Exchange or Wallet? - page 129. | Bitcointalksearch.org

finaleshot2016

legendary

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Quote from: Janinjo11 on February 12, 2018, 12:55:57 PM

I have a question.

What is better? To keep your coins on some Exchange site or to open wallets for each coin?

I would like to hear some advice. What are pros & cons of each option?

Thanks

To have a stable security, you must save your tokens into your wallet. Why? exchanges are not good for storing coins in a long term because issues about coins always happening to their platform sometimes. Lost coins is the number one case that is always happening in some exchanges , that's why it is called an exchange because the true purpose of it is just for trading and wallet is for saving money. I think you know the difference of it, then you should come up an answer before asking questions like this.

alfstep

full member

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Quote from: kingkats0803 on February 19, 2018, 08:08:19 AM

News of hacks from a few cryptos recently should tell us that exchanges are not "hack poof" way of storing coins.
The common practice is to keep your cryptocurrencies always in your wallet, while exchanges if your direction is for trading.
But of course, no one is telling you steer clear from trading, but do it in a more secure fashion by considering risk management.

Depends on what kind of wallet do you use to store your asset. If you are using online wallet like MEW and using your private key to access your wallet, to me exchange is a better option because it is harder to be hacked than your private key Grin

But if you are using hardware wallet, that is the way to go. Only put small amlunt in exchange for trading purposes

kingkats0803

newbie

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News of hacks from a few cryptos recently should tell us that exchanges are not "hack poof" way of storing coins.
The common practice is to keep your cryptocurrencies always in your wallet, while exchanges if your direction is for trading.
But of course, no one is telling you steer clear from trading, but do it in a more secure fashion by considering risk management.

rudyconsl15

newbie

Activity: 182

Merit: 0

exchangers in my opinion less safe if to use hold our coins or our assets. I would recommend using Wallet as it is safer. here I use 3 wallets that are the first Blockchain, the second Myetherwallet, and the third Exodus wallet. I think it's the safest way to manage our assets.

ausbit

legendary

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Quote from: chocolah29 on February 13, 2018, 02:36:49 AM

Quote from: Winterizing on February 13, 2018, 01:13:11 AM

I think it's better to save your coins in different wallets rather than put them into exchange because we don't know the possibility of the exchange being hacked but the downside is if you wanted to sell your coins in your wallet you will need to wait.

Yes that's the con of having our coins in our wallet because sometimes we really missed the pump and I bet everyone knew that feeling. However, if our coins are in our wallet we don't need to worry if the exchange gets compromise. So it's a win or lose situation for everyone.

No one said you should not trade, but at least you should consider risk management even if you want to trade. If it is your desire not to miss a pump or an uptrend, you can move a certain few percentage of your funds to the exchange, and trade it.

Always remember though that greed has led the funds of so many people to their early grave. Also, you should know that whatever you are leaving on an exchange, you can afford to lose them. That is all I just need to tell you.

justine11

member

Activity: 336

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Well depending on your choice, if you want to secure your most altcoins then download their respective wallets or download multi crpytocurrecy wallet like coinomi on your mobile device or if you don't want too many hassles then you should use exchange as your wallet but you should know the risks losing all of your coins if that exchange is hacked but if you holding ETH and ERC20 tokens you must use myetherwallet as your wallet.

TheAndy500

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If you want to keep the currency for a long term, the cold wallet is better. When trading it is better to have the currency in the stock market, but you have to remember that it is not safe.

Xfactor06

member

Activity: 140

Merit: 12

It is advisable to keep your coins in a cold storage or hardware wallet. Cons of keeping your coins in an exchange is that the site might get hacked and you might lose your coins.

engrlodi

member

Activity: 308

Merit: 18

I think it is must safer if you save your coin in the wallet because I think waleet is much secured than exchanges. Sometimes, exchanges have a big possibility that can be hacked than wallet. There is wallet that can hold many tokens like myetherwallet. It is a good wallet and it is a secured wallet after my experience in there. But if you want to exchange it already, you should be better send it already on exchanges and save it already in your wallet. I always preffered wallet because it has a private key, and etc to save your wallet.

hubballi

sr. member

Activity: 882

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Quote from: Janinjo11 on February 12, 2018, 12:55:57 PM

I have a question.

