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Author Topic: Trade on the Exchange, not in a "wallet"  (Read 14557 times)

Offline ayatoslaw

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Re: Trade on the Exchange, not in a "wallet"
« Reply #30 on: December 27, 2020, 12:59:20 AM »
A crypto wallet is designed to store currency and exchange it within the wallet. And this is very convenient when you need to exchange some coins for others. But it is more convenient to make money by trading on a crypto exchan.
The Exchange is indeed a place to trade, of course when you want to sell assets it will be more comfortable if you do it on the Exchange than in a wallet, besides that liquidity is also needed.
But I actually don't agree if the wallet provides a trading menu, it's better to provide an instant trading menu than manual trading menu.

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Re: Trade on the Exchange, not in a "wallet"
« Reply #30 on: December 27, 2020, 12:59:20 AM »

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Offline ice18

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Re: Trade on the Exchange, not in a "wallet"
« Reply #31 on: December 27, 2020, 10:25:47 AM »
Then its a bug on exchange they should put a limitation on each trade per week like for example $100/day so that they can monitor each trade Paypal must know the risk of being an exchange before entering this kind of market many users using only wallet for exchange buy low sell high and vice versa. 
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Offline Arkann

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Re: Trade on the Exchange, not in a "wallet"
« Reply #32 on: December 27, 2020, 12:36:40 PM »
One way or another, on the exchange, the user will be able to get the best price offer for the sale of a particular asset. Thanks to market trends, the user can set up exactly the scene for the sale that suits him best, but if we talk about security, then the exchange acts as a wallet anyway.

Offline labonikhatun

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Re: Trade on the Exchange, not in a "wallet"
« Reply #33 on: December 27, 2020, 01:53:03 PM »
It is not possible to trade without capital and after the need for a wallet when exchanging to save capital in that case both trades of the exchange are required. Coins need to be properly selected when buying and selling coins and any exchange site which acts as a wallet to keep it well protected coins cannot be traded without being stored in a wallet.

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Re: Trade on the Exchange, not in a "wallet"
« Reply #34 on: December 27, 2020, 04:48:26 PM »
I do not know how crypto buy-sell work in PayPal. My country doesn't support PayPal and what I understand trade in the wallet is trading with dapps. There are many crypto wallets that allow users to use DEX in their wallet and users bear the transaction fees. But what PayPal does is for their own business. No one wants to take losses.
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Offline ayatoslaw

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Re: Trade on the Exchange, not in a "wallet"
« Reply #35 on: December 28, 2020, 01:29:57 AM »
I do not know how crypto buy-sell work in PayPal. My country doesn't support PayPal and what I understand trade in the wallet is trading with dapps. There are many crypto wallets that allow users to use DEX in their wallet and users bear the transaction fees. But what PayPal does is for their own business. No one wants to take losses.
Nobody is buying and selling on paypal, but the point of my thread is that someone stores cryptocurrency on paypal and repeatedly makes withdrawals and deposits to trade on other exchanges.
The trader took the opportunity because paypal did not collect a service fee until 2021. And yes, it's because paypal doesn't want to lose))

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Re: Trade on the Exchange, not in a "wallet"
« Reply #36 on: December 28, 2020, 04:12:55 PM »
Some of you may be used to trading on wallets, but have you ever thought that it was risky?

Yes, recently a Paypal user in the US received a message from Paypal that his account was permanently limited for reasons of "potential risk",
The user said he buys bitcoins at a low price then sells them at a high price at least 10 times a week. because of this Paypal asks for an explanation for every transaction he does.

Paypal policy is currently not charging transaction fees for users who sell and buy bitcoin until 2021,
So in my opinion paypal is quite reasonable, because paypal does not want to get a loss due to high volume trading carried out by its users.

What do you think about this incident?

