Bitcoin Forum

Hi,

I have my ZIL and ETH in Binance exchange.

Read somewhere that I should never keep my crypto solely on exchange.

Do I need (should) keep the cryptos in other wallet like MTW or MyCrypto? Will my balance on exchange become zero if I move? I am not sure about the procedure of that.

Would be thankful if someone guides on this.

Kind regards,

Rizwan

Are you planning on holding for a long time? If so, I would strongly recommend you to use the wallet for any coins instead of leaving them into exchange as you should know the reality in crypto; "Not your keys, not your coins." You can use MEW for ETH but I have no idea where ZIL can be stored. Maybe a multi-crypto wallet like Trust Wallet by Binance.

Wallet like what is suggested by RapTarx and the likes suchas tokenpocket gives you access to exchanges while your tokens arw still on your personal wallet. Mewconnect is a good wallet that you can use and st the same time you stil have the chance tomtrade using the swapping tool.

OK got your point.

What's your opinion on MyCrypto (Desktop) wallet?

Yes absolutely! You should always keep your coins on a wallet, of which you (as the only one) control the private keys. It doesn't matter which Ethereum wallet software it is, there are several good options, and I would recommend Metamask. In terms of manageability, it is the simplest.

If you are planning for a long term investment then I suggest moving to a personal wallet because that way we are free to control the wallet, and all you need to know is that when you have sent a token wallet, your balance on the exchange will be zero.

a lot of people said its better to keep our crypto in personal wallet, because its safer than in exchange my friend
but of course if you want to hold your coins for long lerm, if you want to trade your coins, i think you don't have to be worry
regards

Binance exchange is safe enough, sometimes more than a secure wallet. Coinbase wallet also has some problems where Binance exchange gives us security to refund. Ethereum transaction costs are so high. At least I don't need to change from exchange to wallet until over this year.

you have to store in an offline wallet like nano ledger or trezzor, this has several possibilities including
1. Exchange is vulnerable to being hacked at any time and your assets can be lost
2, security oflline wallet such as nano ledger, only you can control

so why should you store on an exchange when there is an offline wallet which is safer and more private

Simple when you move your money from one place to another, the money will move to the new wallet. My suggestion to people that have small accounts is that they can afford to put their money on exchange for now until they grow their account and if you are a trader there is no need to be moving your money up and down, let it be on exchange but if you are thinking long term move your Crypto tokens to your wallet

if you believe with binance exchange, you don't need to move your coins to any wallet
but, if you have a lot of doubt with the exchange, its better to keep your coins in your personal wallet
because everythings is depends on you

Mycrypto is a tolerable and good wallet for me, I've used it. Trust Wallet is the wallet that supports these two coins. I would advise you better to have hardware wallets but they only support to accept Ethereum and not Zil. Based on the website of Zil, they are on Ledger but after checking the supported coins on Ledger, they are not listed. So it's one of them that's not updated.
(https://www.zilliqa.com/wallets)

if we think about the security on binance exchange, personally i have no doubt this exchange
so, i suggest you to keep your zil and ethereum in binance exchange my friend
because if you move it to wallet, you need a good amount of fees when you want to transfer your coins back to exchange

But its not recommended to save your assets in exchange for a long time, maybe some problem will come when u do it, like rule change or delisted coins, etc.
Isnt it safer to save it in your own wallet?  ;D

No problem using Mycrypto or MEW either. Actually, it depends on the amount you hold and what level of security you are looking for. Because if you are looking for a more secure wallet, I think this should be Ledger Nano X.

Your exchange site's balance will be empty but that's the best thing that you can do consider the exchange site can lock your money anytime and that will need very strict verification.
Not your privatekey and not your money. The exchange site is totally controlling your money.
It's better to move it into your local wallet rather than try to leave it on exchange site.

I dont know if mycrypto self custody wallet or not, if it is self custody and you have no plan to sell it in the near future, go withdraw your coin and ofcourse the coin will not shown at binance anymore, but if MyCrypto is centralised wallet you better choose anither wallet like exoduse to make sure it would not easily getting hacked.

I think it depends on the amount of money and how long are you planning to hold it. Despite on some people recommend not to keep money on exchange wallets at all, I disagree and I have never had problems with it. Now exchanges are very safe and we can trust top exchanges. Nonetheless hardware or cold wallet is much more safer and if you are afraid of everything related to security, it will be a good descision for you. If amount is lower thank 5k$ I can easily keep it on exchange site. I sometimes have doubts regarding holding place only when balance is above this amount

they always say not your keys not your coins but i think that phrase can be exempted if we are talking about binance exchange because binance have a good record when it comes to handling or securing our funds .

 keeping the coins coins with you and on the wallet where you hold your private key is also a good idea but i am not sure if those wallet that you mention can allow you to hold your private keys and i am also not sure with the reputation they have , you might want to search for more known wallets .

Wrong, have you seen one of the top exchange being hack? or your account suddenly being suspend or close by that exchange and you can't do anything about it? That's why it is best recommended to put your coins, specially if you have plans to hold them for long to a wallet that you have total control of, with seeds, mnemonic phrase and private key and then protect it at all cost.

$5,000 is huge amount to be leaving in an exchange, but that's just me, we have our opinions here. The people behind Mycryptowallet is from MEW because they've split years so, so I would say that reputation is pretty high.

