Bitcoin Forum

I bought my first bitcoin on binance, I intend to keep it there because I can easily convert my Bitcoin to usdt when the price of bitcoin goes up. I now know it is not safe to store Bitcoins in an exchange because they can quickly and easily change their t & c anytime. This is the problem. Now I want to transfer my bitcoins to electrum wallet but I don't think they allow swapping of bitcoin to usdt.  Is there a trustworthy wallet that can do this?

https://bitcointalk.org/index.php?topic=1631151.0

There is a pinned thread linked there that goes over your main options for wallets. Most wallets do not have a built in exchange, however Ledger does have a built in swap exchange (https://www.ledger.com/swap). Ledger would also be a good choice since it is a offline cold storage, where you would be able to ensure such a large amount of money is safe. Another cold storage hardware wallet that has a built in exchange is KeepKey, which exchanges through shapeshift.

Note: swapping through ledger occurs through Changelly, which isn't available everywhere. If you go to https://www.ledger.com/swap-changelly you can scroll down and see which countries are eligible to swap.

If you're fine with using closed source non-custodial app, you can try Safepal. They have a built in exchange for swapping but you can also make use of their binance dapp. You will have more trading option and the order book is open meaning you can set the price you want to sell.

The atomic wallet has a built-in Atomic swap, which comes under the Exchange tab. It is a non-custodial wallet and comes for both desktop and mobile. Through Atomic swap, you can convert your Bitcoin to USDT instantly. The minimum amount for exchanging Bitcoin is BTC0.0002625. I am using the desktop version of it for more than a year now and I have not faced any issues. To download the wallet please visit atomicwallet.io

Any of the multi-currency wallets you will come across are either closed-source or non-custodial or both. I have used some in the past past because they are a convenient app to store your alt or shitcoins in. But bitcoin should be kept in proven wallets. Don's settle for anything less than open-source and non-custodial.

You mentioned Electrum and unless you are willing to invest in a hardware wallet, such as Trezor or Ledger, I think Electrum is the way to go. Just make sure you download it from the official site only (https://electrum.org/#download) and verify the signatures. You can follow this guide (https://bitcoinelectrum.com/how-to-verify-your-electrum-download/) on how to perform the verification.   

Someone recommended using Changelly via Ledger. You should know that these instant exchanges usually offer worse exchange rates than regular exchanges and you have to undergo KYC verification before you can use their services. Don't worry about being able to convert your BTC to USDT when you feel the right time has come. When you want to do that, you can always move your coins back to Binance, do it P2P, or try out BestChange  (https://www.bestchange.com/)and see their offers for example. The safety of your funds should have a much bigger priority than the convenience of storing and exchanging everything through the same app.     

By converting Bitcoin to USDT back and forth. You are still basically trading on a spot market, so I would be reasonable if your bitcoins were in an exchange. You also get to spend less in trading fees.

What is a very bad practice is depositing your bitcoins there and forgetting them for months.

Using multicurrency software or hard wallets, as most members have suggested, is considered much safer since they have inbuilt 3rd party swap exchanges. But there is a price to pay. The fees don't look encouraging if you are going to carry out swaps frequently.

I don't think the cost of transferring BTC from Electrum to exchange is that huge compared to the risk of losing your coins. If you plan on holding them for some time, just store them on Electrum and keep the seed phrase safe. If you're worried about volatility, maybe your risk portfolio doesn't match with how long you're planning to hold. If that's the case, maybe use two wallets or so, one for saving and one for trading.

I also use changelly.
Topic about this service
https://bitcointalk.org/index.php?topic=1435275.0
If you use a ledger live, then there are few exchange directions.
Better to go to the website https://changelly.com/
and use more opportunities.
Verification is not required, for registration I use
https://tempmail.plus/

Do not send large amounts for exchange, if verification is required, I will not do it.

Either swap or exchange the BTC it's still the same thing, it seems like you are new to crypto because every exchanges offer the ability to change usdt to BTC or BTC to USDT anytime you like, if you are looking for easier way without getting exchanges involved them download trust wallet

Not your Keys, Not your Crypto.

I've had accounts closed by exchanges before and I've got a friend who's just had his closed on CoinBase, so again Not your Keys, Not your Crypto. If you are considering holding for a long time, then don't leave on an exchange.

I use ledger personally, but I am waiting for an NGrave for hardware wallet solutions

It is not wise to hold any of your coins on exchange as we saw many times that exchanges can be hacked, leak data and regulators can quickly shut the down.
Best way is to avoid any stable coins like USDT; that are not stable in reality, and Tether is under heavy investigation by several regulators and it's right name should be Titanic not Tether.
Best option you have is to keep Bitcoin on open source wallets like Electrum or hardware wallet like ColdCard or Trezor, and when you need fiat currency use ATM machines, P2P trading or Bisq exchange to directly exchange Bitcoin for USD or other fiat option.

Exchanges shouldn't be used to store coins for too long and security is not the only reason. Binance, for example, announced recently that they will decrease the maximum withdrawal amount for non verified users and no one knows what will be their next move.

Electrum is a good choice. You can store your coins there and send them to Binance or any other exchange whenever you want to convert them to usdt then withdraw it to another wallet that supports it.
There are also many wallets have built-in exchanges that you can use, but if they are custodial or closed source then better stick with Binance.

