Topic: Where do you daily traders keep your crypto? (Read 234 times)

This is one advantage when trading decentralized exchange, there's no need to leave your fund on a third-party website which is a great advantage from being hacked which commonly happens on a centralized exchange.  But on the other side, there's also a disadvantage to using a decentralized exchange, traders say, they'd struggled with liquidity which difficult to execute buy and sell.

So now, my point is it depends on you.
You need to understand the risks and consequences of using different exchanges whether it's decentralized or centralized exchange.  Because as a trader picking a good exchange is one of a very difficult thing to do.

When trading on a decentralized exchange, such as Uniswap and Pancakeswap, all coins are in your wallet and you do not need to move them to the exchange to make a transaction, as this happens on centralized exchanges. But there are exceptions to these rules, when when trading on DEX, you will need to transfer your funds to the internal account of the exchange, for example, dydx.exchange

It doesn't really matter how bulky the questions are or how often he asks the questions. What should be the case is whether the questions are valid or not. If the questions he ask are valid and reasonable, there should always be answees irrespective of how often he asks or how bulky they appear to be.
It could also mean that no one has answered the questions to his satisfaction that is why he is creating more questions . If he surely understand the answer given him  I don't think there to be need asking similar questions again. Instead of avoiding his questions, maybe we'll take time and answer him this time around in a more simplified manner.

Not only these days but even before its already recommended to have a hardware wallet and then keep most of our funds there to attain maximum security because we don't know what can happen in an online exchange and even if they claim to be the best or trusted, it will still be possible for them to be hacked or they themselves can cause a problem to the traders where they can freeze or hold the funds of the traders for some (not really valid) reasons like on what we hear on the stories of bank users because both of them are the same.

They are both centralized entities but unfortunately, there are still some traders who are lazy and think they can save more money in terms of fees so they don't do that kind of practice.

Well if you are using metamask, don't you want it linked to a nano ledger then for security or that isn't how it works?  So say you send coin to uniswap or pancakeswap or places like that.  You then receive coins to your metamask right?  But how is your metamask and hardware wallet linked?  So you still need to send the coin from metamask to the hardware wallet?


So say you have coins stored in your nano ledger s and they are btc and bch to make it simple.  You want to do daily trading.  So you can do that with coinbase and gemini etc by keeping the coins there and trading it etc.   You can then have usd funds in it where you can send to your us bank account.


But what if you want to trade those strange coins which are hard to find though?  Thus you have to use those dex exchanges like uniswap and pancakeswap right?  Example like those trending coins where they are new and you can only buy them with uniswap, sushiswap or binance exchange.  And many people do not have access to binance.


Also all these coins are mainly ETH coins right?  So it doesn't make sense to transfer much right?


I want to know what is the best option for people who do daily trading.  Because people certainly aren't sending coins back to their wallet everyday after they done for the day right?  Then you got the saying not your keys, not your coins.  Then how do daily traders handle this?  Only send it to your hardware wallet when you don't plan to trade for long time?

These days you can just keep most of your crypto in your hardware wallet and just send it back and forth when you need it for a trade.

Fees are cheap now and using something like USDT on Tron it’s pretty much free of fees. And they are usually very quick.

This was difficult in the past because ETH had large fees and it would cost $50 to send a single transaction, now you don’t have this issue.

If you want to be on the safe side, then only use your hardware wallet to store it in the long term (BTC, ETH etc). For trading and swaps just use MetaMask, that would be the best solution. You can check strange coins with the help of coingecko or coinmarketcap, where you can sell/buy them. It depends on which blockchain these coins run on

If you are daily traders, you must store your coins in

- Your accounts at centralized exchanges if you want to trade
- Your non custodial wallets if you want to use decentralized exchanges and swap

The first option can give your cheaper trading fee. The second option (swap) might require swap fee with on-chain transactions with which fees can be cheap or expensive. That depends on each blockchain as well as different time of swapping.

I know it is not safely to store your coins at centralized exchanges but if you are daily trader, you have no choice (if you don't use decentralized exchanges). But if you want to be safe, don't use all capital for trading and store all of it at centralized exchanges.

You don't to buy another hardware wallet if you wanna trade. You can use that budget that you'll use for buying a new hardware wallet into addition fund and capital of yours as you trade.

It's not advisable to keep your funds into any of those for long term. Fees aren't that expensive anymore unlike before when people are lazy to transfer because of the fee.

Almost 14 questions where the OP has made on this topic, but in some other way I'd like to answer what wants to find out.

For me, most of my cryptocurrency was stored at my binance exchange account, then some are in the metamask wallet, Biswap, and

Bitmart exchange. Because I don't have any ledger nano like what He is talking about.

If you are a day trader you are likely to just keep your coins in the exchange. Its easier on exchanges than moving from time to time. Hardwallet is for coins you are to keep holding.

Memecoins require incredible amount of volume to make it which SHIB do have in binance and this is where you should be going too. Not going to swapping exchange that ask for higher fee where you can't easily see which price is best to pick.

1. You don't need a separate hardware wallet. Just use a separate Ethereum wallet address (a.k.a. account). MetaMask supports Ledger, and supports multiple wallet addresses.

2. Most "strange" coins use DEXs like those you've mentioned, yes.

3. Uniswap, PancakeSwap, etc aren't like traditional centralized exchanges where you deposit your funds. You swap your tokens directly from your wallet. No deposits and withdrawals needed; unless we're talking about some platforms like dYdX where you do deposit your funds to a smart contract.

I will like people to know that jerry0 is only spamming with bulky questions. I will advice people not to waste time on this user. He has been preferring to spam the technical boards with Ledger Nano wallet questions, but people decided not to respond to his same repeated questions again. Now trying other boards like trading discussion this time.

He created two different topics just now in less than 2 minutes.

See his other question thread: Getting a 2nd Hardware Wallet Nano Ledger S Plus For Daily Trading?

I only have a nano ledger s and been using it for a while.  I have btc, bch, btg and waves app on it.  I have coins on btc and bch and waves.  I do not do transactions that much so it is more of a long term storage. 


I also have never done any trading before.  But if I want to start doing lot of trading, let say with btc but also with eth and those other coins, i should definitely get a 2nd hardware wallet for this right?  I have heard of metamask and never used it ever.  But I heard if you connect to bad contract or something not good, you could get hacked?  But do many of you just keep it in exchange until you need to cashout?



I would llke to try and trade those strange coins like meme coins and I believe these coins are only available in places like uniswap and pancakeswap?  Is that correct?  What exchanges would I even use for this?  Also, I feel it is better using say a nano ledger s plus and thus a 2nd hardware wallet strictly for daily trading with all these altcoins?  That is certainly better than using the nano ledger s since I have add and remove coins since of the limited space?



So I want opinion from people who trade those other altcoins .Because it seems less risky with another 2nd wallet where it is more like your daily trading hardware wallet?  So anything you do on it even if you connect it to a malicious contract, it won't affect your nano ledger s right?  The other thing is do many people here use both their 2 hardware wallets on ledger live?  Because I would still plan to have btc wallet in the 2nd hardware wallet.  But it would not affect your main nano ledger s wallet right?


Also do people who trade daily keep their coins in say uniswap, pancakeswap or those things.. do you keep the coins there or you move them to your metamask or hardware wallet daily?  Seems like you would be wasting lot of money if you keep moving the coins back and forth daily if you are a trader?  I also recall sending eth is expensive so can't imagine one is sending eth tokens at end of the day everyday to their hardware wallet due to the fees?