How software wallets fleece you on exchange fees
Software Wallets like Exodus and Voyager are convenient but VERY Costly .
Two types of fees
There are two types of fees in Crypto – the network fees and the exchange fees.
The network fees are LOW for these wallets (with exodus, it is next to nothing). This lures you into sending your crypto conveniently to Exodus.
Once there though, it is like a tourist trap, where a bottle of water will cost you $200!
Take a simple example – your BNB to BTC (or ETH), you would be paying upwards of 5% fee! That’s losing 5% of your Bitcoin, just on exchange fees.
Summary
Keep your crypto on your exchange. And only use it to trade pairs supported on your exchange. Trying to get it out of the exchange and into a software wallet, is easy and almost free. Getting it OUT of your software wallet will cost you an arm and a leg.
Anuj holds professional certifications in Google Cloud, AWS as well as certifications in Docker and App Performance Tools such as New Relic. He specializes in Cloud Security, Data Encryption and Container Technologies.
Anuj Varma – who has written 1210 posts on Anuj Varma, Hands-On Technology Architect, Clean Air Activist.
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