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Beginner with a few questions

  • 11-05-2021 7:22pm
    Registered Users Posts: 1,939 ✭✭✭ maxwell smart
    Registered User

    I've decided to have a go at Crypto investing.

    I'm going to invest the princely sum of €50 which I'm fine to lose all of it during the learning phase.

    So I've a couple of quesitons.

    I've registered with
    E-Toro - bought €10 ETH and then sold it for 12 and made a tiny amount after some charges.
    The bought €20 DOGE and got out at €22
    EToro has a very easy to use dashboard / interface which I like
    Binace - I wanted to try some Shiba Inu so bought €30 of it.
    The interface is much more complicated than EToro.
    Do I need to transfer them to a 'Wallet'? I've set one up on Coinbase.
    If I just leave them what happens (they go up and down in value I assume), but what is the advantage of moving them to a wallet.

    Any help much appreciated. Also anything I'm missing and should know please feel free to tell me.

    (Apologies if there is a thread about this already, couldn't see one)



  • Registered Users Posts: 330 ✭✭ HGVRHKYY
    Registered User

    For that low money it isn't really necessary to be worrying about a private wallet, just set your account up with a strong, unique password and use an authenticator app for 2FA so your exchange account is much more secure. You'd also have withdrawal fees from Binance if you sent them to a private wallet.

    The advantage of a private wallet is that it's yours and yours alone, you have complete ownership of it and, as the saying goes, you are your own bank. It's worth considering that when you have invested enough that you're worried about possibly losing; at that point, look into hardware wallets like Trezor and Ledger

  • Registered Users Posts: 447 ✭✭ iAcesHigh
    Registered User

    beware that doing so many transactions means quite a paperwork when your taxes are due, so make sure you keep your records tidy...