Where to store money in regular currency when not trading?

[cbdcbd]

Hi there!

Im just getting started in crytpotrading and im trying to find a way to do it with the least possible risk involved for my funds and also the smoothest and cheapest way. What im trying to figure out at the moment is where to store my money when im not trading. I have an electrum wallet setup for storing bitcoin but what i would like to do is store usd someplace safe when im not trading, since the usd price is less volatile. Why not withdraw back to your bankaccount u might say, and this is of curse an option but a rather not do this since the fees typically are quite large and to minimise fees in generall i use bank transfers. These takes time and if I transfer this way i cant jump at a good opportunity during the day. So how do u guys store your money when not trading?

[mk4]

Your choices are probably down to:

1. Holding Tether(USDT). While this is an option, I wouldn't suggest holding it for more than a day. https://bitcointalk.org/index.php?topic=5204055

2. If you're solely planning on day trading for profit and to not hold BTC in the long term, I'd probably go with trading platforms like eToro. Unfortunately, as far as I know you can't deposit BTC. You're pretty much going to start out with your local currency, and it will be converted into USD after you deposit.

[Ucy]

 You could try storing on Dia stablecoin. One of the easiest ways to do this on exchange is by converting your cryptocoin to Dia (if the exchange has the stablecoin) ... then transfer it to your Ethereum address you have full control of the private keys.
You could use non-custodial Instant exchanges (like ShapeShift) to exchange your coin to DIA or other erc20 based stablecoins and move to your Ethereum address.

[MrcMrc]

Your choices are probably down to:

2. If you're solely planning on day trading for profit and to not hold BTC in the long term, I'd probably go with trading platforms like eToro. Unfortunately, as far as I know you can't deposit BTC. You're pretty much going to start out with your local currency, and it will be converted into USD after you deposit.

I like eToro but there are other good exchanges you can use that are more convenient, you can try Hitbtc, they have been operating since 2013, they are good exchange, binance is young but also good.

[mk4]

I like eToro but there are other good exchanges you can use that are more convenient, you can try Hitbtc, they have been operating since 2013, they are good exchange, binance is young but also good.

You can hold real USDs on eToro. Whereas with crypto-only exchanges like Binance and HitBTC, you can only trade and hold USD stablecoins. Whereas like I said I really don't recommend holding stablecoins.

[BitcoinTurk]

Hi there!

Im just getting started in crytpotrading and im trying to find a way to do it with the least possible risk involved for my funds and also the smoothest and cheapest way. What im trying to figure out at the moment is where to store my money when im not trading. I have an electrum wallet setup for storing bitcoin but what i would like to do is store usd someplace safe when im not trading, since the usd price is less volatile. Why not withdraw back to your bankaccount u might say, and this is of curse an option but a rather not do this since the fees typically are quite large and to minimise fees in generall i use bank transfers. These takes time and if I transfer this way i cant jump at a good opportunity during the day. So how do u guys store your money when not trading?

There are two different options that I can suggest to you.
As the first option, you can choose stable cryptocurrencies as everyone guessed. Very rarely, there may be changes in the values of these cryptocurrencies, but I do not think there will be a problem in their long-term preference. It would be a good thing for you to research about the stable crypto project you will prefer.
As a second option, you can save your existing capital on the FTX exchange and save your money in USD, with the option of USD, except for stable cryptocurrencies. Although it is a service, I think it is a logical option. You can also trade here at any time.

[Sanugarid]

Your choices are probably down to:

1. Holding Tether(USDT). While this is an option, I wouldn't suggest holding it for more than a day. https://bitcointalk.org/index.php?topic=5204055

Tether is the best option you got after bitcoin and ethereum if you want to have it sleep in exchanges, but the fact that it is still in an exchange do not guarantee it safe, there are still chances that it can get stolen when the exchange system has been breached. You'll be safe with tether to avoid market fluctuations.

2. If you're solely planning on day trading for profit and to not hold BTC in the long term, I'd probably go with trading platforms like eToro. Unfortunately, as far as I know you can't deposit BTC. You're pretty much going to start out with your local currency, and it will be converted into USD after you deposit.

