Topic: Where do I keep crypto after buying it? - page 2. (Read 648 times)

One of the reasons people prefer exchanges to Non- custodial wallets is because of the availability of coins to be stored on the exchanges than those wallets. Don't confuse cryptocurency (altcoins) and Bitcoin together, the suggestion of wallet you gave can only hold Bitcoin but the OP is talking about cryptocurency which is a terms normally used when someone wants to purchase other cryptocurency that aren't Bitcoin (altcoins). For this purpose exchange aren't still the best option because we have wallets that can hold more than two different coins on different blockchain as well.

We have Metamask wallet and it can be used to hold coins on Ethereum blockchain, Polygon, Binance blockchain, etc. You don't have to subject your coins to the mercy of centralized exchange to give you permission to withdrawal when you have a non custodial wallet like Metamask that gives you access to your private key and can be access on your laptop or mobile device. We also have some hardware wallets that provided this same service of having multiple coins stored offline out of the reach of hackers provided you keep your private keys off reach (online).

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.

There is bunch of opensource wallet out there yes you can buy it from an exchange or in form of P2P exchange.

although if you have large reserve of money you need to move it to your own wallet that is why there is bunch of bitcoiner says "Be your own bank" and also theymos said it already, Reminder: do not keep your money in online accounts - https://bitcointalksearch.org/topic/m.61293646

If you do trade keep on exchange just for trade only but if you want to long term hold please use your own wallet

That's why you don't store your funds into these exchanges these platforms only serve for exchanging your fiat currency into crypto or crypto-to-crypto transactions and if you don't use your assets into other way, better to transfer your funds in your wallet, which is yours and not with the use of the exchange.

People store their assets in hot or cold wallets to prevent hackers and the unexpected locking of assets in exchanges and other factors that you cannot get your funds.

It doesn't matter if you have been using the exchange for a long time now and it has been working fine, the thing is that you can never know how just tomorrow will be. Exchanges are not safe to store bitcoins if you are considering safety, and that has been what majority of the very experienced people in bitcoins have concluded. They do not say so because it has happened, but because with exchanges there is always a higher possibility of loss. If you have been using Binance since 2019, you have just been lucky, just like other people.

When you talk about storage of cryptocurrencies, mind you that you should be looking away from exchanges, it is really baffling to me why one would leave good non-custodial wallets and keep their funds in an exchange that can be hacked anytime, or that can confiscate your funds for any flimsy reason. Trade on cryptocurrency exchanges and hodl your funds in non-custodial wallets, not just anyone of them, but a good one like electrum that is open source.

Has bisq.com ever been a domain affiliated with Bisq Network or the exchange? I believe not. In fact, the domain you suggested is up for sale.
Be very careful when recommending web addresses to members. You might end up suggesting to them a phishing link unknowingly

The right link for Bisq is https://bisq.network/

It mostly depends on the purpose for which you bought your crypto assets.
If you want to trade your crypto assets on a daily basis, I recommend that you keep your crypto assets on a safe exchange like Binance and that you implement all available measures to protect your funds.
If you do not intend to trade your crypto assets on a daily basis and just want to hold your crypto assets until their price rises significantly, I advise you not to hold your crypto assets on an exchange or web wallet, but on a hardware wallet like Ledger.

To purchase, you can use any exchange, you can look at the reviews and the ratings available to you exchange, and choose the one that will be most convenient for you. Try to choose the one that does not require verification.

Try to buy a small amount first to understand how it works, there is nothing complicated there. Remember that you cannot store your coins on the exchange, it is not safe, for this it is best to use a hardware wallet, study this issue and try to do everything right from the very beginning, this will allow you to avoid many mistakes in the future. You can also use exchangers to buy, many of them also do not require verification, but before using them, look at their reviews and ratings. This is not difficult, but you need to do it once to understand how it works.

If you find a reliable and affordable broker, then it is an option where you can better keep your privacy. But if not, swap is the only option that you can use. But never store assets directly on those exchanges, use a non-custodial wallet, as it gives you full control over your assets. As many have mentioned, the hardware wallet is the best option we have and it's not too expensive to own. But if you still can't afford to buy it, we also have solutions like Electrum wallet or Metamask.

You will need binance.com , metamask addon for any browser.

I have not used broker so far but Centralized exchange are best option for buying crypto and i think now no need of broker because many exchange provide P2P which is more safe than broker. Big Cex like Binance and Coinbase are safe to buy crypto and you can trust on these exchange as they got many countries licence to run Exchange service there. You can pay via credit card in these exchanges and other payment options are also available.

In cex when you buy coin, these will be stored in custodian wallet where you have not access to phrase and completely controlled under exchange and you have to withdraw to own wallet. We cannot 100% trust on any exchange and even we cannot trust on crypto but million users and positive review show that these exchange are still working fine and our fund will be safe there


I don't see any advantage of broker over Cex but i found that broker will charge fee for converting fiat into crypto the. why not we use P2P for this purpose where no charges will be collected for converting.

Generally, Custodial Wallet on this crypto sphere is a storage of crypto currency that offer centralized service. This kind of storage such as centralized crypto currency exchanges. Binance is one of the best for this option, although i believe that there are many options out there. Binance has secure system and big volume. 

It shouldn't be the best advice for any non experience newbie, but I can assume the OP is a knowledgeable user from the way he phrased his question.

If the OP has a lot of budget and decides to buy bitcoins on a centralized exchange or elsewhere, then he should have a secure wallet to store his bitcoin. If he doesn't understand wallet hardware, then I think a wallet like Electrum can help him temporarily instead of trusting a centralized exchange to store his bitcoin.

Here is an important announcement for every exchange user, so it is worth considering when they want to store their assets online.

Reminder: do not keep your money in online accounts

Buying crypto can be done in several places. They are in the Bitcoin ATM, crypto exchanges, and also P2P.
There are two types of Crypto exchange usually for beginers, the centralized (CEX) and decentralized (DEX). In CEX, you need to verify your identification buy using KYC process with comonly your photo and your ID Photo. But in DEX you don't need to do it.
Basically both Cex and Dex have uts positie and negative sides.
However in this case, one of the important things again is how to choose the trusted exchange. You can go to Binance, Kucoin, Kraken, Bitmart, PancakeSwap, or other top exchanges that are listed on Coin Market Cap. Never use small exchange moreover platform that promise you huge profits, they may be probably scammers.

Btw you can also buy crypto in P2P (Peer-to-peer), but ensure that yo find the trusted one, if not, you may go to scammer and your money may be lost. Never trust anyone that say they are real and will help you to invest your money in crypto, don't believe them easily. Check their reputation, moreover the ones that are in this forum.

Btw after buying the crypto, it is better to have personal wallet, not saving on any exchange because personal wallet, especially hardware will save your crypto much safer than the online wallets.

There are regulations in place to prevent you from being scammed when dealing with an unknown person. One option is to use a trusted third party person as an escrow or to buy from someone who is already reputable and trustworthy (could be a DT member here in bitcointalk) , though this can still be a bit risky.

The best option is to buy your crypto from trusted exchanges like( Coinbase, Binance, etc.. ).

You can also use P2P marketplaces, but it is important to ensure that the marketplace is trustworthy and legitimate.

When you buy Bitcoin from an exchanger you provide your Bitcoin address, and they transfer the funds to your Bitcoin wallet after you make the payment. The exchanger will not keep the crypto you buy in their wallet unless you you want that. Once you buy your Bitcoin you will have full control over it and can use it however you want.

To ensure the trust when dealing, it is essential to do your research and choose a reputable exchange or seller.

Is this supposed to be a question or an elaboration on how the whole P2P system works? I can't explain anything as you don't have a specific question or area of perplexity. Yes, everything you said is well read; I mean, if you haven't had a pre-knowledge about the whole system, how the do you explain everything with detailed terms??
Although it's preferred to buy from a broker over large demands, I cannot advise a newbie to do so... most centralized exchanges don't even charge much tnx fees and I see it as the safest centralized P2P..
A non-custodial wallet is the best for a start.

Sandra 🧑‍🦰

when you buy crypto assets on the Exchange, you can connect the exchange with your card, so you will make transactions easily. on youtube you can see how to do it in full. just choose an exchange that does support your credit card.
after making a purchase, all you can do is make a withdrawal to your personal wallet address independently. and you will get your crypto assets in your control. you only need to set up an exchange account and your personal wallet. and also save your wallet seeds carefully.

I think everything has already been advised, but I also wish to tell you not to trust some random PMs you will get on this forum, where they are offering to help. Always keep your eyes open.

Also, when buying Bitcoin, always prefer a decentralized exchange over a centralized exchange. KYC platforms pose some risk to Bitcoin users.

Why are you defending them? CZ is shady as fuck with all the allegations against him circulating in the web.
I wouldn't be surprised if the rumors about him trading on his own exchange were true.


And it doesn't mean anything. Before the collapse of FTX or MtGox they had thousands of happy customers ready to vouch for them. Are you going to take responsibility for any losses of people who will start trading there after reading your posts?
Even if you're friends with CZ, I wouldn't recommend a business that I don't operate myself to anyone. I don't recommend things that I don't control, but you seem to have a different approach.