Hafez Financial Services


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‌Should we keep our cryptocurrencies in an exchange or in a wallet?


This is a frequently asked question, the answer to which depends on whether you are asking this question from a trading perspective or from an investor perspective.
Naturally, if you are an investor, you should not keep your currencies in an exchange at all.
Of course, if you are a trader, the answer to this question is different depending on what kind of trade you have. Naturally, if the trade you are doing is a Scott, which is a short-term and do for volatile trade, you need to keep the part of the asset that you want to trade with in an exchange.
Because in this way you can easily manage your asset and set a loss limit for it. But if your trade is long and a few months old, it is usually better to take your currencies out of exchange and transfer them to wallets.
And when the currencies reach the level you expected, transfer your currencies from the wallet to the exchange again So that you can get your profit here. Now a number of people here are asking why we should do this by doing so? we have to pay for the transfer of our cryptocurrency from the exchange to the wallet. Be aware that some exchanges may be hacked or something may happen to them and your asset may be stolen. You should first call that exchange and ask them if the asset I have invested in the exchange is insurance or not.
If an exchange is hacked or any other event or story, will you give me back my asset or not? Or in some cases, that exchange may go bankrupt, in which case you should not suffer a loss.

For example, we have two general ways to maintain our car. The first way is to park your car in the street where a thief may be found at any moment and steal your belongings from inside the car or even take the car itself; Or we can choose the second way and put our car in a parking lot and pay a little for it, which also has higher security.
Which of these ways do you think is more appropriate? If I am in this situation, I will choose the second way.
The same goes for keeping cryptocurrencies. We can keep our currencies in high-risk exchanges where we may lose all our assets at any time, Or transfer them to a wallet and pay a small fee for it, which is even more secure.

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