Coinbase

[Tigris]

Given the recent news and panic by Coinbase what's the best way to avoid losing all ****** investments on the platform?

I have seen you need to buy a ledger and store it on a USB stick? (Presume this can also be backed up?) Scares me having it all stored locally.

Not sure if anyone else is thinking of doing the same thing?

Cheers guys

 

[Nico Albrecht]

A ****** wallet will do just fine. Metamask and trustwallet are the once I use to move coins off the exchanges. Downside staking will be more complicated.

 

[Tigris]

A ****** wallet will do just fine. Metamask and trustwallet are the once I use to move coins off the exchanges. Downside staking will be more complicated.

If I was to move my investments from the coinbase exchange I take it I wouldn't get any % gains as i've moved my money away? Say I moved £1000 from the coinbase exchange to a wallet then the value went up 10% I wouldn't see that 10% increase on the £1000 i've moved away?

 

[Nico Albrecht]

Of course you would see the gain. To liquidate you transfer back to exchange and convert to fiat currency.

See the exchange like a bank and the wallet your personal storage. If you take 100 out of the atm and put it in your wallet it would make no difference to the 100

 

[redsaunas]

The best thing you can do is store cryptocurrency in the offline wallet.

 

[builds.co]

Exchange is for in and out only, always store in hardware wallet (Ledger or Trezor).