Exchange or Wallet?

[visiblehand]

I'm helping the folks at Gnosis out with this survey about token/cryptocurrency exchanges: https://lnkd.in/dcEhpKY

If you have five minutes to spare, it would be great if you can share your thoughts with them.

[huyennhat204857]

Exchange site can be hacked by attacker (binance, ...). Wallet web also can be hacked, you can hold your coin in app wallet or hardware wallet.

[Nikitavoz]

I think there is no need to keep ur coins/token in an Exchange. There have been numerous cases when people simply lost the money because the exchange was hacked or the exchange closed. As for me, u can store ur coins in a wallet where u have full access.

[prizrak9484]

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

A difficult question, here everyone decides for himself what he wants from the coin.
if I correctly understood the question, do you want to know, it's better to exchange different tokens into one coin or create a purse for each of the coins ...

1. Consider the option of transferring all coins and tokens into one, more weighty ...
Let's say you have 20 different tokens for some amount (say "N" of the etherium), you can exchange tokens for this eth, or you can keep them in coins. It all depends on the tokens, and on you. The tokens will jump in the price upside down (more often down), ask yourself if you are ready to hold tokens so that they grow in price, it can happen tomorrow, maybe in a week, a year or never at all, so the token may fall in value, or even generally depreciate ... From what it follows that your amount of "N" tokens also changes. This is a kind of game in which you do not know where the course will go, so it's up to you to keep tokens or exchange for ethereum and keep them on the eth, but remember that in the reverse order, you can exchange the ethereum for tokens. But do you need it ?!
2. Consider the option to keep all the tokens on different wallets and not to transfer them into one expensive coin. You need a lot of time (at first) to track the course of each of the coins, you must understand that the coin may fall tomorrow or it may rise, it needs to be tracked ... Of course, let's take Forex, for example, there teams of professional analysts can not predict the dollar ... one dollar only for a while, and you will need to track dozens of different coins, all alone. Of course, sometimes the expectation of yourself pays off and the coin you saved and continued to grow will bring a very good amount, and you will be happy, but read the forums, ask the Holders, I think that such a percentage of tokens is very low.

Following from this you decide what to do, do not take the advice of other people, it's luck. Someone is lucky, some do not, and it's better to spend more time and understand what's what, read various materials.

This is all my personal opinion, someone might disagree with me. I hope you will benefit from my answer if I understand your question correctly!
Good luck!

[Euroda]

i prefer wallet because it can be store you altcoin in no time and also you can store your wallet in exchanger but i think it is better to store your token in wallet because it is more safe

[Birin016]

This is according to your purpose bought that coin, if you would like hold by long term will be much better keep your coin in personal wallet that you own the private key because this way will be more safe than keep in exchange. But if you just want to buy and sell in short term will better keep in exchange so will be efisien and dont forget to use all security feature.

[AdrianVerde]

In the long term, it is always better to hold the private key yourself.
Exchanges may fail, close, be hacked or seized. Your own wallets, if backed up correctly, won't.
Just be sure to learn about cold storage security and backups, a paper wallet or seed written on paper stored in a safe place is a good backup in case electronics fail, just remember to encrypt that with gpg and not to forget your password and gpg keys, which you can backup too.

Obviously if you intend to trade daily, it is more efficient (and risky) to have your coins on an exchange.

[jdeanne92]

For me i would put my trust in walet. It is not that i dont trust exchange wallet. Im just avoiding case like exchanges being hacked.  That incident is very common nowadays. And im not risking my chances

[freedoom]

If in the long term - it's best to keep it on your wallet - it's safer.
The Exchange does not give any guarantees, they can close tomorrow, for example, and what's next?

[RiskySanchez]

I usually keep it in trusted and safe exchanges ie Bitrex and Binance because I'm a trader but that depends on the coin I have. If it still does not enter that in list then I keep it in MEW and it's integrated with authentic Ledger with double protection. I advise anyone who wants to keep their coins safely using ledger its worth it. I have tried it

[ciplut]

if we will soon sell the token it is better to save on the exchange because if the price is good we can sell directly, if not soon we sell better and save in wallet BTC

[CryptoCa$hSieb]

A combo of both?! I like to do a combination of exchanges and hot/cold storage.  In order to increase my liquidity and access to the market at all times, i like to spread coins across multiple exchanges and limit the amount I keep in each one, reducing my risk exposure.  Large majority of coins should be held in a secure hardwallet like trezor or nano ledger.  Furthermore, temp storage of ERC-20 tokens on meta, myetherwallet can create flexibility and liquidity along with the integration of hardwallet verification

[ChristianPogi]

If in the long term - it's best to keep it on your wallet - it's safer.
The Exchange does not give any guarantees, they can close tomorrow, for example, and what's next?

I heard a stories that there's an exchange shutdown their platform and gone forever. I forgot the name but this is an example that we must not stored our coins in an exchange. In order to protect our money from the thief.

[mrPix]

If there is good wallet for the coin/token - of course wallet. But sometimes the coin wallet is a piece of shit with many technical flaws, so in this case use few  exchanges.

[thorium232]

It depends on your investing strategy. You can keep tokens on exchange if you are going to speculate.
In case of long-term investment it's better to hold coins in wallets. The best - "cold" wallets and Ledger.

[andra73]

I think to save altcoin so it can be safer better on the stock and even then if the listing, but if still not better on the wallet only because the wallet already has a private key and this will provide security to altcoin that we have.

[iamsether]

I am currently holding my altcoins on exchanges since as far as I know not all coins have their own wallets. I am planning to move them on my MEW though except for Bitcoin and ETH because there's already a wallet app here in our country where I could exchange them easily into fiat so I prefer to leave them there. If only there's a wallet app that accepts all coins and could easily be converted into local currency, that would be awesome.

[PhucS]

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

I think this problem depends on each person. If you are a trader, you should keep them on the exchange site because it will be very convenient for your transaction. And if you do not trade often, you want to keep them to get profitable, then I recommend you store them in wallets, it will be safer. And there is a note that when you save Bitcoin and other altcoins on the exchange site, you need to enable 2-step verification, enabling maximum security settings to avoid hacker invasion

[kulakvlad]

Keep in the wallet more safely. But I keep in my ledger nano s only the BTC . Other alts on the stock exchanges.

[bvg96634]

i refer to you probably wallet is the better option because it is safe and less chance to stolen your altcoins. yourself keep your private key then only it is safe. in exchanger you are giving private key to the exchanger. so better keep your altcoins in wallet. then only it is less risk.