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> Holding crypto on an exchange is like giving money to a guy on the corner I’m sorry, what? A CEX /should/ be comparable to a brokerage like Charles Schwab o
by yunohn 4y ago
> Holding crypto on an exchange is like giving money to a guy on the corner
I’m sorry, what?
A CEX /should/ be comparable to a brokerage like Charles Schwab or even Robinhood. This comes with legal protections - they can’t gamble with my unused money or invested stocks.
Also, and this is the most disingenuous part - how do you buy crypto with fiat? Literally everyone I know uses a CEX to on/off-ramp, and sadly this is widely seen as an acceptable evil.
- mattbrewsbytes 4y agoAre there really legal protections for crypto exchanges? Use an exchange to on/off ramp it, then put it into your own wallet for holding.
- yunohn 4y agoSure, that’s technically feasible if you’re willing to pay all the greedy fees. Here’s how it looks for me using Coinbase: - On-ramp (fiat to CEX-fiat): 0.15€ flat - Conversion (CEX-fiat to CEX-crypto): ~4% - Self-custody (CEX-crypto to wallet-crypto): Depends on coin, average ~10€ flat And if I want to off-ramp, I need to follow all these steps in the opposite order. Meanwhile, atleast in the non-US countries I’ve lived in, all fiat transactions are free. I can top-up my bank account, send digital money to others, withdraw fiat, etc etc with ZERO fees.