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faceoff97
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February 12, 2018, 08:40:21 PM |
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I have a question.
What is better? To keep your coins on some Exchange site or to open wallets for each coin?
I would like to hear some advice. What are pros & cons of each option?
Thanks
Wallet is always the safest way to have, you'll be at peace knowing that you alone has only the full access in your fund. Exchange is not really meant for holding coins, it was made to buy and sell but no hold. Exchanges might fail at any moment and once that happen you will never know what to do. Im also having coins in an exchange but I make sure that it wont last there for so long. |
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Biscutard
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February 12, 2018, 08:44:56 PM |
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I have a question.
What is better? To keep your coins on some Exchange site or to open wallets for each coin?
I would like to hear some advice. What are pros & cons of each option?
Thanks
Wallet is always the safest way to have, you'll be at peace knowing that you alone has only the full access in your fund. Exchange is not really meant for holding coins, it was made to buy and sell but no hold. Exchanges might fail at any moment and once that happen you will never know what to do. Im also having coins in an exchange but I make sure that it wont last there for so long. A hardware wallet you mean because you are the one that can control your wallet and no one can take it away from you except if you misplaced it and someone stole it. Most exchanges this days are not really reliable when putting your funds because some of them might have been a victim of hacking and the owner can't do anything about of your funds being stole. |
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number37
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February 12, 2018, 08:46:26 PM |
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I think it all depends on the level of risk that you are willing to accept, of course I'll write everything that is more reliable to store on a purse but to overtake coins there is also not an interesting occupation, so it is better to have both there and there
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Crasengover
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Activity: 336
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Proof-of-Stake Blockchain Network
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February 12, 2018, 08:50:57 PM |
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I keep on telling people who cares to know, DO NOT ever leave your coins on any exchange. No matter how secure they claim to be, or promise to be, they can never guarantee you that their exchange won't be hacked anytime. Do yourself a huge favor and open a secured offline wallet for storing your coins. When an exchange gets hacked, it is only an apology that you will get from them, not a single coin.
Yes it sounds reasonable. But as far as I know allmost all exchanges that were hacked compensated the lost fund to their traders. Especially if we talk about top exchanges, they have a huge daily income and there reputation is much important to them that some stolen millions of dollars. I don't mean to say that is very safe to store your coins on an exchange but in most cases I won't hold my tokens in a wallet, I prefer to set a sell oder at the desired price and wait until it's sold. |
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chulos
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February 12, 2018, 08:52:47 PM |
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From my point of view, there is a clear answer and leave the coins in the wallet. If you have them in your wallet and have your password there, you have them right now.
Even on exchange you have it, but it may be maintenance or exchange outages, or worse currency exchange could be hacked. That's why I choose wallet.
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yommey
Jr. Member
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February 12, 2018, 09:03:40 PM |
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I believe in taking charge of my finances. Hence, if you are not trading your tokens or coins but you bought them for future investment, I will advice you put them on a wallet where you can control or own the private key . Exchanges are the ones with the private keys of all the coins wallet on their exchange. In case of Hack as we have seen on many exchanges, you are likely to loose your coins or tokens. They reason why those exchanges are targets for hackers is because they control huge volume of money in terms of coins and tokens. Hence, factor out yourself from the risk and take charge
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Xtra_Coin
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February 12, 2018, 09:07:47 PM |
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My opinion is that if you only trade, then you basically do not need a purse, but if you just invest some money, then you do not need a stock exchange, but you need a purse. In general, I do not see any problems in having a stock exchange and a purse.
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GoldenLad
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February 12, 2018, 09:26:37 PM |
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Well, I don't think its a good idea to leave your coins in an exchange because of the possibility of getting hacked and losing all your coins. I suggest you leave some few coins in your exchange if you are trading and store the other coins in a cold storage like ledger or so. This is to be on a safer side. You might be considering that it is quite hectic to be opening several wallets for every coins you have, well, it could be but remember that no measure of safety is too small for you coins.
