Topic: Wallet or Exchange? (Read 448 times)
An old piece of advice in the crypto world says "never keep your assets in a big amount for too long in exchangers". There are many examples of hacking, scamming, and other problems that happened with exchangers. Just send some of the assets that are prepared for trading in the exchangers. I think it only applies to CEX, cause as we know now there's a simpler, easier, and safer way to trade which is DEX. We just have to connect our wallet to the DEX anytime we need it. However, I know the trading experience might be different.
Well if you wanna sell a token you have to see where's it listed? Is it in any cex or dex.
If you like to be secured and wanna get a taste true decentralized system in crypto, dex is best I mean wallet. If you don't wants so difficulty cex is good for you.
Overall depends on your taste . If you looking for a little bit cost cutting then Cex is also useful for you cause cex don't charges any network fees for trading.
I hope you get my point
Well when we are talking about the fees and having an option of wallet and exchange, I will prefer to choose an exchange and it is a centralized exchange that commonly has low fees. Buy and sell in your wallet is usually has high fees, just like the Coinomi app wallet, I used this before buying and selling crypto but I did not know that I have terrible fees to pay which is what I realized after having a third transaction there. The best is a centralized exchange and I am using Binance since there is an option that you can minimize your fees but for other reasons, a wallet is the best and safe to store your crypto, not on the exchange. If you like to be secured and wanna get a taste true decentralized system in crypto, dex is best I mean wallet. If you don't wants so difficulty cex is good for you.
Overall depends on your taste . If you looking for a little bit cost cutting then Cex is also useful for you cause cex don't charges any network fees for trading.
I hope you get my point
Apparently, both seeve same purpose but has a few advantages over the other. One of those is in the sense that,
For an exchange,
Though the coin might be allocated to your user on there platform, it ain't entirely yours. This is true in the world of cryptos as it is said, not your keys, not your coin. In the case of an exchange, the exchange holds the keys and as such, owns the coins. Your only given a leverage to use its platform.
Another advantage that follows is in the sense that, you can trade or swap coins on an exchange more easily.
For a wallet,
It's measure advantage is that, your entirely in charge of your affairs as, your private key's safety is entirely up to you and so is your coins.
A wallet as it is now, is impossible or not susceptible to a hack.
So, its all your choice on what to go with based on your purpose.
For an exchange,
Though the coin might be allocated to your user on there platform, it ain't entirely yours. This is true in the world of cryptos as it is said, not your keys, not your coin. In the case of an exchange, the exchange holds the keys and as such, owns the coins. Your only given a leverage to use its platform.
Another advantage that follows is in the sense that, you can trade or swap coins on an exchange more easily.
For a wallet,
It's measure advantage is that, your entirely in charge of your affairs as, your private key's safety is entirely up to you and so is your coins.
A wallet as it is now, is impossible or not susceptible to a hack.
So, its all your choice on what to go with based on your purpose.
Hello,
For buy and sell coins and token, a wallet is better or an exchange? Which one is cost effective?
Thank you.
I am also new in crypto trading, but I prefer using exchange to buy coin so as to avoid unnecessary transaction fee in the name of sending the coin from wallet to exchange, also to avoid some mistakes and transaction error while sending and receiving token from wallet to exchange. For buy and sell coins and token, a wallet is better or an exchange? Which one is cost effective?
Thank you.
For buying and selling option its really good to store your balance on exchange since we might miss some good opportunities to enter if we are storing our funds on our personal wallet but we need to choose always the best exchange for this knowing that hacking is rampant and we should be more aware about phising since this attack exist even know. But eventhough how trusted the exchange is we also need to withdraw whatever profit we get so that we can secure our capital little by little and take it out on exchange and lessen the risk of losing everything if hacking occurs.
Well if you wanna sell a token you have to see where's it listed? Is it in any cex or dex.
If you like to be secured and wanna get a taste true decentralized system in crypto, dex is best I mean wallet. If you don't wants so difficulty cex is good for you.
Overall depends on your taste . If you looking for a little bit cost cutting then Cex is also useful for you cause cex don't charges any network fees for trading.
I hope you get my point
If you like to be secured and wanna get a taste true decentralized system in crypto, dex is best I mean wallet. If you don't wants so difficulty cex is good for you.
Overall depends on your taste . If you looking for a little bit cost cutting then Cex is also useful for you cause cex don't charges any network fees for trading.
