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Author Topic: Exchange or hardware wallet ?  (Read 740 times)
1kodumtek7
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December 03, 2021, 02:22:15 PM
 #81

I'm also caring about the security of my cryptocurrencies a lot. And the only solution for it seems like a hardware wallet. Because as it is not in any exchange or an app, it is much safer against the hacking attempts. The only thing the owner needs to do is not using the wallet on any computer. The owner should be certain of the thing that the computer is safe before using the wallet.
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December 03, 2021, 06:50:20 PM
 #82

I would add that it really depends on the exchange and the amount we are talking about relative to your overall wealth. I am not giving an arbitrary number now as 100 dollars could mean something very different to someone  poor than to someone rich.

But when you have a rather small amount and you store that on an exchange like Coinbase, the chance that you are going to lose that crypto due to a hack is really small in my opinion. I guess Coinbase even has something like a deposit insurance required by regulators. There are often times limits though as per individual, but that's why I said it also depends on the amount.

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December 03, 2021, 07:12:56 PM
 #83

I would add that it really depends on the exchange and the amount we are talking about relative to your overall wealth. I am not giving an arbitrary number now as 100 dollars could mean something very different to someone  poor than to someone rich.

But when you have a rather small amount and you store that on an exchange like Coinbase, the chance that you are going to lose that crypto due to a hack is really small in my opinion. I guess Coinbase even has something like a deposit insurance required by regulators. There are often times limits though as per individual, but that's why I said it also depends on the amount.

So people use Hardware Wallets only to escape from the hands of hackers? Hackers are also able to steal your funds from HW if you are not aware of it. Coinbase is regulated by the regulatory body does that mean your money is safe there? If Coinbase stopped its service today, and seize your funds, would you be able to withdraw your Bitcoins from Coinbase? Did they give you a private key? Listen, people use HW not only to avoid hacking but also to get rid of control of the regulatory body.

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December 03, 2021, 07:18:09 PM
 #84

Exchange wallet was made not for storing the funds purposes so basically the exchange exist for trading purposes only so instead of storing your funds at the exchange i think better find another solutions such as online wallet or hardware wallet especially if you have large amount of money then hardware wallet will be good option because you have fully control to access the wallets
True that. I believe only if you intend to keep trading your coins or tokens, you don't have to save them in an exchange wallet. I don't believe you have the keys to your wallet in an exchange wallet and you know what they say, Not your keys not your crypto. So if you really have some amount of assets that you need to store, a personal wallet is it.
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December 04, 2021, 12:30:12 AM
 #85

There's no sense in keeping large amounts of money in exchange wallets. Exchanges get hacked constantly, and your money may disappear for good. It's amazing how many people I've already encountered in the crypto community who have not even installed desktop wallets, let alone own a hardware wallet. People need to learn to make use of the tools they have at their disposal.
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December 04, 2021, 09:35:20 AM
 #86

I prefer to store on exchanges, of course, exchanges are trusted and I have gone through KYC, some of the assets on my exchanges are Binance, Coinbase and Gate.io, I have been trading and storing my crypto assets on exchanges for almost 3 years, everything is fine, maybe we do not hold the private key, but as long as the exchanges are trusted, of course it is also safe.


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December 04, 2021, 11:52:43 AM
 #87

No disrespect towards exchanges, but as long I do not have the full custody of my coins and tokens, it’s not safe to use them as a storage. Not even Binance is exempted from getting compromised last time. Whatever security measures that they have in place, these hackers and intruders are just one step ahead finding ways to break that barrier. I can only use those exchanges to trade coins and tokens.

Hardware wallets are simply the best to store our hard-earned assets and coins. SafePal is the cheapest hardware wallet right now at $49.99 (currently on a discount from the original price of $69.99) and I’ve just unboxed it earlier. Ledger Nano S and Trezor are also great hardware wallets, but they are kinda pricey. SecuX, which is Taiwan-based is also a hardware wallet with a unique design, which I also have that too shipped via FedEx.

Worth the investment to store my assets safely than relying on exchanges and mobile apps.

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December 04, 2021, 11:19:58 PM
 #88

What are the advantages and disadvantages of these two methods to store your coins?
Well, i think the advantage of using hardware wallet is off-grid, offline wallet, no one would have access to your wallet but you. Also, the exchange wallet has easy accessibility anywhere when you have internet connection but it's less secure compared to hardware wallet. Always remember, not your keys not your coins.
   

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December 04, 2021, 11:37:10 PM
 #89

...but as long as the exchanges are trusted, of course it is also safe.

With a mainstream exchange like Coinbase and a relatively small amount of crypto, it might be okay to keep your crypto there. However, if you want more security, a non-custodial cryptocurrency wallet may be more suitable. I understand that you want your funds available at the exchange if you are actively trading, but there is really no point in using exchange wallet for long-term holding. Every exchange, no matter how popular it is, is susceptible to hacking. It has happened before, it will happen again.
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December 05, 2021, 12:15:53 PM
 #90

What are the advantages and disadvantages of these two methods to store your coins?
Hardware we have full control to our coin, maybe pros that we save coins in exchange is we can sell it immediately if needed. Because if save in our own wallet, that means more fees that will be used for transaction especially if we are trade and must doing deposit and withdrawal coins.
If that is so just because of the fess, I won't hesitate to spend less $1-2 for the fess rather than your whole crypto earning will disappear once the exchangers are becomes compromised.  It's been always good to store your coin in a hardware wallet or any wallet that you have full control over your private key, in that way your coins are safe.

