Exchange to wallet

[rizabbasi]

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

[1714875199]

1714875199

[1714875199]

1714875199

[1714875199]

1714875199

[RapTarX]

Are you planning on holding for a long time? If so, I would strongly recommend you to use the wallet for any coins instead of leaving them into exchange as you should know the reality in crypto; "Not your keys, not your coins." You can use MEW for ETH but I have no idea where ZIL can be stored. Maybe a multi-crypto wallet like Trust Wallet by Binance.

[enhu]

Wallet like what is suggested by RapTarx and the likes suchas tokenpocket gives you access to exchanges while your tokens arw still on your personal wallet. Mewconnect is a good wallet that you can use and st the same time you stil have the chance tomtrade using the swapping tool.

[rizabbasi]

OK got your point.

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

[tyz]

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.

Yes absolutely! You should always keep your coins on a wallet, of which you (as the only one) control the private keys. It doesn't matter which Ethereum wallet software it is, there are several good options, and I would recommend Metamask. In terms of manageability, it is the simplest.

[reza7777]

If you are planning for a long term investment then I suggest moving to a personal wallet because that way we are free to control the wallet, and all you need to know is that when you have sent a token wallet, your balance on the exchange will be zero.

[republicrypto]

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

a lot of people said its better to keep our crypto in personal wallet, because its safer than in exchange my friend
but of course if you want to hold your coins for long lerm, if you want to trade your coins, i think you don't have to be worry
regards

[flagpara]

Binance exchange is safe enough, sometimes more than a secure wallet. Coinbase wallet also has some problems where Binance exchange gives us security to refund. Ethereum transaction costs are so high. At least I don't need to change from exchange to wallet until over this year.

[Congyang]

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

you have to store in an offline wallet like nano ledger or trezzor, this has several possibilities including
1. Exchange is vulnerable to being hacked at any time and your assets can be lost
2, security oflline wallet such as nano ledger, only you can control

so why should you store on an exchange when there is an offline wallet which is safer and more private

[jacafbiz]

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

Simple when you move your money from one place to another, the money will move to the new wallet. My suggestion to people that have small accounts is that they can afford to put their money on exchange for now until they grow their account and if you are a trader there is no need to be moving your money up and down, let it be on exchange but if you are thinking long term move your Crypto tokens to your wallet

[Kang TB]

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

if you believe with binance exchange, you don't need to move your coins to any wallet
but, if you have a lot of doubt with the exchange, its better to keep your coins in your personal wallet
because everythings is depends on you

[blockman]

OK got your point.

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

Mycrypto is a tolerable and good wallet for me, I've used it. Trust Wallet is the wallet that supports these two coins. I would advise you better to have hardware wallets but they only support to accept Ethereum and not Zil. Based on the website of Zil, they are on Ledger but after checking the supported coins on Ledger, they are not listed. So it's one of them that's not updated.
(https://www.zilliqa.com/wallets)

[krisnajsadrak]

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

if we think about the security on binance exchange, personally i have no doubt this exchange
so, i suggest you to keep your zil and ethereum in binance exchange my friend
because if you move it to wallet, you need a good amount of fees when you want to transfer your coins back to exchange

[speedforce]

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

if we think about the security on binance exchange, personally i have no doubt this exchange
so, i suggest you to keep your zil and ethereum in binance exchange my friend
because if you move it to wallet, you need a good amount of fees when you want to transfer your coins back to exchange

But its not recommended to save your assets in exchange for a long time, maybe some problem will come when u do it, like rule change or delisted coins, etc.
Isnt it safer to save it in your own wallet? 

[Xardasim]

OK got your point.

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

No problem using Mycrypto or MEW either. Actually, it depends on the amount you hold and what level of security you are looking for. Because if you are looking for a more secure wallet, I think this should be Ledger Nano X.

[asriloni]

Your exchange site's balance will be empty but that's the best thing that you can do consider the exchange site can lock your money anytime and that will need very strict verification.
Not your privatekey and not your money. The exchange site is totally controlling your money.
It's better to move it into your local wallet rather than try to leave it on exchange site.

[devollito]

I dont know if mycrypto self custody wallet or not, if it is self custody and you have no plan to sell it in the near future, go withdraw your coin and ofcourse the coin will not shown at binance anymore, but if MyCrypto is centralised wallet you better choose anither wallet like exoduse to make sure it would not easily getting hacked.

[nykka]

I think it depends on the amount of money and how long are you planning to hold it. Despite on some people recommend not to keep money on exchange wallets at all, I disagree and I have never had problems with it. Now exchanges are very safe and we can trust top exchanges. Nonetheless hardware or cold wallet is much more safer and if you are afraid of everything related to security, it will be a good descision for you. If amount is lower thank 5k$ I can easily keep it on exchange site. I sometimes have doubts regarding holding place only when balance is above this amount

[shoreno]

they always say not your keys not your coins but i think that phrase can be exempted if we are talking about binance exchange because binance have a good record when it comes to handling or securing our funds .

 keeping the coins coins with you and on the wallet where you hold your private key is also a good idea but i am not sure if those wallet that you mention can allow you to hold your private keys and i am also not sure with the reputation they have , you might want to search for more known wallets .

[Kemarit]

I think it depends on the amount of money and how long are you planning to hold it. Despite on some people recommend not to keep money on exchange wallets at all, I disagree and I have never had problems with it. Now exchanges are very safe and we can trust top exchanges. Nonetheless hardware or cold wallet is much more safer and if you are afraid of everything related to security, it will be a good descision for you. If amount is lower thank 5k$ I can easily keep it on exchange site. I sometimes have doubts regarding holding place only when balance is above this amount

Wrong, have you seen one of the top exchange being hack? or your account suddenly being suspend or close by that exchange and you can't do anything about it? That's why it is best recommended to put your coins, specially if you have plans to hold them for long to a wallet that you have total control of, with seeds, mnemonic phrase and private key and then protect it at all cost.

$5,000 is huge amount to be leaving in an exchange, but that's just me, we have our opinions here. The people behind Mycryptowallet is from MEW because they've split years so, so I would say that reputation is pretty high.

(https://medium.com/@jenkn/dont-panic-myetherwallet-mycrypto-split-c4af9c07073c)