Where do I keep crypto after buying it?

CryptSafe

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Quote from: asawale on June 16, 2023, 09:09:53 AM

Quote from: Arbuxy on April 28, 2023, 06:37:25 AM

If I want to buy crypto, then I believe I have to go to a broker or an exchange (assuming I don't know someone who wants to sell me some). So I've got to pay them. Are they regulated enough that I can be confident that they won't just run off with my money once I've paid them? Can I pay be credit card? Then, once I have bought from the broker or exchange, do they transfer the crypto to a wallet that I control? Or do they keep the crypto in their own wallet as a custodian? If so, again, how can I trust them?

Also, is there an advantage to buying from a broker over buying on an exchange?

Thanks

Buying crypto from any broker you don't personally know is a risk too big to take when buy cryptocurrency. The best way to buy cryptocurrency is to buy on exchange and the safest place to keep your cryptocurrencies is your personal wallet which you're sure its security has not been compromised.

Certainly not all brokers are same. If a broker was recommended for you by a reputable member then I would say there should be an iota of truce in the system because you know the people involved based on recommendations but as you have said, nobody is an island that would get dumb to the point of taking such risk going to a broker you met online or otherwise.

Possibly, if you can meet with them one on one them that would be good but you can only do that if you want to undermine your safety but you should always have it in the back of your mind that safety comes first as you do not know who you are going to deal with as you have not met with them before.

For storage or safety of your funds and assets, your self custodial wallet should be your end point to our own safety.

asawale

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Quote from: Arbuxy on April 28, 2023, 06:37:25 AM

If I want to buy crypto, then I believe I have to go to a broker or an exchange (assuming I don't know someone who wants to sell me some). So I've got to pay them. Are they regulated enough that I can be confident that they won't just run off with my money once I've paid them? Can I pay be credit card? Then, once I have bought from the broker or exchange, do they transfer the crypto to a wallet that I control? Or do they keep the crypto in their own wallet as a custodian? If so, again, how can I trust them?

Also, is there an advantage to buying from a broker over buying on an exchange?

Thanks

Buying crypto from any broker you don't personally know is a risk too big to take when buy cryptocurrency. The best way to buy cryptocurrency is to buy on exchange and the safest place to keep your cryptocurrencies is your personal wallet which you're sure its security has not been compromised.

Lantind

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Quote from: Crypto Wallet on June 14, 2023, 09:09:44 AM

As far as I know not all types of tokens are listed on all exchanges.So you can buy coins which are listed on that exchange. However, be careful because many exchanges get hacked.

Actions of hacking or theft are prone to occur in exchanges, although not all exchanges are old, but most of the exchanges that we feel are not very private, we are not too sure about these exchanges, but sometimes there are also old and well-known exchanges that can crash and this is also one of the factors that must be considered when you want to store assets on the stock exchange.

Crypto Wallet

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Quote from: Arbuxy on April 28, 2023, 06:37:25 AM

If I want to buy crypto, then I believe I have to go to a broker or an exchange (assuming I don't know someone who wants to sell me some). So I've got to pay them. Are they regulated enough that I can be confident that they won't just run off with my money once I've paid them? Can I pay be credit card? Then, once I have bought from the broker or exchange, do they transfer the crypto to a wallet that I control? Or do they keep the crypto in their own wallet as a custodian? If so, again, how can I trust them?

Also, is there an advantage to buying from a broker over buying on an exchange?

Thanks

As far as I know not all types of tokens are listed on all exchanges.So you can buy coins which are listed on that exchange. However, be careful because many exchanges get hacked.

Alisha-k

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Quote from: Arbuxy on April 28, 2023, 06:37:25 AM

If I want to buy crypto, then I believe I have to go to a broker or an exchange (assuming I don't know someone who wants to sell me some). So I've got to pay them. Are they regulated enough that I can be confident that they won't just run off with my money once I've paid them? Can I pay be credit card? Then, once I have bought from the broker or exchange, do they transfer the crypto to a wallet that I control? Or do they keep the crypto in their own wallet as a custodian? If so, again, how can I trust them?

