Wallet or Exchange?

[cryptoaddictchie]

All suggestions here pointing to centralized exchange. But honestly, if you wanna be safe from restrictions then go for decentralized fees might be high but of course this is just part of the privilege to stay safe from censorship or anything that might compromise your asset. But if you are not that Conservative all the wonders of crypto features can be found on centralized like Binance products. Just a matter of your choice.

[libert19]

Depends on coin/token you are trying to trade, even if you use inbuilt wallet exchanges you will have to pay fees.

[jrrsparkles]

Hello,
For buy and sell coins and token, a wallet is better or an exchange? Which one is cost effective?


Thank you.

Exchanges are made for buying and selling so that is supposed to be very cheaper in terms of fee. And wallet is for storing coins meanwhile some wallets offer swap services but its very expensive than buying on exchanges. Go.to exchange where buy your desired coin then move them to an actual wallet.

[pakhitheboss]

For buying, I would always prefer an exchange over a wallet but for holding for the long term or for the short term I would always prefer a wallet over an exchange. Always remember not your key, not your wallet. Any exchange will never provide the private key of a wallet but with a wallet, you have access to your private key.

[galambo]

If one has no issue with KYC then binance is probably the best place to keep your coins. I like binance because security it provides to my coin and fee is reasonable unless you don't go out of binance network. I keep some of my coins in electrum wallet but I remain worry about there security all the time.
There are pros n cons of keeping your coins at centralized exchange like binance. They suspend trading at any time in the name of server maintenance and this is something not in case of decentralizer wallets.

[Oshosondy]

Tether has several protocols, mainly Omni, ERC and TRX, last which usually costs less than a dollar in fees.

I think tether even uses more, but I am not sure about this, about solana blockchain, that tether is using its blockchain also. Also it is not TRX, it is TRC, that is TRC tokens.

Assuming your tokens are BSC-based, selling and paying the network fees cost several bucks on average.

BSC tokens are not having expensive transaction fee.

[UserU]

BSC tokens are not having expensive transaction fee.

Yeah. I don't mean super expensive. A few dollars comprising swap, transfers and staking altogether seems pretty reasonable.

I think tether even uses more, but I am not sure about this, about solana blockchain, that tether is using its blockchain also. Also it is not TRX, it is TRC, that is TRC tokens.

Whoops, a typo on the TRX part.

I used Tether several times on the ERC20 blockchain since I had no choice. Man, the fees I tell you...

[Pmalek]

There is some wallet that is open-source, good for buying/selling of coins and tokens. It is easy to use but with minimum security and you won't have a problem using it if you prevent human error though. An example is Trust wallet.

A software wallet can't be compared with a hardware wallet in terms of security. The hardware wallet will always come on top. Since you mentioned Ledger, that one is very easy to use and set up. Hardware wallets aren't meant to target tech geeks, but the regular Joe looking for a safer way to store his private keys than in a hot wallet.

We have some with good security but can only take a few sets of coins/tokens, not that easy to use due to security priority but you still need to prevent human error though. Ledger wallet

Bother Ledger and Trezor support 100s of coins and tokens including various ERC-20 tokens. Some natively, others by connecting 3rd-party wallets. There is no difference in the number of assets a Nano S and Nano X supports, only a difference in the internal storage of the device. But you can use the same coins on either one. With Trezor, it's a bit different. The Trezor T and Trezor One don't necessarily support the same assets. Monero is a good example. The Model T supports it, while Trezor One doesn't. for example.

I like binance because security it provides to my coin and fee is reasonable unless you don't go out of binance network. I keep some of my coins in electrum wallet but I remain worry about there security all the time.

You are comfortable with keeping your coins in someone else's wallet (that of Binance) but you don't entirely trust the security of Electrum? Electrum (hot wallet) is as safe as the system you run it on. If you are a cautious and security-conscious individual with a clean OS, you have nothing to worry about. If your system is vulnerable and full of malware, that is your fault, not that of Electrum.

[YOSHIE]

For buy and sell coins and token, a wallet is better or an exchange? Which one is cost effective?

If you want to buy and sell coins for sure everyone will suggest you use the site: (crypto exchange), including I also recommend it.

However, if you have tokens from the bounty proceeds to sell, and can only be sold to certain wallets such as Etherdelta, Trust wallet etc, of course you should exchange it directly there into Ethereum, after that you just transfer it to an exchange to buy certain coins for your investment.

This is different from cash you have to buy coins, if that's what you want to do of course (exchange crypto) is the right choice, of course it's also a matter of cheaper fees.

[Bttzed03]

Another way to trade tokens is via Metamask wallet, which you can use to connect to fir example Uniswap and Pancakeawap (popular decentralized exchanged), but fees are quite high, especially on the former.

Bitcoin is not supported,

There's a so called wrapped BTC and it's available on almost, if not all, blockchain that supports smart contracts. It doesn't use the Bitcoin but we know it still has 1:1 valuation on all exchanges that supports it. If you buy it on Pancakeswap (BSC), you can use the Binance tradin DApp available on Safepal non-custodial wallet then exchange it to other coins/tokens you desire.

