I think I messed up though. I opened a binance account which I know is not based in Canada. I bought btc using binance by buying usdt from Canadian dollars.
Now, as I have been learning more I realize that it might not be a good idea to use binance to buy btc and that I should be using something like Newton or shakepay to buy. I am looking to hold and stick with ltc, eth, btc in the long run. I'm not much interested in trading at this time.
My question: is it possible to transfer my holdings in binance to something like Newton and can somebody enlighten me on the process?
Here is Binance's guide on how to withdraw cryptocurrency from your account:
How to Withdraw from BinanceI've read that Newton is a good fiat onramp for Canadians -- certainly cheaper than buying with a credit card and incurring cash advance fees. However, unless you plan to sell in the immediate future, there's no need to send your bitcoins there. It's ideal to avoid using exchanges to store your coins. They could get hacked, and you could lose everything. If you're planning to hold your bitcoins, why not withdraw to a wallet you control?
I also know that it's best to store my btc in an offline hardware wallet. If btc dips again and I wanted to buy more quickly, does Newton or shakepay allow me to do that?
They both allow you
to withdraw to a hardware wallet. What type of wallet you use for storage is up to you.