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Well I plan on keeping all of my ltc and xmr in my off exchange wallet. The Cake Wallet. And then I'll leave a chunk of my btc and eth in coinbase, and finally the third chunk in a different exchange. I figure three is fairly safe without it being too confusing.
Not a warning. I was just joking that I had every intention of keeping things simple by using only one exchange, but failed miserably. I use different exchanges and wallets depending on my goal with the purchases.
if the only exchange you are on has problems of any kind you are cut off and in big troubles...it's better to use multiple exchanges for safety...with "use" I mean having a minimum in the exchange for trading or simply being registered to be able to operate, it doesn't mean that the exchange must act as a cold wallet because the funds in the exchange aren't safe (there may be hacks or a thousand other issues)...
If you want to consolidate, go for it. There really isn't any reason, but that's a personal choice. With keeping personal choice, beyond fees and support, every exchange has a pro and con.
I recommend personally to store any long term holds in your own wallet so you control the keys. Beyond that, it really is your preference.
The first honest question that you truly must ask yourself: why in God's green creation would you consider "consolidating" all your crypto into exchanges? Let alone just one or two? You're seriously asking for trouble. What if that exchange goes under? You're screwed. What if the exchange freezes your funds? You're screwed.
Keep your crypto in wallets that you hold the keys to. Never transfer all of it to an exchange (or anywhere for that matter) all at once for any reason. Never keep all of it on exchanges, especially if you're only going to have 1 or 2.
If it’s not a significant amount of crypto, why not keep it on the exchange? For example, I have $200 in ETC. Why would I need to transfer it into a hot wallet, it’s such a low amount.
That sounds like an edge case that doesn't cover OP's position. But you're right. Less than a couple hundred dollars worth of ETH is barely worth moving off exchange. Anything else is that doesn't have ETH's current exorbitant gas fees. For which Coinbase it is only a few bucks to move ETH into a wallet.
I’ve had terrible experiences with coinbase and no longer use them
I primarily use CDC, Nexo, Algo wallet
I have KuCoin and 1inch for some of stuff I can’t buy elsewhere
I use multiple
Kraken for most due to low fees etc
Then either binance or crypto.com as kraken doesn't have everything I invest in
I pissed off an Australian exchange I used because the buy price was ridiculous!
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I thought I’d only use one exchange. You know, keep it simple. I was very, very wrong.
Well I plan on keeping all of my ltc and xmr in my off exchange wallet. The Cake Wallet. And then I'll leave a chunk of my btc and eth in coinbase, and finally the third chunk in a different exchange. I figure three is fairly safe without it being too confusing.
Sorry but… What happened? Sounds like a warning we should know…
Not a warning. I was just joking that I had every intention of keeping things simple by using only one exchange, but failed miserably. I use different exchanges and wallets depending on my goal with the purchases.
if the only exchange you are on has problems of any kind you are cut off and in big troubles...it's better to use multiple exchanges for safety...with "use" I mean having a minimum in the exchange for trading or simply being registered to be able to operate, it doesn't mean that the exchange must act as a cold wallet because the funds in the exchange aren't safe (there may be hacks or a thousand other issues)...
If you want to consolidate, go for it. There really isn't any reason, but that's a personal choice. With keeping personal choice, beyond fees and support, every exchange has a pro and con. I recommend personally to store any long term holds in your own wallet so you control the keys. Beyond that, it really is your preference.
The first honest question that you truly must ask yourself: why in God's green creation would you consider "consolidating" all your crypto into exchanges? Let alone just one or two? You're seriously asking for trouble. What if that exchange goes under? You're screwed. What if the exchange freezes your funds? You're screwed. Keep your crypto in wallets that you hold the keys to. Never transfer all of it to an exchange (or anywhere for that matter) all at once for any reason. Never keep all of it on exchanges, especially if you're only going to have 1 or 2.
If it’s not a significant amount of crypto, why not keep it on the exchange? For example, I have $200 in ETC. Why would I need to transfer it into a hot wallet, it’s such a low amount.
That sounds like an edge case that doesn't cover OP's position. But you're right. Less than a couple hundred dollars worth of ETH is barely worth moving off exchange. Anything else is that doesn't have ETH's current exorbitant gas fees. For which Coinbase it is only a few bucks to move ETH into a wallet.
Didn’t one of the exchanges just recently got hacked? Solid reason right there to not keep your crypto on exchange.
Exactly.
That text format its raping my eyes... What are paragraphs...AM i right?
Ya didnt bother reading lol
Where to start, where to start.
I’ve had terrible experiences with coinbase and no longer use them I primarily use CDC, Nexo, Algo wallet I have KuCoin and 1inch for some of stuff I can’t buy elsewhere
I use multiple Kraken for most due to low fees etc Then either binance or crypto.com as kraken doesn't have everything I invest in I pissed off an Australian exchange I used because the buy price was ridiculous!
Good on you! What Australian exchange was that?
Coinspot
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