I hope you get my point
Hello,
For buy and sell coins and token, a wallet is better or an exchange? Which one is cost effective?
Thank you.
I am also new in crypto trading, but I prefer using exchange to buy coin so as to avoid unnecessary transaction fee in the name of sending the coin from wallet to exchange, also to avoid some mistakes and transaction error while sending and receiving token from wallet to exchange. For buy and sell coins and token, a wallet is better or an exchange? Which one is cost effective?
Thank you.
Hello,
For buy and sell coins and token, a wallet is better or an exchange? Which one is cost effective?
Thank you.
For buy and sell coins and token, a wallet is better or an exchange? Which one is cost effective?
Thank you.
I highly advise to check your local exchange in your country if they offer a buy and sell option for convenience. But like what most have mentioned, avoid exchanges that require KYC function as such offers abysmal rates on buying/selling cryptocurrencies.
Preferably, once you purchase your coins in a given exchange, avoid putting them and storing them in that exchange for a long period of time. There have been histories of exchanges getting scammed and most of the BTCs stored were stolen. I highly advise that you purchase a hard wallet for maximum security of your coins and to avoid the problem of getting scammed.
Hello,
For buy and sell coins and token, a wallet is better or an exchange? Which one is cost effective?
Thank you.
To me I prefer the exchange which I can Bitcoin for trading and also sell Bitcoin too when I wish too. I don't stress myself to find who I can buy cryptocurrency from. For buy and sell coins and token, a wallet is better or an exchange? Which one is cost effective?
Thank you.
For buy and sell coins and token, a wallet is better or an exchange? Which one is cost effective?
The best solution for buying coins are decentralized exchanges. But if this coin is supported by the Ethereum blockchain, you will have to pay extra high fees, which amount to hundreds of dollars. For this reason, it is easier for you to conduct your transactions on a centralized exchange.
Well, we can say for now the mentioned exchanges don't ask for KYC but know that certainly it won't be for ever. There will be a time both will change terms and conditions and then demand KYC. After all, Binance never asked for KYC from the beginning until recently that it had to force its subscribers to it.
I can not say for now if all custodial exchanges will ask for kyc, but they are operated in a way governments can easily reach them and tell them to regulate their exchange, they will not have option that to follow what the government of their country and sometimes the government of other countries are telling them to do it.This is how I also see it, the exchanges will begin without kyc, theyw will become dominant and known to the world, they know already that many people will not leave if they ask for kyc than closing down. Their popularity will make governments to tell them to enforce kyc, they will not have option for the countries not to disable the exchange to provide crypto services to its citizens, then kyc will be enforced.
The cheapest way (since you asked about cost effective way) to buy altcoins are centralized exchanges, preferably those that doesn't require KYC, like Kucoin or FTX.
Well, we can say for now the mentioned exchanges don't ask for KYC but know that certainly it won't be for ever. There will be a time both will change terms and conditions and then demand KYC. After all, Binance never asked for KYC from the beginning until recently that it had to force its subscribers to it.Just bare in mind that you shouldn't store your coins there for a longer period of time. For that, you should use your own wallet.
What duration can be considered bad and ill to leave coins on exchanges? I asked this because there were times I left my tokens on exchanges for over three years and they remained intact.To answer the OP, I guess the regular exchanges are better to trade on than wallets because of the high swap commissions on DApp. The commission is even worse when it's an ETH based token.
It depends on what coin you would like to buy and the security you would like some platform does not support the coin you want so you need to find, also if they are required KYC or not. Mostly this kind of feature is good if you are trying to use the metamask. If we are talking about holding your assets it's not recommended the hold to exchange because you don't have a full control over your assets.
Firstly you need to learn that your crypto isn’t stored on a wallet or on an exchange wallet. But for your question it’s better stored WHILE mot trading on a normal hardware wallet or not even in wallet but just the private keys to the chains as your crypto isn’t stored in any wallets be it app or program or hardware or on exchange. It’s held and accessed on its chain. Say it’s ETH or ERC tokens this run on ETH chain. You require your EpTH private key and or the wallets seed phrase to be able to move and or trade and or send your crypto.
Your wallet is like a bank statement you can’t make transactions with it. But the bank private details can be used to make transactions the only difference is the wallet CAN be use to make transactions but you need to use a seed phrase or the private keys to do so on the live exchanges and or to move to another wallet or chain.
