Topic: Exchange or hardware wallet ? - page 3. (Read 790 times)
Even mobile non-custodian wallet is still better than exchange wallets as long as you can safely keep the keys offline. In the recent past, some exchanges have shutdown either due to hack or inability to continue the running of such exchange. Well, not everyone get back their money from such centralized exchanges. To be more secured, get a hardware wallet and keep bulk of your fund there.
I think hardware Wallet is the best choice ever. There are so many reasons behind this. You don't need KYC . You are free to send or receive. No one can control your asset portfolio. So this is the best to use hardware wallet.
Yes, the hardware wallets are the best to save your crypto provided you have a good amount of money in crypto. Hardware wallets may not be recommended to newbies who have very little funds. They can start with desktop wallets before shifting to hardware wallets.
Exchange wallet was made not for storing the funds purposes so basically the exchange exist for trading purposes only so instead of storing your funds at the exchange i think better find another solutions such as online wallet or hardware wallet especially if you have large amount of money then hardware wallet will be good option because you have fully control to access the wallets
An online wallet is the same as an exchange, while some may argue that at least with the online wallet you have access to your private keys while this is not true for the exchange, at the end of the day your coins are now in a centralized service which could be hacked at any moment since they are a large target for hackers to attack.It is better to use your own software wallet like electrum in that case, however if you have the money, you have a large amount of bitcoin or altcoins, or simply you cannot secure your coins properly by yourself then it makes more sense to get a hardware wallet.
What are the advantages and disadvantages of these two methods to store your coins?
Well, i think the advantage of using hardware wallet is off-grid, offline wallet, no one would have access to your wallet but you. Also, the exchange wallet has easy accessibility anywhere when you have internet connection but it's less secure compared to hardware wallet. Always remember, not your keys not your coins.now everything is advanced and the hardware can easily be used in any system as long as there is an internet connection, so it is clear from a security point of view I totally agree and agree with you, obviously the hardware is very capable to use.
What are the advantages and disadvantages of these two methods to store your coins?
Hardware we have full control to our coin, maybe pros that we save coins in exchange is we can sell it immediately if needed. Because if save in our own wallet, that means more fees that will be used for transaction especially if we are trade and must doing deposit and withdrawal coins. It could be the advantage of an exchange is the quick trade into fiat if you need it but it's just a matter of an hour if you'll wait while using hardware wallets. The most important factor is the safeguard of your portfolio and avoiding possible scams or even exchange becomes compromised and your coin might be stuck.
...but as long as the exchanges are trusted, of course it is also safe.
With a mainstream exchange like Coinbase and a relatively small amount of crypto, it might be okay to keep your crypto there. However, if you want more security, a non-custodial cryptocurrency wallet may be more suitable. I understand that you want your funds available at the exchange if you are actively trading, but there is really no point in using exchange wallet for long-term holding. Every exchange, no matter how popular it is, is susceptible to hacking. It has happened before, it will happen again.
What are the advantages and disadvantages of these two methods to store your coins?
Well, i think the advantage of using hardware wallet is off-grid, offline wallet, no one would have access to your wallet but you. Also, the exchange wallet has easy accessibility anywhere when you have internet connection but it's less secure compared to hardware wallet. Always remember, not your keys not your coins.
No disrespect towards exchanges, but as long I do not have the full custody of my coins and tokens, it’s not safe to use them as a storage. Not even Binance is exempted from getting compromised last time. Whatever security measures that they have in place, these hackers and intruders are just one step ahead finding ways to break that barrier. I can only use those exchanges to trade coins and tokens.
Hardware wallets are simply the best to store our hard-earned assets and coins. SafePal is the cheapest hardware wallet right now at $49.99 (currently on a discount from the original price of $69.99) and I’ve just unboxed it earlier. Ledger Nano S and Trezor are also great hardware wallets, but they are kinda pricey. SecuX, which is Taiwan-based is also a hardware wallet with a unique design, which I also have that too shipped via FedEx.
Worth the investment to store my assets safely than relying on exchanges and mobile apps.
Hardware wallets are simply the best to store our hard-earned assets and coins. SafePal is the cheapest hardware wallet right now at $49.99 (currently on a discount from the original price of $69.99) and I’ve just unboxed it earlier. Ledger Nano S and Trezor are also great hardware wallets, but they are kinda pricey. SecuX, which is Taiwan-based is also a hardware wallet with a unique design, which I also have that too shipped via FedEx.
Worth the investment to store my assets safely than relying on exchanges and mobile apps.
