1) An exchange is where you buy/sell cryptocurrencies. A wallet is where you keep cryptocurrencies you’ve bought or have received.
2) No, an exchange cannot be a wallet. However exchanges usually come with a wallet.
Coinbase, for instance, is an exchange and the account you create with them already comes with a wallet from them. This wallet is controlled by you but “owned” by them. I say owned because if they’re website crashes you have no access to “your wallet”. That’s why most people suggest you create a wallet using example [MyEtherWallet](myetherwallet.com) where you are in complete control.
3) No. You need an exchange or interface to send or purchase cryptocurrencies. However you don’t need any of these to receive cryptocurrencies from someone who is sending to your wallet address. You don’t even need to be online. It’s rather that person who needs the interface to send to you.
Topic: Exchange or Wallet? - page 140. (Read 8738 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
If you are into trading you need to put your coins to exchange's wallet so you can trade it with your prefered pair like btc/usd btc/eth so on and so forth.But if you arent going to trade it is suggested to put your coins to a hardwallet which is most secured type of wallet today.Ledger or trezor wallet would be fine because they have almost the same features but different in physical appearance you should move your coins into a wallet because exchnages might be hacked and all your funds will be lose. 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
If you are planning to trade you should put it ofcourse in exchanges,because you cant use your wallet to trade coins.The risk of using exchanges wallet to store big amounts of coins would have more risk than you are losing in a trade.Hackers will find their way o get some openings from these exchanges that is why exchanges themselve doesnt promote storing coins in exchange wallet if you are not trading the risk of chances an exchanges could be hacked would be 5050 because there is no safe system.
I believe that if you have to do trade keep them on the exchange. if they are long-term investments, better keep them on the wallet
For today there are some wallets, which simultaneously provide an opportunity both for storing tokens and their trading on the stock exchange. Such purse-exchanges include, for example, Bitshares and Waves. The storage of funds in these purses is much more reliable and at the same time they enable you to exchange for other tokens. Of course, the volume of trade here is still much less than on large exchanges. But if trade is not a priority for you, then this issue should not bother you.
Keep the majority of your funds in a cold wallet and the amount you intend to trade on an exchange. If the exchange is secured one that offers 2FA , then you can leave most of your funds on it.
I keep on exchange only those coins that I trade.
I keep coins for a long time on my wallet. Because I do not plan to sell them.
As the experience of forum members constantly translate coins from exchange to a purse and back, this is a bad idea. Big risk of losing a wallet.
I keep coins for a long time on my wallet. Because I do not plan to sell them.
As the experience of forum members constantly translate coins from exchange to a purse and back, this is a bad idea. Big risk of losing a wallet.
Neither of the two would be safe,if you want to secure your holdings or investments you need to get a hardwallet,ledger nano s or trezor would be the best choices,either of the two will protect your investments.The risk of having your investments in exchange wallet would be big because most of the hackers targets the exchanges regularly,some exchanges were hacked and all the users of these exchanges lose a lot of money so putting your coins in a hardwallet woild be the best.
It really is just one of those things that depends on what you are trying to do: how safe you want your assets to be vs how liquid you want them to be.
You keep them in an exchange, you run the risk of the exchange being hacked/the owners of the exchange running off with your money (Mt. Gox) BUT something happens with the price action, you can easily move it around to prevent loss/take advantage of an opportunity
You keep them in a hard wallet for example, you are the only one who has access because you have changed to having physical ownership of your asset BUT if something funky happens with the price action you might miss out trying to get back on an exchange.
My advise, prepare for ALL worst case scenarios. Figure out if something happens, how much are you willing to lose? Do you do a lot of technical analysis where you are spotting a lot of opportunities to begin with? Get your percentages figured out to create a code for yourself, and then stick to that code!
Whatever happens tho, good luck!
You keep them in an exchange, you run the risk of the exchange being hacked/the owners of the exchange running off with your money (Mt. Gox) BUT something happens with the price action, you can easily move it around to prevent loss/take advantage of an opportunity
You keep them in a hard wallet for example, you are the only one who has access because you have changed to having physical ownership of your asset BUT if something funky happens with the price action you might miss out trying to get back on an exchange.
My advise, prepare for ALL worst case scenarios. Figure out if something happens, how much are you willing to lose? Do you do a lot of technical analysis where you are spotting a lot of opportunities to begin with? Get your percentages figured out to create a code for yourself, and then stick to that code!
Whatever happens tho, good luck!
The safest option is to keep all your coins on wallets , so much safer . And in case if the market will close the input and output of coins at the pump , it quickly can be translated into needed exchange
always keep them in wallet , specially hardware wallets or paper wallet .
exchanges and wallets have both pros and cons .
exchanges give you instant buying and selling and 1 account is enough for all the coins .
on other hand own wallet gives you feel of safety .
day trader can keep his coins in exchanges but for a holder it should be in wallet .
exchanges and wallets have both pros and cons .
exchanges give you instant buying and selling and 1 account is enough for all the coins .
on other hand own wallet gives you feel of safety .
day trader can keep his coins in exchanges but for a holder it should be in wallet .
I do not prefer storing my precious coins into exchanges,but if i am going to trade i am putting half of my portfolio to my exchange wallet because i am a day/swing trade which needs a lot of funds but after i have gained so much using the funds in my exchange wallet i am moving it immediately so i can secured it for the long run.Exchanges are being targeted by the hackers that is why it gives you more risk of losing your money when you are putting all your funds in a single exchange.
It's depend on you. If you want to trade with your asset, the best choise is use a exchange so you able to go trade soon. If you want to hold a coin for long times, tye good choise is you use an wallet because you will get all features to secure your asset because only wallet give you private key and the private key take only you can access that asset.
If you are constantly trading, it is better to keep on the exchange, preferably at several, two factor identification will protect you. If you keep it for a long time, it's better to have a wallet. You can left your money and don't worry about that the stock exchange can be closed or something else will happen.
You should always keep your cryptocurrencies in your wallet. Only keep coins on exchanges for trading purposes. With the recent hacks of Coincheck and Bitgrail, it should be a message that exchanges are not safe for storing coins.
The general advice is to keep your coins in your wallet but it mostly depend on your situation. If you are doing some trading stuff with this coin then you will definetely need some on the exchanges. If you don't have much coins then fees will probably be painfull for you and you will keep it on exchanges. If you are holding an altcoin and it it traded only on 1 exchange then you won't have access to it anyway if the exchange will be closed. Some exchanges have their own features that may help you to earn some intrrest (like lending in polo). But holding on exchanges always have a small risk.
If the coin or token has a wallet you should most definitely use it. The downside will be you having to manage another wallet.dat or whatever but that price is small to pay if an exchange gets hacked or goes down.
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
That is not a good idea,what if the exchange got hacked and then you put all your coins in an exchange wallet?you are done,that is why these exchanges their users to store big amounts of coin in their exchanges,because these exchanges are prone to the hackers.There is no safe system but you can store it in multiple wallets,hardwallets,and paper wallets are the most commonly used wallets. 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
some of my coins put on the exchange and some of the others I put in the wallet. my reason is because the exchange sometimes closes. and in the wallet sometimes there are hackers who want to steal my coins. when the exchange is closed maih there is the rest of the coin in the wallet and when the coin is missing the wallet there is still a coin on the exchange. it's my strategy to keep the coins I have.
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 depend on you are long term or short investing. If you are a long term investor i advise you should store all coin which you buy in your wallet, this will safer than. But if you are a trader, of course you have to store your coin in exchange, this will help you saving fee deposit and withdraw. 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
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