Post
Topic
Board Altcoin Discussion
Re: Where do you stake? Exchange or wallet?
by
Pearls Before Swine
on 29/11/2019, 20:13:47 UTC
Exchanges are meant for trading only, if you are going to use them for staking then you are in risk of losing funds.
That is true, but man I had better luck staking just a small amount of pivx on kucoin than I did in the pivx staking wallet.  Didn't do it for long, tho because I'm very aware of the risk of keeping crypto on an exchange.  Kucoin is a good exchange, but that doesn't mean I would trust them not to get hacked or to pull some kind of exit scam.  It seems like that has happened to most of the exchanges that have ever existed thus far.  That's sad.

So I would have to vote for keeping your staking coins in a staking wallet and *not* on an exchange, especially if you have a lot of coins or if they're worth a lot of money.  It was okay for me to play around with pivx because it wasn't worth much but if I had even $50 or more I would have kept it in my own wallet.

After losing my coins on Cryptopia, I only used exchange wallet for trading and never for storing
And they were a big exchange and a reputable one at that.  That's my point.  You just can't tell whether the exchange that you're putting your faith in is going to disappear overnight.