[Taskford]

Hello,
For buy and sell coins and token, a wallet is better or an exchange? Which one is cost effective?


Thank you.

It will be more convenient to you if you store a little bit portion of your money in exchange since it can save you fees and time but just make sure you choose the reputable exchange since if not and you just grab an exchange everywhere which you don't know the reputation then you might be at risk for getting scam. So for selecting which exchange is best for now go to coinmarketcap and select the top 1 exchange since its the most recommended exchange by majority.

[cheezcarls]

Centralized exchanges (CEXs) are the best platforms for you to buy and sell coins or tokens as they have low trading fees and faster transactions. You might wanna prefer those centralized exchanges that doesn’t need KYC to start trading. Decentralized exchanges (DEXs) are the best KYC-less trading platforms out there, but the fees are expensive and transactions aren’t that fast.

[CryptoCreateure]

Firstly you need to learn that your crypto isn’t stored on a wallet or on an exchange wallet. But for your question it’s better stored WHILE mot trading on a normal hardware wallet or not even in wallet but just the private keys to the chains as your crypto isn’t stored in any wallets be it app or program or hardware or on exchange. It’s held and accessed on its chain. Say it’s ETH or ERC tokens this run on ETH chain. You require your EpTH private key and or the wallets seed phrase to be able to move and or trade and or send your crypto.

Your wallet is like a bank statement you can’t make transactions with it. But the bank private details can be used to make transactions the only difference is the wallet CAN be use to make transactions but you need to use a seed phrase or the private keys to do so on the live exchanges and or to move to another wallet or chain.

This will take a little time to wrap your head around but your will get there! 

[Peanutswar]

It depends on what coin you would like to buy and the security you would like some platform does not support the coin you want so you need to find, also if they are required KYC or not. Mostly this kind of feature is good if you are trying to use the metamask.  If we are talking about holding your assets it's not recommended the hold to exchange because you don't have a full control over your assets.

[Mpamaegbu]

The cheapest way (since you asked about cost effective way) to buy altcoins are centralized exchanges, preferably those that doesn't require KYC, like Kucoin or FTX.

Well, we can say for now the mentioned exchanges don't ask for KYC but know that certainly it won't be for ever. There will be a time both will change terms and conditions and then demand KYC. After all, Binance never asked for KYC from the beginning until recently that it had to force its subscribers to it.

Just bare in mind that you shouldn't store your coins there for a longer period of time. For that, you should use your own wallet.

What duration can be considered bad and ill to leave coins on exchanges? I asked this because there were times I left my tokens on exchanges for over three years and they remained intact.

To answer the OP, I guess the regular exchanges are better to trade on than wallets because of the high swap commissions on DApp. The commission is even worse when it's an ETH based token.

[Oshosondy]

Well, we can say for now the mentioned exchanges don't ask for KYC but know that certainly it won't be for ever. There will be a time both will change terms and conditions and then demand KYC. After all, Binance never asked for KYC from the beginning until recently that it had to force its subscribers to it.

I can not say for now if all custodial exchanges will ask for kyc, but they are operated in a way governments can easily reach them and tell them to regulate their exchange, they will not have option that to follow what the government of their country and sometimes the government of other countries are telling them to do it.

This is how I also see it, the exchanges will begin without kyc, theyw will become dominant and known to the world, they know already that many people will not leave if they ask for kyc than closing down. Their popularity will make governments to tell them to enforce kyc, they will not have option for the countries not to disable the exchange to provide crypto services to its citizens, then kyc will be enforced.

[tvplus006]

For buy and sell coins and token, a wallet is better or an exchange? Which one is cost effective?

The best solution for buying coins are decentralized exchanges. But if this coin is supported by the Ethereum blockchain, you will have to pay extra high fees, which amount to hundreds of dollars. For this reason, it is easier for you to conduct your transactions on a centralized exchange.

[Masplanc]

Hello,
For buy and sell coins and token, a wallet is better or an exchange? Which one is cost effective?


Thank you.

To me I prefer the exchange which I can Bitcoin for trading and also sell Bitcoin too when I wish too. I don't stress myself to find who I can buy cryptocurrency from.

[qwertyup23]

Hello,
For buy and sell coins and token, a wallet is better or an exchange? Which one is cost effective?


Thank you.

I highly advise to check your local exchange in your country if they offer a buy and sell option for convenience. But like what most have mentioned, avoid exchanges that require KYC function as such offers abysmal rates on buying/selling cryptocurrencies.

Preferably, once you purchase your coins in a given exchange, avoid putting them and storing them in that exchange for a long period of time. There have been histories of exchanges getting scammed and most of the BTCs stored were stolen. I highly advise that you purchase a hard wallet for maximum security of your coins and to avoid the problem of getting scammed.

[Anguwa]

Hello,
For buy and sell coins and token, a wallet is better or an exchange? Which one is cost effective?


Thank you.

I am also new in crypto trading, but I prefer using exchange to buy coin so as to avoid unnecessary transaction fee in the name of sending the coin from wallet to exchange, also to avoid some mistakes and transaction error while sending and receiving token from wallet to exchange.