I prefer to store on exchanges, of course, exchanges are trusted and I have gone through KYC, some of the assets on my exchanges are Binance, Coinbase and Gate.io, I have been trading and storing my crypto assets on exchanges for almost 3 years, everything is fine, maybe we do not hold the private key, but as long as the exchanges are trusted, of course it is also safe.
There's no sense in keeping large amounts of money in exchange wallets. Exchanges get hacked constantly, and your money may disappear for good. It's amazing how many people I've already encountered in the crypto community who have not even installed desktop wallets, let alone own a hardware wallet. People need to learn to make use of the tools they have at their disposal.
Exchange wallet was made not for storing the funds purposes so basically the exchange exist for trading purposes only so instead of storing your funds at the exchange i think better find another solutions such as online wallet or hardware wallet especially if you have large amount of money then hardware wallet will be good option because you have fully control to access the wallets
True that. I believe only if you intend to keep trading your coins or tokens, you don't have to save them in an exchange wallet. I don't believe you have the keys to your wallet in an exchange wallet and you know what they say, Not your keys not your crypto. So if you really have some amount of assets that you need to store, a personal wallet is it. 
I would add that it really depends on the exchange and the amount we are talking about relative to your overall wealth. I am not giving an arbitrary number now as 100 dollars could mean something very different to someone poor than to someone rich.
But when you have a rather small amount and you store that on an exchange like Coinbase, the chance that you are going to lose that crypto due to a hack is really small in my opinion. I guess Coinbase even has something like a deposit insurance required by regulators. There are often times limits though as per individual, but that's why I said it also depends on the amount.
But when you have a rather small amount and you store that on an exchange like Coinbase, the chance that you are going to lose that crypto due to a hack is really small in my opinion. I guess Coinbase even has something like a deposit insurance required by regulators. There are often times limits though as per individual, but that's why I said it also depends on the amount.
So people use Hardware Wallets only to escape from the hands of hackers? Hackers are also able to steal your funds from HW if you are not aware of it. Coinbase is regulated by the regulatory body does that mean your money is safe there? If Coinbase stopped its service today, and seize your funds, would you be able to withdraw your Bitcoins from Coinbase? Did they give you a private key? Listen, people use HW not only to avoid hacking but also to get rid of control of the regulatory body.
I would add that it really depends on the exchange and the amount we are talking about relative to your overall wealth. I am not giving an arbitrary number now as 100 dollars could mean something very different to someone poor than to someone rich.
But when you have a rather small amount and you store that on an exchange like Coinbase, the chance that you are going to lose that crypto due to a hack is really small in my opinion. I guess Coinbase even has something like a deposit insurance required by regulators. There are often times limits though as per individual, but that's why I said it also depends on the amount.
But when you have a rather small amount and you store that on an exchange like Coinbase, the chance that you are going to lose that crypto due to a hack is really small in my opinion. I guess Coinbase even has something like a deposit insurance required by regulators. There are often times limits though as per individual, but that's why I said it also depends on the amount.
I'm also caring about the security of my cryptocurrencies a lot. And the only solution for it seems like a hardware wallet. Because as it is not in any exchange or an app, it is much safer against the hacking attempts. The only thing the owner needs to do is not using the wallet on any computer. The owner should be certain of the thing that the computer is safe before using the wallet.
I think hardware Wallet is the best choice ever. There are so many reasons behind this. You don't need KYC . You are free to send or receive. No one can control your asset portfolio. So this is the best to use hardware wallet.
When you keep money in an exchange wallet, you should already be okay to sharing your money with the exchange also. Because there is always a possibility for any exchange to be hacked. But using a hardware wallet is always much safer. Because you keep your wallet in a USB and there is no way that someone can reach it unless you make a really big mistake by using it somewhere not credible.
What are the advantages and disadvantages of these two methods to store your coins?
Never let your funds stays in exchange for long time , even a week is not a good idea , that is why there is a Hardware wallets in which we are all use now storing our precious cryptocurrencies .If you really wanted a safer holding then use hardware wallet for storing and use exchange for trading ,
that easy to understand and done.
The harder the wallet the safer your coin. Except for decentralized exchange, exchanges tend to suffocate their customers with KYC verification and also freeze ones funds if their deposits exceed certain amount without a valid KYC verification. Hard wallet has more advantage and its just the safest and most secured
The big advantage of having your funds in your hardware wallet is that you have the full control of your funds and it's 100% safe from intrusion. Your keys, your funds in short. On exchange on the other hands, the inevitable scenario will be the big fear of being hacked and we all know already exchange had been hacked over the years even top tier exchange is not safe.
The hardware wallet is so secured than any exchange. Where you're no need to kyc . Where no one can control your asset portfolio. So i suggest hardware wallet to every crypto holder .
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