Trezor970 (OP)
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Activity: 4
Merit: 0
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January 10, 2018, 08:03:19 PM |
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Hello Guys, i use Bittrex and Binance for buy altcoin and hodl them. I keep them in the bittrex and binance account. Should i move them i some desktop wallet ? what's ur advice? and which wallets?
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CryptosapienZA
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January 10, 2018, 08:06:07 PM |
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Hello Guys, i use Bittrex and Binance for buy altcoin and hodl them. I keep them in the bittrex and binance account. Should i move them i some desktop wallet ? what's ur advice? and which wallets?
Rule no 1 - never leave your coins in an exchange wallet. Always keep your coins in a wallet that gives you access to your private keys. So yes, move them. |
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goinmerry
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Activity: 2940
Merit: 1083
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January 10, 2018, 08:11:45 PM |
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Hello Guys, i use Bittrex and Binance for buy altcoin and hodl them. I keep them in the bittrex and binance account. Should i move them i some desktop wallet ? what's ur advice? and which wallets?
If you do trades regularly then it's not wrong to put your funds there. You just have to accept the risks that if exchanges goes wrong, then you are busted. Put them only on a wallet where you control your private keys if you decided to hold it for long. It will also save you transfer fees. Since you mentioned you want to hodl them then go put them in a safe wallet. The wallet name depends on the altcoin you hold so better state it so that we can give specific answer. |
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J_Perez
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Activity: 41
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January 10, 2018, 08:29:27 PM |
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Unless you are planning on trading them soon, NEVER keep your coins on ANY wallet you do not own. No exchanges, not Coinbase, nothing. Best thing you can do is get yourself a hardware wallet or a good desktop wallet.
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Minecache
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Activity: 2366
Merit: 1024
Vave.com - Crypto Casino
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January 10, 2018, 08:44:04 PM |
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Exchanges are the worst place to store your crypto. They could just be hacked or closed tomorrow and you will lose all your funds. Of course you must store crypto at wallets which provide the private key and you have a full control over it. Hardware wallets are the best place  |
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zikabra
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January 10, 2018, 08:48:34 PM |
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Hello Guys, i use Bittrex and Binance for buy altcoin and hodl them. I keep them in the bittrex and binance account. Should i move them i some desktop wallet ? what's ur advice? and which wallets?
Move your coins to your wallets, if you don't posses private keys you are half owner of your coins. Anything can go wrong with exchange and you might lose all your funds. Can you tell us which altcoin you are holding so we can give you better answer? |
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Tondya
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Activity: 546
Merit: 100
Stake & Vote or Become a IoTeX Delegate!
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January 10, 2018, 08:59:06 PM |
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Hello Guys, i use Bittrex and Binance for buy altcoin and hodl them. I keep them in the bittrex and binance account. Should i move them i some desktop wallet ? what's ur advice? and which wallets?
Of course keeping Altcoins on exchanges is not safe variaty. They can be stolen from there , or even exchange itself can get scam. You should go on coinmarketcap and download an offccial wallet for each coin from official website , and keep it there for a long term time. |
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Partizanai
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Activity: 112
Merit: 10
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January 10, 2018, 09:03:32 PM |
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If you are not an active trader dont leave your coins on exchange wallet, you do not own private keys of those wallets.
Hardwallets is the best option. If you cant store your coins in hard wallet, at least store them in your own wallet, not exchange
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beskid
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January 10, 2018, 09:06:36 PM |
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Leave on the stock exchanges only those volumes of crypto currency that you are going to trade. Or insignificant for your budget, with the possible risk of losing them. In any other variant, store the crypto currency in your purses.
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Winner
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Activity: 1190
Merit: 1000
Look ARROUND!
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January 10, 2018, 09:12:29 PM |
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Leave on the stock exchanges only those volumes of crypto currency that you are going to trade. Or insignificant for your budget, with the possible risk of losing them. In any other variant, store the crypto currency in your purses.
That's not that bad of an idea. The coins that aren't traded should be in a cold wallet, not on exchanges. |
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Zocadas
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January 10, 2018, 09:14:16 PM
Last edit: January 11, 2018, 04:32:40 PM by Zocadas |
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It is risky to keep funds without trading on exchanger for several reasons:
1. Already explained is the risk, that exchanger could shut down without paying funds.
2. There could be changing laws or rules and money could be frozen.
3. Some exchangers don't allow saving funds without trading.
I use a mobile multicoin wallet and send coins with low transactions fees to it.
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Beazerdred
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Activity: 242
Merit: 10
CRYPTASSIST.io
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January 10, 2018, 09:18:37 PM |
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Yes, you need to transfer coins to your wallet, otherwise you risk losing your money,there have already been cases with the closure of exchanges, keep coins in a safe place
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