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[crypworld]

I store my cryptocurrency both on exchanges as well as wallets.

But I noticed one thing, I cannot withdraw cryptocurrency below the minimum limit fixed on Exchanges.

On wallets there are no such restrictions.

Suppose I need to pay a membership fee which is $3, I cannot send it or trade it because there is a fixed minimum limit that is already set for withdrawals by the Exchange.

What are your thoughts on this?

 

[Yugocean]

I will never take a wallet with membership fees. However hardware wallets might need payment, but I'll accept only if there is staking feature.
Most of trusted platforms are free, so use as you like.

 

[Wisdom01]

It depends tho there are some wallet platform that are not legit and I prefer to store on a legit exchange platform to be at the safer side , some exchange platform still charge less fees for withdrawal and deposit than some wallet platform

 

[Yugocean]

some exchange platform still charge less fees for withdrawal and deposit than some wallet platform

I lost 20 XRP for withdrawing in my trust wallet, I come to know that XRP charges 20 coins to activate (it was a waste) but when I send it to binance deposit, then it did not charged anything.

What is your experience?

 

[ElPaule]

I lost 20 XRP for withdrawing in my trust wallet, I come to know that XRP charges 20 coins to activate (it was a waste) but when I send it to binance deposit, then it did not charged anything.

What is your experience?

Sorry for the lost but this 20XRP is a common knowledge. You should at least read about a crypto before throwing money on it. This 20XRP has a reason and imho this is a good one.

 

[BullyMaguire]

Uhm coins that im not holding for a long time i store them on exchange so i can easily sell when it hit my target price.. and for trading purposes. I do wallets when i have no choice

 

[Yugocean]

Sorry for the lost but this 20XRP is a common knowledge. You should at least read about a crypto before throwing money on it. This 20XRP has a reason and imho this is a good one.

Anyway there is no reason for regretting now, we keep leading different things, I learned the difference of wallet and exchange too.

 

[Wisdom01]

I lost 20 XRP for withdrawing in my trust wallet, I come to know that XRP charges 20 coins to activate (it was a waste) but when I send it to binance deposit, then it did not charged anything.

What is your experience?

I wanted to do an exchange and swap from bnb coin to a token on trustwallet , but was charged too much ,since then I have to make a change and start making use of binance for trading

 

[Josemendez]

For long term usage , cryptocurrency is better stored in Decentralized wallets but for trading exchanges are the best place for it

 

[LutherKing]

You Are Right , things Are moving but the discussion is about storage and not about investment in the coin to be honest mate thanks

 

[Niftyicon]

Wallets are the best for your long term hodlings and exchanges do very well for coins tat you are hodling on hort to mid term. You are able to quickly buy or sell when using exchanges, so I use them a lot.

 

[Raiyan10]

I use Blockchain cryptocurrency wallet and coinbase to hold ny coins. I think it's better to hold your coins in wallets if you want to hold it for a long time. And if you want to send it then exchabges would be the best like trustwallet and others. And yes the minimum fee should be reduced soon. Because sometimes it seems too much :"(

 

[Morty]

I store my cryptocurrency both on exchanges as well as wallets.

But I noticed one thing, I cannot withdraw cryptocurrency below the minimum limit fixed on Exchanges.

On wallets there are no such restrictions.

Suppose I need to pay a membership fee which is $3, I cannot send it or trade it because there is a fixed minimum limit that is already set for withdrawals by the Exchange.

What are your thoughts on this?

Dude Exchanges storing are risky. You must buy a cold wallet/hardware wallet, I recommend Ledger Nano.

 

[gammarays]

I think it depends on what you want to use your coin for. If I want to trade my tokens across the same network, I use my wallet. If it's the opposite like trading a popular listed erc20 token for a Bsc equivalent, I use exchange.

 

[vizta]

You are confused where to store your crypto in security concern. If you are invested your money and want to store long time it is better to keep in offline paper wallet. Or else you can keep it in exchanges and use for trading

 

[SCAMEXPOSER]

For a very long time investment which is better once you use wallets instead of exchange platforms and if you have to use wallet Trust wallet is one of the best secure wallet online, the exchange platform should be meant for trading and short time investment .

 

[leithy]

If all you want is to hold your coins then a wallet is best. If you want to actively trade or stake your coins then you need an exchange. Many holders do not like holding on an exchange because they do not have their own keys for security.

 

[SCAMEXPOSER]

The key difference between a crypto wallet and exchange is that the wallet's main purpose is to safe-keep your digital assets, while the exchange is there to facilitate trading from one coin to another

This is just the simple differences that is comprehensive, you use exchange for your daily transactions while wallets for long or medium time Investment.

 

[gammarays]

You are confused where to store your crypto in security concern. If you are invested your money and want to store long time it is better to keep in offline paper wallet. Or else you can keep it in exchanges and use for trading

Offline paper wallet? Can you explain more about that? I know of hardware wallets that offer a higher security than normal wallets and it's good for long term holders.

 

[Pousinha]

I use both of them. As most of my pay to sites pay me cryptocurrencies, needing to convert them to litecoin before moving them to my local exchange (that in its turn exchanges them to my local currency), Coinbase as exchange is the best, as we don't pay fees to convert a cryptocurrency to another. On the other hand, I hold some gwei and BCH satoshis in a non-custodial wallet offering the opportunity to earn some monthly interests. I keep a smaller amount of gwei in a paper wallet. I only can define better what fits our purpose. In my case, I find both wallets useful depending on the use I make of them. In any way, if your purpose is to store huge amounts for a long time, a non-custodial wallet is to prefer because you own the private keys.