Crypto Exchanges and Wallets
First off, I’d like to introduce myself. I came to Peak Prosperity earlier this year thanks to the COVID updates on YouTube, and eventually decided to become a paying member as, the more I tuned in, the more I realized there was a community of folk where I might like to belong. Adam’s weekly market updates really helped cement the deal for me.
I’m a complete newcomer to investing. I have literally never invested in anything, and now that I am in a financial position to finally get started, having spent most of this year paying down massive credit card debt (my company has thrived during the pandemic and paid us “essential workers” handsomely for massive overtime, so I pumped all the extra pay, plus the stimulus check, into paying off about $16,000 in debt). Now that I have funds available that had previously been tied up in credit card payments, I can start investing, only to realize that the stock market is not where I want to park most of my funds.
And so my first forays into investing will be gold/silver and cryptos. But before I can get started, I really need to pick a crypto exchange and a wallet to store my altcoins. After doing some basic research, I think I have narrowed down my exchange choices to Binance U.S. and Bisq. Does anyone have any compelling reasons why I should choose one or the other? As for wallets, well, I’m looking at Trust Wallet right now for iOS, more so if I go with Binance, since the two seem to go hand in hand. If I go with Bisq, I’ll suppose I could still use Trust…a wallet is a wallet, and if it’s good, why not use it…but I don’t really know enough about all of this to make that kind of assessment, hence asking others for advice.
Hello, and welcome to Peak Prosperity.
I myself am new to Cryptos. I have been buying a little bit every month now, just to get some exposure. I’m still not convinced that it will be the moonshot, but diversification is a good thing in uncertain times.
I decided that I don’t want to trust my cryptos to online wallets. If the wallet is on your phone, that’s better. I went the cold storage route and bought a Ledger Nano X, and keep all my crypto on it. The Ledger Nano goes into my safe, and it’s password encrypted.I scanned my recovery phrase sheet and have that encrypted with a very long password, and stored online. This would allow me to access it from anywhere in the world even if I don’t have my Nano Ledger X.
Get used to little transparency when it comes to Crypto purchases. Transactions premiums can easily run 2-3%, and it’s not well disclosed on many exchanges. Often, they “trick” you to believe there is no fee, but the quoted “exchange” rate to USD is worse than market rate. It’s an unregulated “market”, with lots of shenanigans. Be careful, start with small chucks of purchases, and don’t invest anything that you couldn’t stomach to lose.
Thanks for sharing this much knowledge. This post taught us in a very good manner. I am really happy to read this.
It was quite useful for me, too. I also started getting acquainted with cryptocurrency about a month ago and now I try to find more and more useful information from more experienced users that will help me to understand all this. It would be cool if you took a look at smartoptions.io since this is the first cryptocurrency exchange I’ve used. In the end, everything went perfectly and the commission is not as large as that of more popular analogs, but I would still like to get an opinion from experts, since I may not know something and therefore miss some important detail. Thank you guys in advance!