For more details, you can read it here:
https://cointelegraph.com/news/paypal-suspends-user-for-crypto-trading-using-paypal-s-own-service

PayPal should expect this they do not allow withdrawal of the coin that you bought on their platform, all these buyers are traders so expect them to trade like buying low and selling high, they can add fees so they can also make a profit from these transactions.
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Re: Trade on the Exchange, not in a "wallet"
« Reply #36 on: December 28, 2020, 04:12:55 PM »


Offline ayatoslaw

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Re: Trade on the Exchange, not in a "wallet"
« Reply #37 on: December 31, 2020, 12:52:37 AM »

PayPal should expect this they do not allow withdrawal of the coin that you bought on their platform, all these buyers are traders so expect them to trade like buying low and selling high, they can add fees so they can also make a profit from these transactions.
Paypal will add a withdrawal fee in 2021, I am not a paypal user, but I read the article that this year paypal has not provided a withdrawal fee for its users.
and because of this someone saw an opportunity and abused it.

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Re: Trade on the Exchange, not in a "wallet"
« Reply #38 on: December 31, 2020, 01:19:04 AM »
nowadays even ledger wallets get new viruses so it gets attacks from malicious hackers. As long as it's a system then nothing is safe, there's always a loophole. As a depositoment of assets we should not be distracted also from the attack because some wallets already provide extra security such as 2fa.

Offline ayatoslaw

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Re: Trade on the Exchange, not in a "wallet"
« Reply #39 on: January 01, 2021, 12:57:46 AM »
nowadays even ledger wallets get new viruses so it gets attacks from malicious hackers. As long as it's a system then nothing is safe, there's always a loophole. As a depositoment of assets we should not be distracted also from the attack because some wallets already provide extra security such as 2fa.
Do you mean trezor wallet or ledger nano? I also read the news if there is a hacker who sells Trezor wallet data on the dark web.
If the news is true, then this is bad news because ledger wallets are known for being secure wallets.
If a wallet like Ledger nano can be hacked what about paypal ))

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Re: Trade on the Exchange, not in a "wallet"
« Reply #40 on: January 01, 2021, 05:59:33 AM »
In Exchanges there are more volume ,pairs of coins for trading .In wallets all trading facilities may not be available and in wallets you have to compromise more fee than exchanges.Wallets are the best place to store your coins in the safe way .use exchange only for trading.Use wallets for holding.

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Re: Trade on the Exchange, not in a "wallet"
« Reply #41 on: January 01, 2021, 03:01:11 PM »
Trading from wallet to exchange is still the best of both worlds. Pick your exchanges from the top 10 and after trading transfer your funds to your secured wallet. Not a fan of leaving potential tokens on exchanges though.

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Re: Trade on the Exchange, not in a "wallet"
« Reply #42 on: January 01, 2021, 06:22:19 PM »
One way or another, on the exchange, the user will be able to get the best price offer for the sale of a particular asset. Thanks to market trends, the user can set up exactly the scene for the sale that suits him best, but if we talk about security, then the exchange acts as a wallet anyway.
That's right, you noticed. Trading on the exchange provides the trader with more freedom and the ability to choose prices for placing orders. This means that we can determine our own profit. Wallets are more intended for storing cryptocurrency and exchanging it if necessary.

Offline ayatoslaw

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Re: Trade on the Exchange, not in a "wallet"
« Reply #43 on: January 02, 2021, 12:42:17 AM »
In Exchanges there are more volume ,pairs of coins for trading .In wallets all trading facilities may not be available and in wallets you have to compromise more fee than exchanges.Wallets are the best place to store your coins in the safe way .use exchange only for trading.Use wallets for holding.
The trading menu in the wallets is of course incomplete when compared to exchanges, but usually wallets only provide instant swaps. So it's easier if you want to exchange assets.

Trading from wallet to exchange is still the best of both worlds. Pick your exchanges from the top 10 and after trading transfer your funds to your secured wallet. Not a fan of leaving potential tokens on exchanges though.
Trading on an exchange is indeed the best choice and then saving it to your wallet, rather than trading on a wallet which could increase the risk of having your account being restricted due to abuse of privacy or unwanted things.

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Re: Trade on the Exchange, not in a "wallet"
« Reply #44 on: January 02, 2021, 05:10:48 AM »
Trading in exchanges are proven the best place to grow your money specially if you used the best crypto exchanges like Binance while Wallet is known as the best safety keeper of your assets so after using the exchanges during your trade then make sure you will keep your assets in the wallet as keeping them in the exchanges is very risky if the exchanges will be compromised.
« Last Edit: January 02, 2021, 05:14:12 AM by marcsymons »

 

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