It could be the advantage of an exchange is the quick trade into fiat if you need it but it's just a matter of an hour if you'll wait while using hardware wallets.  The most important factor is the safeguard of your portfolio and avoiding possible scams or even exchange becomes compromised and your coin might be stuck.
You are absolutely right, in fact recently there was a mishap with Binance, because all Colombian users were detained under investigation all their accounts, by orders of the police of another country, which generated a great controversy because international lawyers spoke Before Binance, I know that BInance lost many clients due to this type of collaboration with the police of another country to investigate clients from another country, which in my opinion is not the right thing to do, however before these events it is better to have your own wallet with all the security implemented.

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December 06, 2021, 03:55:23 AM
 #91

What are the advantages and disadvantages of these two methods to store your coins?
Well, i think the advantage of using hardware wallet is off-grid, offline wallet, no one would have access to your wallet but you. Also, the exchange wallet has easy accessibility anywhere when you have internet connection but it's less secure compared to hardware wallet. Always remember, not your keys not your coins.
What's clear is that with hardware wallets everything ends up being dumped on you and no one can do anything with what you put there other than yourself and perhaps the family you have given the information to open them.

now everything is advanced and the hardware can easily be used in any system as long as there is an internet connection, so it is clear from a security point of view I totally agree and agree with you, obviously the hardware is very capable to use.

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December 06, 2021, 05:10:02 PM
 #92

Exchange wallet was made not for storing the funds purposes so basically the exchange exist for trading purposes only so instead of storing your funds at the exchange i think better find another solutions such as online wallet or hardware wallet especially if you have large amount of money then hardware wallet will be good option because you have fully control to access the wallets
An online wallet is the same as an exchange, while some may argue that at least with the online wallet you have access to your private keys while this is not true for the exchange, at the end of the day your coins are now in a centralized service which could be hacked at any moment since they are a large target for hackers to attack.

It is better to use your own software wallet like electrum in that case, however if you have the money, you have a large amount of bitcoin or altcoins, or simply you cannot secure your coins properly by yourself then it makes more sense to get a hardware wallet.
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December 06, 2021, 05:18:08 PM
 #93

I think hardware Wallet is the best choice ever. There are so many reasons behind this. You don't need KYC . You are free to send or receive. No one can control your asset portfolio. So this is the best to use hardware wallet.

Yes, the hardware wallets are the best to save your crypto provided you have a good amount of money in crypto. Hardware wallets may not be recommended to newbies who have very little funds. They can start with desktop wallets before shifting to hardware wallets.
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December 06, 2021, 05:26:42 PM
 #94

Even mobile non-custodian wallet is still better than exchange wallets as long as you can safely keep the keys offline. In the recent past, some exchanges have shutdown either due to hack or inability to continue the running of such exchange. Well, not everyone get back their money from such centralized exchanges. To be more secured, get a hardware wallet and keep bulk of your fund there.

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December 06, 2021, 06:06:37 PM
 #95

OP you need to know how to separate things, when you want to hodl then use hardware wallet but if you want to day trade then leave in the exchange a part of the coins you day trade because if you make withdrawals every day you will pay a lot of fees in the end though have currencies that have low fees, but there are cases where altcoin has dropped a lot in price and as you don't have currency on the exchange, then you miss a good buying opportunity

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December 07, 2021, 07:47:37 PM
 #96

What are the advantages and disadvantages of these two methods to store your coins?
I was scrolling through the trading discussion section of the forum, and I came across a post that talked about an exchange that got hacked about recently. That is enough reason for you to avoid exchange wallet. You can only make use of exchange wallets when you want to trade your cryptocurrencies, but not for your main storage.

If you are using your exchange as your main storage, if that exchange should get hacked then everything you have worked for is gone. Avoid making use of exchanges as your main storage, try to make use of hardware wallets. Hardware wallets are more safer than making use of an exchange. Although I do know that every type of wallet can come with its own risk, but it’s worst when you are making use of an exchange.

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December 08, 2021, 03:44:40 AM
 #97

What are the advantages and disadvantages of these two methods to store your coins?
between exchanges or hardware wallets both have advantages and disadvantages.

The exchange has the disadvantage of being vulnerable and prone to hacking, but has the advantage of being easy to trade without having to transfer assets.

hardware wallet is very safe from hacking, but has the disadvantage of having to transfer to an exchange if you want to use it for trading

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December 08, 2021, 06:04:12 AM
 #98

Exchange is good if u want trading . and hardware is secure than any exchange because it is in your control   and no one can get access to your hardware wallet.
Whenever you done some deposit or withdraw any thing . The exchange can control it .

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December 08, 2021, 06:09:08 AM
 #99

Exchange is good if u want trading .
You can still own a hard wallet if you do trading, if you don't trust the exchange to hold your bitcoin for a period of time, you can just send it to your hard wallet and send back to exchange if you need to trade again. It's quite a hassle but if you are looking for security that's the best thing to do as we never know when an exchange will scam us or will get hack and our funds will be lost forever.

and hardware is secure than any exchange because it is in your control   and no one can get access to your hardware wallet.
Whenever you done some deposit or withdraw any thing . The exchange can control it .
In terms of security, a hard wallet is more secure, however, you also have to understand that if you lose your hard wallet, you also lose all your assets on it. so be careful always in safe keeping your hard wallet to protect your investments.

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December 08, 2021, 07:43:43 AM
 #100

What are the advantages and disadvantages of these two methods to store your coins?
Everything has been mentioned and links has been shared , so i will just tell you once again that never trust exchange for long term holding because the exchange are the target of hackers and other bad element that wanted to take our coins , and there are many stories before and even recently that exchange is having issues about security.
so yes trust Hardware wallet as long as you can keep your seeds safer because if not then you will be facing another trouble again.

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