A real Question about Wallets

[crim3s]

So, this has been rounding my mind for since i started to believe in crypto.

I there exists plenty of wallets and various types, but this is a questions focus on trading wallets, and dealing with exchanges.
What happen when you are not using a wallet provided by the exchange (eg. Bittrex), but then you want to sell a coin the coin ASAP so you dont miss the peak.

HELP!

[TryNinja]

You can't really do anything.

The maximum you can do is use a third party like ShapeShift or Evercoin to exchange a coin for another just by sending your coins to an address, without needing any registration.

That's the main reason some people just keep their coins in their exchanges, which may give you a quick profit in case of a fast change in the market, but is still dangerous, since you may lose your coins if the exchange fucks up.

[Cryptomover]

So, this has been rounding my mind for since i started to believe in crypto.

I there exists plenty of wallets and various types, but this is a questions focus on trading wallets, and dealing with exchanges.
What happen when you are not using a wallet provided by the exchange (eg. Bittrex), but then you want to sell a coin the coin ASAP so you dont miss the peak.

HELP!

You can leave a portion of money on the exchange for trading, while storing the majority in your wallet. For trading, it's not advisable to blindly follow the trend and try to catch the peak. You should do your own analysis and mark down your own peak level, then withdraw from the wallet beforehand if you want to trade a larger amount.

[pooya87]

So, this has been rounding my mind for since i started to believe in crypto.

I there exists plenty of wallets and various types, but this is a questions focus on trading wallets, and dealing with exchanges.
What happen when you are not using a wallet provided by the exchange (eg. Bittrex), but then you want to sell a coin the coin ASAP so you dont miss the peak.

HELP!

first stop calling what exchanges give you "a wallet" and your confusion will be resolved.

in other words what exchanges give you is not a wallet, it is an account that you have some numbers on which represent a value. you don't have access to those funds the exchange does and they allow you to use these funds.

so in order to do it fast you need to have funds in your account which is a number in their centralized database. you give up control when you deposit but gain speed.

[crim3s]

So, this has been rounding my mind for since i started to believe in crypto.

I there exists plenty of wallets and various types, but this is a questions focus on trading wallets, and dealing with exchanges.
What happen when you are not using a wallet provided by the exchange (eg. Bittrex), but then you want to sell a coin the coin ASAP so you dont miss the peak.

HELP!

first stop calling what exchanges give you "a wallet" and your confusion will be resolved.

in other words what exchanges give you is not a wallet, it is an account that you have some numbers on which represent a value. you don't have access to those funds the exchange does and they allow you to use these funds.

so in order to do it fast you need to have funds in your account which is a number in their centralized database. you give up control when you deposit but gain speed.

Thank you.

But then, what you suggest is having a balance between what you control (an actual wallet) and what you can invest due to your money on exchanges?

> May i ask you what wallet do you use and how do you exchange?

[TryNinja]

Thank you.

But then, what you suggest is having a balance between what you control (an actual wallet) and what you can invest due to your money on exchanges?

> May i ask you what wallet do you use and how do you exchange?

Only keep on exchanges the amount you want to trade daily and that you may afford to lose if anything happens.

The rest of your coins (and the biggest part of them) should be kept in a safe wallet which you crontrol the private keys. The one I recommend you to use is Electrum. Never store all your coins in any exchange or third party service!

[jmaresca]

So, this has been rounding my mind for since i started to believe in crypto.

I there exists plenty of wallets and various types, but this is a questions focus on trading wallets, and dealing with exchanges.
What happen when you are not using a wallet provided by the exchange (eg. Bittrex), but then you want to sell a coin the coin ASAP so you dont miss the peak.

HELP!

You have to transfer the funds to the exchange that has the coins you want to buy. If you wait for the last minute you may not get your funds onto the exchange quick enough to get the new coin at a lower price. Remember, the transaction will need several confirmations before the transaction is considered complete and the funds exist to be able to purchase another coin.

[WildWestRider]

Thank you.

But then, what you suggest is having a balance between what you control (an actual wallet) and what you can invest due to your money on exchanges?

> May i ask you what wallet do you use and how do you exchange?

Only keep on exchanges the amount you want to trade daily and that you may afford to lose if anything happens.

The rest of your coins (and the biggest part of them) should be kept in a safe wallet which you crontrol the private keys. The one I recommend you to use is Electrum. Never store all your coins in any exchange or third party service!

Thank you, great advice!

[SMSabuj]

Every time I tried to store my ALT Coin into myetherwallet account. When I used to regular trade this time I only store my coin into exchange wallet.But for holding or store them every time I use myetherwallet account.I think its the best way for preventing future losses about hack/or something bad.

I agree with you. I also store all of my Altcoin into myetherwallet. But for regular trading then I store my coin into some exchange wallet. That's mean for regular trading I store my coin on exchange wallet and for holding I store my coin on myetherwallet and some exchange wallet too.