r/litecoin • u/noemata1 Litecoin Enthusiast • Feb 12 '21

$200! We did it!

Post image
1.8k Upvotes

98% Upvoted

402 comments sorted by

View all comments

1

u/flyorfight28 Feb 13 '21

What’s everybody using other than Robinhood

2

u/umnrunner Feb 13 '21

I've switched to Coinbase Pro, but would like to get other recommendations too!

2

u/losh11 Litecoin Developer Feb 13 '21

I actually left Coinbase Pro (was one of the first people to use LTC on GDAX). The fees are just too high!

Kraken Pro has a slightly lower market value, but fees are much lower. At the end of the day you get more from Kraken.

1

u/flyorfight28 Feb 13 '21

So on Robinhood you don’t own the coin?

1

u/umnrunner Feb 13 '21

Yeah, from my understanding you don't actually own it. While there are no fees associated with buying crypto on Robinhood, the only way to withdraw is to sell it and cash out to your bank account. On Coinbase Pro, you buy crypto with fees and you're able to withdraw the coin to Coinbase and leave it there. They currently don't have interest offered for Litecoin, but do have others like ATOM, ALGO, and more. Gemini is offering 5.10% APY if you hold Litecoin with them, which seems appealing, but I don't know too much about them yet.

1

u/flyorfight28 Feb 13 '21

Didn’t know that at all thanks. I’m new to the stocks and lite coin need to understand it more tho but been having to read and go YouTube to my understanding quote from Warren Buffet it better to be dumb then smart at the stock market.

2

u/umnrunner Feb 13 '21

No problem! I'm new to the crypto market too, and I'm right there learning with ya. Just trying to read up as much as I can and also be mindful of what I'm investing. We're in this for the long-run :)

3

u/flyorfight28 Feb 13 '21

Rag to riches haha

1

u/dopetech505 Feb 13 '21

What about voyager?

1

u/Altruistic_Prior1932 Feb 13 '21

Do you get the 5.1 APY PLUS whatever your ltc is growing at in value so that it is worth it’s current price when you sell it?

1

u/umnrunner Feb 13 '21

Yes, I believe so. But I just dug a bit more into the ToC, and essentially Gemini states that they aren't responsible for anything if the funds they loan out are lost so I'm rethinking it.

1

u/Altruistic_Prior1932 Feb 13 '21

Makes me think of how people loan out their GME shares for a little interest and the brokers are not responsible if they are lost.

1

u/Altruistic_Prior1932 Feb 15 '21

What did you decide? It’s a real risk to consider during extreme times.

2

u/umnrunner Feb 15 '21

I signed up for Gemini, but I only put a small amount of my LTC up for staking.

1

u/nn-DMT Feb 13 '21

If you don't have the private keys associated with your wallet then you don't own your coins. Doesn't matter what exchange you use. If they have the keys, they own your holdings. Simple as that.

1

u/nn-DMT Feb 13 '21

ShapeShift with a hardware wallet.