(https://medium.com/@jenkn/dont-panic-myetherwallet-mycrypto-split-c4af9c07073c)

There have been many recommendations given by forum users, if I personally it's better to save the altcoins that I have the private key.
It will be a different story if we just want to trade then the right choice is to keep the altcoins on exchange which have good trust from users.

If you're prepared for the identity verification or KYC that the exchange gonna ask you in the future I think saving your cryptos in exchange is fine. But, the exchange sometimes freeze your money out of the blue and asking you to make complicated identity verification by following various steps. If you don't want that you can simply move out your cryptos to wallet.
Exchange like binance not gonna run away with your money but it's the KYC they asking that is very annoying. Sometimes it takes a days to get approved too.

It depends on the amount of coins you have and the period of time you are going to hold them. If you need these coins for trading in the near term, it's OK to keep them on the exchange. In any other cases, find a non-custodial wallet. Some exchanges have wallets-partners they perfectly work with like Changenow and Atomic, Bitfinex and Ownr. The best wallet to use with Binance is Trust.

If the coin is transferred from the Binance exchange to another wallet, then your balance will be empty.
You really need a personal wallet that you can control yourself and without the interference of other people.
I prefer to keep my coins in MEW, METAMASK, TRUSWALLET. And I have never used any other wallet.

If the amount isn't large or the holding period is short, you can rest assured that store on top exchanges or binance. Of course, when you don't care about transaction fees, MEW is more secure.

The possibility for the major exchange site to be hacked will always there and you can't sure if it will never encounter any problem. We have experienced that so many times started from the kucoin, huobi, okex and many more. even binance has experienced with the hacked case a few years ago.
Your fund will be locked and you can do nothing for that. Even when the exchange site find you are doing something fishy and you will not able to open your account.

i usually use TrustWallet to store the altcoins I have for it. and there it is safer in my opinion the delivery is also fast depending on the gas that has been determined by the apk. if you are interested please download it on the playstore and follow the settings properly and do not tell the private key to others.

It's on the mindset if you are going to hodl long term then never use exchange to store your wallet, if you are going to trade within the week or less then you can transfer your coins to the exchange but be sure that the exchange where you are sending your coins have no issues.
Always apply the rule not your key not your coins.

When you move your balance from an exchange to a personal wallet, your balance on the exchange will be empty. If your target is long term then it would be better to move it to your own wallet but you should really learn about how to secure your wallet. Make sure about your balance, calculate withdrawal fees, fees will make you receive less than the first balance, and this is normal things when you use exchange service.

Saving in your own wallet is best practice I mean can't go wrong if you're the one who responsible for your own money right?There's many cases of exchange being hacked and whether there's gonna be reimbursement or not that's up to the exchange and you can do literally nothing.
Better safe than sorry so better if you manage your own money so you won't get caught into something like that, not to mention if there's any reimbursement process I could imagine its gonna be a complicated one. If you're not really into tech that much you can try to use some trusted mobile wallet, it's the most convenient.

I don't know about MTW wallet or myCrypto wallet, all I can say is if this wallets don't give you your private keys or recovery seed do not send your ZIL and ETH to the wallet, get Trust wallet or Enjin wallet and send your tokens and coins to them, also keep your recovery seed or private key in a safe location

binance is one of the safest exchanges but at least if you do not use their staking or lending it is better to move everything to your personal wallet of which having the private keys only you is much more secure i suggest mycrypto + metamask or trust wallet

Kindly choose things on what you prefer and don't just listen on the thoughts of the people surrounds you since sometimes there words doesn't justify things although they are right on upon saying that but if you are a average user which trades and always take your profit then maybe putting it on exchange like binance is quietly secured but if you are a long term holder and buy your ZIL for holding then putting it on appropriate wallet is best for long term safety. Also the wallet suggestion of users given is quite good option so it's up to you now to decide on which wallet is good for you.

Read somewhere that I should never keep my crypto solely on exchange.[/quote]
Exchange should be for immediate trading not a place to store your wallet for long term it's bad decision

As long as you control or have the key it will be ok, it's always been not your key not your coin as a Crypto investor, your balance will become zero if you withdraw all your coins of course, but it should be your decision if you don't want to leave anything in an exchange.

if you want to store your coin in a desktop wallet, then you better use MetaMask, because it is easier for you to access and use it, but my advice is better for now you use a mobile wallet, because it's more practical and can be used anytime or anywhere, so if the price of your coin has increased and you will be easy to sell it, because if you use a desktop wallet, then you have to bring your desktop and I think it's very complicated, so you better store your coin in a mobile wallet and my recommendation is Trust Wallet (mobile wallet), because you can store many types of cryptocurrency on Trust Wallet (Bitcoin, ERC20, BEP20, Tron, and many more) and you can also access DApps on Trust Wallet (UniSwap, 1inch, PancakeSwap, etc.).

The main risks are that the exchange can be hacked (or any other fraudulent actions are possible) and you will lose your savings, because now they are not in your wallet. Even such a reputable and reliable Binance exchange can lose funds in a hacker attack.

If you're worried, the safest thing to do is to store it in a cold wallet, like the Trezor hardware wallet. It is almost impossible to steal your savings from there!