What's Your Exchange to Wallet Ratio? - page 3.

rodskee

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Quote from: BTC_Dragon on January 05, 2024, 07:28:49 PM

Does anybody leave a percentage of their BTC on the exchanges, or do you guys store all your BTC in your wallets, etc?

depend on the situation , I tend to leave some funds in exchange when there is a plan of usage in
the coming days but mostly i maintain my funds inside my decentralized wallets or off line wallets in which I know Im
safe and my money will be for long having no issues at all. and I may add to never let big amount inside the exchange
even how big or popular this exchange are as they are commonly the target of hacking and cheating.

davis196

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Quote from: BTC_Dragon on January 05, 2024, 07:28:49 PM

Does anybody leave a percentage of their BTC on the exchanges, or do you guys store all your BTC in your wallets, etc?

My current ratio is 100% in cold wallet and 0% in crypto exchange.
Several years ago, when I was a crypto noob, I used to store almost all my BTC in my Localbitcoins account. Luckily, I never got scammed by Localbitcoins(LBC was legit). I also stored small amounts of BTC on other crypto exchanges like HitBTC and Trageogre without getting scammed.
I was ignorant back then. Now, I would never trust a centralized crypto exchange to store my coins in the long term.
Maybe by leaving small amounts of crypto on the exchange you are "flying under the radars" and you won't get scammed. Try leaving big amount of crypto on a centralized exchange and see what happens. Grin

Marvelman

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I never keep any of my bitcoin on an exchange platform. You shouldn't either if you can avoid it. Leaving crypto on an exchange defeats the purpose of being your own bank with this technology. Exchanges are meant for buying and selling, not storage.

So to answer OP's question directly - no, I don't think it's wise to keep a percentage of your BTC holdings on an exchange and theres too much risk something happens to the funds while they are in the exchange's control instead of your own crypto wallet. We've seen too many examples of exchanges getting hacked over the years.

BitMaxz

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In my case I diversify or bring other coins/tokens to other exchanges if ever the one exchange that I used is down/hacked I still have some coins/tokens on other exchanges I think 5%-10% is enough ratio so that it's not hurt if the exchange is down.

People who do not trade usually move their money/tokens/coins right away from the exchange even me, even when I always move them to the wallet that I fully control just like what I experienced from exchanges before like Cryptopia where until now no coins are being refunded. So if you don't want to risk your crypto and want to hold them for a long time better use a wallet that you have full control of.

tread93

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My exchange to wallet ratio is 1 to 99% lol. Don't keep any of your money on exchanges for long periods of time. Do what you are set out to do and do it all in one shot IMO. you don't want to risk getting hacked and losing everything. That is generally my rule of thumb, there is no use keeping anytihng on exchanges you just don't want that kind of stuff to happen to you! Have heard enough from crazy stories.....

nakamura12

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Quote from: BTC_Dragon on January 05, 2024, 07:28:49 PM

Does anybody leave a percentage of their BTC on the exchanges, or do you guys store all your BTC in your wallets, etc?

That's not a good practice to do leaving a percentage of btc in an exchange. As you have known, it is not a wallet but an exchange which it is used to buy and sell cryptocurrencies that you want to buy and sell so that means it is not meant for storing your crypto unless it is a wallet that lets you buy and sell at the same time. My answer to your questions is no, I don't leave BTC in an exchange at all and you shouldn't leave any BTC at all too.

komisariatku

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Quote from: BTC_Dragon on January 05, 2024, 07:28:49 PM

Does anybody leave a percentage of their BTC on the exchanges, or do you guys store all your BTC in your wallets, etc?

As many other members have said, if we plan to hold bitcoins for the long term then it is best to use our own wallet and the best is to use a hardware wallet. Exchanges are not safe for the long term because we see many exchanges closing or going bankrupt so we cannot store our assets on the exchange, use the exchange as intended i.e. only to convert our bitcoins to other coins or to fiat.

hatshepsut93

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I have zero coins on exchanges even though I'm selling them from time to time and it would have been beneficial to keep some larger amount there instead of sending smaller amounts more frequently and having to spend more on fees. But I think the risk of storing any significant amount of coins on exchanges is just too big, they get hacked all the time, they can pull an exit scam or start having problems with authorities. So better to spend an extra on fees just to be on a safer side in the long run.

famososMuertos

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There are users who leave their BTC in some exchange just for the fact of not paying the withdrawal fee (exc+red), even with knowledge about Cex, anyway, I use exchanges for strictly what they are, to carry out operations, WR: 9:1, but, never1:10.

BitcoinPanther

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Quote from: BTC_Dragon on January 05, 2024, 07:28:49 PM

Does anybody leave a percentage of their BTC on the exchanges, or do you guys store all your BTC in your wallets, etc?

No I do not leave my BTC on the exchange. If I send my BTC to an exchange, that is to convert it to fiat money in order to cash it out to use for my financial needs or to trade it with other coins. After all the trades and exchanges, I make sure that I will withdraw the fund that is not needed to trade since I always make sure to keep the idle cryptocurrency into my non-custodial wallet. It is not that I do not trust the exchange but I am just doing these things to avoid possible problems.

darkangel11

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Quote from: highalch on January 07, 2024, 03:03:24 PM

I agree with the idea that you should diversify the custody risk.

Not really. You can store it all at one place with multisig. It's literally impossible to access 2 or 3 wallets, especially if they're hardware wallets held in 2 different locations. Many richest people hold millions of dollars this way and so far it hasn't failed them.

