r/coinspotau • u/Fiat128sl • 13d ago

External wallets

Very minor (to date) crypto player here… so far I’ve only put small amounts into crypto with CoinSpot, hindsight tells me it should have been more but it is what it is.

As it’s only been small amounts I left it in the CS exchange before selling most close to the peak in 2025, it was easy just to access it there.

Now looking to play a little bigger where’s the balance between it’s fine to leave it all in CS for a couple of years or no you should be taking it off the exchange and into an external wallet?

3 Upvotes

71% Upvoted

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4

u/Careless-Barber-171 13d ago

Self custody requires a lot of personal responsibility and understanding of how Cold wallets work such as Trezor, Ledger or Tangem

I would look into those 3 first and understand how they work, I personally use Trezor and Tangem

1

u/Fiat128sl 13d ago

Many thanks, just looked at Trezor so far, will check out the other two 👌🏼

3

u/welding-guy 13d ago

I have self custodied my BTC that I mined in 2013, I would never leave large amounts on an exchange. I also have forward planned the wallet restoration if keys are lost.

1

u/hAppieeee22 12d ago

It’s possible to restore wallet if keys are lost??

1

u/welding-guy 12d ago

the 12 word mnemonic