Care of security and don't store your coins on exchanges!

motienvolam

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Quote from: jerry0 on June 05, 2019, 01:42:30 AM

Is binance still the most safe exchange to keep coins in? I would say coinbase is probably number 1 is?

Big exchanges don't mean that they won't be attacked despite of how good their security methods are. Attackers spend most (or all) of their time to find methods to attack exchanges and steal money. Even big exchanges, themselves, won't be able to guarentee assests of their customers. In reality, crypto investors whom store their assests direcly on exchanges should know that besides security methods provided by exchanges; they should (have to) secure their accounts, their assets themselves:
- Strong passwords;
- Activate 2-factor authentication for their exchange accounts;
- Activate 2-factor authentication for their emails that used to register exchange accounts;
- Avoid or minimize cases when they use mobile devices to trade or log in their accounts;
- Have as healty habits on Internet space as possible;
- Allocate funds to secure their devices with AV softwares.
I meant doing this will help investors to build two-layered security for their accounts and their assets.

jerry0

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Is binance still the most safe exchange to keep coins in? I would say coinbase is probably number 1 is?

voloda1985a

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To be afraid of everything and miss the possible profit, this is the main mistake in the crypto market. You have to take any chance, even if he is grazing with the loss of most of your funds.

babysweetTiger0401

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Quote from: chenille on May 06, 2019, 05:36:55 PM

If you want to increase easily the security of your coins you can do it by a simple step. Just withdraw your coins from the exchange to a personal safe wallet where you have the private keys. In case if the exchange gets hacked your funds are safu. Never store more in exchanges than you actually need for buying other coins.
A crypto hack can also happen to big exchanges, like it happended to Cryptopia, a big exchange from new zealand where huge amounts of crypto funds were stolen from people that had their coins stored on the exchange when the hack happend. All users that had withdrawn the fund before were safe because they stored their coins in their own wallets.
Even big exchanges are no guarantee that they can't be hacked, so better be safe and store your coins yourself.

Storing your coins safely will prevent your coins from getting hacked and you won't lose your crypto by exchange hacks.

That's a nice advise of you Sir, I remembered some of the old member here said that if you want your coins be safe, you must have your own ledger where you can store you coins in there, though you need to buy em first. But if you don't have money you can use other option wallet were MEW or Electrum are useful on this matter. Probably, We can store in a while our coins in the exchange as long as the platform are really strong and established here for a years, just like Bittrex, binance kucoin and more.

Pamadar

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Quote from: Jpti on May 28, 2019, 09:03:22 PM

It is high time caring about our own coins amidst the repeated incidents of the hacking of crypto exchanges. Even so called highly secured and protected crypto exchanges have been hacked. So it will be a wise idea to take care of our coins. We can store them in our own ethereum wallets. We can move them to exchanges whenever we want.

That's step will lessen the chance of being hacked, have your own wallet and if it's needed to trade then you can transfer anytime and deal with any
exchange, instead of storing your coins and have some fear each day you read hacking incidents, best practice to have your own storage/wallet.

No One

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Yes thank you for your advice worth millions of rupees. We have witnessed many exchanges hacked, and we cannot guarantee other crypto exchanges cannot be hacked. So it is essential to look after our own coins and save them. I think one of the best ways to save your coins is store them in your ethereum wallet. If you wish you can move them to exchanges for trading.

Jpti

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It is high time caring about our own coins amidst the repeated incidents of the hacking of crypto exchanges. Even so called highly secured and protected crypto exchanges have been hacked. So it will be a wise idea to take care of our coins. We can store them in our own ethereum wallets. We can move them to exchanges whenever we want.

waynechong1995

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Hmm depends on exchanges I believe, good reputations on like binance have emergency funds stored to handle such odd hacking cases for compensations, imagine a bull market where transactions are slow, you will have problems with deposits and for an active trader it's disastrous. Having your own private key is definitely best, maybe when you aren't going to trade

ije07

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I only keep it on the exchanger when I intend to sell it and that means I don't keep it long because usually I will sell fast
I put it in my coin on an exchanger only when I have seen that the coins I have are worth selling, don't put them in and keep them there and wait until the price is good because it's very risky

Capt00

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Quote from: Ayiranorea on May 28, 2019, 06:02:25 PM

In whatever way we keep our funds in wallets hackers try the possible ways to get into and wash it off. This takes place with personal wallets as well with the exchange wallets. More we keep it secure with more security features added is the key for securing funds. Beyond this it is always a good pick to hold funds in offline wallets which is not that easy to get connected for the hackers. Here the desktop on which funds were hold needs to clear without any malware.

