Hello,
I bought 0.01 btc on OKX. I choose this platform because I mined anither crypto in the last 6 years that is available to trade there for now. I sell all the coins I mined and bought btc. My plan is just to hold them and invest 100 eur monthly. Should I stay on OKX or move to a safer platform like Kraken? When it is necessary to move my btc to a hardware wallet?
Posted by bejandavid
3 Comments
I would see all funds kept on exchanges as not owned by me, as for example an account block can happen any time. Transfer to hardware wallet when the amount is large enough so that it would cause pain to lose it.
Honestly for small amounts and regular DCA, keeping it on a major exchange at first is pretty normal. Most people usually start thinking about a hardware wallet once the amount becomes significant enough that losing access would really hurt them financially.
Congratulations on purchasing your first 0.01 BTC!
My best advise if to look into a hot wallet (like Exodus) to move it to in the not too distant future, because as long as you keep it on an exchange and anything happens to it, you can most likely say goodbye to it. (The famous phrase: “not your keys, not your crypto”).
Once you own a more significant amount of BTC, it’s worth looking into a hardware wallet like Ledger.