Do you send your coins to these wallets after every purchase on the exchange? I don’t have a wallet currently so I guess my coins just sit on exchanges which I’m starting to think is a bad idea. That being said these exchanges hit you with huge fees every time you send coins places. Is storing on Openledge similar to storing in a wallet?
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No, storing on OpenLedger is not the same as storing in a wallet, it is the same as storing on an exchange.
I am an active trader, so I do not move funds into and out of wallets often. I have coins I hold long term, and they may be in a wallet, but ones I am trading remain on the platform I am trading on unless I have another need for them. Keeping your money anywhere but your own pocket is always a risk. Most reputable exchanges do not charge anything but the standard fee to move money in and out. You will find high fees anywhere you can use fiat to purchase coins though.
"Do you send your coins to these wallets after every purchase on the exchange?" - Yes, unless you are planning to sell in the very near future.