Topic: Keep all crypto in trading platforms or wallets? - page 3. (Read 1714 times)
It depends on you but if u want to hold your tokens for long term then its better to keep them in your hard wallet for safety purposes..but for a short trade that u are doing just keep it up continue it if u gain profit in it..
I would never keep my crypto-currencies on any trading platforms for long period of time, as there was just too much news about crypto-currencies exchanges getting hacked by hackers resulting in huge numbers of traders losing their crypto-currencies due to the hack, I think the most secure place to store your crypto-currencies would be a hardware wallet which you are in total control of the private key.
Looking at what goals you pursue, if you want to make a profit at short distances, then of course you can store on the exchanges, but if for a long period, then be sure to keep on your wallets!
It seems to be safer now that you can store all cryptocurrency assets in your wallet that are specific to the cryptocurrency you have, don't let you keep assets in the exchange place for so long because it can be lost because security in the exchange is very vulnerable to attack by thieves and hacker.
What would be a better move ? to keep most of my crypto in Exchanges as seems better option. as with the constant flows - green to reds etc.
in order to make gains or min loss, it seems best to trade a red one to green
eg as today i had lots of reds, but to min loss, i took some of my ETH and verge and traded into XRP which mooned and now my gains are way up
as i keep this crypto thing a constant watch.
What do you all suggest?
i use a Coinomi wallet that is connected to Changelly and SHapeshift
so i do exchanges there.
What do you all recommend?
i am thinking just a wallet for holding a currency for long term and no intention to trade out? just add to? thoughts
As a trader my mind is to put most of your funds in the exchangers, because we know that the movement from red to green or green to red cannot be guessed and moves quickly. What I think is to buy coins with 10% of your funds then hold it in the wallet, the rest is put in the exchange I suggest at least you have 2-3 exchanger sites because fluctuations in each exchange are different even though the difference is not much but can be used as an advantage for us, and I also think the same as what you do now as the best choice. in order to make gains or min loss, it seems best to trade a red one to green
eg as today i had lots of reds, but to min loss, i took some of my ETH and verge and traded into XRP which mooned and now my gains are way up
as i keep this crypto thing a constant watch.
What do you all suggest?
i use a Coinomi wallet that is connected to Changelly and SHapeshift
so i do exchanges there.
What do you all recommend?
i am thinking just a wallet for holding a currency for long term and no intention to trade out? just add to? thoughts
Wallet's main purpose is to allow you to store your coins and use them, by receiving and emitting transactions.
Exchange's purpose is to allow you to trade crypto for fiat currency (or possibly other values), and vice versa. Most of them technically also are wallets.
The main disadvantage with exchange wallets is you never know what will happen to your coins if there is a hack or other. So if you have plans to trade the coin keep in exchange wallets or if you want to hold the coins in long term keep in wallets.
But if you are holding coins in the wallets you need to save all private keys, seeds etc. otherwise you loose all your coins. If you lost coins in an exchange then the exchange may be responsible for that.
Exchange's purpose is to allow you to trade crypto for fiat currency (or possibly other values), and vice versa. Most of them technically also are wallets.
The main disadvantage with exchange wallets is you never know what will happen to your coins if there is a hack or other. So if you have plans to trade the coin keep in exchange wallets or if you want to hold the coins in long term keep in wallets.
But if you are holding coins in the wallets you need to save all private keys, seeds etc. otherwise you loose all your coins. If you lost coins in an exchange then the exchange may be responsible for that.
It's a choice that depends entirely on you. if you want to trade frequently with coins that you have, that is to say, if you are constantly trading, it makes more sense to keep your money on the trading platform, but only on the trading platforms, you are trusting. on the other hand, if you are not going to trade regularly, of course, I suggest you keep it in your own wallet. Not in online wallets, in a secure hardware wallet that you can access just like Electrum.
You must not keep your money on exchange otherwise you will have to worry about it all the time.
To store coins and tokens outside of wallets - in various exchanges, exchangers, platforms it is very risky. Now there are a lot of cases when such exchanges and exchangers are attacked by hackers, besides, there is no certainty that there will be no abuse by the administration of these institutions. If you are trading, you can leave your crypto currency there for a while, but after you do not intend to trade in the near future, your coins and tokens should be immediately moved to a purse. So it will be more reliable.
Whenever I see a post like this, I feel puzzled asking myself, “How come there are still some people around here who don't seem to understand the obvious difference between keeping coins in trading platforms/online wallets and cold wallets?”
That's a truism that's as old as the hills:
keep all the significant amounts offline (cold wallets, paper wallets), while keeping the amounts traded on exchange in trading platforms.
So many people wrote absolutely sensible things to this topic.
Hopefully, this will help the rest of us keep our crypto safe
That's a truism that's as old as the hills:
keep all the significant amounts offline (cold wallets, paper wallets), while keeping the amounts traded on exchange in trading platforms.
So many people wrote absolutely sensible things to this topic.
Hopefully, this will help the rest of us keep our crypto safe
It is not safe at all to keep cryptos in trading platforms, as they can get hacked and you would loss all your money, so it would be more safer to keep them in wallets.
I think you should have saved crypto asset in wallet where you will have access of private Key. keep all crypto in trading platform will not be secure way to store. BTW every person has different set of mind but I would prefer wallet rather than any exchange.
There was many cases in last year where exchanges account got hacked and stolen crypto asset.
There was many cases in last year where exchanges account got hacked and stolen crypto asset.
If you want to put your money in wallet or platforms so I’m always suggest must put your money in two or three wallet. Never put your all token in trading platform because when trading platform will be scam no one can understand. So it is better to hold your token in blockchain or coinbase wallet. I’m always suggest to put your token in your personal wallet.
It is not always a great idea to keep your coins on exchange especially if the amount is significant, exchanges are susceptible hacks and one could lose them when it occurs
Even keeping in wallets is not safe, so don't tall about exchanges. I think I would hold coins in hardware wallets.
The safest wallet is offline wallet. Because most exchanges aren't decentralized and they can freeze your account when they want, even without telling you. Also exchanges never give you your private key. Also, for securing your wallet more, you can try hardware wallet.
store more comfortable in crypto wallet because it is more secure, because it is usually more controlled the purse strings to more efficiently and monitored.
Even keeping in wallets is not safe, so don't tall about exchanges. I think I would hold coins in hardware wallets.
To keep in exchanges or wallets depends on your market position. If you are an investor, it's best you withdraw to wallets were you control your private keys but if you are a trader, I'm sorry, you will have to keep your coins on the exchange to facilitate trading and avoid unnecessary charges due to constant withdrawal and deposition of funds. It however poses greater risk as exchanges are prone to hacks.
Hardwallet is the best choice if you want to collect crypto nominal above average, even though the transaction fee amount will also be bigger but very safe for now, there is no exchanger market that can be trusted fully because they can be frozen or have the potential to get problems from the government at all times, the best at Crypto is to maintain personal assets in full
It just depends on your situation and also on the kind of mind set that you are having that time.
That doesn`t depend from mindset, like you first said it depends on situation and your plans with your coin. If you plan to hold it for while its better to have wallet, if you plan to trade with coin anytime soon its better to have it on platform and wait that moment, transferring your assets from one place to another more than once can be expensive cause of the transaction fees.Make a plan and execute it, its very simple, and always try to protect your asset.
It is definetely safer to have your funds on your wallet, but the problem is when you own several different coins. Then you have to install different wallet for each coin. And full node wallet can have several GB. Thats why I prefer to have some funds on exchanges. I know it is not very safe but it is easier for me to store coins that way.
Jump to: