Finding the right centralized exchange

By I-HODL | A Crypto Journey | 20 Mar 2022


Guys, when it comes to trading crypto on centralized exchanges, I kinda like trading on Kucoin.

Let's get into it. 

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Photo by olieman.eth on Unsplash

My trading journey

So first off, guys, when I first got involved in crypto, I was simply a HODLer, gathering my favorite coins, building a stash and waiting for positive price movements. With this strategy, I was confident that I would be a millionaire one day. Anyways, while I still think HODLing is a great idea, if you are patient and can  afford to hold out over the long term, my approach  has evolved to match my needs and, over time, I began to trade.

Now, I'll tell you this: trading is not for the faint hearted and it is certainly not easy,  and that's in general. Trading crypto as a novice can be a nightmare. I've made the analogy before, I know, but it's worthy to note here again, I think: trading feels like riding a bucking horse. And so, it's always good to try to learn as much as you can about trading before you attempt to trade.

You can't learn about stochastic RSI's and MACD's with just a quick Google scan and a YouTube video, and understanding and learning to utilize these tools as a support to  help anticipate price movements can really help you when you've got your hand and money above the fire.

Starting with Coinbase 

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I began trading crypto at first on Coinbase just about a year ago, and with nothing to compare it against, I initially liked the platform because I think you have a real appreciation for the dollar cost to you when you're looking at your trades in your own personal currency.

Also, I liked the fact that on Coinbase, you can swap directly from one crypto to another without having to first convert to BTC or a stablecoin.

Didn't take me long to get daunted by high transfer and transaction fees though, and as I learned about other projects, it was not lost on me that quite a few coins were not readily available on Coinbase.

Also, there's the issue of Coinbase sometimes limiting your access to your own funds. Yeah, I don't like that.

Last year, there was this one incident where I was attempting to transfer some ALGO I had from Coinbase to Binance because I needed to strengthen my position in a margin trade I had on Binance, and I missed the opportunity to do so because the coin was tied up for more than 24 hours on Coinbase due to a glitch on the platform. Needless to say, I was not happy about that at all

Now, to be clear, I don't dislike Coinbase, I still use it from time to time, but it won't be my first choice to trade.

Growing on Binance

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After trading on Coinbase, I also began to explore Binance and found that there were a few advantages to trading on Binance which Coinbase did not necessarily offer.

For one thing, Binance offered P2P (peer to peer) transaction opportunities where you could purchase from and sell crypto directly to other traders without having to use your regular bank accounts.  And though it can be argued that this is more expensive than simply purchasing the crypto with your regular card, it must be noted that until recently, most banks were frowning on crypto purchases and, in some cases, would not allow the transactions to complete if you attempted to purchase directly. In cases like this, the P2P option where you set your own price and conduct trade, is a win win.

Also, Binance operates in multiple jurisdictions, and some may say, arguably, without regulatory oversight or approval- that's another story- but it means though that it has helped to provide access to persons seeking to trade in crypto who might not otherwise be able to.

In addition, Binance offers more trading pairs and also has the Binance Launchpad program which offers you an opportunity to get in early on projects before they skyrocket, which is pretty cool. 

At Binance, you enjoy among the lowest transaction fees in the market and there are opportunities to save (flexible or fixed savings), to stake crypto, to participate in liquidity farming, etc. So I like Binance, for the most part.

I have found though that, like with Coinbase, the platform can be a bit more complicated for the novice trader, so... I found Kucoin, and this is what I like about Kucoin.

Finding Benefits on Kucoin

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I've  been visiting Kucoin over the past few months, and trying to trade there more and more, and I'll tell you this, guys: lately, I've enjoyed trading far more on Kucoin than I've enjoyed the experience on Binance. Just saying. 

At Kucoin,  there is a simple interface. Like Binance, there's P2P trade and low transaction  fees. In margin trading, there are cross and isolated margin trading opportunities in quite a few trade pairs with opportunities for up to 5X trades on cross margin and 10X trades on isolated margin accounts, and while that's nothing new for margin trading on any platform, I am gonna say that I quite prefer the margin trading experience on Kucoin- me personally. 

It's good to note also that a lot of projects start early on Kucoin before moving on to other exchanges, so you can get them there early before they climb when launched on platforms like Binance and Coinbase. 

I'm a little bit OCD still in my trading journey though, so while I have tried Kucoin's trading bot,  I didn't give it a fair chance to see if it could work or not over a couple of days, so I can't say much about it, but I think it's worth noting that Kucoin offers a trading bot which can help with making automated transactions on your behalf. When using the bot though, I think the minimum is $40 USD, though this figure varies depending on the crypto traded. 

Unfortunately, all is not sunny in Kucoin-land. There have been numerous complaints online about Kucoin's customer service, and while this has not been my personal experience to date as I have not had cause to contact the exchange for support, it might be worth bearing in mind.

When all is said and done though, guys, there are  many centralized exchanges where you can access crypto and trade if you want to, I only listed the three that I've personally tried and traded on. Whichever platform you choose to use has to be suited for your needs. And at the end of it all,  no one platform is  100% perfect. And so, I've taken a liking to Kucoin myself, but I'd like to know more about the platforms you've selected and why they  worked well for you. Let's discuss below. 

Well, guys, I'm off. The markets have been pretty volatile lately. We've seen a couple days of green and it's looking good, but you never know, right? So please remember to be safe. Arriverderci!

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I-HODL
I-HODL

Navigating the ebbs and flows of crypto trading, and writing about it.


A Crypto Journey
A Crypto Journey

There's nothing more exhilarating than navigating the ebbs and flows of crypto trading. I have sea legs today, but truth be told, I've been lost at sea more than I care to remember and I have weathered quite a few storms as a trader. But the crypto-verse has also rewarded my resilience, and so after every dip, I get right back to sailing in pursuit of me buried treasure. I love this digital evolution and am proud to be a part of it. These are the tales of a crypto adventure! 

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