When Binance futures went down earlier today, it reminded the risk of relying solely on a single exchange. Though I didn’t have a position opened on it at that period because i already placed a trade on Bitget at the time but i know those who were stuck. This just shows why you should have options open as a form of risk management because this can happen to any exchange at any time.
I still stand on ‘no exchange is perfect’ but having a backup to spread your activities on would definitely save some stress when the unexpected happens which is why OKX is my third one. Just like having a diversified portfolio and having multiple investments basket, having different exchanges is a good decision in my opinion. Do you also use multiple exchanges or you stick to one ?
How does having a backup exchange help when you have an open position on futures? If exchange goes down and you are near to liquidation level, then you'll get liquidated and that will be the end of the story. That is the reason why I do not trade futures anymore, especially with leverage. In 2021, when China banned Bitcoin mining and Elon Musk also ruined everything, Bitcoin's price crashed and there were so many people trading on Binance that it was offline for a few hours. At that moment, my friend had opened a long position on one coin and he got liquidated despite the fact that it wasn't his fault, it was Binance that couldn't work but he lost money and Binance didn't recover anything.I still stand on ‘no exchange is perfect’ but having a backup to spread your activities on would definitely save some stress when the unexpected happens which is why OKX is my third one. Just like having a diversified portfolio and having multiple investments basket, having different exchanges is a good decision in my opinion. Do you also use multiple exchanges or you stick to one ?