If one has no issue with KYC then binance is probably the best place to keep your coins. 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.
There are pros n cons of keeping your coins at centralized exchange like binance. They suspend trading at any time in the name of server maintenance and this is something not in case of decentralizer wallets.
Topic: Wallet or Exchange? - page 2. (Read 448 times)
For buying, I would always prefer an exchange over a wallet but for holding for the long term or for the short term I would always prefer a wallet over an exchange. Always remember not your key, not your wallet. Any exchange will never provide the private key of a wallet but with a wallet, you have access to your private key.
Hello,
For buy and sell coins and token, a wallet is better or an exchange? Which one is cost effective?
Thank you.
Exchanges are made for buying and selling so that is supposed to be very cheaper in terms of fee. And wallet is for storing coins meanwhile some wallets offer swap services but its very expensive than buying on exchanges. Go.to exchange where buy your desired coin then move them to an actual wallet. For buy and sell coins and token, a wallet is better or an exchange? Which one is cost effective?
Thank you.
Depends on coin/token you are trying to trade, even if you use inbuilt wallet exchanges you will have to pay fees.
All suggestions here pointing to centralized exchange. But honestly, if you wanna be safe from restrictions then go for decentralized fees might be high but of course this is just part of the privilege to stay safe from censorship or anything that might compromise your asset. But if you are not that Conservative all the wonders of crypto features can be found on centralized like Binance products. Just a matter of your choice.
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 prefer exchange. because it is easier and more practical. We can directly buy or sell our coins instantly. I only use the wallet to receive coins or tokens that haven't been exchanged yet
If the swap will happen through a dex that uses an Ethereum chain or smart contract, it's more expensive. That's why sending it onto an exchange is going to have you a lesser fee. Unlike swapping it on dexes, it will require you fee for the transfer and as well as the fee for swapping it and that's not cost-efficient.
You just have to look what exchange that token is accepted and has a decent volume to trade it.
You just have to look what exchange that token is accepted and has a decent volume to trade it.
We might need to underline how much more expensive it is because people don't seem to understand the difference. In dexes like uniswap, you have to pay something like $100 per swap. And you still might get rejected and would have to pay it again. So obviously CEX makes more sense financially. Things might change radically after eth 2.0 cheaper fees.
Hello,
For buy and sell coins and token, a wallet is better or an exchange? Which one is cost effective?
Thank you.
I won't give the wallet list link because it was dropped already above by @tranthidung, that was a helpful thread for a list of hardware wallets. For buy and sell coins and token, a wallet is better or an exchange? Which one is cost effective?
Thank you.
IMO, if you don't care about a KYC procedure, I will go in a centralized exchange that has a lower fee upon withdrawal (it might be Binance but if you don't want as suggested above, an exchange like Kucoin is the best option too) and then, transfer on it in your hardware wallet if you want to store and hold it for a long run. This has been always reminded by most members here to the newbies asking safe storing assets, always remember this line "not your key, not your coin", that's a golden rule in crypto.
But all of these I mentioned above were depends on you, I even allow myself to store coins on exchange but it should be a week or days only, not for a long term purpose.
Hello,
For buy and sell coins and token, a wallet is better or an exchange? Which one is cost effective?
Thank you.
Cost and it's efficacy will amount to dust if you don't end up having any crypto-coins at all, I will recommend what I have experience with using my personal wallet, and that is I have been safer and hadn't any cause of worry about external errors leading to me rubbed, than if I am using an exchange, and it's same when buying and selling, priority should be sensitive on who gets the transaction completed and not who has the highest rate. 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
So, did you mean which is better if you are going to buy or sell (trade) crypto? In wallet or exchanges?Well, if this is specifically for trading (buying and selling), the exchange is the best way in my opinion. Because we can choose many coins available on the exchanges. but of course, this must be a reputable exchange or top exchange.
You can check them here for reputable exchanges with the strength and weaknesses of each exchange:
https://coinmarketcap.com/rankings/exchanges/
And about costs, every exchange may have different costs for each different coin or token.
You can check the costs on every site or platform of the exchange itself.
However, if you prefer after buying coins and going to hold them, it is better to use a wallet (especially a hardware wallet).
If you are trading a coin the best place to trade a coin is on exchange but if you are holding a coin for a long period of time don't hold a coin in your exchange make sure you keep your coin in your personal wallet address which you have the private key that's the best place to keep your coin, and you can also trade a coin using your trust wallet or you meta mask but you trading coins on Ethereum blockchain the gas fee is always high so I really prefer trading coins on BSC blockchain using Pancakeswap.
I think it's okay if you use an exchange wallet to store assets if you are a trader who is always actively monitoring price movements. If you are quite active as a trader then you should better withdraw the profit to your personal wallet instead of having to pay a lot of fees for it [withdrawal and deposit]. If I were in your position, then I would be more likely to keep it on the exchange than to incur double the fee when I wanted to trade my asset again.
