Crypto wallet recommendations?

PackmanJohnny

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Ive been avoiding it for years but looks like to have options I'm gonna have to get with the times - searching by 'crypto' and 'wallet' was about as helpful as I probably should have guessed it would be. Not super interested in trading as much as I am having something reliant to use with vendors. Is there a preferred exchange platform you guys recommend/prefer to use? I'm not a crypto HATER per se, but I made some dummy moves with memecoins during COVID and I'm jaded/wary of it. Definitely avoiding Robinhood, would prefer a noob-friendly platform but maybe with some level of stealth so I dont have to explain transactions to Uncle Sam. TIA!
 
You'll need two different services. A crypto exchange (where you buy crypto) and a wallet that isn't the one connected to any exchange.

For the latter, Exodus Wallet is popular but far from the only option.

You need to buy crypto on any of the many exchanges (i.e. coinbase) and then send it to your private wallet on exodus before sending it to the vendor.

Never send the money from your exchange to the vendor or your account will eventually be frozen.
 
PackmanJohnny said:
Ive been avoiding it for years but looks like to have options I'm gonna have to get with the times - searching by 'crypto' and 'wallet' was about as helpful as I probably should have guessed it would be. Not super interested in trading as much as I am having something reliant to use with vendors. Is there a preferred exchange platform you guys recommend/prefer to use? I'm not a crypto HATER per se, but I made some dummy moves with memecoins during COVID and I'm jaded/wary of it. Definitely avoiding Robinhood, would prefer a noob-friendly platform but maybe with some level of stealth so I dont have to explain transactions to Uncle Sam. TIA!
Click to expand...
I buy with Strike and Trade with Exodus.
As for tracking- others may be able to comment
 
Exodus wallet has been user-friendly to this noob. Avoid buying crypto on venmo like the plague. I'm in the middle of setting up a coinbase wallet for buying crypto but I'm on vacay out of my home state which appears to be an issue.
 
zpped said:
Never send the money from your exchange to the vendor or your account will eventually be frozen.
Click to expand...
Now this should be pinned at the top of every crypto how-to. I had not considered it and would have just sent from Coinbase.

Those of you in the know, is there a meaningful difference in fees across the exchanges? The one time I used crypto for something it seemed like Coinbase took a cut every time I logged in, haha.
 
Crypto noob here too and just started to dabble in this world last week.

So I opened up a Coinbase Account this weekend and purchased some bitcoin. Next I downloaded an Exodus Wallet. My plan is to transfer some Bitcoin from the Coinbase account to my exodus wallet and then make purchases sending bitcoin from Exodus. Does that look like the proper way to do things? Thx.
 
And since this is a crypto thread a couple other things people need to remember:

1) Always use a wallet separate from your exchange to send money to vendors. (already mentioned this one. Exchanges are under strict regulation and oversight. When the vendor's wallet eventually gets flagged anyone who recently sent them money will also get banned.)

2) Verify the ADDRESS is correct before sending anything. You can't get your money back if you send it to the wrong place.

3) Verify the NETWORK is correct for the vendor's wallet. Bitcoin/Etherium/Solano are like Visa/Mastercard/Amex and if you use the wrong one your money could end up completely lost.
 
I copy and paste the address- and because I am cheap and want to be sure, I look at the vendor wallet and say I see X$ is this your wallet?
May or may not be helpful, but has worked for me on a few.

Keep in mind, funding Strike and transferring to exodus can take some time, longer if you are cheap like me- so be sure and do your banking a day or 2 before your order.
 
Morbius said:
Now this should be pinned at the top of every crypto how-to. I had not considered it and would have just sent from Coinbase.

Those of you in the know, is there a meaningful difference in fees across the exchanges? The one time I used crypto for something it seemed like Coinbase took a cut every time I logged in, haha.
Click to expand...
there are differences in fees. I try and pay with sol or usdc base from coinbase since the fees are pretty much zero.
 
Still wrapping my head around this crypto thing. Since Exodus allows purchase of crypto w/in its app/ wallet, what would be the con of purchasing and holding from the same app/ wallet? Is it the fees alone, bc they're higher that route? What am I missing?
 
aquis said:
Crypto noob here too and just started to dabble in this world last week.

So I opened up a Coinbase Account this weekend and purchased some bitcoin. Next I downloaded an Exodus Wallet. My plan is to transfer some Bitcoin from the Coinbase account to my exodus wallet and then make purchases sending bitcoin from Exodus. Does that look like the proper way to do things? Thx.
Click to expand...
Keep in mind that Bitcoin is volatile. You may want to effect your payments with a stablecoin when possible.
 
janedoe said:
Still wrapping my head around this crypto thing. Since Exodus allows purchase of crypto w/in its app/ wallet, what would be the con of purchasing and holding from the same app/ wallet? Is it the fees alone, bc they're higher that route? What am I missing?
Click to expand...
About 3-4% commission. If you're cool with that then it makes things a bit easier.
 
Maximus said:
Keep in mind that Bitcoin is volatile. You may want to effect your payments with a stablecoin when possible.
Click to expand...
I had never heard of stablecoins. So (after quick research) are you saying to purchase a stablecoin like Tether (USDT) instead of Bitcoin for less fluctuation in my crypto account? Makes sense, thanks!
 
aquis said:
I had never heard of stablecoins. So (after quick research) are you saying to purchase a stablecoin like Tether (USDT) instead of Bitcoin for less fluctuation in my crypto account? Makes sense, thanks!
Click to expand...
Thats is what they were talking about.
USDT is the most common one, but it comes on many different networks.

USDT-trc20 is Tether
USDT-erc20 is Etherium
USDT-sol is Solano

These are the most common ones accepted by vendors. And you need a small amount (a few pennies) of the base network coin in order to send these.
 
zpped said:
And since this is a crypto thread a couple other things people need to remember:

1) Always use a wallet separate from your exchange to send money to vendors. (already mentioned this one. Exchanges are under strict regulation and oversight. When the vendor's wallet eventually gets flagged anyone who recently sent them money will also get banned.)

2) Verify the ADDRESS is correct before sending anything. You can't get your money back if you send it to the wrong place.

3) Verify the NETWORK is correct for the vendor's wallet. Bitcoin/Etherium/Solano are like Visa/Mastercard/Amex and if you use the wrong one your money could end up completely lost.
Click to expand...
Thank you for this. I have just been buying crypto and sending in Exodus to save time, but I'll set up my Coinbase today.
 
Something I learned. I transferred in money to my Coinbase account from a bank account. The amount shows in my Coinbase account, but is on hold for 7-10 days as an anti-fraud measure. I can trade within my coinbase account, but I can't send it out to a vendor to make a purchase. So factor that extra time in, if like me, you opened the account to make a purchase.
 
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