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Topic: Exchange or Wallet? (Read 8780 times)

bitgolden

Legendary

Activity: 3626
Merit: 1139

Re: Exchange or Wallet?

February 16, 2018, 02:14:44 PM

#181

Quote from: HunterBTC on February 13, 2018, 06:50:10 AM

To do better is to save the tokens that have been obtained on the wallet that we have, by observing the token price, before entering into the exchanger. I think it's like that.

If you are not even withdrawing your tokens into btc and into fiat or you are not trading them, you have no business with the exchange. At least, it is better to keep seeing your funds growing in your wallet where you have the private key of the wallet in a safe place, than sleeping with one eyes opened if you are leaving your funds in an exchange. Once you have no private key to your funds, you do not have any of those funds. They are not yours until you withdraw them to a more secured controllable wallet.

grumpy619

Sr. Member

Activity: 546
Merit: 255

Re: Exchange or Wallet?

February 16, 2018, 02:42:21 PM

#182

If you prefer to trade actively , so it does mean to make transactions every hour or even minute , is more convenient for you to keep your means on exchanges, because the rates are not static, and you don't need your computer to go to your wallet, you can do it with any device with internet access. But in this case you need to allocate funds to several exchanges, to lower the risks.

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Gabteb

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Re: Exchange or Wallet?

February 16, 2018, 02:45:13 PM

#183

It depends what you want to do if you are daily trader then dont think you need sent them to wallet everyday then to exchange if you are long term Hodler then yes you need keep them on Wallets.

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anjohyx

Member

Activity: 451
Merit: 10

Re: Exchange or Wallet?

February 16, 2018, 03:27:04 PM

#184

Don't store your coin on exchange if you're not a daily trader, send all your coins to personal wallet such as hardware wallet, exchange just for bought coins

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xiaohang07

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Re: Exchange or Wallet?

February 16, 2018, 03:33:03 PM

#185

Quote from: Janinjo11 on February 12, 2018, 05:55:57 PM

I have a question.

What is better? To keep your coins on some Exchange site or to open wallets for each coin?

I would like to hear some advice. What are pros & cons of each option?

Thanks

If you got something like over $100K worth of coins, you should put your coins in a hardware wallet like ledger. If you only got $1000 worth of coins, I would say it is safe to store them on exchanges.

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blozo

Member

Activity: 308
Merit: 10

Re: Exchange or Wallet?

February 16, 2018, 03:35:46 PM

#186

Safest option to store your coins long term is a hardware wallet (like the Ledger Nano S). You can then keep a small part of your coins on the exchange for trading if needed

There are some coins then that are not supported by hardware wallets yet (like IOTA,Monero ,Lisk,etc...). For them, you need one wallet for each coin and it can be tricky (for example IOTA wallet is still not really stable). Other option is to keep them on the exchanges but is not 100% safe since they can be hacked

flower1024

Legendary

Activity: 1428
Merit: 1000

Re: Exchange or Wallet?

February 16, 2018, 03:39:36 PM

#187

Quote from: xiaohang07 on February 16, 2018, 03:33:03 PM

Quote from: Janinjo11 on February 12, 2018, 05:55:57 PM

I have a question.

What is better? To keep your coins on some Exchange site or to open wallets for each coin?

I would like to hear some advice. What are pros & cons of each option?

Thanks

Ledger is the safest wallet to save your cryptocurrencies. you have any plans to hold it for a long time then keep your coins in this wallet. or if you can hold for short time then use the personal wallet for each coin. but keeping your coins in exchanging site is risky, high chances are there to lose your money. I will not prefer this to anyone.

kakawin

Full Member

Activity: 308
Merit: 100

Re: Exchange or Wallet?

February 18, 2018, 07:55:58 PM

#188

Quote from: blozo on February 16, 2018, 03:35:46 PM

I agree that keeping coins on the exchange is very unsafe. Crypto exchanges very often hack and steal coins. Coins must be on the stock exchange only for the period of time necessary to complete the transaction. After selling or buying a coin, you need to transfer it to your wallet.

h55

Member

Activity: 210
Merit: 11

Re: Exchange or Wallet?

February 18, 2018, 08:16:21 PM

#189

of course, the wallet is better than exchange for holding. If you hold ur coins in exchanges ur money will be at risk, see some exchanges clients messages in twitter then you can see wallet is very safer than exchanges.

AyaYotoko

Full Member

Activity: 183
Merit: 100

Re: Exchange or Wallet?