This will take a little time to wrap your head around but your will get there!
Your wallet is like a bank statement you can’t make transactions with it. But the bank private details can be used to make transactions the only difference is the wallet CAN be use to make transactions but you need to use a seed phrase or the private keys to do so on the live exchanges and or to move to another wallet or chain.
This will take a little time to wrap your head around but your will get there!
Centralized exchanges (CEXs) are the best platforms for you to buy and sell coins or tokens as they have low trading fees and faster transactions. You might wanna prefer those centralized exchanges that doesn’t need KYC to start trading. Decentralized exchanges (DEXs) are the best KYC-less trading platforms out there, but the fees are expensive and transactions aren’t that fast.
Hello,
For buy and sell coins and token, a wallet is better or an exchange? Which one is cost effective?
Thank you.
For buy and sell coins and token, a wallet is better or an exchange? Which one is cost effective?
Thank you.
It will be more convenient to you if you store a little bit portion of your money in exchange since it can save you fees and time but just make sure you choose the reputable exchange since if not and you just grab an exchange everywhere which you don't know the reputation then you might be at risk for getting scam. So for selecting which exchange is best for now go to coinmarketcap and select the top 1 exchange since its the most recommended exchange by majority.
Another way to trade tokens is via Metamask wallet, which you can use to connect to fir example Uniswap and Pancakeawap (popular decentralized exchanged), but fees are quite high, especially on the former.
Bitcoin is not supported,
For buy and sell coins and token, a wallet is better or an exchange? Which one is cost effective?
If you want to buy and sell coins for sure everyone will suggest you use the site: (crypto exchange), including I also recommend it.However, if you have tokens from the bounty proceeds to sell, and can only be sold to certain wallets such as Etherdelta, Trust wallet etc, of course you should exchange it directly there into Ethereum, after that you just transfer it to an exchange to buy certain coins for your investment.
This is different from cash you have to buy coins, if that's what you want to do of course (exchange crypto) is the right choice, of course it's also a matter of cheaper fees.
There is some wallet that is open-source, good for buying/selling of coins and tokens. It is easy to use but with minimum security and you won't have a problem using it if you prevent human error though. An example is Trust wallet.
A software wallet can't be compared with a hardware wallet in terms of security. The hardware wallet will always come on top. Since you mentioned Ledger, that one is very easy to use and set up. Hardware wallets aren't meant to target tech geeks, but the regular Joe looking for a safer way to store his private keys than in a hot wallet.We have some with good security but can only take a few sets of coins/tokens, not that easy to use due to security priority but you still need to prevent human error though. Ledger wallet
Bother Ledger and Trezor support 100s of coins and tokens including various ERC-20 tokens. Some natively, others by connecting 3rd-party wallets. There is no difference in the number of assets a Nano S and Nano X supports, only a difference in the internal storage of the device. But you can use the same coins on either one. With Trezor, it's a bit different. The Trezor T and Trezor One don't necessarily support the same assets. Monero is a good example. The Model T supports it, while Trezor One doesn't. for example. I like binance because security it provides to my coin and fee is reasonable unless you don't go out of binance network. I keep some of my coins in electrum wallet but I remain worry about there security all the time.
You are comfortable with keeping your coins in someone else's wallet (that of Binance) but you don't entirely trust the security of Electrum? Electrum (hot wallet) is as safe as the system you run it on. If you are a cautious and security-conscious individual with a clean OS, you have nothing to worry about. If your system is vulnerable and full of malware, that is your fault, not that of Electrum. 
BSC tokens are not having expensive transaction fee.
Yeah. I don't mean super expensive. A few dollars comprising swap, transfers and staking altogether seems pretty reasonable.
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I think tether even uses more, but I am not sure about this, about solana blockchain, that tether is using its blockchain also. Also it is not TRX, it is TRC, that is TRC tokens.
Whoops, a typo on the TRX part.
I used Tether several times on the ERC20 blockchain since I had no choice. Man, the fees I tell you...
Tether has several protocols, mainly Omni, ERC and TRX, last which usually costs less than a dollar in fees.
I think tether even uses more, but I am not sure about this, about solana blockchain, that tether is using its blockchain also. Also it is not TRX, it is TRC, that is TRC tokens.Assuming your tokens are BSC-based, selling and paying the network fees cost several bucks on average.
BSC tokens are not having expensive transaction fee. Jump to: