Topic: Where do I keep crypto after buying it? (Read 646 times)

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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

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.

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.

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?

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.

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.

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

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.

Buying crypto through a broker is more dangerous than buying directly through an exchange. Besides the potential for exchange rate manipulation, the reputation of brokers, which is not as large as well-known exchanges, is also a special consideration so that we can be more careful. Brokers have their own regulations regarding asset holders. If the broker is fair, then the BTC or cryptocurrency you buy through the broker should be stored in a wallet that you fully control. Ask the broker first regarding this crypto asset storage issue before buying through them.

> If I may give a suggestion, the best advice is to create your own crypto wallet. You can use Electrum to store Bitcoin assets, which currently has the best reputation for security.
> Buy Bitcoin or crypto assets that you want through well-known exchanges, such as Binance, KuCoin, ByBit, and so on.
> Withdraw the newly purchased assets to your personal wallet to have full control.

Before you consider buying the crypto, you should firstly know what to do with it. Do you intend to reinvest the crypto or do you want to keep it intact for the time?
This questions would spur you to research what best way to invest, the methods to use and the quantity to acquire.
Also, if you intend to save or diversify the savings, you should research the best wallet to use for the kind of plan you have in mind. Will a cold wallet be better or which exchanges' wallet would be safer and easier to use?

The where and the how or broker to sell you the crypto should also be of concern. Research, research, research. Google and other investment sites got your back.

I think you forgot that Binance was the only exchange that paid billions worth of user funds when there was Binance FUD and people were saying Binance would get rekt.

https://decrypt.co/117155/binance-customer-withdrawals-exceed-3-billion-in-24-hours

Let me know of any exchange as of today which is capable of doing this.

Doesn't matter what my forum rank is or what other members rank is, It's a personal opinion at the end of the day.

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

Really? Come on. I never expected this from a Legendary. I know what you have meant and I'm sure you know what you are talking about. Regardless of whether OP is a newbie or not, it's never recommended to use centralized exchanges to store your coins. Have you seen what happened with FTX? Someone was definitely a newbie for FTX at that time and they didn't expect it.
Recommending Binance? You never know when they will freeze your account, the chance is low but there's still a chance. You possibly know that Binance has detected a mixer transaction from a user and freeze their account first though later, Binance refunded them? Because the amount was somewhat big and at that time, almost all the media covered the news so Binance had no other choice but refunding. When it comes to a small amount, no media will know, nor they will cover the news. So, your account will be frozen forever lol. In no way, CEX should be used to store coins for more than a few hours or days at max.

As a newbie, I will advise that you buy it from a centralized exchange like Binance or Kucoin. You can buy your bitcoin with whatever payment method that is cool with you based on your country's law on bitcoin adoption.


No it is not advisable to leave your coins in an exchange because it will no longer be your coins,since the control you seed phrase for you and these exchanges are vulnerable to attack. As a newbie after buying from an exchange, you should get an online wallet like electrum. Electrum is very easy to understand and to use for the first time,transfer all your coins into your electrum wallet for your own safety because it is a noncustodial wallet, which only you will have access to your coins. If you have learnt very well in the forum and have understand how to created a hardware wallet,you can get one for yourself because it is more safe to store huge amount of funds in a hardware wallet.

This seems to be nonsense. From https://www.gov.uk/government/publications/economic-crime-and-corporate-transparency-bill-2022-factsheets/fact-sheet-cryptoassets-technical#:~:text=The%20FCA%20currently%20has%20oversight,cryptoassets%20themselves%20are%20not%20regulated.

"The FCA currently has oversight to check that cryptoasset firms have effective anti-money laundering (AML) and terrorist financing procedures in place, but generally cryptoassets themselves are not regulated."

Just buy on Binance you could easily buy using a Card or fiat money with the exchange and it's probably the biggest exchange so you somehow have confidence that your funds are on safety. Surely centralized exchanges like Binance have its risk but they are still legitimate businesses, so you could exchange on the platform easily. There wasn't really any difference but buying on exchange is a lot more convenient.

But your gonna need a separate decentralized wallet where you could put your funds or Bitcoin as your main wallet since the centralized exchange is very risky if your gonna put your money there for the long term or make it your main wallet.

I can easily recommend Standard Electrum wallet, [GUIDE] How to Safely Download and Verify Electrum [Guide] .

When buying cryptocurrencies, it is important to ensure that you use a reputable broker or exchange. There are many established and regulated exchanges, such as Binance, Coinbase, and Kraken, which have a solid reputation and have been operating for many years. These exchanges are regulated by various authorities, such as the Financial Conduct Authority in the UK or the Securities and Exchange Commission in the US, which helps to provide a level of trust and protection for investors.

When it comes to payment methods, most exchanges will accept payments via bank transfer or credit/debit card. However, it is important to note that some payment methods may be subject to additional fees. Credit card payments may also be subject to a credit limit, so it is important to check the terms and conditions before making a payment.

Once you have purchased your cryptocurrencies, you can transfer them to a wallet that you control. This provides you with greater control and security over your cryptocurrencies. However, some exchanges also offer custodial wallets, which means that they hold the cryptocurrencies on your behalf. While this can be convenient, it is important to remember that the exchange is responsible for the security of your cryptocurrencies.

When it comes to buying from a broker versus buying on an exchange, there are a few differences. Brokers typically offer a simpler buying process and may accept a wider range of payment methods. However, they may also charge higher fees than exchanges. Exchanges, on the other hand, typically offer a wider range of cryptocurrencies to buy and sell, and may offer more advanced trading features. It ultimately depends on your individual needs and preferences

Yes, but instant exchanges are centralized. Let me explain better.

If you use decentralized exchange, the money and coins would be sent to a multisig wallet which is usually 2-of-3 multisig in a way that the buyer, seller and the decentralized exchange do not have complete control. You can read more about multisig wallet if you have not known what it is.

But instant exchanges are centralized. Assuming you have ether and you want to exchange it to receive bitcoin, you will send ether to an instant exchange address while you will provide the exchange the address you want to receive the bitcoin. The exchange will send the bitcoin to the address that you provided. When you send money to the instant exchange, they may decide to seize it or not is why they are centralized, unlike decentralized exchanges like Bisq which uses no centralized means.

Centralized exchanges seize coins that are seen as tainted coins.

They are centralized exchanges and best to move your coin out of the exchange. Yes, not worth holding on an exchange.

You say that decentralized and instant centralized exchanges both send coins to your non custodial wallet. So they are the same thing?

Why would anyone hold money in an exchange that holds the coins in its wallets, especially after what happened at FTX? There is no regulation, surely? If you want to keep it there because you are trading crypto and it's too cumbersome to keep transferring it between the exchange and you, wouldn't you do better to trade at a spreadbetting firm, where your money is actually protected?

You don't need to worry about withdrawal, for me I would have love you to buy from exchange directly and if buy from exchange before you uses your card to purchase cryptocurrency in any exchange endeavor to read their ToS and also make sure to complete kyc to avoid long stories of not being able to withdraw it from that platform. I will also recommend you to use a cryptocurrency exchange that is more friendly to your country, every country have an exchange they loved using this will reduce more stress during your kyc and again if you're that security conscious then using p2p to trade will be ideal for you. Maybe if you don't trust any dealer you may locates your local board and deal with those people that renders p2p services that are trust and reliable over here.

Also make sure to download a reliable wallet like Electrum on your system to store in your funds, that will be more better than storing your funds on a centralized exchange you don't have control over and anything may happen to your funds.

You can buy bitcoins from a centralized exchange like Binance or a decentralized exchange like Bisq.com (protects your privacy), I wouldn’t recommend centralized exchanges to a person that values privacy because you will have to verify kyc on the exchange before you can buy bitcoins. It’s not advisable to leave your bitcoins on a centralized exchanges, a thousand things may go wrong and you can lose your bitcoins. As we say not your keys not your bitcoins

Reminder: do not keep your money in online accounts

Recent events should make everyone withdraw all their coins to their own wallet


Recent events should make you withdraw all your coins to your own wallet: Part 2

Decentralized exchanges on the other hand do not require kyc, and protect the identity of their users. Always store your bitcoins in a non custodial wallet like Electrum where you have full control of your coins, you can also choose to buy a hardware wallet for storing large amounts

Government regulations regulate exchanges so you can entrust everything to yourself if you choose a trusted and popular exchange. Exchanges are not going to run away because they have to be accountable to the government and solve every problem.

Once you buy crypto coins from an exchange, you have to transfer them to a wallet you control. The exchange is only a temporary storage place or place for you to trade so you have to send it to a wallet you control.

The exchange stores your coins safely but that does not guarantee that the exchange cannot be hacked because hackers will always try to find loopholes to get into the exchange.

You can trust exchanges but don't trust them 100% so once you have those coins, you better keep them in your own wallet.

Even though some exchanges are more regulated than the others, you can't be 100% sure that they won't scam you or that you won;t have issues when you try to withdraw crypto into your own wallet. Having said that, there are a couple of centralized exchanges that are reputable enough that I wouldn't be too afraid to risk my money.


Nope, they don't transfer it to your own wallet and that's something that you have to do it by yourself. My suggestion is to do it as soon as you bought the crypto because as long its on the exchange or platform where you bought it from you won't have a real control over it.

I am truly impressed when people come asking the right questions. Very nice!


You have to keep your eyes open, since the space is full of scammers, some even claiming to be good businesses (or even impersonating such businesses).
So you have to do a proper research on where you buy your coins from and pick a business/method that has already passed the test of time.

And indeed, you have to make sure you withdraw the coins to your own custody, just this means yet another learning curve, since it has plenty of security implications.
If you don't have computer management/install skills or the amount of cash you want to spend on buying coins is 4 digits or more I recommend you just do a quick research and buy a hardware wallet, they're the easiest path for "safe enough" self-custody.

It worth mentioning here that some exchanges may offer you (cheaper) bitcoin withdrawals on other chains (usually BSC or ETH). Beware, those are not bitcoins, those are altcoins ("wrapped" bitcoins) and I would stay away of those.


Some ask for KYC and not everybody wants to give that out.
Then the known exchanges have quite some not-so-small withdrawal fees (they falsely call them transaction or network fees, but it's more than that), hence if somebody buys small amounts sometimes the brokers come out cheaper (although the price is bad/expensive, if we consider/add the withdrawal fee too then it may come out cheaper).

Go for an exchange! it'll be easier to background check on them since more people are using such platforms. I suggest looking up your chosen exchange's threads in bitcointalk by appending "site:bitcointalk.org" in your search engine.

For centralized and custodial exchanges, you can use these tools:

• https://buybitcoinworldwide.com/
• https://cryptoradar.com/

How to use: select your country and your preferred payment method.
Note: you will have to KYC in order to buy.

No kyc p2p platforms can be found in: https://kycnot.me/?cash=on but you'll have to opt out on credit cards.

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

Reasons:

1. Learn more about hardware wallets, metamask and passphrase before being your own bank
2. Exchanges are safe and easy-to-use.
3. There are various scams out there in DeFi and you should be aware of those before jumping on the wagon.

So just keep it in the exchange, most preferably Binance.

There are two types of exchanges, they are:

1. Decentralized exchanges
2. Centralized exchanges.

With decentralized exchanges, the coin is sent to your noncustodial wallet.
Decentralized exchanges is where you can have more privacy, a good example is https://bisq.network/. You can read this to know about some decentralized exchanges, and also some no KYC exchanges: https://kycnot.me/

There are two types of centralized exchanges, they are:

1. The common ones like Binance, Bybit, OKX, and the likes. If you buy from these kind of exchanges, the coin will be on etheir exchange wallet, not yours. They have full control over your coins. It is not you coin on blockchain, it is theirs. You will need to send the coin from the exchange to your noncustodial wallet address.

If you need a no KYC centralized exchange, you can read this: Current list of exchanges without KYC

2. The instant exchanges like the one that has a campaign on this forum: https://bettercallraul.it/. Other examples are Changelly and ChangeNow. You will send them fiat or coin and they will send you the coin that you want to buy or exchange to. The coin would be sent to your noncustodial wallet directly, unlike centralised exchange in 1 above like Binance. If the coin sent is seen as tainted coins, they may seize it, the reason instant exchanges are centralized tok, just like Binance, Bybit and the likes.

I've bought bitcoin from a broker at their office, used an ATM and of course an online exchange. If a broker has an office, just go there. Payments depend on where you're located. I don't know if they accept credit cards in Africa, for instance, but in the EU card payments are more common than cash. You can call them beforehand and ask what payment methods they accept.
My local broker accepts cash, cards, paypal, even traditional bank transfers, although in such case you need to pay more for instant transfer, or wire money a day before you come to the office.

If you're afraid something can go wrong, take a friend or a family member with you, so that you have a witness. I've never heard of a broker running away after being paid, but better be safe than sorry.

Check if there are ATMs somewhere near you. It works pretty much like a broker. You can install a phone wallet, scan the qr code in the ATH so you don't have to worry about making a mistake in the address and then you choose how much you want to buy, pay with your credit card and the coins are automatically sent to your address.

When you buy from a physical exchange, DEX, or an ATM they always send it to your own address. Only online exchanges like Coinbase, or Binance assign a custodial address to your account, but you can move your coins to your own wallet right after buying.


This isn't English! After reading this shit 3 times I still don't understand what it means.

In terms of saving crypto-currency you have bought i would recommend you make safety your priority and one of the best and safest ways to do that is having a cold storage wallet. There are dangers using an online wallets like you can get attacks from ads, sites, malware and so much.

To understand more about cold storage check this out.

https://electrum.readthedocs.io/en/latest/coldstorage.html

You can buy your crypto-currency from wide range of sources you can get it on an exchange or you can get it also from peer2peer but you should be aware that buying from an exchange is more protected especially when you get them from a solid exchange than getting it from peer2peer but still nothing is completely safe.

Read this to better have more understanding.