Access to Unique Features
Each exchange comes with its own set of bells and whistles. Some might offer advanced trading tools, while others excel in user-friendly interfaces for beginners. Having multiple accounts lets you enjoy the best of all worlds. Stake at your own risk, but some exchanges offer various returns on staked coins while others offer trading benefits from holding their in-house token.
So, there you have it, folks. In the dynamic and sometimes unpredictable world of crypto, having accounts on multiple exchanges is like having a Swiss Army knife in your pocket. You’re always prepared, no matter what the market throws at you. Happy trading, and may your digital wallet always be as full as your coffee cup on a Monday morning!
So now is my sad little attempt to shill. If you aren’t in multiple exchanges let me invite you to join some of the ones I actually use. Please use my referral codes below because if you haven’t guessed it, I don’t get paid a cent for producing these articles.
I’ve been using the CoinEx exchange whenever possible, yes I’m inviting you to join me there: https://www.coinex.com/register?refer_code=dvwqg
You may also like BingX: https://bingx.com/invite/SJ9E2R
or MEXC: https://www.mexc.com/register?inviteCode=15Jms
AscendEx: https://ascendex.com/en-us/register?inviteCode=EIXJBGNI
Bilaxy: https://bilaxy.com/user/register?intro=1438181
My blah blah blah disclaimer: I am not a financial advisor and cannot provide investment advice. Cryptocurrencies and investing, in general, involve risk, and individuals should conduct their own research and consider their personal financial situation before making any investment decisions.
Twitter: @Tokentrekker
