Is it secure with dogecoin in Robinhood? I didn’t see there’s pockets…
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8 thoughts on “Is it secure with dogecoin in Robinhood? I didn’t see there’s pockets…”
I mean they’re public so no riskier than any CeX. Your crypto is not insured though so if they were to go insolvent it’s gone. The only difference is they are also a broker so if you converted it all to cash before they officially bankrupt that cash is actually insured. Never keep anything on a CeX you aren’t willing to lose.
Your coins are as safe as keeping coins in FTX. So if you’re cool with that amount of risk. Otherwise, you’ll wanna transfer your coins out of Robinhood into a dogecoin wallet you control and own keys to. One way is creating a self-custodial paper wallet with wallet generator like this one https://walletgenerator.net/?currency=Dogecoin
There are no RH wallets anyway. Just deposit addresses that go into one of their HD wallets which then get swept to cold storage.
Is it risky? Hmm, let me think…. ????
Was FTX risky? Mt Gox? Any of the many others which get robbed, imploded or were outright scams?
The only truly safe way to hold your coins is in wallets you actually control. Text wallets are easiest, cheapest and most secure provided you make multiple copies on removable media you never expose online. They’re free, cost zero resources to maintain, and can’t be compromised if you do it right.
Just search for ‘text wallet’ here and have a read.
I mean they’re public so no riskier than any CeX. Your crypto is not insured though so if they were to go insolvent it’s gone. The only difference is they are also a broker so if you converted it all to cash before they officially bankrupt that cash is actually insured. Never keep anything on a CeX you aren’t willing to lose.
Your coins are as safe as keeping coins in FTX. So if you’re cool with that amount of risk. Otherwise, you’ll wanna transfer your coins out of Robinhood into a dogecoin wallet you control and own keys to. One way is creating a self-custodial paper wallet with wallet generator like this one https://walletgenerator.net/?currency=Dogecoin
There are no RH wallets anyway. Just deposit addresses that go into one of their HD wallets which then get swept to cold storage.
Is it risky? Hmm, let me think…. ????
Was FTX risky? Mt Gox? Any of the many others which get robbed, imploded or were outright scams?
The only truly safe way to hold your coins is in wallets you actually control. Text wallets are easiest, cheapest and most secure provided you make multiple copies on removable media you never expose online. They’re free, cost zero resources to maintain, and can’t be compromised if you do it right.
Just search for ‘text wallet’ here and have a read.
You can message them in the app and they will tell you they hold your crypto 1:1
not your keys, not your coins
Your own wallet is the best way to go
Ledger nano x. Hardwallet best way to go. Pretty easy to set up as well.
Cold wallet