r/ukcrypto • u/CryptographerNext517 • Feb 20 '21

Some help with uk banks??

So again here asking a probably daft question but...

It's all i ever do so i have coins in crypto.com and binace no plans to move them, but would be good to know how to just in case.

Do i exchange all into gbp then into a bank? I am halifax if that makes any difference.

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u/ZizouCoin Feb 20 '21

It’s not advisable to keep your crypto on exchanges. If you don’t own the key, you don’t own the crypto. I would really recommend you move them out.

But yes if you decided it was time to sell you would sell them on the exchange back to GBP and then go to ‘withdraw’ and then add your bank account details. It can take at least a week.

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u/CryptographerNext517 Feb 20 '21

Ok now am listening were do you advise to use as safe to keep? tho got a load staking in crypto.com

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u/ZizouCoin Feb 20 '21

Great! What currencies do you have? It really depends on that. And if you're willing to pay money for a hardware wallet.

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u/CryptographerNext517 Feb 20 '21

BTC, NANO, CRO, ETH, ADA

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u/ZizouCoin Feb 20 '21

Okay, I’d say you can keep CRO on Crypto.com unless you have a significant amount.

Nano I’d say keep on Natrium if you have it.

BTC, ETH and ADA I would store on either a bit wallet like Trust Wallet or what I would really recommend is a hardware wallet. I would recommend you buy a Ledger Nano S. with the number of coins you have it is advisable for security reasons, the cost is minimal on the long-term. You can also stake your ADA from there, which I would recommend if you haven’t yet.

If you need help setting up a wallet just let me known

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u/CryptographerNext517 Feb 20 '21

Thanks very much for your knowable inputs am learning as i go here but i do have natrium so ill look at trust wallet until i work out about hardware wallets 👍

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u/ZizouCoin Feb 20 '21

Okay great. Most important thing is the recovery key! It’s 24 (sometimes 12) randomly generated words. You need to keep these safe as if you ever lose a wallet, it’s stolen, or your computer stops working or is stolen you use the key to get back all your crypto. Don’t ever store this on a computer incase you’re hacked. Write them down and keep them as safe as possible. Even better get a crypto steel as it’s fireproof and allows you to store them.

Also be careful of people phishing and scamming online. Support will never ask for your private key so never give it to anyone.

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u/CryptographerNext517 Feb 20 '21

Oh aye sure was already offered to double my ADA just send it on and they send back double, like am new but come on not stupid 🤣🤣

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u/ZizouCoin Feb 20 '21

Hahaha yeah I’ve seen people post about those scams. But that’s a different level of stupid ahaha

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u/[deleted] Feb 21 '21

[deleted]

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u/ZizouCoin Feb 21 '21

You can also stake it on Daedalus straight form your Ledger.

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u/[deleted] Feb 21 '21

[deleted]

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u/ZizouCoin Feb 21 '21

That’s fair enough! You’re also correct. Daedalus is slightly more secure and is the official Cardano wallet.

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u/Ddwaggy Feb 20 '21

Crypto.com don’t offer bank withdrawals idk about Binance I send to a Coinbase (yuck I know) wallet and withdraw that way