Pro's for keeping your balance to an exchange.
- Fast, you can trade it immediately.
- No transfer fees.
- No delay.
Con's
- The exchange can be compromised together with your balance, that's all.
Pro's for keeping your balance to a wallet for each coin.
- You have the private key and your coins are safe so it's impossible to be hacked unless you will be a victim for a phishing link.
Con's
- You need to pay fees when you will transfer it to an exchange.
Topic: Exchange or Wallet? - page 138. (Read 8740 times)
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
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 depends on what you want if you want to secure your coins store it in wallet but if not in exchange so you can monitor your coins. But in my situation im doing both while some of my coins was in wallet and the half one was in exchange to trade and earn. Storing in exchange site was trade and different coins to earn and have income for the future and the other one in wallet was so secure my coins and holding it.
If you want to hold it just keep it in a wallet. But not all wallets support every cryptocurrency. Like Waves for example operates on its own blockchain. So in order to receive Waves, you need to send it specifically to a Waves wallet.
Just keep it in a wallet, to secure all of your coins that you hold. But it's up to you, what do you want in your coin. If you want to keep it in a wallet or exchange.
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
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
Hi , if you are trading daily you need to keep your coin at exchanges. If you are planning for long term keep your coin on to his own wallet for security purposes. Because keeping your coin in exchanges has a risk,that exchanger might gone someday and all your coins will be taken away so be careful. If you had a offline hard wallet its the safest way on keeping your coins. I personaly keep the 75% of my coin his wallet ,while the 25% are on trading sites.
If you trade on the trading floor then you definitely have to let the crypto on the trading floor. You can also store crypto on online wallets, but I recommend that if you want to keep the long and stable crypto you can store on an offline hard drive, that is the safest way to protect your assets. But remember to keep the private key carefully.
The more secure way to store your coins is to hold them in their wallets . Exchanges is not safe by definition , you never know when certain exchange will be hacked or just decide to delist your token. The only reason you mayl want your coins on exchange is to trade them . If you are not a trader - wallet is your choice
Depends on your intention, if you want to trade from time to time in a specific exchange of course keeping coins there will be better due to reduction of cost by transferring your coins from time to time but for long term purposes that goes to wallet, but clearly your intention is to hold so the former will be the best choice.
For people who have the ability to trade their coins, and dare to take high risks, they will prefer to exchange. But for people who prefer to choose security and just to invest, for fear of some possible risks such as the loss of coins by hackers, should keep our coins in the wallet. That's what I'm going to do.
A combinations of multiple exchanges and multiple wallets to cover all the bases.
Exchanges are good just for the convenience of buying and selling. Wallets are good
for staking and long-term hodl coins.
Exchanges are good just for the convenience of buying and selling. Wallets are good
for staking and long-term hodl coins.
Yes i agree, they are both usable depends on how do you do in your coin or what are your plans to do with coin in this situation of crypto currencies market value because they are both safe and effective. Like what they have said or shared by mostly our friends her they are good recommendation.
A combinations of multiple exchanges and multiple wallets to cover all the bases.
Exchanges are good just for the convenience of buying and selling. Wallets are good
for staking and long-term hodl coins.
Exchanges are good just for the convenience of buying and selling. Wallets are good
for staking and long-term hodl coins.
Keeping your wallet is always safer. Stocks are developed by people and are vulnerable to hacking. Wallets also have high security.
There was only one reason left late last year for me accepting coins into exchanges or site services, and this was just the fee options. I would use, for example, Poloniex to take 5 to 10 receipts, and send them out to my wallet for a cheap fee of 10,000 satoshi. If I received 10 times to my wallet, that would be 10 inputs, and god knows how much in fees. That is no longer a concern right now you can send for 5 satoshis per byte and get it within a few hours. Maybe with Lighting coming even lower.
If you bought a coin for long-term storage, it is better to store coins not on the exchange, but in a wallet. After all, keeping coins on the exchange is a big risk.
After what happened to bitgrail... the best advice is to keep your valuable coins in wallets. Exchange is dangerous, you could end up losing everything all of a sudden. That's what happened to NANO Holders on bitgrail. Such a disgrace. I'm so sorry for their losses.
No brainer. Wallet all the way.
Unfortunately there are times that your unable to take a coin off of the exchange because your not allowed. then you have no choice. so to prevent this, whatever exchange your work with, make sure you can withdraw it before buying. Otherwise you have only 2 choices. sell (possibly for lower amount) or leave on exchange until you can withdraw it.
Unfortunately there are times that your unable to take a coin off of the exchange because your not allowed. then you have no choice. so to prevent this, whatever exchange your work with, make sure you can withdraw it before buying. Otherwise you have only 2 choices. sell (possibly for lower amount) or leave on exchange until you can withdraw it.
It's up to you what are you going to use wallet and exchange has a both function, but if you are going to store large amount of money it is better to store on a cold wallet so that it can't easily stole by someone i advice to you that don't store on exchaner sometimes it was close and your money was gone and even in a normal wallet they can easily store what is in your wallet.
Wallets are made to hold and store coins in , while exchanges are most likely used to trade not to store funds in .
But if you are a daily basis trader , you ought to keep your coins / tokens ( the amount you need to trade with ) though wallets are more secured and safer than exchanges
But if you are a daily basis trader , you ought to keep your coins / tokens ( the amount you need to trade with ) though wallets are more secured and safer than exchanges
i recommend binance for tour holdings because it has a lot of security controls. and its reliable for a long time . they earning a lot from there no need to scam anyone.
Well, I don't think its a good idea to leave your coins in an exchange because of the possibility of getting hacked and losing all your coins. I suggest you leave some few coins in your exchange if you are trading and store the other coins in a cold storage like ledger or so. This is to be on a safer side. You might be considering that it is quite hectic to be opening several wallets for every coins you have, well, it could be but remember that no measure of safety is too small for you coins.
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