I currently have all my crypto on Binance, I want to move it to a safer place and am looking for suggestions.

Newbie here…

Got into crypto a few months ago when the “crash” happened, was always interested about the matter and figured it was a good time to enter, bought X in bitcoin at around 27k€ value, I have what I consider a good sum of money (I’m only 20) invested mostly on BTC and a small sum spread on smaller cryptos.I want to move my money to a safer place, what steps should I take? what options do I have? I was looking at the “Ledger nano” cold wallet but can’t really tell if it’s the right thing to buy.

I plan on long time holding considering the current market, no trading as I recognize that I’m not knowlodgeable enough (at the moment atleast) to pull these kind of manuevers, My understanding is that moving it to a cold wallet only has the disadvantage that in order to trade/sell I have to first move my money back to an exchange platform, is this correct? what should I keep in mind when considering my options?

View Source

23 thoughts on “I currently have all my crypto on Binance, I want to move it to a safer place and am looking for suggestions.”

  1. Advantages of moving it to a harware wallet – you have full control over your crypto.

    Disadvantages of moving it to a hardware wallet – you have full control over your crypto.

    Reply
  2. Lots of people calling for cold wallets which are fine however hot wallet can be safe as long as u do it on a non jail broken phone and stick with best practice protocols

    Reply
  3. Ledger all the way (or similar cold wallet).

    It is correct that it’s a little bit of hassle to buy and sell using a cold wallet, however only takes a couple minutes at most when you get used to it. For long term storage it will be ideal.

    Reply
  4. Another vote for ledger here. Do a bit of research on how you can keep your seed phrase safe. As that will be your weakness link in the chain.

    Reply
  5. Be very careful.

    Yes, not your keys, not your coins. But there are some really sly and slick people who are waiting for you to slip up so that they can steal everything you have.

    People say cold storage is the way but they fail to tell you all the asterisks that are associated with being fully in control of your own crypto.

    Reply
  6. Man, what does it mean all my crypto? U just throw money into hype “projects”? Every blockchain has its dedicated wallets/ledger. Read them whitepapers of the projects u invested in and follow with it.

    Reply
  7. It’s like a warning, years of braveness as a crypto investor, survived all dips, and what to do now with the tokens.
    Warning – don’t park them at Celsius 😉

    Reply

Leave a Comment