Long term investing - Newbie question

[Simyboye]

Hi there, wishing to invest in the crypto markets however wanted to ask that if  I'm long term investing in say Ripple, do I just buy it and stick it in my wallet or do I put it on the market and let it sit there? If it's on the market there's stop losses and take profits like FX trading?
Thanks

[bitcoin8x]

If you're in it for the long term, there's no point in storing the currency on an exchange. Apart from being unnecessary, it is also unsafe. If you can afford a hardware wallet, I would recommend that. If you're investing every single penny you own, then printing a paper wallet might be a good alternative.

[raoul78]

The coins I don't trade with are on my Ledger wallet. Only short terms stay on and exchange.

[rohanshinde]

If you are in long term, I suggest you take it off exchange and put it in Ripple desktop wallet.
I would also suggest you to invest in DeepOnion. It's a privacy coin and has a lot of potential. Soon it will be in top 10. Take a look at it.

[golek upo]

If you are investing for the long term, we recommend saving your coins using offline wallet. I think it's very safe.

[deccarro]

Is there any wallet I can use my smartphone as hardware for?

[Simyboye]

Thanks guys, appreciate it.
Got a nano s wallet so ready to go, I'm in the UK so it's just a case of finding the best place to buy. Looking to buy tokens too like IOTA and a few others.

[Cuedoc]

Hi I'm brand new to this but relatively intelligent. I could use some newbie pointers as I'm sure many could. Any advice at all from some veterans in the market that have done well? Maybe even just a thread to go read for newbs.

[Simyboye]

Cuedoc, you in the UK?

[Captain_Planet]

If you want to invest for a long time then never trust on any exchange, never save any amount on any exchange for a long period, Always move your coins in your wallet and backup your wallets as well.

[Simyboye]

Thanks. Just wanted to clear up that if I buy £1000 btc and store offline and leave for a few years, assuming the price goes up I can sell my btc at the going rate?
I have about 8 to invest in.

[MR2O4]

Yes, although it seems to be easier to buy in the UK thank to convert back to GBP.

For instance with Coinbase you can send GPB via your credit card, but you can only get Euros back to a bank account, so you are at the mercy of bank fees and exchange rates. However you could use a service like Local Bitcoins, to buy and/or sell.

In answer to your original question, you are better to store off an exchange.

[Crytptohack]

If your going to keep a crypto for years, you might want to look into a hardware wallet like a Trezor or Ledger (Blue / Nano S)

And think of it like a stock, you can remove it from the wallet and onto an exchange to trade it for either another crypto or fiat.

Not sure why your initial post was purchasing Ripple though as that it typically not a crypto one usually would start out with. (IMO)

[Simyboye]

Thank you.
I've heard bad things about coinbase. I use localbitcoins.
I go from BTC to ETH to the crypto's I want to purchase?

I was informed to only trade in BTC and not local currencies due to losses etc. So BTC to coin, not GBP to XRP etc.

[Sonicrypto]

yea long term i always store mine on a ledger hardware wallet

[SportyCornet777]

Everything that I am holding goes in my wallet. I keep some crypto in my exchange for trading purposes.

[BountyLord]

Only wallet. Exchange could be hacked or scammed

[djmano]

Thank you.
I've heard bad things about coinbase. I use localbitcoins.
I go from BTC to ETH to the crypto's I want to purchase?

I was informed to only trade in BTC and not local currencies due to losses etc. So BTC to coin, not GBP to XRP etc.

If you want to buy other cryptos, which many people refer to collectively as "altcoins," you will need either BTC or ETH to purchase them with. Most altcoins trade against BTC and ETH. So usually people will buy BTC with cash in their local currency, and then send BTC into an exchange to trade for altcoins.

Some altcoins can be bought directly with fiat (regular money) on some exchanges, but you usually are required to go through a lengthy verification process with the exchange.

In my personal experience Coinbase has been very easy to use, it's one of the easiest way to purchase BTC/ETH/LTC, only thing though is that you will have to wait over a week until you actually have the crypto in your wallet. You can also do an instant buy with a debit/credit card for smaller amounts of crypto that are available to use instantly.

[buzzbeez]

Everyone is correct in pointing out the need for a crypto wallet like the nano ledger. If your wallet is online it can be hacked. A hardware wallet is offline most of the time and your private keys are stored on it in such a way you won't even know what the keys are (unless you really want to). This is great because the wallet keeps things idiot proof. You don't have to worry about someone getting the private keys out of you because you won't  even know them!

[Rodzz]

If you plan on long term holds I would take it off the exchange as many others have stated meaning you won't be able to place stop limit orders. Unless there is a way to sell directly from your wallet without being in an exchange that I am not aware of. If you plan on doing short term trades, swings trades then I'd leave that portion of coins or tokens on an exchange for quick trades.

The problem now with many day trades is keeping track for income tax purposes. Last year it was easy, but now it's harder at least in the US Lastly, trades slowly take away money because the exchange fees slowly add up over time. Long term is definitely the safer bet if you indeed plan to hold for a year or more.