That is their job mate, they probably find ways in order to get something for us no matter how we keep it safe. Though the possibility is quite thin but knowing how smart they are, they can crack our keys someday. We can't find how they do that but as technologies improving, it could be easily for them to wipe off our wallets and leave empty.

Ayiranorea

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In whatever way we keep our funds in wallets hackers try the possible ways to get into and wash it off. This takes place with personal wallets as well with the exchange wallets. More we keep it secure with more security features added is the key for securing funds. Beyond this it is always a good pick to hold funds in offline wallets which is not that easy to get connected for the hackers. Here the desktop on which funds were hold needs to clear without any malware.

coin-investor

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Quote from: chenille on May 06, 2019, 05:36:55 PM

If you want to increase easily the security of your coins you can do it by a simple step. Just withdraw your coins from the exchange to a personal safe wallet where you have the private keys. In case if the exchange gets hacked your funds are safu. Never store more in exchanges than you actually need for buying other coins.
A crypto hack can also happen to big exchanges, like it happended to Cryptopia, a big exchange from new zealand where huge amounts of crypto funds were stolen from people that had their coins stored on the exchange when the hack happend. All users that had withdrawn the fund before were safe because they stored their coins in their own wallets.
Even big exchanges are no guarantee that they can't be hacked, so better be safe and store your coins yourself.

Storing your coins safely will prevent your coins from getting hacked and you won't lose your crypto by exchange hacks.

You can edit your post and add Binance they are the latest exchange that's been hacked and the hacker got away with 7000 worth of Bitcoin, but compare to other exchanges, they handled it really good, but you are absolutely right exchanges should not be your option when storing your coins.

Silberman

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Quote from: chenille on May 06, 2019, 05:36:55 PM

If you want to increase easily the security of your coins you can do it by a simple step. Just withdraw your coins from the exchange to a personal safe wallet where you have the private keys. In case if the exchange gets hacked your funds are safu. Never store more in exchanges than you actually need for buying other coins.
A crypto hack can also happen to big exchanges, like it happended to Cryptopia, a big exchange from new zealand where huge amounts of crypto funds were stolen from people that had their coins stored on the exchange when the hack happend. All users that had withdrawn the fund before were safe because they stored their coins in their own wallets.
Even big exchanges are no guarantee that they can't be hacked, so better be safe and store your coins yourself.

Storing your coins safely will prevent your coins from getting hacked and you won't lose your crypto by exchange hacks.

While all of what you are saying is correct many people will never apply that, why? Because they are short term traders which means they are looking at 15 minutes charts or even shorter and any delay can mean the difference between making money and losing it so they are not going to wait for a transaction to confirm to get their coins into the exchange.

Felic43

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I agrees with the author of this post security of our coins is not save on exchanger is better for someone to use external wallet for security purposes.

Carreuh

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Indeed, threats can occur anywhere and anytime because the hackers have a variety of ways and tools to hack something they want, so before hacking what we have, it is better to save it in a place that is difficult for them to access those who store tokens or coins in Kate's exchange exchange are easily detected by hackers and keep them in your personal wallet that feels safe

harsi123

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Now technologies have reached the level that any box can be cracked, but all you need is desire and a powerful computer. So appreciate your wallets and take care of them like no other

voltesbit777

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This advice I think is the nth time here in the forum. But still much appreciated. This is just to remind every crypto trader especially those new comers. Even the most popular exchanges can be hacked. Few weeks ago binance had been hacked. Good thing it was traced early to prevent further loses.

mattadc

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I fully agree with the author of the post. Because I think that if we do not care about our money, no one will take care of them there are many scammers who are waiting for you to pay and you will carelessly treat your wallet or money.

Grishanya1234

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Of course, you are right about the safety of your funds above all, but you should not forget that wallets are also subjected to hacker attacks and I would advise you to keep some of the funds on the exchanges and some of the funds on your electronic wallet or a cold wallet will be much safer.

atjiat

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Quote from: eidoscore on May 27, 2019, 05:19:12 PM

storing our asset in crypto exchange is not recomended, even the exchange claimed bigger and safer.
look case in binance, big exchanger like binance are hacked few time ago and learn from this for never store our asset if not for trading near time recomend for withdraw the aset to our personal wallet

if we do not seriously approach the safety of our funds, then no one else will do it. Definitely You can not leave all your money on the wallets of the exchanges, since trading exchanges are always at risk. An example is the recent hacking binance, which is also practically the leader among all trading platforms.

Topic: Care of security and don't store your coins on exchanges! (Read 1492 times)