In my case it's 0% bitcoin on exchanges. I have 80% in an offline wallet that I don't access at all. OI only check if the addresses are untouched using blockchain explorers. I also have 20% in my desktop wallet for easy access. I'd never keep any coins in a custodial service like an exchange or a staking site. Even when I gamble I send money I want to use for betting to the casino each month and if I win I withdraw everything (unless I want o make another bet in a short period of time).

highalch

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I agree with the idea that you should diversify the custody risk. It's fairy tale you tell yourselves that your hardware wallet or laptop is completely safe. The millions of lost bitcoins tell a different story. It would never happen to you - until it does.

Crypto Library

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Quote from: BTC_Dragon on January 05, 2024, 07:28:49 PM

Does anybody leave a percentage of their BTC on the exchanges, or do you guys store all your BTC in your wallets, etc?

I think it is not good to discuss your financial matters openly like this. But if I have to say I usually try to keep 0% of my holding bitcoin amount in centralized exchange. However, due to the congestion situation of memepool, the withdrawal fee from the centralized exchange has skyrocketed so that currently some amount of bitcoins from my regular bitcoin adoption have to be left on the centralized exchanger to avoid this withdrawal fee.
But I'm not so stupid as to use a centralized exchanger for long-term holding, I believe in "not your keys, not your wallet". I am always using decentralize wallet for holding and will suggest everyone to use decentralize wallet for holding and if there is an opportunity to use hardware wallet is better.

BitcoinsGreat

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Quote from: BTC_Dragon on January 05, 2024, 07:28:49 PM

Does anybody leave a percentage of their BTC on the exchanges, or do you guys store all your BTC in your wallets, etc?

There is not anything as a ratio like to keep 20% in exchanges or 80% in the personal wallets but it usually depends upon the position size of the trade that you will take on the exchanges and the funds that you will need to move that amount in the exchange. I will usually move the coin back the my personal wallet if i bought it in a spot market.

If you are trading in a future market, then there is not any option but to keep those coins on the exchange till the trade is finished.

aylabadia05

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Quote from: BTC_Dragon on January 05, 2024, 07:28:49 PM

Does anybody leave a percentage of their BTC on the exchanges, or do you guys store all your BTC in your wallets, etc?

The exchange functions as a place to trade, sell and buy.
The wallet functions as a place to store assets.
Exchanges do not provide seed phrases, only passwords and other security for login access.

When transaction fees are expensive, the percentage of people leaving Bitcoin on exchanges may be there, but since Bitcoin transaction fees are already low, I believe the percentage of people leaving Bitcoin on exchanges is very small.

EFS

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If I don't actively trading, I don't leave my coins in central exchanges. That should be the norm for all people. Not your keys, not your coins. Simple but true.
I'd say %10 if I have to give a number, I wouldn't trade for more than %10 of my coin portfolio. And that rarely happens, for a very short time-frame.

BTC_Dragon

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Quote from: sokani on January 07, 2024, 12:17:54 PM

Quote from: BTC_Dragon on January 05, 2024, 07:28:49 PM

Does anybody leave a percentage of their BTC on the exchanges, or do you guys store all your BTC in your wallets, etc?

There's a popular slogan in the crypto space "Not your keys, not your coins", which simply means you're not in completely control of your coin except it's stored in your personal wallet. So I wouldn't advise you to store your Bitcoins on exchange because it could be frozen by the exchange, you could lose it if the exchange go bankrupt or get seized by the government. My advice is that you get a reputable open source software or hardware wallet and store your funds, by so doing you're in custody your asset. However, one reason you can keep some of your assets on exchange is if you're a daily trader.

Totally! Finally took the plunge and set up my Trezor just now. Feels awesome!

sokani

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Quote from: BTC_Dragon on January 05, 2024, 07:28:49 PM

Does anybody leave a percentage of their BTC on the exchanges, or do you guys store all your BTC in your wallets, etc?

There's a popular slogan in the crypto space "Not your keys, not your coins", which simply means you're not in complete control of your coin except it's stored in your personal wallet. So I wouldn't advise you to store your Bitcoins on exchange because it could be frozen by the exchange, you could lose it if the exchange go bankrupt or get seized by the government. My advice is that you get a reputable open source software or hardware wallet and store your funds, by so doing you're in custody your asset. However, one reason you can keep some of your assets on exchange is if you're a daily trader.

BTC_Dragon

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This community and thread has inspired me to finally take the leap, and instead of over-thinking it (like I do everything), I just calmly followed the instructions and set up my TREZOR over the course of about 15-20 mins.

I did a small amount test send of BTC from CoinBase to said Trezor, and it worked. It may sound dumb but I was scared of losing SATS or being confused about the address, etc. I've never done this before so that was literally my first time, despite stacking BTC for over a year on CB.

Thank you, BTC peeps Cool

.

Another newbie question: do larger sums take longer to transfer over, etc.? Thank you all in advance for helping me along and secure my keys and thus coins!

AbuBhakar

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Quote from: BTC_Dragon on January 05, 2024, 07:28:49 PM

Does anybody leave a percentage of their BTC on the exchanges, or do you guys store all your BTC in your wallets, etc?

Leaving Bitcoin on exchange is just like trusting your future investment to random guy that has a risk to run your money since you don’t hold it personally. The only time I deposit my Bitcoin on exchange is when I seriously selling my holdings to take profit but besides that I only store my Bitcoin on Electrum since I’m not always using it for regular payment or trading purposes.

I have different wallet allocated for my trading altcoins and leave Bitcoin on my Electrum no matter what happened on the price or fees. I’d rather hold WBTC on non custodial wallet rather than hold my Bitcoin on exchange since I can immediately react to sell my WBTC if there’s something wrong on its pegged while there’s no saving once exchange collapse.

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