Keep All Coins in Hardware Wallet vs Separating Some in Exchanges/Other Wallets

[hitrawal91]

See keeping your coins in hardware or in some exchange depends on the amount you have whether you use it in day trading or long term trading.And generally I am a day trader of few coins so I keep them in trustworthy exchange and rest in hardware wallet.

[1714927663]

1714927663

[wxa7115]

I don't know what you really want to say. A lot of this and that when it's obviously don't know what to do and which wallet should be use.

1. If you're a fan of airdrop, then just leave it to MEW.
2. If you're planning to hold your coins long term then choose hardware wallet.
3. Doing day trade? Then just leave some in exchange sites that you think you can afford to lose when sites get compromise.

You can do all of these, just determine which coin is for long term and which for short term and for day trading as well. Simple, isn't it?

Even if you are day trading you should never leave your coins in the exchange, after all at some point you are going to stop trading for the day, whether this is because you have to sleep or because you have something else to do, but whatever the reason you are going to stop trading at some point and it is way better to just withdraw your coins from the exchange, it is true that you have to pay fees to transfer your coins back and forth several times but if you are not producing enough profits with your day trading just to pay the transaction cost then you should probably review your strategy, doing this may seem as doing too much to some people but when the exchange gets hacked and your coins are safely stored in your wallet that is when you are going to appreciate going through all of that trouble.

[m1stifc]

I like the idea of paper wallets. You can simply put it to safe or bank cell and be sure your crypto won't be stolen.

[airdagon]

It depend on who are you in the market? holder or trader? if you are a holder keep coin in hardware wallet, and exchange wallet is the best choice if you are an inventor

in my opinion, saving all the coins in an exchange wallet is not a good choice. I see that it will provoke hackers to steal your assets, investors or holders are better save their assets in hard wallets, like ledger.  and if you are a trader, then you better put a little coin in exchange wallet for capital.

[khaled0111]

I don't know why you talk too much!!
You could ask all those questions in 2 or 3 lines.
You can use a hardware wallet ( because it is safer) if you have money to buy one, but you can download a trusted wallet on your PC or smart phone.
If you are a trader, just keep the coins you want to trade on the exchange wallet.
That's all I can say.

[abhi777]

It's obviously depends if you are a trader or a holder. As a holder, you should secure your coins is on hard wallets and as a trader, just store it on trusted exchange.

in my opinion it depends on you whether you want to hold or sell. if you want to hold you have to save it on the hardware so it is safe from hackers. if you want to sell just keep it in the wallet.

[tiktak89]

If a person uses a trading strategy to earn money on cryptocurrency, it is much more convenient for him to keep his coins on the exchange. But it is safer, of course, to store them in a secure wallet.

[Pyr3x]

I know a few cases where coins were stolen directly from the stock exchange. Therefore, it is better to avoid storing your coins on the exchange and concentrate them as much as possible in the wallet, preferably in a cold wallet.

[Glutius]

If you are using a long term investment or simply are not going to sell your coins soon, then you should keep your coins only in your wallet. So you will protect yourself from hackers. And of course, keep your keys and passwords in a safe place.

[gamechangers]

Please bear in mind that exchanges are the target of hackers and they can be successfully attacked, meaning all your coins are gone. You can only leave a very small portion there if you trade regularly. Otherwise, hardware wallet is the choice if you intend to hold your coin for long.

[bartolo]

Even if you are day trading you should never leave your coins in the exchange, after all at some point you are going to stop trading for the day, whether this is because you have to sleep or because you have something else to do, but whatever the reason you are going to stop trading at some point and it is way better to just withdraw your coins from the exchange, it is true that you have to pay fees to transfer your coins back and forth several times but if you are not producing enough profits with your day trading just to pay the transaction cost then you should probably review your strategy, doing this may seem as doing too much to some people but when the exchange gets hacked and your coins are safely stored in your wallet that is when you are going to appreciate going through all of that trouble.

Hacking is not the only problem you can have if you leave your coins in an exchange. Sometimes, the exchanges change their policies all of a sudden, they may require new verification levels and ask you for documentation while they freeze your funds.

[kaya11]

One hardware wallet is enough for me, but I only store the ones I invested on long term basis. On the other hand I let my  alt coins stay for minimum of a month and if things go rough I sell them. Things we expect might not happen so in case theirs a big dump we must be ready at any cost.

[gabmen]

Even if you are day trading you should never leave your coins in the exchange, after all at some point you are going to stop trading for the day, whether this is because you have to sleep or because you have something else to do, but whatever the reason you are going to stop trading at some point and it is way better to just withdraw your coins from the exchange, it is true that you have to pay fees to transfer your coins back and forth several times but if you are not producing enough profits with your day trading just to pay the transaction cost then you should probably review your strategy, doing this may seem as doing too much to some people but when the exchange gets hacked and your coins are safely stored in your wallet that is when you are going to appreciate going through all of that trouble.

Hacking is not the only problem you can have if you leave your coins in an exchange. Sometimes, the exchanges change their policies all of a sudden, they may require new verification levels and ask you for documentation while they freeze your funds.

Well if you're actively trading though, it makes sense to leave coins in an exchange. You have to consider the transaction fees that you have to pay to move your coins back and forth. We all are aware that for long term investments, of course your own wallet is the safest place to keep your coins but i think it's ok to put your moving coins in an exchange.

[pawanjain]

You have written so much that your question is not understandable. What is your point/question ?
I ll anyway answer what I understood.

