Exchange or Wallet?

[yannick225]

If you've been in this game for any length of time you would know about the dangers of exchanges. If your money is on an exchange you don't really own it. It can be taken from you at any time the owners decide to do a runner with millions. I've seen it happen at Mt Gox, Cryptsy, Mintpal, Cryptorush, and Maxx just to name the ones I remember. It's only a matter of time before the next one happens and people lose whatever money they foolishly kept there.

[El Loco]

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

The answer is simple.

Are you a trader? If yes then you need to left your coin on exchanges to trade.

Are you a holder? If yes then you should deposit your coins in a safety wallet.

Leaving coins in exchanges definitely involves risks, if the exchange closes for some reasons (scam, bankruptcy, ecc.) you will lose all your coins because you don't own private key. On the other hand, you have a better management of all the coins.

Private wallets are obviously a safe option to store your coin because you own the private key, but it involves to get many different wallets.

If you are looking to manage just ERC20 token I suggest you open a MyEtherWallet address, you can easily handle all the ERC20 tokens such as deposit into exchanges, withdrawal from exchanges and transfers.

[lutcor]

If we are talking about the storage of funds, then the best solution will be to use hardware wallets, because they will be able to help you secure yourself as much as possible. But you should never keep money on the exchange.

[BitkoinJonny]

Hi. If you are going to trade much better keep it on exchange. But if you're going to invest on long time it should be wallet. So you should create some strategy before chosing.

[Considered]

Wallets will do it for me, Exchange is suitable for active traders  but for storage, its more risky as we all have heard about exchange being hacked and coins lost.Wallets especially hardware wallets are safer and more convenient to use as they give you complete control of your coins

[shazib083]

If you want to trade some of your digital assets the you can put into exchanges. However, if you want to hold the rest of you assets then you must use your cold wallet where you have the full control of. Keep in exchanges sometime make you feel scary of getting compromised.

[kavinpoe]

Of course the wallet! You and only you know all the passwords to it never to access, if you follow security at least a little and don't store passwords/keys on a computer. And exchange can be able to crack, steal mail, etc. Many ways at the moment, everything is at your own risk

[edwardnortonn]

iI preffer Wallets to exchange for a sole reason that they are safer than exchange, wallets also gives you control of your coins and ability to verify transactions before completing them

[mightcoin]

I am afraid of exchanges, because anyway they have their owner, who can anytime run away with your money.
So my choice is Wallet. And sometimes even cold.

[Eijrafarm]

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 the best way and safest way for you to avoid a bigger lost if hacking issue occur is to devide your asset into both wallet and exchange. It is simply unavoidable for hacking issue to occur specially when your luck runs out then the best option is to set a way to make your loss lessen to minimum amount.

[alarsincoin]

My way is both. Sometimes I  want to invest and use my exhanger when I want to buy altcoins. So I have some of my coins in the exhanger continiously. Also I hold another one in the wallet.

[kodtycoon]

Just want to suggest to always use your wallet, keeping balance in an exchange is very risky to lose, with you having full control on a wallet then your balance will be much safer than keeping a balance on an exchange.

[TRONTON]

My way is both. Sometimes I  want to invest and use my exhanger when I want to buy altcoins. So I have some of my coins in the exhanger continiously. Also I hold another one in the wallet.

If I put more coins in my wallet because I can not trust 100% on the exchanger, because if we keep all the assets on the exchanger and if something happens like MTgox then the asset will disappear, so the exchanger is only used when I want to sell or buy coins as you do.

[chalkboard17]

if you decide to hold a coin, use wallet. If you want to trade your coin or sell them in a short time, use exchange. In somehow, exchange is still better than wallet although it does not have a good security. If you do not want to lose any of your coins in any case, use wallet

[alrez]

How could you trust your assets to exchanger? Is it not dangerous? I mean if you do not want to sell it yet and have no plan for it why not be stored in the wallet that match your coins? Because the private key would be safer if you own it, not exchanger.

[TheJez]

If you don't own the private key - you don't own the coin, it's as simple as that.

Store in your own wallet, and trade on decentralized exchanges (IDEX, etc - there are a lot more coming out, I believe binance are developing one).

[gregorio5]

All Long term investment coins should be keep in a wallet. If you are day trading or swing trading then you can keep those in the exchange.  The risks with keeping coins in the exchange that don't control the private key.  The exchange can lock your account or they can get hack and you will lose all your coins.

[Maloppo]

How could you trust your assets to exchanger? Is it not dangerous? I mean if you do not want to sell it yet and have no plan for it why not be stored in the wallet that match your coins? Because the private key would be safer if you own it, not exchanger.

is it dangerous to save or store your all coins in the exchange, I am not sure to store my coins in the exchange is not really safe
but not wrong if you want to save it at exchange for daily trading.

[elimi]

If you want to trade then obviously an exchange. If you want to hold then wallet is best as you have total control over your assets. You have the keys to access wallet and you can send where you want.Some holders are having problems getting funds released from certain exchangers.If the coin or token has a wallet you should most definitely use it. The downside will be you having to manage another wallet.dat or whatever but that price is small to pay if an exchange gets hacked or goes down

[Adil Amim]

Both have its different functionality and connection with each other. In terms of safety you should keep it on your wallet if you also want a long term you have full control on your coins. Exchange is the fast way to sell your coins and after that you still need to keep it on your wallet. So in short, it depends on what are planning to do with you coins, long term investment or short term always trading.