I'm seeing about eToro a lot when watching youtube, I don't like their advertisement but the fact that it works then it should be fine. Having no deposit option for BTC makes me think that they are not really into cryptocurrency, they are more in stocks trading.

[DoublerHunter]

^ I don't see that USDT is good to gain profit upon holding, this is a stable coin and you can't get any profit on this if you are holing but there are few wallets that you can hold USDT for a short term purpose, not a long term. These are, MyEtherWallet, OmniWallet, Tether Wallet, Coinomi, Exodus, Ledger Nano S. https://coinswitch.co/news/tether-wallet.
Nevertheless, you have a second option on this. You can directly divert your Bitcoin to cash is must better, I dont trust holding USDT.

[mk4]

but the fact that it is still in an exchange do not guarantee it safe, there are still chances that it can get stolen when the exchange system has been breached.

I'm pretty sure most people here on Bitcointalk know that already.

I'm seeing about eToro a lot when watching youtube, I don't like their advertisement but the fact that it works then it should be fine.

Their ads sure are too predatory, but yea it doesn't change the fact that eToro is a legitimate business.

Having no deposit option for BTC makes me think that they are not really into cryptocurrency, they are more in stocks trading.

eToro is a trading platform in general, not specifically a cryptocurrency exchange.

[Coin_trader]

^ I don't see that USDT is good to gain profit upon holding, this is a stable coin and you can't get any profit on this if you are holing but there are few wallets that you can hold USDT for a short term purpose, not a long term. These are, MyEtherWallet, OmniWallet, Tether Wallet, Coinomi, Exodus, Ledger Nano S. https://coinswitch.co/news/tether-wallet.
Nevertheless, you have a second option on this. You can directly divert your Bitcoin to cash is must better, I dont trust holding USDT.

Actually you can have profit on it but very minimal. Due to liquidity of stable coin, Technically it's not pegged to accurate USD price. But still very closed to 1 USD.  You can actually used it for triangular arbitrage. 

As holding coin on exchange. I prefered Binance because they have insurance funds  to cover loss of there user in case there system was breach by a hacker. This the only exchange I know so far has this unique feature so I believe that there's no need to back and fort the funds to a external wallet from exchange when using it. Just setup a strong security with 2fa using a device with no history of browsing/downloading malicious file or website.

Finally. I recommend Binance because personally using it and leaving my funds more than 1BTC for over a year without any problem. But still do it at your own risk.

[The Cryptovator]

What I realized from OP, you don't want to hold bitcoin sadly due to volatility. The only good option I found to hold USDT instead, but I will not recommend for that. It's just a option since you aren't encouraged to hold bitcoin. So holding USDT would solve your problems. Electrum is one of the best wallet that are using now, but unfortunately you can't store USDT there. Don't hold it on any exchange even you want to hold any other stable coins. I will strongly recommend to buy Ledger nano tether wallet. I thing it's not much expensive since you may use for life time. And your fund will be totally under control of you, most secure & reliable.

[cheezcarls]

If I want to store money in regular currency, I usually prefer a decentralised wallet with USDT balance. When I trade BTC with USDT, I would never store it in an exchange because there’s a high risk in getting hacked. It’s a lesson learned from a close friend of mine who have traded BTC in an exchange and just stored it for a long time.

After a few months, that exchange was hacked and forced to be closed. The worst part is that my friend wasn’t aware of that since they are giving traders some time to withdraw their funds or risk losing all of their assets. She lost all of it, and it’s a lesson learned.

FreeWallet is one of the best wallets for storing USDT, but it’s not really secured in case my phone gets destroyed. Much better storing it in hardware wallet like Ledger Nano S or X.

[btctaipei]

This was a real problem for us.   It is not easy to hide cash for many early adopter.  

But our solution was this:

Its much easier to hide gold coins since they took less space and that's what we've done years and years ago.  Cash can't be hidden in safe deposit boxes or residence once amount exceeds 40k euros, and we have bills that were damaged. Gold coins in its physical form seems to withstand its elements (even in sea water it held up perfectly decades later)

But current crisis make acquire physical gold very difficult.  COMEX unable to deliver place huge premiums on gold so converting tiny bit of gold actually is enough to stay healthy and well.

