Exchange to wallet

[inanilujimi]

There have been many recommendations given by forum users, if I personally it's better to save the altcoins that I have the private key.
It will be a different story if we just want to trade then the right choice is to keep the altcoins on exchange which have good trust from users.

[Psynthax]

If you're prepared for the identity verification or KYC that the exchange gonna ask you in the future I think saving your cryptos in exchange is fine. But, the exchange sometimes freeze your money out of the blue and asking you to make complicated identity verification by following various steps. If you don't want that you can simply move out your cryptos to wallet.
Exchange like binance not gonna run away with your money but it's the KYC they asking that is very annoying. Sometimes it takes a days to get approved too.

[abuya55]

It depends on the amount of coins you have and the period of time you are going to hold them. If you need these coins for trading in the near term, it's OK to keep them on the exchange. In any other cases, find a non-custodial wallet. Some exchanges have wallets-partners they perfectly work with like Changenow and Atomic, Bitfinex and Ownr. The best wallet to use with Binance is Trust.

[maryanti]

Do I need (should) keep the cryptos in other wallet like MTW or MyCrypto? Will my balance on exchange become zero if I move? I am not sure about the procedure of that.

If the coin is transferred from the Binance exchange to another wallet, then your balance will be empty.
You really need a personal wallet that you can control yourself and without the interference of other people.
I prefer to keep my coins in MEW, METAMASK, TRUSWALLET. And I have never used any other wallet.

[ngesotcoy]

If the amount isn't large or the holding period is short, you can rest assured that store on top exchanges or binance. Of course, when you don't care about transaction fees, MEW is more secure.

[WalkerIVIV]

If the amount isn't large or the holding period is short, you can rest assured that store on top exchanges or binance. Of course, when you don't care about transaction fees, MEW is more secure.

The possibility for the major exchange site to be hacked will always there and you can't sure if it will never encounter any problem. We have experienced that so many times started from the kucoin, huobi, okex and many more. even binance has experienced with the hacked case a few years ago.
Your fund will be locked and you can do nothing for that. Even when the exchange site find you are doing something fishy and you will not able to open your account.

[buriks]

i usually use TrustWallet to store the altcoins I have for it. and there it is safer in my opinion the delivery is also fast depending on the gas that has been determined by the apk. if you are interested please download it on the playstore and follow the settings properly and do not tell the private key to others.

[plr]

It's on the mindset if you are going to hodl long term then never use exchange to store your wallet, if you are going to trade within the week or less then you can transfer your coins to the exchange but be sure that the exchange where you are sending your coins have no issues.
Always apply the rule not your key not your coins.

[Strongkored]

Hi,

I have my ZIL and ETH in Binance exchange.

Read somewhere that I should never keep my crypto solely on exchange.

Do I need (should) keep the cryptos in other wallet like MTW or MyCrypto? Will my balance on exchange become zero if I move? I am not sure about the procedure of that.

When you move your balance from an exchange to a personal wallet, your balance on the exchange will be empty. If your target is long term then it would be better to move it to your own wallet but you should really learn about how to secure your wallet. Make sure about your balance, calculate withdrawal fees, fees will make you receive less than the first balance, and this is normal things when you use exchange service.

[poodle63]

Saving in your own wallet is best practice I mean can't go wrong if you're the one who responsible for your own money right?There's many cases of exchange being hacked and whether there's gonna be reimbursement or not that's up to the exchange and you can do literally nothing.
Better safe than sorry so better if you manage your own money so you won't get caught into something like that, not to mention if there's any reimbursement process I could imagine its gonna be a complicated one. If you're not really into tech that much you can try to use some trusted mobile wallet, it's the most convenient.

[Eco_111]

Hi,

I have my ZIL and ETH in Binance exchange.

Read somewhere that I should never keep my crypto solely on exchange.

Do I need (should) keep the cryptos in other wallet like MTW or MyCrypto? Will my balance on exchange become zero if I move? I am not sure about the procedure of that.

Would be thankful if someone guides on this.

Kind regards,

Rizwan

I don't know about MTW wallet or myCrypto wallet, all I can say is if this wallets don't give you your private keys or recovery seed do not send your ZIL and ETH to the wallet, get Trust wallet or Enjin wallet and send your tokens and coins to them, also keep your recovery seed or private key in a safe location

[bitcoin-shark]

binance is one of the safest exchanges but at least if you do not use their staking or lending it is better to move everything to your personal wallet of which having the private keys only you is much more secure i suggest mycrypto + metamask or trust wallet

[ultrloa]

Hi,

I have my ZIL and ETH in Binance exchange.

Read somewhere that I should never keep my crypto solely on exchange.

Do I need (should) keep the cryptos in other wallet like MTW or MyCrypto? Will my balance on exchange become zero if I move? I am not sure about the procedure of that.

Would be thankful if someone guides on this.

Kind regards,

Rizwan

Kindly choose things on what you prefer and don't just listen on the thoughts of the people surrounds you since sometimes there words doesn't justify things although they are right on upon saying that but if you are a average user which trades and always take your profit then maybe putting it on exchange like binance is quietly secured but if you are a long term holder and buy your ZIL for holding then putting it on appropriate wallet is best for long term safety. Also the wallet suggestion of users given is quite good option so it's up to you now to decide on which wallet is good for you.

[coin-investor]

Hi,

I have my ZIL and ETH in Binance exchange.

Read somewhere that I should never keep my crypto solely on exchange.[/quote]
Exchange should be for immediate trading not a place to store your wallet for long term it's bad decision

Do I need (should) keep the cryptos in other wallet like MTW or MyCrypto? Will my balance on exchange become zero if I move? I am not sure about the procedure of that.

As long as you control or have the key it will be ok, it's always been not your key not your coin as a Crypto investor, your balance will become zero if you withdraw all your coins of course, but it should be your decision if you don't want to leave anything in an exchange.

[kevinzxz]

OK got your point.

What's your opinion on MyCrypto (Desktop) wallet?

if you want to store your coin in a desktop wallet, then you better use MetaMask, because it is easier for you to access and use it, but my advice is better for now you use a mobile wallet, because it's more practical and can be used anytime or anywhere, so if the price of your coin has increased and you will be easy to sell it, because if you use a desktop wallet, then you have to bring your desktop and I think it's very complicated, so you better store your coin in a mobile wallet and my recommendation is Trust Wallet (mobile wallet), because you can store many types of cryptocurrency on Trust Wallet (Bitcoin, ERC20, BEP20, Tron, and many more) and you can also access DApps on Trust Wallet (UniSwap, 1inch, PancakeSwap, etc.).

[silverston]

Hi,

I have my ZIL and ETH in Binance exchange.

Read somewhere that I should never keep my crypto solely on exchange.

Do I need (should) keep the cryptos in other wallet like MTW or MyCrypto? Will my balance on exchange become zero if I move? I am not sure about the procedure of that.

Would be thankful if someone guides on this.

Kind regards,

Rizwan

The main risks are that the exchange can be hacked (or any other fraudulent actions are possible) and you will lose your savings, because now they are not in your wallet. Even such a reputable and reliable Binance exchange can lose funds in a hacker attack.

If you're worried, the safest thing to do is to store it in a cold wallet, like the Trezor hardware wallet. It is almost impossible to steal your savings from there!