I'm new to Cryptocurrency and instead of learning the in and outs of trading, I decided to buy BTC and hold. The reason being, is because of the dozen websites I've visited they all claim BTC will skyrocket in the upcoming years. People tell me that if I buy BTC on Coinbase, then I should transfer the BTC to a Cryptowallet.
Wouldn't it be best to store the BTC in a wallet that pays high interest?
Nexo: Nexo pays its customers high-interest rates on crypto, stablecoins, and standard currencies such as USD, EUR and GBP. Storing crypto or stable coins on Nexo will earn interest back in those coins at a rate of between 8% and 12%. Nexo pays interest of 12% on standard currencies such as the U.S. dollar and the euro, far more than any typical bank pays.
But there are other crypto wallets that pay high interest.
If someone was to buy and hold, why would they get a wallet that doesn't pay interest?
My advice to you, it's better to just buy a hardware wallet if you have something to buy, rather than the wallet apps you mention which are under regulation. Or if you don't have anything to buy, it's better to try using a Sparrow wallet or Electrum wallet, it's both okay, just choose.
Because if you use a wallet in the exchange, the risk is a bit high, although it's okay as long as you don't enter too high an amount into the centralized exchange platform, that's all.