[tvplus006]

I like eToro but there are other good exchanges you can use that are more convenient, you can try Hitbtc, they have been operating since 2013, they are good exchange, binance is young but also good.

You can hold real USDs on eToro. Whereas with crypto-only exchanges like Binance and HitBTC, you can only trade and hold USD stablecoins. Whereas like I said I really don't recommend holding stablecoins.

On the Binance exchange, you can store your savings not only in stablecoins but also in the currencies of some countries. Yes, there is no pair to USD on Binance, but there are others, such as EUR, RUB, ZAR and others. For long-term storage, I use EUR, but it also loses value in relation to USD.

[Mrengage]

Hi there!

Im just getting started in crytpotrading and im trying to find a way to do it with the least possible risk involved for my funds and also the smoothest and cheapest way. What im trying to figure out at the moment is where to store my money when im not trading. I have an electrum wallet setup for storing bitcoin but what i would like to do is store usd someplace safe when im not trading, since the usd price is less volatile. Why not withdraw back to your bankaccount u might say, and this is of curse an option but a rather not do this since the fees typically are quite large and to minimise fees in generall i use bank transfers. These takes time and if I transfer this way i cant jump at a good opportunity during the day. So how do u guys store your money when not trading?

The means is what u just mentioned above, I believe in your trading you do get interest out. Now you check out your earns you get and store them in the bank which is the money you have made out so far and keep back the capital I believe that should be for your business. Less I forgot binance is a cool Exchanger where by it has the Naira trades now if am not mistaken head to binance here: https://www.binance.com and see for yourself.

[milewilda]

I like eToro but there are other good exchanges you can use that are more convenient, you can try Hitbtc, they have been operating since 2013, they are good exchange, binance is young but also good.

You can hold real USDs on eToro. Whereas with crypto-only exchanges like Binance and HitBTC, you can only trade and hold USD stablecoins. Whereas like I said I really don't recommend holding stablecoins.

On the Binance exchange, you can store your savings not only in stablecoins but also in the currencies of some countries. Yes, there is no pair to USD on Binance, but there are others, such as EUR, RUB, ZAR and others. For long-term storage, I use EUR, but it also loses value in relation to USD.

(EUR/USD) is one of the major pairs in Forex and just like in all currency pairs then theres always that volatility in price but its on very minimal unlike if we do compare it here on crypto.
In regards on what OP is been asking about whats the best option then it would really be either way which you had suggested or stick out to stable coins like USDT
to make yourself safe in times where price is too volatile or securing out your funds.You would have these options for you to take and select which one will be preferred.

[Sadlife]

Just deposit minimum amount for trading and do not store all USD to exchange especially if the trading site is not well known with no reviews and has no representatives in twitter or Bitcointalk. I dont know if its the same process but im using my country's local wallet provider and send my local currencies there. Coinbase might support USD pair holding.

[Subbir]

I think Binance may be a good place to save lots of money in regular currency without using it far better at exchanging Not just exchanges, trades, hold, and invest in many great sites. But how we keep it'll depend upon our investment we will use Binance for future investments Ethereum is additionally far better for low investment we will exchange both BTC and Ethereum.

[mersal]

I will say just on the exchange itself if you want to hold stable crypto currency because moving them to wallet still cause you expenses then centralized coins can be froze even if you hold them into your wallets, so just hold in exchange but if you are going to hold longer like more than a week then its better to convert into fiat than the stable coins.

[minairia3]

If you will return it to your bank account and suddenly you realize that you will be transferring again fiat to your trading account then you are wasting fee for it. If your country supported by one of the fiat currency stablecoin of Binance then your problem is solved. Most of the stablecoin with fiat version can deposited directly from your debit card. But od course the withdrawal part going to your account is a different matter and you need another third party service that accept crypto to your fiat and vice versa. Im sure you have cause most countries will always have one that interest blockchain and cryptocurrency.