PSA: when getting monero from a centralized exchange, ALWAYS withdraw your funds to your non-custodial wallet when you can (lemmy.dbzer0.com)

submitted 5 months ago by aldalire@lemmy.dbzer0.com to c/monero@monero.town

16 comments fedilink hide all child comments

Unless you enjoy holding paper monero, and letting centralized exchanges get away with fractional reserves, always withdraw your crypto!

you are viewing a single comment's thread
view the rest of the comments

[-] aldalire@lemmy.dbzer0.com 1 points 5 months ago

Why not buy monero directly if you can? Kraken has Monero. Say you lose it in a gambling accident, never reuse wallet addresses, you have some plausible deniability no?

[-] g2devi@feddit.nl 2 points 5 months ago

I don't like CEXes and the whole transfer money in and transfer out process and Kraken appears to require an account. and I see a sign in. If ChangeNow or any other instant exchanges that don't require 3D KYC/AML, I'll use it. I haven't purchase XMR in the last few months since I have enough for a major emergency and I can't tie up more money, so I don't know the current state of instant exchanges. But when I do need to buy again, if I can't find an instant exchange with low KYC out there to buy XMR, I know that they still exist for the popular POW coins so I'd go the DEX route. But if those don't exist, I will be more open to explore other options like Haveno or Kraken.

[-] aldalire@lemmy.dbzer0.com 1 points 5 months ago* (last edited 5 months ago)

Regardless, CEX’s are the most convenient way to obtain monero. People should do what you describe, try to dodge as much KYC as you can.

On a sidenote, this is probably why i think Monero is undervalued in the market lol, a large proportion of monero trades happen outside of CEXs, and the market prices come from the API’s of CEXs