Why having multiple accounts on cryptocurrency exchanges?
We are developing TradersDiaries.com and often communicate with traders. We see that keeping several accounts on different cryptocurrency exchanges is a normal practice. We spoke with traders and found out what advantages this gives. We will tell you too.
Attention! This article is for informational purposes only and does not contain recommendations or calls to action.
The review has been prepared by the Trader’s Diary team. You can get Trader’s Diary by leaving your e-mail in the form below.
The review has been prepared by the Trader’s Diary team. You can get Trader’s Diary by leaving your e-mail in the form below.
Transfers between exchanges and wallets
An exchange account is a fully functional cryptocurrency wallet. You can use it to transfer cryptocurrency to other exchanges and wallets and receive transfers. If you choose the right network, transfers will be fast and inexpensive.
On the screenshot are the approximate fees for transferring USDT from Binance. We can see that the average transfer takes 5 minutes and the average fee is - 0,08$.
On the screenshot are the approximate fees for transferring USDT from Binance. We can see that the average transfer takes 5 minutes and the average fee is - 0,08$.
One KYC is enough
KYC (Know Your Customer) is a user identification procedure. Nowadays, KYC is practically on every major cryptocurrency exchange. Typically, KYC has several levels. At the basic level, the exchange only requires an email and phone number. On higher levels, it requires documents (passport/driver's license), photos, etc. You can read more about KYC here. - вставить ссылку
Traders usually dislike going through KYC for various reasons. Exchanges know this and try to force users to go through verification in different ways. For example, they impose restrictions on anonymous users. A common trick is that without KYC, you can trade and withdraw cryptocurrency but not fiat (USD, EUR, etc.).
For various reasons, traders dislike going through KYC (Know Your Customer) procedures. Exchanges know this and try to force users to go through verification in different ways. For example, they impose restrictions on anonymous users. A common trick is that without KYC, you can trade and withdraw cryptocurrency but not fiat (USD, EUR, etc.).
For example, on the OKX exchange, you can withdraw cryptocurrency worth up to 2 BTC per day without KYC. For most users, this is more than enough. But if you want to withdraw fiat, the exchange will require you to complete KYC.
Transferring between exchanges allows you to avoid the need to go through KYC on each platform. If you trade on two exchanges, go through KYC on the one from which you plan to withdraw fiat. When you need to withdraw assets from the second exchange, transfer them to the first, convert them, and make a withdrawal. It's simple.
Traders usually dislike going through KYC for various reasons. Exchanges know this and try to force users to go through verification in different ways. For example, they impose restrictions on anonymous users. A common trick is that without KYC, you can trade and withdraw cryptocurrency but not fiat (USD, EUR, etc.).
For various reasons, traders dislike going through KYC (Know Your Customer) procedures. Exchanges know this and try to force users to go through verification in different ways. For example, they impose restrictions on anonymous users. A common trick is that without KYC, you can trade and withdraw cryptocurrency but not fiat (USD, EUR, etc.).
For example, on the OKX exchange, you can withdraw cryptocurrency worth up to 2 BTC per day without KYC. For most users, this is more than enough. But if you want to withdraw fiat, the exchange will require you to complete KYC.
Transferring between exchanges allows you to avoid the need to go through KYC on each platform. If you trade on two exchanges, go through KYC on the one from which you plan to withdraw fiat. When you need to withdraw assets from the second exchange, transfer them to the first, convert them, and make a withdrawal. It's simple.
Saving on commissions
Saving on trading commissions is the most obvious advantage for investors and traders. Exchanges compete for customers and occasionally offer favorable commission rates. You can compare the conditions of different exchanges and choose where you can make a cheaper deal.
For example, exchange N has launched a campaign "0% commission in honor of the exchange's birthday". If the benefit is greater than the cost of transferring between exchanges, you can transfer assets, make a low-commission deal, and return the funds back.
Sometimes exchanges conduct token giveaways, bonuses, and other promotions. If you have an account on an exchange, why not take advantage of it? Of course, to receive "gifts" from the exchange, you need to keep an eye on the news. But if you are regularly "in the market", you will definitely not miss interesting offers from your exchange.
For example, exchange N has launched a campaign "0% commission in honor of the exchange's birthday". If the benefit is greater than the cost of transferring between exchanges, you can transfer assets, make a low-commission deal, and return the funds back.
Sometimes exchanges conduct token giveaways, bonuses, and other promotions. If you have an account on an exchange, why not take advantage of it? Of course, to receive "gifts" from the exchange, you need to keep an eye on the news. But if you are regularly "in the market", you will definitely not miss interesting offers from your exchange.
Offers for holders
Cryptocurrency exchanges offer their users various tools for passive income. We will not recommend anything, everyone decides for themselves. But the benefit may be obvious.
For example, a user has a token that he holds. Exchanges offer to place this token in a deposit with them. The user studies the conditions, calculates the profit, and chooses the option that is favorable for them. If the user calculates everything correctly, they will get profit from the growth of the token and interest on the deposit from the exchange.
