Where do you store your cryptos, on an exchange or on a wallet? About 90 percent of my crypto assets are on exchange. Well, it is risky but I use exchange because I earn through staking. I use Binance exchange because I can earn staking rewards. I also use wallets, but only a small percentage of my assets are on wallets.
Crypto Exchanges Vs Crypto Wallets
- Thread starter nomad
- Start date
I think I would prefer exchange. That's because it's easier to exchange your money to fiat over there. I don't even know much about crypto wallets.
If you have 90% on exchange and you stake with it then you are not storing them but doing business with them. When you store your cryptocurrency, it means you just leave it there and not earning from it. And of course wallet is the most secure to save our cryptocurrency
If you only want to store your money (with no interest, and just earn depending on the price of the coin), go for wallets. That's safer because you have your own keys. Exchanges has the capability to cancel your account. Thus "not your keys, not your crypto" became popular again during the FTX debacle. However, you can make money on exchanges by staking and trading.
Currently there are many wallets that support staking, be it web wallets, mobile and desktop applications as well as hardware wallets. But if staking Ether is a minimum of 32 Ether, but if you are staking Ether in a staking pool such as Binance, Coinbase, Kraken etc., even if you have Ether of 0.001 ETH, you can already take part in the staking pool.
The same thing with me. I don't have any crypto wallet. I use cryptocurrency exchange because I always invest my fund. Why should I keep my fund dormant while it can yield some money for me.
