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Author Topic: Storing your Crypto in Exchanges is better than using Cold Wallets!  (Read 1025 times)
Traderbtcc
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September 14, 2020, 03:35:25 PM
 #41

I disagree to this, we all know crypto exchanges are one of the worst places to store crypto, I mean take a good look at the past records, it's almost inevitable for crypto exchanges not to get hacked, as at 2019 about twelve crypto exchanges got hacked and up till today they are unable pay the users,because all the stolen funds have not been recovered, that's the more reason why I would never advise anyone to store their crypto on exchanges, with that said :- The best place to always store your crypto is in your wallet

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September 14, 2020, 03:51:38 PM
 #42

It is clear that for you cryptocurrency is only about profit. If you are willing to trust a 3rd party with your keys for 8% interest (if that even exists) maybe you don't have much invested or you are just naive. What exactly do you think was the vision of Satoshi Nakamoto when he created Bitcoin? Do you think centralized exchanges follow that vision?

More and more people are moving away from banks to cryptocurrency in general precisely to be able to remove the 3rd party. To take some responsibility and control their finances. It is difficult obviously and things can go bad if you lose your keys but is a risk some of us are willing to take, and you have to have some backups and with time people will develop better ways of securing their keys.

If you are using an exchange to trade constantly that's understandable but if you are using them to store all your funds or a huge part of it, that's just dumb. With what you are suggesting, just keep your funds in your bank! The only downside is you won't have 8% interest annually but if your concern is security a bank is more secure. Centralized exchanges have all the downsides of banks but in steroids! No privacy, security meh, prone to hacks and no refunds, fishy staff, withdrawal limitations, locking accounts and I could go on an on, I mean just check the news and every once in a while there will be exchanges hacks... Just take some responsibility and assume your finances, that's the purpose of cryptocurrency.
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September 14, 2020, 04:20:49 PM
 #43

When you seriously come to think about it - storing your Crypto in exchanges is better than using cold wallets.
The first main reason is that exchanges pay you an interest rate on your Crypto whilst cold wallets pay none.
It is good see jokes coming around during troubled times, anyone with a bit of common sense could identify that none of the exchanges or wallets are secure as you could hear major hacks and then the end customers looses their funds and then they have to fight for the coins for years. Stick to the original concept of storing the coins without much hassle and why would you risk storing under someone else's authority when you do not need to spend much to hold he coins on your own. The interest rate you are talking about is meager and considering the risk reward no one with the right sense would risk Tongue.


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September 14, 2020, 04:53:55 PM
 #44

When you seriously come to think about it - storing your Crypto in exchanges is better than using cold wallets.

The first main reason is that exchanges pay you an interest rate on your Crypto whilst cold wallets pay none.

But as mentioned above we've tried to point out here in this thread in short version the very few reasons why using an exchange is better than using a cold wallet in the long term. For instance 8% APY on your USDT is something that is seriously worth more than just additional "security" which is not really a true security because you are relying on a centralized private company such as Ledger.com and people seem to forget that .... Netscape was also a great success in its early days but around 2003 it almost disappeared and today almost no one is using it.


True u will never get an interest on your bitcoins stored in a hardware wallet. but the main priority for some one using a hardware wallet is not earning an interest rate but protecting your assets securely which an exchange by its very nature can never do.

Also just because someone offers you a high interest rate doesn't mean that you should so readily part with your assets. The reason an exchange offers you an interest is because they want to increase liquidity in their platform. And if an exchange offers you an unusually high interest that to me indicates that they are facing a liquid shortage and should be stayed away from. I mean if a bank offers you a 40% interest rate would you really trust them with keeping your money safe.

Secondly, we definitely believe that more and more users would move into hot wallets than using cold wallets, Ledger.com could become the next "Netscape" and then if your hardware device gets faulty and you would need support from Ledger.com - then you might find yourself in trouble. It's not a wild guess, this could seriously become the reality in the next few years.

Yes Ledger could at some point get into legal issues/bankruptcy/ go out of business etc but as far as i am aware you are still the only one with your keys. So it would be fairly easy for anyone to recover their wallets using any other interface to the block chain. Your coins are never at risk of being lost due to ledger/ cold wallet provider going out of business  they are not custodial wallets.

Furthermore Hot wallets are always at risk of being hacked owing to the large number of coins they contain, which is why why even the exchanges themselves store most of their customers funds on a cold wallet. I.e The exchanges that you are so eagerly promoting don't deem them to be a safe from of storage.

We definitely believe cold wallets are going to be history whilst hot wallets or exchanges such as Binance.com or Crypto.com are going to be the future - the listings and value of BNB and Crypto.com are just enough to indicate to you how they are growing fast .... whilst Ripple doesn't move for years between $0.20 and $0.30 - BNB and Crypto.com have already achieved massive gains.