Also, is there an advantage to buying from a broker over buying on an exchange?

Thanks

for the now, use brokers or exchange platforms that allows you to be in custody of coins, they're so many to be trusted, check out the platform critically and run your survey to be sure of the platform you intend using, alot has been mentioned so you can just check them out.

Lantind

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Quote from: Coyster on May 08, 2023, 01:54:14 AM

Mind your that funds stored in hot wallets are also susceptible to to being hacked/stolen, thus only keep an insignificant amount of your funds in a hot/online wallet, it should be your "spending funds", and must be an amount you can afford to lose. For your significant amount of your funds you cannot afford to lose, use a hardware wallet or other forms of complete cold storage, like an airgapped computer.

First of all, we think that storing large amounts of assets or funds is not recommended in hot wallets or some kind of exchange, because maybe they could crash or be stolen or something like that will cause the funds or assets stored to be lost, so far if the funds or assets are in quantity the big one we often use hardware type wallet, we find it much more secure. and to be honest we are safer using it.

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Quote from: Smartvirus on June 11, 2023, 02:13:57 PM

Buying cryptocurrency is always a matter of where and many depend on exchanges as, they serve escrow purposes which have been found to be extremely important in the cryptospace, given the high level of insecurities that surrounds its transfer.
Also, cryptocurrency is meant to assume some level of anonymity and having yo buy from exchanges someworth agrees with that. Exchanges ensures both the buyers and sellers aren't been cheated and they make sure there is always market for any amount of cryptocurrency. You also get to receive your coins or fait equivalent before release and are there to settle dispute should any arise.

Exchange might be your best means as, brokers don't offer such advantages.

Yes. helps mitigate some of the risks associated with cryptocurrency transactions, but not all exchanges have the same level of security measures, and there are instances of exchanges being hacked or experiencing security breaches and exchanges are often subject to regulatory requirements and may need to collect personal information from users.

Smartvirus

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Buying cryptocurrency is always a matter of where and many depend on exchanges as, they serve escrow purposes which have been found to be extremely important in the cryptospace, given the high level of insecurities that surrounds its transfer.
Also, cryptocurrency is meant to assume some level of anonymity and having yo buy from exchanges someworth agrees with that. Exchanges ensures both the buyers and sellers aren't been cheated and they make sure there is always market for any amount of cryptocurrency. You also get to receive your coins or fait equivalent before release and are there to settle dispute should any arise.

Exchange might be your best means as, brokers don't offer such advantages.

Coyster

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Quote from: Lamkuthang on June 11, 2023, 09:04:20 AM

I think it is important to choose a reputable and regulated broker or exchange to ensure the safety of your funds. Then consider whether you prefer the convenience of a broker or exchange control, and decide whether you want to use the custodial wallet provided by the platform or manage your own wallet.

I don't think there is any advantage to choose the option of leaving your funds in an exchange, except you are prolly a day trader or the amount you have in the exchange is quite small. There is no convenience when an exchange controls your funds, do not buy into that misleading belief, the risk outweighs all of the supposed convenience. If you control your funds you have a responsibility to keep it safe, but if you leave it in an exchange, other factors can lead to a collapse of the exchange or they confiscate your funds for some flimsy reason.

nakamura12

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There are wallets you can use to store or keep your crypto safe. If you have money to spend then you can buy hardware wallets but if you want to use a free wallet then Electrum is free to use and there's an app for mobile devices if you want to access the wallet using your phone if you are not home or when you are not using your own pc. When choosing wallet, you should choose the wallet provider that is non-custodial which means you can have the seed phrase to access the wallet compared to custodial wallet where they are the only one who can access the wallet's seed phrase.

BD Crypto

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As a security reason you must avoid this types of custodial wallets because there is no security of your funds if you do not have the keys. Always try to use non custodial wallets to keep your crypto after buying it. Electrum is a good choice to store your crypto assets safely as it's an non custodial online wallet.

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Quote from: JeromeTash on May 09, 2023, 04:50:58 PM

Quote from: ImThour on April 28, 2023, 12:42:39 PM

I have been using Binance since 2019 and it's working as good as a CEX.

Wrong assumption

In crypto space, exchanges come and go. You don't want to assume an exchange is going to last forever only for them to shut down business with your funds in there. It doesn't matter how Big the exchange is

Even the biggest banks that have heavy backing of Governments and rich companies are collapsing and filing for bankruptcies, then what about just a mere crypto exchange?

There are so many things happening in the cryptocurrency industry now and we all have to be careful of how we leave our coins on exchanges maybe because we want to stake them or leave them there for when we intend trading them. There are so many exchanges that are crashing these days and we need to be aware of when we want to keep anr trade our tokens.

There are many exchanges that are no more in existence again and many had told up because of sanctions and bankruptcy. We can always use exchanges for whatever reasons but we don't have to leave our coins there for too long because the contrart might happens and we might nit have access to our coins again.

Lamkuthang

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I think it is important to choose a reputable and regulated broker or exchange to ensure the safety of your funds. Then consider whether you prefer the convenience of a broker or exchange control, and decide whether you want to use the custodial wallet provided by the platform or manage your own wallet.

boyptc

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Quote from: ItsCrafty on May 12, 2023, 10:53:44 AM

I think many people have found their assets in trust wallets to be hacked,because soft wallets are an easy target for hackers. If someone does not have money to buy a hard wallet, then instead of a trust wallet, he can also use a mobile phone as a hard wallet.If he install any best soft wallet in this mobile and keep their assets in it and after that don't connect this mobile with internet.Only connect to the internet when withdrawing or depositing your assets.Normally keep this mobile offline.

It can be a great hard wallet for those who don't have the capital to buy a hard wallet and it can be much better and safer than any soft wallet.Here you can keep all your capital safe

They won't be targeted if they will use it correctly and won't just use it for transactions that makes their anonymity exposed. Like those airdrops where they'll use their wallet for sending gas fee, etc.

When someone uses this type of wallet, it's better not to do any outside transactions on it but only yours like transfers you do from wallet to wallet.

@OP as long as it's from a known exchange, you're okay doing transactions with them but you'll be required for KYC since you'll use a credit card. Well, even if you don't, you'll be subject to it. And when you're done buying there, withdraw it and just as what they've said, hold it on your hardware wallet if you got one but if you don't, a wallet where you hold the PKeys.

wiss19

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Quote from: JeromeTash on May 09, 2023, 04:50:58 PM

Quote from: ImThour on April 28, 2023, 12:42:39 PM

I have been using Binance since 2019 and it's working as good as a CEX.

Wrong assumption

In crypto space, exchanges come and go. You don't want to assume an exchange is going to last forever only for them to shut down business with your funds in there. It doesn't matter how Big the exchange is

Even the biggest banks that have heavy backing of Governments and rich companies are collapsing and filing for bankruptcies, then what about just a mere crypto exchange?

I don't really see anything wrong with that statement, he said that he has been using the platform since 2019 and never had any issues and it is working well as a centralized exchange, and I also agree with that, as a centralized exchange, Binance has been operating pretty well since it was launched and that is the reason why it is the number one exchange right now despite all the negative news and FUDs regarding it.

It of course isn't a wallet so one shouldn't keep their assets in there if they are not willing to make any trades or don't trade very often. Centralized exchanges are only supposed to be used for trading, sell or purchase cryptocurrencies and that's it, don't use it as a wallet.

ItsCrafty

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Quote from: Z390 on May 10, 2023, 10:23:41 AM

If you have the money for Hardware wallet then buy it because it is the most secured crypto wallet for every users, if you don't have the money for a hardware wallet then on your phone download Electrum wallet or Trust wallet, but make sure that you're not keeping thousands of dollars worth of coins on any Hot wallet, for example Trust wallet is a hot wallet and any crypto wallet that is running on a smartphone is considered as a Hot wallet.

