Daedalus Wallet vs Exchange/Binance Wallet?

Hi all,

I’ve been advised before, NEVER to keep my Crypto on the exchange but to move them, either to cold storage (eg Ledger), or just off the exchange.

Can I ask though, what are the main benefits to using the new Daedalus wallet on my local/home computer as opposed to leaving them in my Binance exchange wallet?

Is it purely the safety aspect; that exchanges can be hacked?

I know staking is now an option… but if the exchange also offered staking, what would be my real reason for moving my ADA as opposed to leaving it where it is?

Apologies if this is a basic question - or should’ve been posted elsewhere? I’m still learning!

Thanks

Hi, I’ve created a topic for creating a paper wallet for the same concern.
When you agree to the Daedalus Wallet conditions, you agree that the service is provided “as is” with no warranty whatsoever.
I personally do not take responsibility for that nor the responsibility that my computer is not under surveillance.
That is why all my ADA are still on Binance awaiting for instructions on how to create a paper wallet.

@RichieCee
@thomas_boisson
Hello
It is really a personal choice for you where to store your assets. As long as your crypto is in a wallet and off the exchange, then it is safe, you’re right. The exchanges are where hacking can occur I’ve read/been advised.
As far as Daedalus vs. other wallets, again it is a personal choice.
By choosing to use Daedalus and staking within, you’re choosing also to support the actual Cardano ecosystem, their Stake Pool Operators. Outside Daedalus, you do not know who your SPO is. Whereas here, you can research their introductions and choose who feels best for you/who you vibe with. It’s a more personal approach I suppose, and for some that means a great deal; adds even more sense of security for the long-term investments they’re in.
I do use a couple other wallets but was intrigued to download and try Daedalus specifically for my ADA. Also, you can delegate to more than one Stake Pool if you like.
The ‘as is’ is more than likely because there will always be updates and it’s up to us to stay on top of our own responsibilities to keep current/download new versions.
(It may be you want to wait right now as they’re creating/implementing updates to fix bugs right now but by end August/start Sept all should be resolved and the processes will run smoothly for you - including the ability to send via exchanges.)
I hope this has been helpful in some way for you.
Enjoy your day :grinning: :v:t4:

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