What exactly is the relevance of BNB coin jumping in price or binance's growth as exchange have to do with wallet security.



you are relying on a centralized private company such as Ledger.com and people seem to forget that .... Netscape was also a great success in its early days but around 2003 it almost disappeared and today almost no one is using it.

Ahem isn't binance or any other exchange also a Centralized company and therefore just as much at risk of going under as Netscape. This has happened numerous times in the past( eg. Quadriga/Mt gox) and it is for this reason that a cold wallet ( is not custodial) is always recommended.

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September 14, 2020, 04:57:01 PM
 #45

When you seriously come to think about it - storing your Crypto in exchanges is better than using cold wallets.

The first main reason is that exchanges pay you an interest rate on your Crypto whilst cold wallets pay none.

Secondly, we definitely believe that more and more users would move into hot wallets than using cold wallets, Ledger.com could become the next "Netscape" and then if your hardware device gets faulty and you would need support from Ledger.com - then you might find yourself in trouble. It's not a wild guess, this could seriously become the reality in the next few years.
This is a bunch of nonsense if this was true then why many exchanges and casinos use cold wallets to store the majority of the funds of their clients? Because in the case of a hack they will only lose a small amount of money and not all the funds coming from their investors, second you are equating hardware wallets with cold wallets and they are not the same, you do not need a hardware wallet to get a cold wallet.

You could easily create a cold wallet by installing electrum in a Live CD, copy your seed words and creating a file with your public keys and then you can reset your computer, that way the wallet will be deleted and now you can only recover it with your seed words.


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September 14, 2020, 06:12:34 PM
 #46

It is clear that for you cryptocurrency is only about profit. If you are willing to trust a 3rd party with your keys for 8% interest (if that even exists) maybe you don't have much invested or you are just naive. What exactly do you think was the vision of Satoshi Nakamoto when he created Bitcoin? Do you think centralized exchanges follow that vision?

If I'm not mistaking I think I read somewhere that Satoshi was ok having 3rd party standing as escrow for bitcoin transaction although this isn't centralized to some extent since he emphasis on the transaction been peer 2 peer but seems that's what brought about the idea of centralized exchange since the founder itself was ok having escrow work with the technology he has created for trust to be built. I'm not against using centralized exchange (infact I'm a new if tger biggest fans) since they make investing in bitcoin a little bit easier especially as I don't have to stress myself about trusting the users I'm transacting with.

But where it becomes a big no is trusting my funds to their care when they're as valuable as a result of their centralized server can be attack at anytime and the scammer make way with our funds without leaving any trace. Join centralized exchange but don't trust them with keeping your coins safe. Only you can do that for yourself.





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September 14, 2020, 06:55:26 PM
 #47


The first main reason is that exchanges pay you an interest rate on your Crypto whilst cold wallets pay none.

Only some of them. Coinbase doesn't pay you anything. Some exchanges like yobit are really shady. Holding money on exchange in hope of earning 1% a year is really not my thing.

Secondly, we definitely believe that more and more users would move into hot wallets than using cold wallets, Ledger.com could become the next "Netscape" and then if your hardware device gets faulty and you would need support from Ledger.com - then you might find yourself in trouble. It's not a wild guess, this could seriously become the reality in the next few years.
If my wallet breaks I'll still have the seed. Do you have the seed for your exchange wallet? Wink


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September 14, 2020, 07:01:34 PM
 #48

Ah no.... What if the exchange disappears? If your crypto was legally protected then I would do it but only for the interest. If your ledger gets damaged or even lost you can still recover your coins, I'm not sure why you don't know that.


The first main reason is that exchanges pay you an interest rate on your Crypto whilst cold wallets pay none.

Only some of them. Coinbase doesn't pay you anything. Some exchanges like yobit are really shady. Holding money on exchange in hope of earning 1% a year is really not my thing.

Secondly, we definitely believe that more and more users would move into hot wallets than using cold wallets, Ledger.com could become the next "Netscape" and then if your hardware device gets faulty and you would need support from Ledger.com - then you might find yourself in trouble. It's not a wild guess, this could seriously become the reality in the next few years.
If my wallet breaks I'll still have the seed. Do you have the seed for your exchange wallet? Wink

Yobit pay much more the 1% a year, do your research. There plenty other places as well where you can get 8% on your holdings.

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September 14, 2020, 07:15:04 PM
 #49

Storing in large exchanges and implementing AML / KYC and many other layers of security are better than trying to keep them in devices like Ledger, Trezor, or on a computer. They are at risk when we lose the device or get a virus.
I usually keep my money on exchanges for many years. Most of them are reputable exchanges and large exchanges because they have better security systems and can return the money I had stolen if that happened.

