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Reasons why I keep coins in CEX

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by COINS NEWS 107 Views

Several people often ask why one decides to keep large part of cryptos in CEX. I would like to share my reasons. I keep a large part of my portofolio (which is not so big, though...) in CEXs for reasons such as the following: a) I am not a tech person and I try hard to understand many things about crypto. It is difficult to know the best wallet for each coin, which coin can be staked where, bridges, best swapping places for each coin, etc. B) I use mainly Kraken, and it is a good place to stake the many coins I like since the APR is reasonable. C) coins are easily available in a place to sell them if I want to or need to. I am not the person who is over the charts all the time and sometimes I run behind the news. So in my mind, moving coins around to sell them, makes me anxious.

I use Yoroi for ada because it is simple. I started recently to explore Trustwallet - I still understand only a few things about dapps etc. For example, I want to transfer in a wallet my Hive coins and I still try to understand which one should be (Trustwallet or Metamask). I have put some few coins in Enjin wallet when I got into crypto and they are sleeping there. Finally, sometimes it is so expensive to move coins around...

These are my (stupid?) reasons. I read whenever I have time, but it takes long to try out things due to lack of time. I am thinking of buying a Ledger but I still discuss it with myself - afraid of the practicals.

Awaiting patiently for the day that crypto will be easy enough for everybody to take the most out of it.

Your thoughts? Any simpathizers?

Edit: Thank you all. You have helped. I got good ideas, and I will try next steps the following weeks!

submitted by /u/newkidontheblock76
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