Exchange wallet vs non exchange?

technicalyawn

technicalyawn

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If a vendor asks that coin not be sent from an exchange site what do they mean exactly.

Cake Wallet would be an exchange I assume but what is a example of a secure wallet that doesn't include exchange?

I'm seeing Meta Mask, Trust, etc. Am I on the right track?

I'm using a Graphene OS phone if that helps.
 
Last edited:
technicalyawn said:
If a vendor asks that coin not be sent from an exchange site what do they mean exactly.

Cake Wallet would be an exchange I assume but what is a example of a secure wallet that doesn't include exchange?

I'm seeing Meta Mask, Trust, etc. Am I on the right track?

I'm using a Graphene OS phone if that helps.
Click to expand...
Cake wallet. Exodus. Safepal.
 
technicalyawn said:
If a vendor asks that coin not be sent from an exchange site what do they mean exactly.

Cake Wallet would be an exchange I assume but what is a example of a secure wallet that doesn't include exchange?

I'm seeing Meta Mask, Trust, etc. Am I on the right track?

I'm using a Graphene OS phone if that helps.
Click to expand...
revolut or coinbase would be an exchange as far as i know

electrum is just a wallet and a good one as im using it fine

so its better to buy the coin on the exchange & then send it to your own wallet (electrum or cake) & then send to vendor from there

Exchanges keep track of where u send coin to & can query or even freeze your account, your electrum wallet does not care one bit where your coins go to
 
fyjclol said:
Cake wallet. Exodus. Safepal.
Click to expand...
Thanks.
Sapele said:
revolut or coinbase would be an exchange as far as i know

electrum is just a wallet and a good one as im using it fine

so its better to buy the coin on the exchange & then send it to your own wallet (electrum or cake) & then send to vendor from there

Exchanges keep track of where u send coin to & can query or even freeze your account, your electrum wallet does not care one bit where your coins go to
Click to expand...
OK. Makes sense. Thank you.
 
This just bit me today for the first time in decades. An exchange froze me for 30 days, no trial...
 
Use bitpay or phantom wallet. U make a private key. Store it safely. Send to your wallet first than to your favorite vendor
 
technicalyawn said:
If a vendor asks that coin not be sent from an exchange site what do they mean exactly.

Cake Wallet would be an exchange I assume but what is a example of a secure wallet that doesn't include exchange?

I'm seeing Meta Mask, Trust, etc. Am I on the right track?

I'm using a Graphene OS phone if that helps.
Click to expand...
Best wallet is cool cause no KYC- however your protocol to get it there has to be right or defeating the purpose
 
You want to keep your coins in a self custody wallet anyway, not your keys not your coins, don’t leave currency in exchanges, all manner of impropriety can happen on an exchange. Buy currency, as soon as it clears send it to your own wallet, whether dealing with a vendor or not it’s just best practice.
 
AlHoffman69 said:
Best wallet is cool cause no KYC- however your protocol to get it there has to be right or defeating the purpose
Click to expand...
Sorry I responded to only part of your question I assume you have figured it out I can share the lil bit of knowledge I have lol exchanges offer liquidity as you can sell and withdraw straight to debit cc bank...etc however I agree completely with @FractalVision you don't want to keep your coin in "exchange" as you are exposed to risk, from nafariius behavior, exchanges for a very poor use of the word act as a bank but not lol it's where coins are sold bought traded I only use exchanges to withdraw my crypto I have invested. If I need to get some cash real quick I have literally jumped off the bus running up to my ATM and was able to snag couple hundred dollars out withdraw to my checking and get fiat CASH. I am learning myself I have only been dealing with crypto for 6 months or so but it's not as difficult at all as it seems when I started I would constantly friek out thinking my shit was gone anytime I sent or received lol
wallets are where you store your crypto, exchanges offer ability to convert to cash. Hopefully that helps you out.
 
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