So you also keep your money on disreputable exchanges?

Why do you do it? To feel the thrill that they could run with tyour money?
Is the market not volatile enough for you?

Losing the device doesn't mean losing the coins. You talk like someone who never owned a hardware wallet.

Yobit pay much more the 1% a year, do your research. There plenty other places as well where you can get 8% on your holdings.
This doesn't make them any less shady, on the contrary.
I said 1 because many exchanges don't pay anything. Usually the worst exchanges pay the most. Guess why.


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September 14, 2020, 07:33:23 PM
 #50

Storing your crypto in exchanges is by far risker than storing it in cold wallets.  Even if the exchanges are reputable and high profile the issue is that there's always a risk of them getting hacked. This is not the case with cold wallets but you do have to keep you private key safe.

It also depends on the reasons for keeping the crypto, like if its for easy access then obviously exchanges would be better than cold wallets. I think the matter is entirely dependent on 2 factors; accessibility & safety.





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September 14, 2020, 08:41:54 PM
 #51


The first main reason is that exchanges pay you an interest rate on your Crypto whilst cold wallets pay none.

Only some of them. Coinbase doesn't pay you anything. Some exchanges like yobit are really shady. Holding money on exchange in hope of earning 1% a year is really not my thing.
That's the way of saying exchanges that they aren't that really safe compare to cold storage but we can give you incentives for storing your assets to our platform. And yes, it may vary on the exchanges, some are offering 1% annually. If you really prefer having this, than safe storing then you can go with Binance, they are really the ones who made it first I think.

Secondly, we definitely believe that more and more users would move into hot wallets than using cold wallets, Ledger.com could become the next "Netscape" and then if your hardware device gets faulty and you would need support from Ledger.com - then you might find yourself in trouble. It's not a wild guess, this could seriously become the reality in the next few years.
If my wallet breaks I'll still have the seed. Do you have the seed for your exchange wallet? Wink
Okay let's stop this which is which comparison, just weigh it personally, if you want your asset to have an interest like annual interest then go with exchanges that offers it, if you want to keep your asset on your own leave yourself a cold storage, these two have advantage and disadvantage and to be honest the security is in our own hands.

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September 14, 2020, 08:53:19 PM
 #52

Although I agree with you on some of the points that you mentioned, but you only mention the good aspects of hot wallets or exchanges, but you do not mention the bad sides, you did not mention for example that many exchanges, including famous exchanges like Binance, have been hacked before, and there Exchanges did not compensate investors for their losses, this is in addition to the exchanges that became SCAM such as IDAX and others....


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Shasha80
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September 14, 2020, 09:15:03 PM
 #53

It is true that storing our coins on exchanges is much profitable, because we can earn interest on these exchanges. But it must be admitted
that storing coins on exchanges is much riskier than storing on cold wallets. Lots of data shows that exchanges are often hacked. Especially
for whales who have a large number of coins, will not take the risk of storing all the coins held on exchanges. My advice is why not use both
exchanges and cold wallets, it would be much better. We can store some of our coins on exchanges for trading purposes only, the rest is stored
on cold wallets.

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September 14, 2020, 09:59:33 PM
 #54

When you seriously come to think about it - storing your Crypto in exchanges is better than using cold wallets.

The first main reason is that exchanges pay you an interest rate on your Crypto whilst cold wallets pay none.
The last time I checked, only few exchange site offer this kind interest, mostly exchange site that offer lending service are those that pay interest to their user according to the they have have coin.

We've just posted an article about this so if you wish to read our full opinion you're welcome to read this here:

https://freebitcoin.io/articles/free-bitcoin-wallet-and-investment-advice
It sad I wasted some minutes of my time surfing the link you provided in other read the remaining opinion you have but I dont see anything that seem to be information about the reason why saving crypto on exchange site is better than cold storage.



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September 14, 2020, 10:07:58 PM
 #55

What happen to 'not your keys, not your coins' principle? What if the exchange gets hack? unless it is SAFU then you have some refund, but I would say that around 10% or less are SAFU protected. I know that you have to practice good security hygiene and that's one of the drawback that I'm seeing if you store your coins in your own wallet and have the private keys. I have nothing against those exchanges that is paying interest or people wanted to take advantage of this services. But there is also that risk.

Indeed, that risk exists but in our opinion the 8% APY outweighs the risk.

I'm not sure about that, I would agree that people are storing their assets on an exchanges, but for trading purposes only and I don't think that they are going to let their coins sit there for a long time just for 8% APY.