What is better? To keep your coins on some Exchange site or to open wallets for each coin?

I would like to hear some advice. What are pros & cons of each option?

Thanks

It is upto which exchange it got listed, If i am trading on that coin then i leave them in exchange, if not i just keep in my wallet for safe. Because keeping coins in exchange is risky. Only daily trading coins are to be kept in exchange.

pasagir

member

Activity: 266

Merit: 12

Easier to keep on the exchange. Rightly keep coins on a hard wallet!

axiline

full member

Activity: 462

Merit: 114

If you want to exchange it now, it will be better if you send it to the exchanger, but if you want to wait for the price to be high, just save it in your wallet, because you can access it at any time.

Adil Amim

full member

Activity: 238

Merit: 100

Depending upon how long you will keep the coin, if you are investing for long-term holding use a hard wallet, because wallet is more secure in my opinion. And if you are trading then exchange is more convenient.

Wilsonthebitcoiner

newbie

Activity: 238

Merit: 0

If you are holding coins for the longterm, it is imperative you keep the coins on your secure wallet and then safeguard your p[rivate keys and back up. i would prefer an hardware wallet or utilise the various options of wallets

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spawnycrypto

newbie

Activity: 22

Merit: 0

Since only you know your private key, a wallet is better for you especially for the coins that you decide to hodl for a long time. I believe it is also better to have some BTC or ETH in different exchanges not to miss any opportunity.

LazyBitInvestor

full member

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Just remember one thing - while you hold your coins on exchange - it means that you store you coins on somebody`s wallet. It is not safe at all.

pabpete

sr. member

Activity: 539

Merit: 255

Quote from: styca on February 19, 2018, 02:01:58 AM

Quote from: Janinjo11 on February 12, 2018, 12:55:57 PM

I have a question.

What is better? To keep your coins on some Exchange site or to open wallets for each coin?

I would like to hear some advice. What are pros & cons of each option?

Thanks

Wallets are generally a better idea for long-term. But for anything that you are trading, obviously keep this on an exchange.
I would say the best advice is to spread your coins around - several wallets and several exchanges, so that you are protected if one exchange gets hacked or if you lose one wallet private key.

You can store cryptocurrency on an exchange.A friend of mine thought that Coinbase was a wallet.While it does have "wallet-like" features - such as the "vault"to make you "feel more secure"It's still an exchange. Coinbase holds the private keys.

sedahan13

member

Activity: 462

Merit: 10

If you would like to buy some coin for long term investment like more than 1 years much better keep all that coin in personal wallet that we have the private key so we have full control with our money. But if you buy the coin for day trading you can put the coin in some exchange, and to minimize the risk use more than 1 different exchange, because now many case about hacking of exchange.

Captain Crypto Pants

jr. member

Activity: 123

Merit: 2

I would almost always say wallet.

Keep your private keys, private. Wallet.dat files saved and backed up.

A possible happy medium would be Crypto-Bridge, it is a wallet and an exchange.

inyakizuryel

full member

Activity: 378

Merit: 104

Quote from: Janinjo11 on February 12, 2018, 12:55:57 PM

I have a question.

What is better? To keep your coins on some Exchange site or to open wallets for each coin?

I would like to hear some advice. What are pros & cons of each option?

Thanks

The best for me is using wallet most especially when you want to hold your coins in long term it will be more secure. From their your coins will be more safer and investing using wallet will always be the best than giving your coins in the exchanging site. If you will read more and more you will see that most of the answers will be in favor of wallet.

Topic: Exchange or Wallet? - page 129. (Read 8771 times)