03-04-2021, 05:48 PM
To all the small hodlers, keeping your coins at an exchange might be the best thing
<!-- SC_OFF --><div class="md"><p>This is not Financial Advice!</p> <p>You might’ve seen several posts explaining why keeping your coins in a wallet is the best way to hodl. This is true, if you have a significant amounts of a particular coin because then you will be able to cover the expenses of transfer fees which vary from coin to coin.</p> <p>But with the rise of newcomers, not everyone can afford to buy large numbers of coins. And while you might be tempted to take your coins off an exchange, think about the amount you will spend for fees. For example the average fees for moving out ETH is 0.02 ETH (~$35) sometimes this is the amount most people have. Similar example can be applied to other coins as well. </p> <p>Another point is that exchanges are not un-secure anymore. They will store coins with high security measures. And you should enable things like 2FA to keep your account even more secure. So don’t worry about your coins being in danger.</p> <p>If someone has any other suggestions please let us know.</p> <p>Edit: Tips from comments:</p> <ol> <li><p>From <a href="/u/ACShreds">u/ACShreds</a> - Gemini offers 10 free withdrawals per month so if you do want to withdraw coins, try buying from that platform although the fees are a little high compared to other platforms.</p></li> <li><p>From <a href="/u/thegooddocgonzo">u/thegooddocgonzo</a> - Although exchanges aren’t fully safe, many big and reputable one like Coinbase and Binance will do everything to keep your coins safe because they don’t want any bad reputation. The user also notes that Binance was hacked in 2019 and Binance made sure that no customer was impacted. Stay cautious of smaller and unknown exchanges.</p></li> </ol> <p>Edit 2: The withdrawal fee which I stated for ETH (0.02) was for the exchange I primarily use which is WazirX. I’m sorry for not mentioning the said exchange and for those asking where I got that figure here is your answer.</p> </div><!-- SC_ON --> submitted by <a href="https://www.reddit.com/user/CarbonatedInsidious"> /u/CarbonatedInsidious </a> <br/> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/lxcmup/to_all_the_small_hodlers_keeping_your_coins_at_an/">[link]</a></span> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/lxcmup/to_all_the_small_hodlers_keeping_your_coins_at_an/">[comments]</a></span>Kind Regards R
<!-- SC_OFF --><div class="md"><p>This is not Financial Advice!</p> <p>You might’ve seen several posts explaining why keeping your coins in a wallet is the best way to hodl. This is true, if you have a significant amounts of a particular coin because then you will be able to cover the expenses of transfer fees which vary from coin to coin.</p> <p>But with the rise of newcomers, not everyone can afford to buy large numbers of coins. And while you might be tempted to take your coins off an exchange, think about the amount you will spend for fees. For example the average fees for moving out ETH is 0.02 ETH (~$35) sometimes this is the amount most people have. Similar example can be applied to other coins as well. </p> <p>Another point is that exchanges are not un-secure anymore. They will store coins with high security measures. And you should enable things like 2FA to keep your account even more secure. So don’t worry about your coins being in danger.</p> <p>If someone has any other suggestions please let us know.</p> <p>Edit: Tips from comments:</p> <ol> <li><p>From <a href="/u/ACShreds">u/ACShreds</a> - Gemini offers 10 free withdrawals per month so if you do want to withdraw coins, try buying from that platform although the fees are a little high compared to other platforms.</p></li> <li><p>From <a href="/u/thegooddocgonzo">u/thegooddocgonzo</a> - Although exchanges aren’t fully safe, many big and reputable one like Coinbase and Binance will do everything to keep your coins safe because they don’t want any bad reputation. The user also notes that Binance was hacked in 2019 and Binance made sure that no customer was impacted. Stay cautious of smaller and unknown exchanges.</p></li> </ol> <p>Edit 2: The withdrawal fee which I stated for ETH (0.02) was for the exchange I primarily use which is WazirX. I’m sorry for not mentioning the said exchange and for those asking where I got that figure here is your answer.</p> </div><!-- SC_ON --> submitted by <a href="https://www.reddit.com/user/CarbonatedInsidious"> /u/CarbonatedInsidious </a> <br/> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/lxcmup/to_all_the_small_hodlers_keeping_your_coins_at_an/">[link]</a></span> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/lxcmup/to_all_the_small_hodlers_keeping_your_coins_at_an/">[comments]</a></span>Kind Regards R