Exchange or Wallet? - page 24. | Bitcointalksearch.org

coynedterm

hero member

Activity: 882

Merit: 500

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

Ofcourse wallet , but here we need to make trade with our altcoins , so here a problem arise for us that if we will put our altcoins at their wallet then how we will do trade , surely it will not be easy task for us to do trade .
Since exchange are safe but not much safe , but still we can put our altcoins in small small amounts at different different exchange to lower the risk to loss .
In my memory about two time hack of the exchange wallet happened , first type of the etherium theft by the hackers from almost all the exchange and after that here with the bithump .
And never I found that any exchange get back , if will be happened then may be that get skipped my mind .
So we are not safe at the exchange but still can lower the risk to put at exchange by using multiple exchange and small small amounts of money to put at different different different exchange ( if one get back then rest of the m will remain safe ) .

jcmansah7

member

Activity: 434

Merit: 10

I think it is better to keep you coins in your wallet other than on an exchange sites because there are several rumours about how exchange sites have been hacked making them lose huge sums of money. Just study and observe the market and know when to trade other than leaving your money on exchange sites. It is not advisable.

yannick225

full member

Activity: 336

Merit: 100

Exchanges are not wallet and wallet are not banks so wit's better to hodl your coin yourself and never trust exchanges becaus most of major platform has been hacked at leat one time so you cannot trust them for kep your money in the long term and in some area it's a more bad ideas, reminf you of Bittrex who restrict the account of many people living in some country for month. Yet there are many negative impact on storing tokens or coin with this options and that is by getting hacked since some of the exchanges are vulnerable in hacking. So if i were you select a digital wallet that is not always being used and stored your coins there if you are having some intentions to store your coins over a long period of time, but if you really want to keep them on the exchanges do it for a small percentage of your wallet(what you are a willing to really loose).

ThomasV80

member

Activity: 133

Merit: 10

I think it depends on the purpose of holding the crypto, if its purpose holds crypto for a long time, I think wallet is the best. but if the goal is only to hold it for a short period of time, I think it should keep it on the exchange, because in the short term it will be resold soon. this is more effective for time and transfer fee.

cr1st0f

full member

Activity: 226

Merit: 100

i prefer to use wallet, because its more safe, but if you got a lot of coins and small amount of them in $, then just use exchange because its all coins in 1 place.

jump4ever

full member

Activity: 257

Merit: 100

If we talk about the safety of storing your money, then certainly it is worth choosing wallets! Firstly, when you store on the stock exchange, you do not have a private key, your account can be hacked, even the exchange can be hacked and you lose all the money! But also the storage on the wallet gives you guaranteed safety and security.

danielnamit

member

Activity: 201

Merit: 10

It is better to use exchanger rather than keeping all you money in a wallet. Exchanger can be a useful once in many possibilities of profit.

Palisills

newbie

Activity: 94

Merit: 0

If you are good enough in security - go for wallets. Otherwise - top exchanges will be a better option for you.

@baoli

jr. member

Activity: 1162

Merit: 1

Base.protocol

If the owners of the wallet are not well-known do not you have to be careful. A friend lost 45$k worth of xlm in Dec in wallet that is personal. So it all depends.

marados

member

Activity: 406

Merit: 10

If you are going to trade from now and then or buying some new tokens from time to time it’s probably better to just hold them on exchange because you will lose a lot of tokens by just sending them to wallet or to exchange every now and then.

But if you plan to buy and forget about them for a couple of years, then yes better to hold them on wallet you trust.

ToddDiaz

newbie

Activity: 182

Merit: 0

They are both two different things that serve two very different, very important purposes. But that line should never be blurred, they are both meant to be used for different things, which is why you should never alternate the job of a wallet for that of an exchange to store your coins, which is not advised

bungsoh

full member

Activity: 237

Merit: 100

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

This is what I do. Not suggesting that you do what I do.
I prefer to keep my coins in the wallet. (because I think it's safer). Exchange only I do when will swap my coins to fiat.

rosycrypto12

newbie

Activity: 66

Merit: 0

You have to find a balance between guarding your profits and protecting your coins from hackers or exchange failures. If you keep your coins on exchanges , then you can set stop or stop loss orders to automatically sell your coins when the price suddenly drops. But you would be exposed to risks like hacking of exchange or exchange failures . If you keep your coins on a hardware wallet , then you have to keep your private key in a safe place. But if the value drops , then you have to take the action manually . So , according to me you should do both .

Bit-Tech

member

Activity: 226

Merit: 10

Hi. If you are going to trade much better keep it on exchange. But if you're going to invest on long time it should be wallet. So you should create some strategy before chosing.

Parabellun1917

member

Activity: 462

Merit: 10

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

There are good exchanges that I trust - it's Binance and Bittrex.
But I think it's safer to keep your money in your wallet

Werr

newbie

Activity: 33

Merit: 0

If you are an investor, you should keep your coins on a hardware wallet. This is a safe way to keep your coins.

coinbirds

full member

Activity: 588

Merit: 104

On exchange You should store only that amount of coins which you actively trade with.
Lot of exchanges being hacked all the time so it is not secure to hold your cryptocurrency there as you could not do anything if it happens.
We have some positive responds lately from exchanges as they recovered the loss for investors.
The most secure is to hold your coins on hard wallets or offline wallets.

Gorodcoin

newbie

Activity: 264

Merit: 0

Exchanges could be hacked and the wallets also, but i prefer wallets as exhanges may suspend or freeze current coin and you can not do anything aboit it

Dolapoemmanuel

copper member

Activity: 97

Merit: 0

if you want to trade your coins and tokens, it is better to keep them on exchange site for market, but if you want to hold your coins and tokens it is advisable for you to keep them inside your wallet till you will be ready to exchange them i the market

Zykexia

newbie

Activity: 210

Merit: 0

Using one wallet for your coin is much better, because you can easily monitor the you coins as well as the price in one. It is hard to remember all the accounts in different exchanges.

Topic: Exchange or Wallet? - page 24. (Read 8769 times)