Topic: Keep all crypto in trading platforms or wallets? - page 4. (Read 1714 times)
Depends how you approach the whole topic. Don't HODL your coins on exchanges, especially the centralised ones. Wallets are created to hold your coins on them safely. If you're a day trader you can keep some of your coins on exchanges but always be careful while making any moves.
There are a lot of big exchanges like Bittrex, polonium, and many other that are good.
So you are suggesting him to keep all his crypto in trading platform/exchange although his main purpose is to hold the coins? It is not safe to do so obviously, storing crypto in a wallet where you have a full control of it is more recommended. No matter how good the exchange is, the risk is still higher compared to if you keep it on your own wallet.
One more question, what is polonium? Is this a name of exchange? Never heard this name before as a good exchange. Do you mean poloniex?
I would say if the intention is only to HODL then keep it safe in the wallet otherwise if you want to trade often then keep it on the trading platform.
Keeping your crypto in both trading platforms or wallets are risky. Hackers will still find ways and means how to steal our money could be in a wallet or in a cryptocurrency exchange. I totally agree with you mate that it would be better to keep your crypto in a wallet if you plan to HOLD your coins or if oftentimes you are trading, then keeping it the trading platform is also good for faster transactions if a sudden increase in value is being observed. I usually hear from the news that cryptocurrency exchanges are usually getting hacked than wallets.So, to make it short, there is no place to keep your cryptos that doesnt hold any risks.
Now, to avoid ourselves from confusion on we properly store our assets in an exchange or in a wallet, always put this in mind. When you put your cryptos in an exchange, the main purpose is to trade, its not a good idea to store your coins passively or hodl it for a long time. The tendency of lossing it is very high. If you stop trading even for a mean time, never ever forget to transfer all your coins inside your wallet. Exchanges are very vulnerable to any kind of harm that can cause to a fund loss.
Who knows the exchange will not run away with your money, who knows it wouldn't be hacked and all the database will be gone, who knows it would not be bankrupt.We didn't trusted our money with the banks, so why should we trust in storing our hard earned money with exchanges, who are not even legally bound with us if they cheat us. We can't do anything against them except regretting.only use exchange for trading.
I would say if the intention is only to HODL then keep it safe in the wallet otherwise if you want to trade often then keep it on the trading platform.
Keeping your crypto in both trading platforms or wallets are risky. Hackers will still find ways and means how to steal our money could be in a wallet or in a cryptocurrency exchange. I totally agree with you mate that it would be better to keep your crypto in a wallet if you plan to HOLD your coins or if oftentimes you are trading, then keeping it the trading platform is also good for faster transactions if a sudden increase in value is being observed. I usually hear from the news that cryptocurrency exchanges are usually getting hacked than wallets. I use hard storage for most of mine, not much of a trader these days, more so an accumulator. Burned too many times trading, and can sleep at night knowing my money is stored off these exchanges
No doubt, it is risky, but these circumstances always come in every type of business, so trading is also risky, sometime profit wise and some time whenever ban trading. Don't keep your funds in any platform because it may cause of losing your money much better to hard wallet the no one can know your funds and can't easy to hack.
This is to be understood that even who have got money that is not under your daily use. Either it is saved in your house or saved in banks, utilize them for more earning. Don’t let them spoil their charm and value without making use of them. bitcoin trading or investing is quite interesting and useful source that must be adopted for huge incoming of handsome profit ratios.
There are a lot of big exchanges like Bittrex, polonium, and many other that are good.
So you are suggesting him to keep all his crypto in trading platform/exchange although his main purpose is to hold the coins? It is not safe to do so obviously, storing crypto in a wallet where you have a full control of it is more recommended. No matter how good the exchange is, the risk is still higher compared to if you keep it on your own wallet.
One more question, what is polonium? Is this a name of exchange? Never heard this name before as a good exchange. Do you mean poloniex?
Situations differs. If you are a trader and you day trade on a daily basis, its best to keep your coins on the exchange that you are using and if you are a long term investor, tku need to keep your coins safely in your wallet
I would highly recommend keeping your funds in your own wallet that you hold the private keys to. Only keep money on the exchange while your actively trading. I have run into issues with some of the exchanges so you need to know its high risk leaving any coins with them.
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 just depends on your situation and also on the kind of mind set that you are having that time.
There are a lot of big exchanges like Bittrex, polonium, and many other that are good.
If you are a daily trader, then you don't really need a "hot wallet" because most of your coins may need to be stored on the trading platform. If you trade very large and often store your wallet, then the "cold wallet" is Your choice, Ethereum's wallet is very good!
You will also need to have a wallet that you could access quickly when you need to have an emergency money. It is not advisable to always keep you funds on the trading site or exchanger becasue you could sell or buy accidentally without knowing that you did.
Yes, I always keep the password in my purse, but I always wait for the opportunity from the market, now the market is constantly falling, if we are impatient will be one of the causes leading to failure from it.
I think that from the point of view of the security of its crypto currency, it is, if possible, necessary to store it in its purses. Exchanges and exchangers are most often subjected to attacks by hackers, a lot of different scandals arise because of the actions of the exchange administration and exchangers.
I think that you need to store your coins and tokens on stock exchanges in less time. Exchanges are most often subjected to attacks by hackers, besides, there is not always trust in the administration of the exchange. There are a lot of cases of unauthorized transactions on behalf of the owners of crypto currency even without any signs of hacking. In addition, various directions and requirements of various inspections may appear on the part of the exchange administration, which are sometimes difficult to fulfill. Therefore, it is best to immediately send funds back to the wallet after performing the necessary operation.
I would say if the intention is only to HODL then keep it safe in the wallet otherwise if you want to trade often then keep it on the trading platform.
If you want to trade altcoins on a daily basis then it would be much better to keep your coins in the exchanges...it will save your time and save paying transaction fees too many times...but for users like me who dont trade much and hold their coins it is safer to hold them in wallets.
Just be careful and do not become complacent, if at some point you want a rest and you are not going to trade for some time then you need to get your money out of it, there have been many cases of people leaving their money in exchanges and they got hacked or the exchange got hacked and in some cases there was a governments raid and they lost all their money because of this. Jump to: