Hi all,
Might be this should be in r/CryptoCurrency or another sub, but I took my chance here. Having lost about 10K on FTX, I now still hold a bit more then that in a CEX, including a good deal of ETH, but I want to move it over to a wallet for all the normal reasons.
I have of course been looking into cold wallets, and will likely buy one, but I had a question regarding Hot Wallets. If I create or make a wallets on i.e OKX or Phantom (Or maybe Coinbase even) how much safer is that than having them on the CEX itself?
I am not sure I quite understand how a wallet on Coinbase would protect me if Coinbase went bankrupt, or it this is perhaps different with Metamask. Whats the benefit of a hot wallet versus exchange? This might be obvious to most, but I started pondering it and thinking if that might be an ok solution for now, but I don't understand how it protects me more than the exchange itself from, another potential, FTX situation.
For clarity - My crypto on FTX was not in any kind of FTX wallet (if they indeed provided that)
[link] [comments]
You can get bonuses upto $100 FREE BONUS when you:
💰 Install these recommended apps:
💲 SocialGood - 100% Crypto Back on Everyday Shopping
💲 xPortal - The DeFi For The Next Billion
💲 CryptoTab Browser - Lightweight, fast, and ready to mine!
💰 Register on these recommended exchanges:
🟡 Binance🟡 Bitfinex🟡 Bitmart🟡 Bittrex🟡 Bitget
🟡 CoinEx🟡 Crypto.com🟡 Gate.io🟡 Huobi🟡 Kucoin.
Comments