Multiple Coins, Multiple Accounts, Multiple Password : How Many Accounts to Open?
The first and foremost thing to do on entering crypto sphere is to open a trading account. A trading account is a online platform services that enables you the tools to buy and sell different crypto coins like bitcoin, ethereum, and dogecoin, Shiba etc. There are more than 6,500 crypto coins in existence as of September 2021. And approx 307* trading exchanges across the globe to trade these coins.
Top 4 crypto exchanges as per volume
Each of these 6500 crypto coins are available at one or more than one trading exchanges. It is not mandatory that each of the coins are available at every exchanges. For example, KDA coin is available to trade at Kucoin but not available at Binance. The main concern is:
How many different accounts at different exchanges to open for trading??
As all the exchanges are not supporting every coin, user might end up opening multiple accounts in differrnt exchanges only hodling for 1-2 coin.
While the cryptocurrency industry has been fraught with fraudulent coins and shady exchanges, it is always important to open a account in cryptocurrency exchanges that make it easy to buy and sell the currencies. One must ensure low fees and strong security features before opening an accojnt. It’s important to look at supported currencies, pricing, withdrawal options, and security.
While ledger wallet plays a significant role in keeping the crypto coins. However, will it be safe to have multiple accounts open at different exchanges only for few coin. A user may end up accumulating coins at different exchanges which might end up draining out.
Multiple accounts mean having multiple password for security purpose. It will be riskier to lose all wealth in case of sudden mishapening.
Since I begun my crypto journey, gradually I opened 4 accounts in differnt exchanges. And looking at some prospect in other coin, I might end up opening few more. But will it be safe to do that?
Hope to get some solution from the #hive community.
Peace
Namaste @steemflow
Posted Using LeoFinance Beta
