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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?

 

[gammarays]

Both of them are good to own. There are specific blockchain tokens that are not listed on cex platforms so you need a mobile wallet to store them.

 

[Officialtaiwo]

Personally I trust wallets more than exchanges.

 

[Flower]

I prefer to store my cryptocurrencies in exchange because of the ease of Liquidity. I can easily liquidate if a needed cash and it's easier if the exchange support peer-to-peer trading.

 

[Acrosin]

I will prefer using crypto exchanges to using wallets. Binance has been great in performing the task of a wallet. Some wallets are scams and one can lose funds if one is not careful

 

[GoldenLady]

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.

It's not nice if someone loses such amount especially when you want to send a small amount. If trust wallet charges are like this, it will discourage people

 

[ElPaule]

It's not nice if someone loses such amount especially when you want to send a small amount. If trust wallet charges are like this, it will discourage people

This charge is in general for xrp, it is not a trust wallet thing, every wallet does this by design. Yes it is frustrating to experience something like this, but for xrp this is and always has been default.

 

[GoldenLady]

This charge is in general for xrp, it is not a trust wallet thing, every wallet does this by design. Yes it is frustrating to experience something like this, but for xrp this is and always has been default.

I used luno and it wasn't up to 20 XRP when I transferred to binance a while ago. If that so,won't it be better to first convert to a coin with less charges, like Tron before sending it?

 

[gammarays]

I used luno and it wasn't up to 20 XRP when I transferred to binance a while ago. If that so,won't it be better to first convert to a coin with less charges, like Tron before sending it?

That's the best workaround. Tron seems to be listed in more exchanges and have low fees when compared to others. I prefer making use of it to avoid high transaction fees.

 

[ipol12]

They say "not your keys, not your crypto". It became a popular phrase again after the FTX debacle. I don't think exchanges are not the perfect platform to store your crypto. Wallets are better, or even try hardware wallets. I'm using Trust Wallet, Metamask, and SafePal.

 

[Frenzybliz]

The choice between wallets and exchanges depends on the individual user's needs and circumstances. Whichever option you choose, it is important to make sure that you are following proper security protocols to protect your assets.

 

[Wisdom01]

Although I prefer storing on the platform I trust , it could be wallet or exchange , if I trust a platform i would invest and if I actually don't trust a platform i would also not invest , the first thing is for me to trust a platform

 

[Flower]

Although I prefer storing on the platform I trust , it could be wallet or exchange , if I trust a platform i would invest and if I actually don't trust a platform i would also not invest , the first thing is for me to trust a platform

I found it much more easier to liquidate my digital assets if it is kept in the cryptocurrency exchange. This is why I the cryptocurrency exchange pique my interest and I would always go with it any time, any day.

 

[makanaki]

Storing cryptocurrency in a wallet is generally the safer option, as it gives the user more control over their funds. Exchanges are more vulnerable to hacking and other security risks, and the user does not have direct control over their funds.

 

[gammarays]

If we're referring to the security aspect, none is good. It's best to store tokens in a hardware wallet like ledger. Normal app wallets are not that secure and exchanges can be hacked. However exchanges do have compensation plans at times.

 

[Wisdom01]

I found it much more easier to liquidate my digital assets if it is kept in the cryptocurrency exchange. This is why I the cryptocurrency exchange pique my interest and I would always go with it any time, any day.

yes same with me , I find it more easier liquidating my asset in cryptocurrency exchange too , because I could easily run my trades there , since it's already on the exchange platform compared to only wallet

 

[Flower]

yes same with me , I find it more easier liquidating my asset in cryptocurrency exchange too , because I could easily run my trades there , since it's already on the exchange platform compared to only wallet

This is the rationale behind so many crypto investors choosing the cryptocurrency exchange as their favourite to store their digital assets . The ease at which they can liquidate their digital assets effortlessly would allow them to pick the cryptocurrency exchange.

 

[gammarays]

yes same with me , I find it more easier liquidating my asset in cryptocurrency exchange too , because I could easily run my trades there , since it's already on the exchange platform compared to only wallet

Crypto exchanges ie CEX is a bit better because one can easily swap tokens at almost zero fees. Same with exchanging to Fiat. For wallets, you need to exchange to a base token maybe USDT and still transfer to your CEX account to withdraw. This takes time and fees.

 

[Edcosmas]

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?

This is the first time that I am hearing of a crypto wallet with a membership fee. Sounds like a crazy thing. And it is pure extortion. If they are to do this on every of their customers, I am sure they will be out of customers after a long time.

 

[gammarays]

This is the first time that I am hearing of a crypto wallet with a membership fee. Sounds like a crazy thing. And it is pure extortion. If they are to do this on every of their customers, I am sure they will be out of customers after a long time.

Same with me. A crypto wallet with membership fees? Maybe they're giving members something of value to cover for the fees. It's better they tell members to stake their native token for some pecks. That's more preferred.

 

[Wisdom01]

This is the rationale behind so many crypto investors choosing the cryptocurrency exchange as their favourite to store their digital assets . The ease at which they can liquidate their digital assets effortlessly would allow them to pick the cryptocurrency exchange.

most especially in times of urgency and others , there is also the peer to peer trading option available on most exchange platform and I think this is another reason why many would choose to store their cryptocurrency there I think