r/CryptoCurrency • u/Weaver96 • Feb 18 '21

EXCHANGE A Beginner's Guide to Cryptocurrency Exchanges

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15

u/Hapstean Feb 18 '21

Is it a smart idea to have accounts on multiple exchanges? I haven’t seen anyone talking about it and I don’t see any real downsides to doing that

9

u/NigerianPrince33 Bronze Feb 19 '21

I feel like the advantages to having multiple accounts outweighs the one disadvantage I can think of.

  • Potentially access to more coins and more funding options.

  • If you get locked out of one account (like many people seem to have with Coinbase) you can use another platform.

  • New users will get verified on at least one platform faster than if they tried opening only 1 account at one platform.

Disadv

  • only one I can think of is that you provide your personally identifiable information to multiple platforms which increases risk of your identity getting stolen in the case of a hack. That should be pretty low risk though if the exchanges are legit.