If you are an investor who wants to hold assets for the long term then we recommend using a personal wallet to store your assets. Keep in mind that an exchange is not a recommended wallet for long-term holding of assets even if your current assets are worth significantly less than other assets.
If you are an investor who wants to hold assets for the long term then we recommend using a personal wallet to store your assets. Keep in mind that an exchange is not a recommended wallet for long-term holding of assets even if your current assets are worth significantly less than other assets.
Hello,
For buy and sell coins and token, a wallet is better or an exchange? Which one is cost effective?
Thank you.
Depends on the wallet that can be used to exchange tokens. I already tried to exchange my tokens and it is a bit the same as the exchange site where a small fee is needed for every time you sell a token. I don't really recall if when you use wallet to exchange your current token to another token would also need a small fee but don't worry about it as it doesn't really cost much compared to transaction fees. Remember, don't use exchange sites to store your crypto for a long time. For buy and sell coins and token, a wallet is better or an exchange? Which one is cost effective?
Thank you.
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Hello,
For buy and sell coins and token, a wallet is better or an exchange? Which one is cost effective?
Thank you.
Understand that if not your private keys it is not your coins. This means that an exchange site is not the venue to keep your coin for a long term and choosing a perfect wallet depends on your motive.For buy and sell coins and token, a wallet is better or an exchange? Which one is cost effective?
Thank you.
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.
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
In a wallet, I must swap my tokens to something like Tether to maintain its value, but on an exchange I must sell it. Which one is more cost effective?
In terms of cost-effectiveness (lower fees), centralized exchanges, or CEXs, appear to be the better option. But there are other factors to consider. As a user of a centralized exchange, you are not the actual owner of your coins. You use a custodial wallet and entrust your coins to the service. Ideally, all funds should be withdrawn from the exchange after each trade into a privately owned wallet.
Thank you for your replies.
In a wallet, I must swap my tokens to something like Tether to maintain its value, but on an exchange I must sell it. Which one is more cost effective?
In a wallet, I must swap my tokens to something like Tether to maintain its value, but on an exchange I must sell it. Which one is more cost effective?
Are your tokens BSC or ETH based?
Tether has several protocols, mainly Omni, ERC and TRX, last which usually costs less than a dollar in fees.
Assuming your tokens are BSC-based, selling and paying the network fees cost several bucks on average.
For buy and sell coins and token, a wallet is better or an exchange? Which one is cost effective?
If you care of ownership and privacy, you must use DEX and non custodial wallets. The setback is on DEX, you have to pay higher fee. Slippage is high.If you only care about price and fee, you can use CEX. It's important to note, on CEX, you don't own private key so you don't actually own your coins. If a DEX is shut down, scam exit, whatever, you will lose your coins.
Bitcoin wallets
- J. Lopp - Recommended wallets
- [BIG LIST] Hardware wallets (80+)
- Helpful Guides For Newbie on the Electrum Wallet . It is a good and light Bitcoin wallet. It's non-custodial too but remember to verify your wallet.
Ethereum wallets
More: Best Crypto Wallet Aggregators
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. 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.
This. Buying from decentralized exchanges cost high fees especially if it's a ERC20 token or ETH-related token due to congested network (always) though there are lots of advantage for using DEX but higher fees is one of the cons.Now if you're buying alts and want to send it to your wallet if ever, avoid buying tokens from ETH-related tokens as I mentioned it cost a lot even on withdrawal fees on CEX, if the token is a cross-blockchain compatible, use BSC or TRX, etc. related tokens instead.
Thank you for your replies.
In a wallet, I must swap my tokens to something like Tether to maintain its value, but on an exchange I must sell it. Which one is more cost effective?
If the swap will happen through a dex that uses an Ethereum chain or smart contract, it's more expensive. That's why sending it onto an exchange is going to have you a lesser fee. Unlike swapping it on dexes, it will require you fee for the transfer and as well as the fee for swapping it and that's not cost-efficient.In a wallet, I must swap my tokens to something like Tether to maintain its value, but on an exchange I must sell it. Which one is more cost effective?
You just have to look what exchange that token is accepted and has a decent volume to trade it.
It depends on the amount and the coins. Let us use bitcoin as an example, you buy bitcoin what of $100 on centralized exchange, you do not want to leave the coin there, more fee will be charged while withdrawing. Correct me if I am not right because the withdrawal fee differs from exchange to exchange, but I know that centralized exchanges charge too high fee on bitcoin and ethereum transactions.
Maybe I misunderstood OP, but I was mainly referring to the cheapest way to buy and sell altcoins, not specifically bitcoin. For bitcoin I agree, that there are better solutions than centralized exchanges if you are buying smaller amount. Iirc, all BTC i bought was either directly from someone or via BTC ATM, never through any of the exchanges. Jump to: