Topic: Exchange or hardware wallet ? - page 2. (Read 790 times)

Both have their advantages and disadvantages. It would just really be on your personal preference to choose which one will suit what you want and need.

Exchange Advantages:

1. Convenience - It is convenient to use in a sense that you don't have to undergo many and long processes before transacting. This is easy to install as well and most of the time free download in PlayStore or AppStore. After you download, you'll just follow a few steps to be able to make and use your account. You can access it anytime, anywhere as long as you have your gadget in you, you  can open your account.

2. Easy to learn how to use - Because of its simple interface, it is easy to familiarize and to use regardless of age bracket. Its features are mostly comprehended quickly as well as the runaround inside the exchanger platform.

Exchanger Disadvantages:

1. KYC is required - To some this is a disadvantage that's why I put it here. In most exchanges, KYC is mandatory most especially if it is a centralized one because they just follow local government protocol as well as to detect the accounts of those people who are doing illegal activities such as laundering money using their platform. This possess a risk because once you give your consent in providing your personal information to them, they could use or sell it without you knowing, despite having the agreement that they will keep your personal data private. Unfortunately, this really happens. In addition, identity theft is also possible once their security has been breached which could lead to a bigger problem in the future if ever it happens.

2. Hacking incident is frequent - I think most of us are already aware of this. Several incidents have been reported in the past up until the present regarding this issue. Exchangers, most especially the centralized ones are prone to hacking because they have weaker security protocols compared to others which is the reason why it is mostly infiltrated by hackers. Recently, coinbase has been compromised which just caused thousands of users to lose money they have their account. Despite the OTP feature and other security measures of exchangers, the hackers still manage to bypass the security with just a few clicks and viola! they were able to stole huge sum of money that cannot be returned back to the account holders.

Hardwallet Advantages:

1. Security - No doubt, hardwallet is really the best when it comes to security. If you want your assets to be safe, it is recommended to have a hardwallet that could gatekeep your assets while you are doing your own thing. Because hardwallets have a built-in and specialized chips in them, it is harder for a hacker to infiltrate your account. Once they try, they won't be able to succeed unless you give your password and seed phrase to them wide open.  

2. More coins are available and many accounts can be stored - In hardwallets, there are more options in coins. You are not limited to the usual coins but can access many coins in which you can invest and trade in. In addition, you could add more accounts depending on your hardwallet model. In some hardwallets, it has 20 maximum accounts, some 50 accounts, and so on. Of course, this varies in accordance to the price. Indeed, you get what you pay for.

Hardwallet Disadvantage:

1. Cost - Hardwallets are expensive. Most of it costs over hundred or even thousand dollars depending on the brand, model, and features. But this should not be viewed as a worthless expense because we are talking about security here. If you can afford to invest in crypto, you should also invest in security. Because once your account has been hacked, all of your assets will be compromised, be gone, and all put into waste in no time.

I hope I was able to answer your question and help you decide which one is better by laying down all the information about the two.

I prefer hardware wallets. because if you look at the risk of crypto assets, there is a very large risk of hacking and many cases of hacking are lost on exchanges or online wallets. I'm currently using a hardware wallet and it's safe until now for storage

Many people will advise you to put your money on the exchange. But my suggestion is to put it in a hard wallet. Both have their own advantages. I prefer to put it in a hard wallet. I don't operate currency frequently, and I don't worry about exchanges being hacked.

Hardware wallet, you own your it, it's safety is with you and you controls your assets yourself. Unlike exchange wallet that can get compromised anytime or even get hacked or go on maintenance the critical time you needed to deposit or withdraw.

exchange and hardware have significant differences.  for exchange has the advantage of being able to see prices spontaneously and at any time but has the disadvantage of being vulnerable to hacking.  however, hardware wallets have high security advantages that can be controlled by the kpin owner.  So both of these methods have their respective advantages

I think that my opinion isn’t totally incorrect, becouse i see some small crypto exchange did scam with his user. And for this reason we always try to use big and secure exchange. But we see that on the past Kucoin has Hacked, some days ago hacker attack Bitmart exchange so exchange means have risk. We can use exchange only for Trading purpose not as a holding wallet for our Fund.                   

Sharing everything is not an appropriate term here. Once you use an exchange service, it's just common that you need to settle things there by transferring your funds "in order" to use what you are trying to do.

It's also irrelevant to say that it's not 100% safe when we use an exchange. It's subjective but it's not that when you use an exchange, it's already not safe. To lessen the risk, choose reputable platforms instead of using small exchanges.

Have many difference between Hardware wallet and Crypto exchange, Only you can control your Fund Through Hardware wallet and nobody can access your wallet but Exchange means you share your everything with another person, your fund is not secure in exchange becouse second person can control your Fund.                 

Hardware wallet is an extra level of crypto security, it is unhackable as the user control it. It goes with you wherever you're going. Unlike exchange wallet that are prone to hackers. Some even go on maintenance when you need them most.

well, it is indeed very useful when we will hold coins for a certain time. Personally, I like to use a hardwallet to hold my assets over the long term. Unfortunately, to date, I haven't purchased one from the hardwallet.
In terms of trading, I think it might be easier to keep it on an exchange, because considering the fee issue, it also needs to be considered. however, depending on the goal, if in the long term, then hardwallet is the best, while for trading, it is better to keep it on the exchange until we really want to hold it in the long term.

Yes ,we all know that hardware wallet is more secured than any other wallet if it is even the exchange wallet .We have seen many times that many exchange being hacked on the past ,hacker always use the smart way to hack .So it is so necessary to look into the security system always .I always use hardware wallet to store my asset and also hold a few into exchange wallet for trading .I use all the security system and i feel secured on this way i actually never faced any hacking .I just wanna suggest if you want to hold your asset for long term you may use hardware wallet to hold it .

It was not a big deal which wallet you are able to use unless you know how to take care of it. That exchanges wallet is solely for trading purposes and most of us here are for that reason. But if we just plan for a long-term investment, a hardware wallet is the best choice. However, that was expensive that mostly it holds some holders not to buy it but rather to consider custodial and exchanges wallet available online.

as i know about this topic are:
EXCHANGER:
1. exchanger can be close their service, so you need to move your cryptocurrencies to another wallet
2 .maybe it will not safe like the hardware wallet, exchanger can be hacked by the hacker, and access all the control to send or withdraw the cryptocurrencies
3. but the advantage of the exchanger are, its flexible, you never save your hardware things, you just need to remember your account and it will be great if you use it portable

HARDWARE WALLET:
1. hardware wallet are the most secure wallet, you can store it and dont be afraid with hacker, they can't have access to your hardware wallet
2. but the disadvantages are, you need to save the hardware wallet in the safe place, if you lost your hardware wallet, it means you lost your coin and your wallet

I am holding my big chunks of coins in hardware wallet but i also hold some of my funds inside exchange because i love to watch the market and see what can be profitable in short term.
so yes i will be finding some good moving project and my funds inside exchange will be for buying and selling purpose .

Everything has been mentioned and links has been shared , so i will just tell you once again that never trust exchange for long term holding because the exchange are the target of hackers and other bad element that wanted to take our coins , and there are many stories before and even recently that exchange is having issues about security.
so yes trust Hardware wallet as long as you can keep your seeds safer because if not then you will be facing another trouble again.

You can still own a hard wallet if you do trading, if you don't trust the exchange to hold your bitcoin for a period of time, you can just send it to your hard wallet and send back to exchange if you need to trade again. It's quite a hassle but if you are looking for security that's the best thing to do as we never know when an exchange will scam us or will get hack and our funds will be lost forever.

In terms of security, a hard wallet is more secure, however, you also have to understand that if you lose your hard wallet, you also lose all your assets on it. so be careful always in safe keeping your hard wallet to protect your investments.

Exchange is good if u want trading . and hardware is secure than any exchange because it is in your control   and no one can get access to your hardware wallet.
Whenever you done some deposit or withdraw any thing . The exchange can control it .

between exchanges or hardware wallets both have advantages and disadvantages.

The exchange has the disadvantage of being vulnerable and prone to hacking, but has the advantage of being easy to trade without having to transfer assets.

hardware wallet is very safe from hacking, but has the disadvantage of having to transfer to an exchange if you want to use it for trading

I was scrolling through the trading discussion section of the forum, and I came across a post that talked about an exchange that got hacked about recently. That is enough reason for you to avoid exchange wallet. You can only make use of exchange wallets when you want to trade your cryptocurrencies, but not for your main storage.

If you are using your exchange as your main storage, if that exchange should get hacked then everything you have worked for is gone. Avoid making use of exchanges as your main storage, try to make use of hardware wallets. Hardware wallets are more safer than making use of an exchange. Although I do know that every type of wallet can come with its own risk, but it’s worst when you are making use of an exchange.

OP you need to know how to separate things, when you want to hodl then use hardware wallet but if you want to day trade then leave in the exchange a part of the coins you day trade because if you make withdrawals every day you will pay a lot of fees in the end though have currencies that have low fees, but there are cases where altcoin has dropped a lot in price and as you don't have currency on the exchange, then you miss a good buying opportunity