1. A person should only buy a hardware wallet if he wants to hold the coins in there for a long term. The hardware wallets are created to keep the coins offline and secure.You should not be using it if you want to trade coins on a regular wallet.
2. If a particular wallet offers you any kind of rewards then it depends on your preferences whether to use that particular wallet or a hardware wallet. The hardware wallet will provide you safety and no rewards whereas the other wallet will provide you rewards but no safety.

[LDenis555]

I know people have a nano ledger s or hardware wallet like trezor if they have btc.  Now if you have bitcoin, i know you should keep it in hardware wallet for safety.  Now what i like to know is if your are a holder and not trader, ,should you ever keep any coins in an exchange or that coin's own wallet if you already have a nano ledger s?  I read that it now supports a lot of coins which back then it did not support.  I recalled watching a video where they talked about bitcoin safety and one person on cnbc mentioned you should not keep everything in one place.  However, he said something like have a trezor and said how if you keep coins in an exchange, keep it in several so if one gets hacked or whatnot, you only lose 20 percent of what you have as oppose to everything.   That makes sense but why wouldn't he suggest either put it in hardware wallet or a wallet specifically for that coin?  I assume he means if you do trading right.


Now let say you do trading and daytrade.  If you do that, then aren't a good portion of your btc or altcoin going to be on an exchange?  And let say you use bittrex and binance.  Well isn't that pretty safe already because those are the top exchanges out there?  But if someone trades full time and keeps all their coins in an exchange, you can't really blame them right?  I can't imagine someone transferring their coins everyday from their bittrex or binance account and then back to their nano ledger s when they are done trading.  Only to send it back to the exchange the next day.  Obviously this person could have a good amount of coins in their nano ledger s and smaller portion in the exchange.  But thoughts on this?


Now if the nano ledger supports a coin you have and you do not trade this coin and basically hold it, is it 100% foolish to keep it in that wallet as oppose to the nano ledger s?  Example coins like coss and funfair... i don't have these coins but wanted to list a few of them.  If you are not trading it and holding it in its own wallet such as COSS Wallet or Funfair Wallet,  you should 100% send it to your nano ledger s and store it there?  If you do it there, you basically are storing everything in that nano ledger s you have.  But that is still better than its own wallet right? 


But what if that wallet gives you rewards etc.  Do you still get them putting it in nano ledger s as oppose to that wallet.  I believe certain coins if you keep it in wallet you get airdrops?


Now what about this?  In that cnbc segment i saw, that person mentioned how you could have a few trezors... so imagine like buying 2 or 3 nano ledger s.  Does anyone here do this or recommend it?  Because if you do that, well you have a percentage of your coins in each device as oppose to everything on one device.  I imagine the only reason to do this would be if you have more than 18 altcoins or whatever is the max nano ledger s allows?  How many coins does it even allow now?  But the negative would be you have to have more 24 word seeds.  But do people who have a lot of cryptocurrency own more than 1 of these?  Is it even smart to do that?


So curious what people here say.  Obviously it depends on if you are holder or a trader who trades few times and of course daytrader.

Fairy tales are not fairy tales, but bitcoin was and, I think, is still very popular among criminals... It is easy to understand for even just a quick glance to visit some forums.

[brooklynian]

I have heard that some people scatter their cryptocurrency in different cheap wallets like mew and this can be a way to avoid loosing all your coins at once, incase there is hacking. If you can afford hardware wallet, you can use it to secure your coins if you don't want to use them regularly.

[Gabri]

You already answered your question. It is obviously depends if you are a trader or a holder. If you are a holder, the best thing to secure your coins is on hard wallets. If you are a trader, just store it on trusted exchange so that you can easily trade it when needed. Just make sure that you activate the highest security of your account such as 2FA.

Already, and 2FA does not always save, if the exchange is hacked, there could be no protection. Having a hardware wallet we protect ourselves very well. The main thing is not to lose a piece of paper from the Ledger with passphrases for recovery.

[pinoyden]

You already answered your question. It is obviously depends if you are a trader or a holder. If you are a holder, the best thing to secure your coins is on hard wallets. If you are a trader, just store it on trusted exchange so that you can easily trade it when needed. Just make sure that you activate the highest security of your account such as 2FA.

Already, and 2FA does not always save, if the exchange is hacked, there could be no protection. Having a hardware wallet we protect ourselves very well. The main thing is not to lose a piece of paper from the Ledger with passphrases for recovery.

2fa's , hardware wallets , strong passwords , etc all of them are the same . when i say the same id say all of them is still useless because no matter how you secure your wallet/account it can still be hacked and you cannot avoid it becuase hackers are verry smart . so overall , the best thing that we can do is to avoid putting huge amount of cash in your wallets/accounts online so that you can avoid unecessary problems that may occur on the future .

[florianuhlemann]

just want to note that the convenience of storage and payment, do not need other wallets. this is achieved by the flexibility of payment anywhere

[wxa7115]

Well if you're actively trading though, it makes sense to leave coins in an exchange. You have to consider the transaction fees that you have to pay to move your coins back and forth. We all are aware that for long term investments, of course your own wallet is the safest place to keep your coins but i think it's ok to put your moving coins in an exchange.

If the trading activity of a trader is not enough to pay for a few dollars each day in transaction costs then it is better that person stops trading because he has a capital that is too small or because he is not getting enough profits in trading, I know that is more practical to keep your coins in the exchange and it is easier but when it comes to cryptocurrencies the easiest path is not always the best, because as we know hackers can steal your coins from the exchange.

Or as it was pointed out the exchanges could change their policies overnight without any previous notice and they could require more information about you and where you got your money and even if you are not doing anything illegal you have a right of privacy that is being violated by those actions.