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parliament96
Newbie
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February 12, 2018, 09:33:43 PM |
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i recommend binance for tour holdings because it has a lot of security controls. and its reliable for a long time . they earning a lot from there no need to scam anyone.
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setifien19
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February 12, 2018, 09:34:33 PM |
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Wallets are made to hold and store coins in , while exchanges are most likely used to trade not to store funds in .
But if you are a daily basis trader , you ought to keep your coins / tokens ( the amount you need to trade with ) though wallets are more secured and safer than exchanges
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darkphoenix2610
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February 12, 2018, 09:40:15 PM |
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It's up to you what are you going to use wallet and exchange has a both function, but if you are going to store large amount of money it is better to store on a cold wallet so that it can't easily stole by someone i advice to you that don't store on exchaner sometimes it was close and your money was gone and even in a normal wallet they can easily store what is in your wallet.
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snewvine
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February 12, 2018, 09:41:09 PM |
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No brainer. Wallet all the way.
Unfortunately there are times that your unable to take a coin off of the exchange because your not allowed. then you have no choice. so to prevent this, whatever exchange your work with, make sure you can withdraw it before buying. Otherwise you have only 2 choices. sell (possibly for lower amount) or leave on exchange until you can withdraw it.
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mikfresh
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February 12, 2018, 09:44:59 PM |
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After what happened to bitgrail... the best advice is to keep your valuable coins in wallets. Exchange is dangerous, you could end up losing everything all of a sudden. That's what happened to NANO Holders on bitgrail. Such a disgrace. I'm so sorry for their losses.
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Kinoman
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Presale is live!
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February 12, 2018, 09:46:41 PM |
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If you bought a coin for long-term storage, it is better to store coins not on the exchange, but in a wallet. After all, keeping coins on the exchange is a big risk.
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leea-1334
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February 12, 2018, 09:51:08 PM |
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There was only one reason left late last year for me accepting coins into exchanges or site services, and this was just the fee options. I would use, for example, Poloniex to take 5 to 10 receipts, and send them out to my wallet for a cheap fee of 10,000 satoshi. If I received 10 times to my wallet, that would be 10 inputs, and god knows how much in fees. That is no longer a concern right now you can send for 5 satoshis per byte and get it within a few hours. Maybe with Lighting coming even lower.
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mmm01
Legendary
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February 12, 2018, 10:00:11 PM |
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Keeping your wallet is always safer. Stocks are developed by people and are vulnerable to hacking. Wallets also have high security.
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go4crypto
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February 12, 2018, 10:02:16 PM |
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A combinations of multiple exchanges and multiple wallets to cover all the bases.
Exchanges are good just for the convenience of buying and selling. Wallets are good
for staking and long-term hodl coins.
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Bitcoincole
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February 12, 2018, 10:12:25 PM |
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A combinations of multiple exchanges and multiple wallets to cover all the bases.
Exchanges are good just for the convenience of buying and selling. Wallets are good
for staking and long-term hodl coins.
Yes i agree, they are both usable depends on how do you do in your coin or what are your plans to do with coin in this situation of crypto currencies market value because they are both safe and effective. Like what they have said or shared by mostly our friends her they are good recommendation. |
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capsicumpepper
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February 12, 2018, 10:12:45 PM |
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For people who have the ability to trade their coins, and dare to take high risks, they will prefer to exchange. But for people who prefer to choose security and just to invest, for fear of some possible risks such as the loss of coins by hackers, should keep our coins in the wallet. That's what I'm going to do.
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kengeorge21
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February 12, 2018, 10:15:13 PM |
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Depends on your intention, if you want to trade from time to time in a specific exchange of course keeping coins there will be better due to reduction of cost by transferring your coins from time to time but for long term purposes that goes to wallet, but clearly your intention is to hold so the former will be the best choice.
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