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.
No exchange is completely reliable, anything can happen to any exchange at any moment. If you are a trader, having accounts in different exchanges is not something bad, but you don’t have to trade on different exchanges at the same time, it doesn’t make sense to me. You might have account in different exchanges, if you notice that a exchange is having issue, you can just switch to another one pending when the previous one which you were using will be back, but if you decide to trade on two different exchanges at the same time, then you might end up getting confused.
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
I have lots of exchanges, and I don’t think there is anything wrong with that, but if you are trading, just make use of one exchange, and you should know that whenever you won’t be trading for some time, make sure you don’t leave your money on exchange, make sure you withdraw your money immediately because anything can happen to the exchange, and you can lose your money, no exchange is too big to be compromised.