Should I Get A Ledger Nano X…Or Keep It On The Exchange

I’m currently debating between keeping my crypto on the exchange/app I use or getting a ledger nano x however I have a couple questions. For starters if you take the crypto from your app and move it to your ledger is it still in the active market or is it put away in cold storage?

My reason for leaving my crypto on the exchange is that once a couple of my coins hit a certain price target I would move them into USD coin or Tether that way I could reinvest the profits back in once the prices drop.

If the Ledger nano x keeps your coins in the market but just in your control I assume it would be much better and safer to do the same thing using the ledger instead.

What do you think?

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  1. The ledger doesn’t keep the coins on the market, hence it is safer, because you have full control and ownership. Still you can stake the supported cryptos and lend stable coins like usdc through ledger live.

  2. A hardware wallet is ultimately the better decision. Over $20B+ funds have been stolen by exchange exit scams since 2017. With the latest being Africrypt in South Africa and Thodex in Turkey.

    I would also suggest to never hold any USDT because it’s backed by only ~2% in cash. It could collapse at anytime. I would recommend either DAI or USDC.

    You can still participate in swapping funds easily on a Ledger device by using the integrated exchange. You can choose between a centralized and a decentralized exchange.

  3. I see many people mention hacks, locked out, not your keys not your coins, etc but the answer is more nuanced than that.

    If you don’t know much about Crypto, how to secure your 24 word passphrase, DeFi, it maybe safer to leave your coins on a reputable exchange.

    Once you’re comfortable with these concepts then store your long term positions in a hardware wallet and your active trades on an exchange.

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