For example, a user has a token that he holds. Exchanges offer to place this token in a deposit with them. The user studies the conditions, calculates the profit, and chooses the option that is favorable for them. If the user calculates everything correctly, they will get profit from the growth of the token and interest on the deposit from the exchange.
Transfer between blockchain
"A useful lifehack that many people don't know about. Blockchains compete with each other. To "lure" users away from a competitor, they may offer attractive conditions.
For example, the same DeFi protocol on one blockchain offers a deposit rate of 5%, while on another it is already 10%. Why? Sometimes a blockchain "pays extra" to attract users.
We will tell you how to transfer a coin/token from one blockchain to another using inter-exchange transfers, without using blockchain bridges."
Assuming we have USDT in the BEP-20 network (Binance network) on a Trust Wallet. We want to deposit these USDT for interest in some protocol that operates in the OKC network (OKX network). The BEP-20 network does not support transfers to the OKC network and vice versa.
1.Inter-exchange transfers will help us:
2.We deposit USDT from the BEP-20 network on Binance
3.We transfer USDT to OKX through the TRC-20 network (Tron – a neutral blockchain supported by all exchanges)
4.From OKX, we transfer our USDT to a wallet in the OKC network
5.We deposit USDT in a deposit in the OKC network.
Ready! We transferred USDT from the BEP-20 network to the OKC network for free (excluding small transfer fees) and without blockchain bridges.
For example, the same DeFi protocol on one blockchain offers a deposit rate of 5%, while on another it is already 10%. Why? Sometimes a blockchain "pays extra" to attract users.
We will tell you how to transfer a coin/token from one blockchain to another using inter-exchange transfers, without using blockchain bridges."
Assuming we have USDT in the BEP-20 network (Binance network) on a Trust Wallet. We want to deposit these USDT for interest in some protocol that operates in the OKC network (OKX network). The BEP-20 network does not support transfers to the OKC network and vice versa.
1.Inter-exchange transfers will help us:
2.We deposit USDT from the BEP-20 network on Binance
3.We transfer USDT to OKX through the TRC-20 network (Tron – a neutral blockchain supported by all exchanges)
4.From OKX, we transfer our USDT to a wallet in the OKC network
5.We deposit USDT in a deposit in the OKC network.
Ready! We transferred USDT from the BEP-20 network to the OKC network for free (excluding small transfer fees) and without blockchain bridges.
Listing
Listing is the placement of a new cryptocurrency on an exchange. Exchanges compete with each other, trying to list a promising token first. Usually, after listing, the token is traded particularly actively. To start trading it among the first, you need to have an account on the exchange that is conducting the listing.
The trading strategy for tokens during their listing is used in scalping. We recommend watching a video on participating in listing on Binance. We think the method used in this video can be applied to other exchanges as well.
The trading strategy for tokens during their listing is used in scalping. We recommend watching a video on participating in listing on Binance. We think the method used in this video can be applied to other exchanges as well.
Choosing Tokens
Different exchanges trade different sets of tokens. BTC and the main set of cryptocurrencies are available everywhere, but certain "altcoins" may only be traded on one exchange. The more accounts a trader has on different exchanges, the more opportunities they have to trade.
For example, a trader saw a promising situation to trade an "altcoin" on exchange N. They have an account there, quickly transferred funds from their main exchange to exchange N, traded the "altcoin", and transferred the funds back.
One way for a trader to keep track of multiple accounts on different exchanges is to use portfolio tracking software or mobile apps. These tools allow traders to connect their various accounts and see their holdings and performance in one place. Some popular portfolio tracking tools include Blockfolio, CoinTracking, and CoinTracking.info. These tools also enable trader to review their performance, balance, and asset values, in one place and it's also possible to create alerts when specific events happen on the market, they can also monitor the status of trade and receive notifications about the status of the order.
For example, a trader saw a promising situation to trade an "altcoin" on exchange N. They have an account there, quickly transferred funds from their main exchange to exchange N, traded the "altcoin", and transferred the funds back.
One way for a trader to keep track of multiple accounts on different exchanges is to use portfolio tracking software or mobile apps. These tools allow traders to connect their various accounts and see their holdings and performance in one place. Some popular portfolio tracking tools include Blockfolio, CoinTracking, and CoinTracking.info. These tools also enable trader to review their performance, balance, and asset values, in one place and it's also possible to create alerts when specific events happen on the market, they can also monitor the status of trade and receive notifications about the status of the order.
How to keep track of different accounts
When a trader has several accounts on different exchanges, a natural question arises - how to keep track of them? This is especially true if a trader trades on different exchanges and wants to understand the results of trading on each site.
The solution is TradersDiaries.com. Connect several exchanges to the dashboard, and transactions on them will be collected in one place. The service is free. To start working with it, just register.
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By clicking on the button, you agree to the "Personal Data Storage Policy’’
The solution is TradersDiaries.com. Connect several exchanges to the dashboard, and transactions on them will be collected in one place. The service is free. To start working with it, just register.
Register
By clicking on the button, you agree to the "Personal Data Storage Policy’’
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Conclusion
We hope we have been able to show that it is beneficial to have multiple accounts on different cryptocurrency exchanges. From time to time we will supplement the article with new life hacks and examples. Profitable trading