Hello everyone! I’m new to the world of cryptocurrencies and need some help. I have some Cardano on an exchange and I want to transfer it to a hardware wallet to ensure my coins are safe. I know some exchanges have high withdrawal fees, so I’d like to know what strategies you’ve used to keep those fees low when moving your ADA.
In addition, after transferring my Cardano to a hardware wallet, can I stake it from there? What steps do I need to take for staking? Also, which hardware wallets do you suggest that allow ADA staking?
I’d rather not use hot wallets since I’m anxious about security threats like malware or hacks. Any insights from seasoned users would be greatly appreciated!
ledger nano x is solid for ada! just make sure to check fees on transfers tho, they can sneak up on ya. once ur ada is chillin on the ledger, staking is pretty easy. just use yoroi, choose a pool, and u’re good to go for rewards!
Timing matters for withdrawal fees. Exchanges adjust their ADA fees regularly, so if you’re not rushed, watch for a week or two. I’ve seen fees drop by half just waiting for the right moment.
I’ve been using a Ledger Nano S Plus for my ADA - works great. The trick is setting up Adalite or Daedalus correctly after you get your hardware wallet. Download the official Cardano app on your Ledger first, then connect everything.
Staking’s easy once you’re set up. Just delegate to a stake pool through your wallet and you’ll start earning after a few epochs. Rewards compound automatically too. Check your pool’s performance history and saturation levels first though - oversaturated pools mean lower rewards for everyone.
Hey Ray84! Congrats on switching to hardware wallets - smart move
For fees, check what your exchange charges for ADA withdrawals first. Binance and Kraken usually have decent rates compared to others. Worth comparing if you’ve got multiple accounts.
Trezor Model T also does ADA staking if you want an alternative to Ledger. Both work fine, just different interfaces.
Couple questions - you planning to stake with one pool or spread it around? And how much ADA you keeping on the hardware wallet vs leaving some on exchange for quick trades?
Staking’s pretty easy once your wallet’s set up, but picking a good pool can be tricky. What matters more to you - max rewards or supporting smaller pools for decentralization?
Also, you thought about timing? Network congestion can slow things down sometimes, though ADA transfers are usually fast.