I am using a custodial wallet which is regulated by the government in my country and I use electrum, trustwallet to receive funds then send it to my custodial wallet which I can sell, store and exchange but only to several crypto like Chainlink, KYN, USDC, XRP, BTC and eth. Try trustwallet which is available in android but I am not sure with ios. In electrum, you can't swap or exchange though but it's a good wallet you can trust.

But most of the trader have to do it just because they are active in trading every day. One thing that needs to be considered is the reputation of the exchange itself which ensures the security of asset owned by its users. However there is always a risk so it is natural for anyone to recommend users not to store large amount of asset in exchange wallet. If the OP is an active trader, maybe he can consider keeping some of his asset on Binance, whereas if he is a long term investor then moving them to a secure wallet is the right choice.

Many traders reason that by keeping asset on the exchange, they can save on transaction fee and can take profit of the best moment when price start to move. But if the consideration is security, it is clearly unwise to keep it on an exchange unless this user has considered all the risks involved. A little paranoid about the security of the exchange seem to be better than having to risk all ownership of asset with the many hacking case happening on the exchange.

What about Ledger nano? As far as I can remember there was a swap option in Ledger Live. And here is the article you can read Introducing Ledger Swap: One Place for Everything Crypto (https://www.ledger.com/introducing-ledger-swap-one-place-for-everything-crypto). You have to swap using their party partnered with Ledger. When you wonder to swap or exchange than either you have to exchange or third party instant swap. You can't ignore that. But for your holdings, Ledger is the best hardware wallet. By the way, many suggestions have been given, so do your own research.

Some of the multi-crypto HD wallet support swap options to limited coins but they are actually lot expensive than converting on the exchange, even if it seems everything is happening in the app itself you need to pay for the transaction fee and less fee for the coin you are going to sell. I don't know how much finds you keep in Binance but if its not a huge amount then its okay to let it be there.

Thank you all for your contributions. It's mire reassuring getting answers from a person than a search engine.

Thanks for the article I'm doing some research about nano ledger.

They are partnered by the third-party exchange and that's Changelly exchange, so it means they have a fixed rate regarding the fee which is you might blindly be accepted the possible high fees.  Most likely an instant swap has these terrible fixed fees that could hurt your balance during swapping and I think that's good advice than choosing a single wallet for Bitcoin and convert it when you needed.

It's safer if you transfer your Bitcoin in Electrum and hold it there because you own your private, and then transfer it on Binance when you need it to swap into other coins for the purpose of saving the fee, it could be an hour to transfer your Bitcoin on Binance and you can save the fee.  But if you don't mind regarding the fees, a Bitcoin wallet that has an instant swapping feature is good for you.

To store bitcoin, non custodial wallets, if you can not buy hardware wallets.
https://www.lopp.net/bitcoin-information/recommended-wallets.html
Bitcoin Core (you need to prepare huge storage space in your disk), Electrum (it is very light), Wasabi (has Tor connection and CoinJoin transaction).

I don't recommend to store all of your bitcoin on platforms allow you to swap Bitcoin to other crypto. If you do it, use very small part of Bitcoin you are owning.

Bitcoin Core is the best wallet, but it is best used for long-term storage of coins.
There is a good use case for the ledger via the Electrum interface
https://support.ledger.com/hc/en-us/articles/115005161925-Set-up-and-use-Electrum?docs=true
It is better to keep only the amount that you use to trade on the exchange.

If you can find someone trustworthy then I would recommend doing peer to peer transactions because then you do not have to give your personal information to other companies and can keep your privacy.

P2P methods are usually preferable, especially for those who are inclined to protect their privacy, but direct interaction is not the safest and is but always feasible for regular transactions.
There are P2P platforms in place to enable one transact safely while protecting their privacy, one of them is bisq.

If you want to think outside of the box, you might want to investigate App wallets such as Tangem, Ballet Crypto or coinomi which allow you to store multiple wallets (coins and tokens) and they also cater to swapping coins and tokens for other coins or tokens.

The first two also provide off line storage of your funds.

Instant exchanges definitely offer worse rates than CEXs and especially DEXs.

I have never used Changelly, or anything similar to it, but at the end of the day, how many coins would actually be transferred to your wallet when you use Changelly compared to a centralized exchange, for example? I am using a CEX as a comparison, because they are far more popular and record higher trading volumes than DEXs.   

It's important to note that with Changelly you will get a worse exchange rate, but you pay no withdrawal fees.
When you use a CEX, you can set your own buy/sell orders, but you end up overpaying on withdrawal fees. Many CEXs still require 0.0005 BTC when withdrawing for example.

I would be interested to see a real comparison to know what is the final balance of your wallet when instant exchanges battle it out against CEXs.   

You can try one by one for the wallet that many members suggest because you need to find which wallet fits you.
I am sure much multi-coins support to convert from bitcoin to other coins, including to usdt.
You already get Coinomi, Ledger, Trezor, so I will give you more such as Jaxx Liberty, Atomic Wallet, Trust wallet, even Exodus allow you to convert your bitcoin to other coins.
I already tried with Atomic and Jaxx Liberty and I do not have a problem using that wallet and I think Trust and Exodus will be okay.