February 18, 2018, 08:19:59 PM

#190

If you hold a huge worth of coins and are into security it is really better to just have wallet for each coin you have.
If you are trading often you may put some portion of your coins in exchanges so it will be more convenient for you to trade back and forth.
Just don't forget to withdraw your profits/earnings to a much reliable wallet. Exchanges are not secured so just deposit only some portion for trading purposes.

matsusomoto

Member

Activity: 182
Merit: 10

Re: Exchange or Wallet?

February 18, 2018, 08:27:19 PM

#191

They are very differnt to each other exchange's wallets are not created to hold your coins because if you wont trade your account might be suspended if you are just using it as a wallet,which gives more risk of losing your money because these exchanges are very prone to these hackers unlike to your wallet you are personally responsible in your security.

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balrog

Member

Activity: 448
Merit: 37

Re: Exchange or Wallet?

February 18, 2018, 08:32:40 PM

#192

Exchange gives you an opportunity to trade your coins faster and without additional transaction fees. In addition , I see a lot of topics , where people crying they loose money on their wallets , because they got fished . If exchange have a 2FA , such users will receive more protection in compare with a traditional wallet and manner they use it . While using a wallet user does not depend on a exchange status , which means he will not suffer if exchange is a scam or they just will be hacked .

Ompyon

Full Member

Activity: 715
Merit: 102

Re: Exchange or Wallet?

February 18, 2018, 08:36:44 PM

#193

preferably a personal wallet because its safety may be safer because the function of the wallet is to store the coin that we have, if we keep it in the exchanger it seems less secure

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Andre#

Hero Member

Activity: 737
Merit: 500

Re: Exchange or Wallet?

February 18, 2018, 09:34:52 PM

#194

Quote from: flower1024 on February 16, 2018, 03:39:36 PM

Quote from: xiaohang07 on February 16, 2018, 03:33:03 PM

Quote from: Janinjo11 on February 12, 2018, 05:55:57 PM

I have a question.

What is better? To keep your coins on some Exchange site or to open wallets for each coin?

I would like to hear some advice. What are pros & cons of each option?

Thanks

If you are a cryptocurrency user, you must to know the concept about blockchain and decentralized network.
HODL coin on exchange or online wallet are against the concept of decentralized network, it makes this network becomes centralized normal of the monetary system.

gustavroy

Full Member

Activity: 450
Merit: 122

Re: Exchange or Wallet?

February 18, 2018, 09:40:25 PM

#195

I think you can keep your assets in big trustable exchanges.ı hold my assets at binance and bittrex also I got wallet but I hold big amount on there

efey39

Newbie

Activity: 266
Merit: 0

Re: Exchange or Wallet?

February 18, 2018, 09:46:01 PM

#196

The two most important things in the world of crypto money are exchange and wallet. It is important to be able to sell exchange sites instantly. but the reliability levels are specific. The wallets are more reliable.

kingvirtus09

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Activity: 994
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Re: Exchange or Wallet?

February 18, 2018, 10:04:59 PM

#197

Quote from: gustavroy on February 18, 2018, 09:40:25 PM

I think you can keep your assets in big trustable exchanges.ı hold my assets at binance and bittrex also I got wallet but I hold big amount on there

But buddy don't ever try to save big amount of tokens in a big exchange you may ended up lose all your funds. But if you have small amount of tokens then probably you can save your tokens there. Always remember keep it short and simple.

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Bttzed03

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Re: Exchange or Wallet?

February 18, 2018, 10:08:52 PM

#198

Personal wallet always. As they say, if you do not have the private key, then it's not your coins/tokens.
If you are looking for a quick sell, then I think it's fine to let them on exchanges then cash out.
But for the purpose of keeping and security, always store them in your personal wallet.

alexeylom

Member

Activity: 336
Merit: 10

Re: Exchange or Wallet?

February 18, 2018, 10:20:18 PM

#199

As for me it's better on the purse. For me, plus a purse in that it is more protected. Yes, probably for me it is the most important factor, all the same to withdraw money from the exchange easier than from the purse itself. A lot of people say that it is better not to store on the stock exchange

CuteBaby123

Jr. Member

Activity: 196
Merit: 3

Re: Exchange or Wallet?

February 18, 2018, 10:28:58 PM

#200

Quote from: Janinjo11 on February 12, 2018, 05:55:57 PM

I have a question.

What is better? To keep your coins on some Exchange site or to open wallets for each coin?

I would like to hear some advice. What are pros & cons of each option?

Thanks

If you want to do trading and make your coins active and growing, go for exchange. If you want to hold your coins and wait for the right moment to sell them, go for wallet. Wallet is for storing your coins. Exchange is for moving up your coins. If you have several coins in your wallet you can actually trade some of them and choose which ones can be traded in exchanges.

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