The world is marching towards regulation and not towards hacks, if anything exchanges would be at risk of being regulated for paying interest rates without having the users declaring the profits in their own jurisdictions - these could be potentially more relevant issues to deal with in the near future, because Crypto to some degree is replacing the current banking system that has failed to provide high yields like in the 1990s and the banks cannot be reliable when they work only Monday thru Friday excluding bank holidays whilst Crypto works 24 hours a day, 365 days a week ... the benefits are next to none and it's only a matter of time before Binance.com for instance would replace HSBC. That trend is now unstoppable.

Yes, exchanges are being regulated, but the risk is still far greater if it's getting hacked, data shows that hackers are still actively pursuing exchanges because of the potential of a 'one big hit'. And then we have state sponsored hackers which makes exchanges very dangerous. Again, exchanges replacing banks? or making them obsolete? nah, the old and traditional banking system won't allow that.

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September 14, 2020, 10:29:57 PM
 #56

It is true that storing our coins on exchanges is much profitable, because we can earn interest on these exchanges. But it must be admitted
that storing coins on exchanges is much riskier than storing on cold wallets. Lots of data shows that exchanges are often hacked. Especially
for whales who have a large number of coins, will not take the risk of storing all the coins held on exchanges. My advice is why not use both
exchanges and cold wallets, it would be much better. We can store some of our coins on exchanges for trading purposes only, the rest is stored
on cold wallets.
choose both and share assets for both exchange wallets and cold wallets is the right choice. Saving on the exchange is not always safe because you don't have full control over the assets we have, but it will provide several benefits such as saving assets and getting some interest like the one on Binance today. then can trade very easily.
Whereas when storing in a cold wallet provides better security and complete control because we hold the keys ourselves. no increase in profits but good for safe long term investment.

Both wallets have their own advantages and disadvantages, but the most important thing is to choose the best and most trusted exchange with high priority security such as binance and use cold wallets such as the nanos S ledger and the like and must be kept properly. Asset security also depends on vigilance owner of the asset itself.

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September 15, 2020, 03:58:40 AM
 #57

I agree, the top 10-30 cryptocurrencies always have good volume and some of them can either perform a savings function or place a bet to make an annual profit. If you keep them in large exchanges then rest assured you have KYC and multiple layers of security for it.
I used to save my money in Ledger but after my Ledger was lost, I had to spend another money to keep buying another device. They are quite troublesome so I choose to save in exchanges. It is also easier to trade when the market goes up and down than to open the device and connect.





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September 15, 2020, 05:09:06 AM
 #58

I can name at least three exchanges that have collapsed through theft of funds stored in hot wallets.  Even exchanges need cold wallets to store the bulk of user's funds that aren't shifted in and out each day.
This comment is underrated.

I agree, the top 10-30 cryptocurrencies always have good volume and some of them can either perform a savings function or place a bet to make an annual profit. If you keep them in large exchanges then rest assured you have KYC and multiple layers of security for it.
I used to save my money in Ledger but after my Ledger was lost, I had to spend another money to keep buying another device. They are quite troublesome so I choose to save in exchanges. It is also easier to trade when the market goes up and down than to open the device and connect.
So are you saying you don't want to take responsibility for your own funds anymore?

Another question, what if you wanted to move your funds from exchange A to exchange B since volume and price is better there? Your funds will be stuck in exchange A because it takes an hour or two before they can process your withdrawal and it's probably too late by the time it's completed. If you had kept them in your cold wallet all along, you could have transferred and sold in minutes.

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September 15, 2020, 05:22:20 AM
 #59

So are you saying you don't want to take responsibility for your own funds anymore?
Another question, what if you wanted to move your funds from exchange A to exchange B since volume and price is better there? Your funds will be stuck in exchange A because it takes an hour or two before they can process your withdrawal and it's probably too late by the time it's completed. If you had kept them in your cold wallet all along, you could have transferred and sold in minutes.
Dude, the big exchanges rarely have delayed withdrawals. I have tried it many times with Houbi, Binance, Okex and I trust in using them.
Next, cryptocurrencies in the top 10-30 have no high slippage, they only fluctuate in 0-0.5%, I have no intention of making such low profits.





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September 15, 2020, 05:28:02 AM
 #60

Although I agree with you on some of the points that you mentioned, but you only mention the good aspects of hot wallets or exchanges, but you do not mention the bad sides, you did not mention for example that many exchanges, including famous exchanges like Binance, have been hacked before, and there Exchanges did not compensate investors for their losses, this is in addition to the exchanges that became SCAM such as IDAX and others....
this is what others are also pointing out.  its true that binance experienced to get hacked before but is it they paid the hack funds ? but im not sure to other top exchanges . scam exchange are not part of this because they are scam and not been hacked .

 he also said that exchange provides interest , i know this is only applicable to some but this isnt easy because they also require some things before your account recieved some interest .

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