Hi,
I've just bought my first BTC with Binance. Just a small amount. I intend to buy about £10-£15 a week, then when I see big drops in the rate I'll buy larger one off sums.
My question to any others buying the same smaller amounts, do you wait until you hit a self decided amount (say £50) then withdraw to cold storage? I'm mindful of multiple fees from transferring it after every small purchase on the exchange. I know its a risk leaving money on the exchange but I figure risk of loss up to £50 with a reputable exchange like Binance is acceptable to save on transfer fees.
Any differing opinions on this from your traders / HODLers?
Many thanks
I think this depends on the amount of trust you have in the exchange. Do you not trust it well enough? set a low treshold and then transfer to a cold wallet.
I've used Binance in the past and it still holds up pretty well today and it's a reputable exchange but the moto still applies - you don't the keys, they are not your coins. I think that what might affect your decision are the fees associated with your investment. Just make a basic excel file with a simulation with all the transactions that you will be making in a year (example), and all the fees that you would be subject to in each transaction. Then you simulate different thresholds and again apply another fee to them.
Sum that all up and you'll have at least a year worth of data that may facilitate your decision regarding that field. There's no right answer to your question since it depends on the individual.