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 ?
Though I am not a future trader, this problem would happen in spot trade as well. Those that are related to the internet can't assure uptime always; there might be something happening or maintenance mode as well. Usually I don't rely on a single exchange and don't store funds there. I move the funds to my hardware wallet after buying from the exchange. And if I need to sell, just move to the exchange, but don't rely on a single exchange. Always use multiple exchanges for that.
Just a few days back I sold and rebought my Ethereum. I send two different exchanges to sell my Ethereum. Once I bought back then, funds were sent to my hardware wallet. I can't really trust a single exchange when the funds are big. Because I have suffered before from Binance about freezing funds, though later they unfreeze and release my funds.