How to be ready when it comes to selling?
How to be ready when it comes to selling?
I currently have 75% of my crypto on cold storage and 25% on exchange and yesterday I was thinking about when it comes to selling.
I am not thinking of selling anything just yet but maybe will start in a few months once the halving is here and the market starts to really move.
Is it a good idea to still have most of my crypto on cold storage in a few months when the market is pumping and I am wanting to sell or is it best to start moving everything to exchanges which will then make it easier to sell?
I am just thinking it will be a long process having everything on my cold storage and then seeing the market pumping then having to send everything back over to exchange I may miss the best prices to sell as it will take some time to send everything from cold wallet to exchange.
I understand it is more safe to have crypto on cold storage but is it less likely in the peak of a bull run for exchanges to fall? If so, I feel it would be better to send all of my crypto to exchange in advance to then be ready to sell everything.
This may be obvious to some but this is my first bull run and want to be ready when it comes to selling and I am just not sure what is best way of planning to sell.
I say it’s better to stay safe and I don’t believe the process is that complicated or time-consuming either. All you need to do is pay some generous fees, and you’re good to go.
The exchanges falling would also be something we’re going to experience, but I don’t imagine that would make you miss any great opportunities.
I never keep funds on an exchange… If you’ve been around for a while, you’ll probably remember many instances of exchanges that were trusted in the community, but still went bankrupt/scammed/got hacked losing millions and millions of dollars in crypto.
Moving funds from cold storage to an exchange is a matter of minutes (if you don’t mind paying a decent fee). Waiting for a couple confirmations might take an other hour… But in ~2 hours you can have your funds from your aigapped device on an exchange, ready to sell… It’s defenately not worth the risk to keep it there IMHO.
For me, the only time any funds (be it crypto or FIAT) is ever on an exchange is right before and after i buy or sell… crypto goes from my hardware wallet to an exchange, gets exchanged to FIAT, and the FIAT is withdrawn the very same day… Other way around exactly the same: FIAT from my bank to the exchange, as soon as it’s cleared i do the exchange, and as soon as possible the crypto goes from the exchange to my hardware wallet…