I think many people have found their assets in trust wallets to be hacked,because soft wallets are an easy target for hackers. If someone does not have money to buy a hard wallet, then instead of a trust wallet, he can also use a mobile phone as a hard wallet.If he install any best soft wallet in this mobile and keep their assets in it and after that don't connect this mobile with internet.Only connect to the internet when withdrawing or depositing your assets.Normally keep this mobile offline.

It can be a great hard wallet for those who don't have the capital to buy a hard wallet and it can be much better and safer than any soft wallet.Here you can keep all your capital safe

aysg76

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Quote from: ImThour on April 28, 2023, 07:11:55 AM

If you are literally a beginner, I would suggest keeping it in the platform from where you bought it.

I know it's hard for newbies to set up their own wallets and keep the seeds safe with them at somewhere safe.There are many chances they also fall victim for any of the scam exposing their seeds or clicking any link draining their funds but just want to say these CEX are also not a safe alternative if we are looking at it that way.What's the safety on these exchanges when we have seen major collapse like the FTX crash where many have lost billions of dollars?

So my advice is simple that you learn about self custody first of all like how to use non custodial wallets like Electrum or Metamask then make the decision of buying any crypto because it's not too hard if you are interested in learning the same.The newbies who deposit the funds over CEX they become habtual of keeping them over there only and later on regret when funds are blocked due to some reasons.So it's better to be safe and remember not your keys not your coins phrase.

Z390

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Never ever Trust any crypto exchange, this was one of the mistakes I made years ago when I know about cryptocurrency, I trusted some stupid exchanges that little rug pull with my money and the team block their Twitter accounts and other social media accounts on there and there was no way for me to reach them, don't ever trust any crypto exchnages with your coins.

Every crypto projects has their wallets for this reason, crypto existed to be in the custody of the owner, not entrusting your coins in the hands of any cryptic exchanges, Binance is one of the most trusted but still I don't recommend because , the owner is also a business man, they are running the exchange to make money.

If you have the money for Hardware wallet then buy it because it is the most secured crypto wallet for every users, if you don't have the money for a hardware wallet then on your phone download Electrum wallet or Trust wallet, but make sure that you're not keeping thousands of dollars worth of coins on any Hot wallet, for example Trust wallet is a hot wallet and any crypto wallet that is running on a smartphone is considered as a Hot wallet.

JeromeTash

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Quote from: ImThour on April 28, 2023, 12:42:39 PM

I have been using Binance since 2019 and it's working as good as a CEX.

Wrong assumption

In crypto space, exchanges come and go. You don't want to assume an exchange is going to last forever only for them to shut down business with your funds in there. It doesn't matter how Big the exchange is

Even the biggest banks that have heavy backing of Governments and rich companies are collapsing and filing for bankruptcies, then what about just a mere crypto exchange?

Woodie

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Quote from: Arbuxy on April 28, 2023, 06:37:25 AM

If I want to buy crypto, then I believe I have to go to a broker or an exchange (assuming I don't know someone who wants to sell me some).

Technically you don't need to know someone, if you choose to buy btc from the forum you wouldn't have to know the other person, besides exchanges such as Binance have a peer to peer section were you can buy your coins at best value for your buck without needing to know the other guy.

Quote from: Arbuxy on April 28, 2023, 06:37:25 AM

So I've got to pay them. Are they regulated enough that I can be confident that they won't just run off with my money once I've paid them? Can I pay be credit card? Then, once I have bought from the broker or exchange, do they transfer the crypto to a wallet that I control?

Everybody has had a different experience with these exchanges and we can't all say you should feel like your funds are in safe hands, but all I can say is once those coins hit your exchange wallet you are free to do whatever you like....hodl using exchange **not recommended ** withdraw coins to your personal wallet that you have full custody of or move to a cold wallet and forget about them till btc price soars to ATH.

Quote from: Arbuxy on April 28, 2023, 06:37:25 AM

Also, is there an advantage to buying from a broker over buying on an exchange?

Thanks

The only advantage should be price as compared to buying from other platforms that can charge a premium on fees plus high withdraw charges.

Topic: Where do I keep crypto after buying it? (Read 750 times)