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New to crypto ... use a wallet or leave my crypto with Coinsquare?

Hi,

I'm new to crypto. Just wondering whether it's worthwhile getting a wallet, or should I just leave my crypto with Coinsquare?

... if I want to place my crypto on a wallet, I guess I'll have to pay Coinsquare's withdrawal fee, right?

Thanks!
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Comments

  • CoinGuyCoinGuy Administrator
    Please @CoinRhino get a wallet. The latest example with Quadriga is a reason why you don’t leave coins on an exchange.

    I highly recommend you consider buying a Ledger or Trezor if a significant amount of crypto. Please read our get started guide for more details.

    https://coinforum.ca/discussion/4490/new-to-bitcoin-in-canada-start-here-with-the-basics#Bitcoin-Wallets
  • @CoinGuy, thank you! Hugely appreciated. I'm on it!
  • Hey, @CoinGuy, the how-to guide on making a paper wallet (as well as other references I've checked out) make the point that any computer that isn't brand new might be susceptible to spyware, etc., that could jeopardize one's crypto coins. I understand that this is a serious threat, but what would you suggest is the accepted approach of most people? Just run a malware scan on their computers and then proceed? ...or to actually buy a dedicated computer?

    Thank you, much appreciated
  • CoinGuyCoinGuy Administrator
    There is always a risk - but I think a malware scan should suffice, if this is your first time. I would do creation offline if you can
  • There is Exodus wallet you can use on a PC, Mac or Linux computer for short term 'storage'. Coin selection is limited thou by number of mainstream ones.
    If mining then you can send coins to Exodus wallet and later transfer to Trezor or Ledger on weekly/monthly or so sched. Hardware wallets like Trezor don't like high number of transactions thru them and should be used for cold storage.
  • barehunterbarehunter Member Plus
    A dedicated operating system just for business, preferably linux.

    Electrum desktop wallet has been the favourite and most popular for years. It suffered a hack of sorts lately causing users loss to the tune of 250 bitcoins. It has been fixed in the newest version. Always download from electrum.org and no where else.
    Check the gpg signature of the downoad no matter what wallet you downoad. Do not bypass this step.

    Never NEVER download a wallet from a pop-up within the wallet. I mean never follow links to what they are saying is the legit wallet. This is how Electrum was compromised and it can happen elsewhere.

    Never a good idea to store bitcoins on an exchange but if you have to for a bit, Kraken and Coinbase would be the safest. Coinbase has a "vault" option.

    ALWAYS use 2fa. Not sms. Authy or google authenticator.

    Bitcoin.org vets and recommends many wallets. Like coinguy mentioned; a ledger or trezor is best if bought from the manufacturer and not off ebay.

    Good luck.
  • Many thanks @barehunter. It's a steep learning curve for someone just getting into it -- but it's interesting stuff, so all the info is much appreciated!
  • barehunterbarehunter Member Plus
    CoinRhino said:

    Many thanks @barehunter. It's a steep learning curve for someone just getting into it -- but it's interesting stuff, so all the info is much appreciated!

    Yes, there is a learning curve. You are swimming in treacherous waters. We don't want you to lose any money. I would venture a guess that most of us earlybirds lost money due to thievery. There are risks but the rewards can be monumental. Enjoy the ride.
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