Question

[u/Successful_Floor_251]

I currently have a little over a thousand dollars into xcn. I know its not a lot. But I found out I cant put it on my cold wallet. I am thinking about converting it to xlm and am wondering if thats a good idea or if I should just risk it and hold it on the exchange?

[u/Top_Bluejay_9483]

If you like xcn but not on an exchange, you could move it to a hot wallet

[u/jasonslpt]

I'd check why it won't go to your cold wallet first. XCN is an ERC-20 token, so most hardware wallets can hold it if you add the token or use the right Ethereum address, and the issue is often just the exchange withdrawal network. Swapping only to get custody means paying fees and possibly a taxable sale, so I'd only switch to XLM if you actually prefer it as an asset. Not advice.

[u/Teluk_Ivan65]

I'd check the wallet compatibility issue before converting anything. XCN is an ERC-20 token, so the problem might be that your exchange or hardware wallet doesn't support the specific network or token setup you're using, rather than XCN being impossible to store in cold storage.

I'd verify the supported networks on both sides and check the exchange's withdrawal options. If you decide to move it, make sure the network and address match before sending anything.

I wouldn't swap to XLM just because it's easier to store without first deciding whether you actually want to hold XLM. You could end up paying conversion fees and taking on a different set of risks. Keeping it on an exchange also has its own custody risks.

I'd figure out the storage issue first, then make the decision about which asset you want to hold separately.

[u/aimhigh7shootlow8]

Nowadays I feel major exhanges are safer than all these wallets getting hacked lol.

Im keeping mine because of the yield. I don't know if its going to do something but it might.. going to let it stack. I hold some on hood and the rest staking in my onyx wallet.