How to trade crypto safely 👨🏻🎓
As you may have noticed, I only trade spot and never use leverage. Common DM questions are - 'Why no futures signals?' and "Which exchange do you trade on?'.
Today, I'll answer these, especially since they're interconnected. To make it clear - I operate solely on decentralized exchanges (DEX). Couple of key reasons:
1. Leverage benefits exchanges, not traders. It's no secret that Binance sells data on its clients' open positions to market makers. Armed with all the info about you, they trade against your money. 💁🏻 Ever played poker with someone who sees all your cards?
2. Not your keys, not your crypto. When using CEX, you're trusting a third party with your assets. There's no guarantee (and I'm saying this from personal experience) - it can go bankrupt, your funds could be blocked, and withdrawals might be suspended at the worst possible time.
When I'm trading, my money doesn't even leave my Ledger, so I'm always in control. No passport pics or income statements are needed for withdrawals.
💡 While I can't pinpoint the best DEX, I always prioritize my current needs - platforms like 1inch, Uniswap, and PancakeSwap suit diverse trading requirements and offer different functions.
