Care of security and don't store your coins on exchanges! - page 10.

traderethereum

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Quote from: TGD on May 09, 2019, 08:42:40 AM

Quote from: toydoll on May 09, 2019, 08:40:34 AM

I agree with the author,in recent time, often appear to news about the hacking of exchanges.But I keep money in my stock account on exchange. After all, there are times when you need to urgently buy or sell something,and while you transfer from wallet to exchange-you lose time.

Just choose a secured exchange, it's much practical to hold some in exchanges especially if we really plan to trade, we will spend a lot in transaction fees if we plan to keep it on our wallet.

That is what we must do if we want to keep the coins in the exchange, so we don't have to afraid if we are getting hacked.
There is many secured exchange we can use and with activate 2fa, email verification and else, we can make sure the account will be secure.
Besides that, the exchange will protect us from hackers, so we don't have to worry.
I still keep some of my coins in many exchanges like poloniex, binance, bittrex, kucoin and else and I always activate 2fa to protect me.

ccsang

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You're right, never store your crypto assets on exchanges because even top exchange also have risk of hacked, currently only private wallet like hardware wallet is a best ways to store your crypto assets to prevent hacked, but I think still a lot of investor store their crypto assets on exchange because it's easy to use for daily trading.

toydoll

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Quote from: TGD on May 09, 2019, 08:42:40 AM

Quote from: toydoll on May 09, 2019, 08:40:34 AM

I agree with the author,in recent time, often appear to news about the hacking of exchanges.But I keep money in my stock account on exchange. After all, there are times when you need to urgently buy or sell something,and while you transfer from wallet to exchange-you lose time.

Just choose a secured exchange, it's much practical to hold some in exchanges especially if we really plan to trade, we will spend a lot in transaction fees if we plan to keep it on our wallet.

I agree,but how to choose secured exchange?Is there an exchange in which You are 100% sure? Nobody will give guarantees,we will risk.

TGD

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Quote from: toydoll on May 09, 2019, 08:40:34 AM

I agree with the author,in recent time, often appear to news about the hacking of exchanges.But I keep money in my stock account on exchange. After all, there are times when you need to urgently buy or sell something,and while you transfer from wallet to exchange-you lose time.

Just choose a secured exchange, it's much practical to hold some in exchanges especially if we really plan to trade, we will spend a lot in transaction fees if we plan to keep it on our wallet.

toydoll

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I agree with the author,in recent time, often appear to news about the hacking of exchanges.But I keep money in my stock account on exchange. After all, there are times when you need to urgently buy or sell something,and while you transfer from wallet to exchange-you lose time.

alexsandria

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Quote from: jossiel on May 06, 2019, 10:36:12 PM

Very well said, newbies should read this tip because most that they do is to trust their funds to the exchange that they use. They are very much confident that exchange is legit, okay we're already there with their legitimacy but its about their internal security.

And most of the systems doesn't have its own perfection, anything can happen and unexpected incident might come. Although there are exchanges that are making their security stronger but do it and serve it as an etiquette that you should hold your funds by holding your private keys.

Not really, there are some newbies actually that is already advised to use the best exchanges available in the market today, and to consider, the newbies nowadays are responsible, how can I say that, through my influence on my colleagues, I am pretty sure that I've provided them the basics especially on trading patterns.

RealMalatesta

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That is right, we need to be responsible for the safety of our tokens by storing them directly ourselves on any of these external wallet, but there are some people that it makes no difference if they store their coin on exchange or not because even with the external wallet, they still don’t take the issue of security serious, they use weak security that will make it easy for any spamming software to gain access to. The safest one I know for now is still the hardware wallet, as it will be difficult for hacker, spam tool or any other security issue get to it, but it is quite expensive to maintain get and also to maintain.

Roni116

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I prefer a personal wallet to store most of the coins I have and I feel safer, and at the exchange only put a small portion of what I have.

arnoldrimmer

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Storing your coins in exchange is one of the deadliest mistake you can make, the rate at which exchanges are been hacked is alarming so it's better you store in your personal where only you have access to the private key or offline wallet

Redemption59

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This has always been the hardest truth but people refuse to accept it, storing funds on an exchange is really not a safe place, why do such whiles you have your wallet with your safe private keys with you. See what just recently happened to Binance with all their security systems, it's just not safe pals, withdraw to your personal wallet safely and protect your funds.

Findingnemo

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This is one of the primary thing need to be know by an crypto user.Exchanges were made for exchanging our cryptos into another cryptos and wallets were made for storing the cryptos.

fallensky7

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You are right !! No one exchange can guarantee complete security. Blokchain is at the heart of cryptocurrencies. It was created to be resistant to cyber attacks. And it is stable, but only until it falls into the hands of an inexperienced user. If you decide to work with a cryptocurrency, you must follow the basic principles of its use. Your coins are safe while you keep them in your personal wallet, and your private key is far from prying eyes.

almightyruler

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Using an exchange as a pseudo-wallet is not a good idea, but if you're invested in 20 different coins, it may not be practical to keep up with that many different clients.

Also, if no one kept funds on exchanges, the order books would be empty; without a counterparty storing funds on the exchange, you'd never be able to buy or sell.

No Pain No blood

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I never did this. because storing coins in exchange is one of the mistakes. there have been many cases of hacking and it should be a lesson for us today. there may be lots of exchanges that have good security, but that is not enough to make us believe. it's better to hold coins in a personal wallet because it's much safer.

Alpinat

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

~snip~

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

This is what I am telling to my crypto mates. That they should store their money or crypto in their own wallet along with their private keys to have assurance that they are the only one who can manage and control. Exchange hackings are very on trend right now so better be safe from it.

thaliaand

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Quote from: sana54210 on May 08, 2019, 05:42:17 AM

Quote from: Lakai01 on May 06, 2019, 11:02:02 PM

It should already be common sense that you dont store any valueable thing anywhere without being the owner of the "store". Noone would give all of his money to complete strangers and hope that they manage it, so noone should do this with his coins, too.

I agree with you, but one still need to make use of the exchanges services sometimes, take for example traders that are using their coins for trading, there is no other 2 ways about it than to store their coin on these exchange wallet, because it will be unwise for them to keep transferring coins from time to time because of the fees they will keep paying for doing so.

The only option would be for us to leave our coin on the exchange, but if one is to do this, it has to be on very reliable exchanges that one can really guarantee that there security is strong and would be difficult for hackers to hack them like Binance.

This option I think applies more to traders who are active than holders for the long term because of the costs incurred when repeated transfers from wallet to wallet.
Regarding to security of an exchange, even a reliable with high security system like binance still got hacked and 7000 btc were stolen though user funds are safe. News here : https://www.ccn.com/hackers-steal-7000-btc-binance

lionheart78

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It is a common advice in cryptosphere to hold and store your token and coins in an address that you hold the private key. Without private key, you won't be saying it is yours especially when you store it in an exchange. There are several guidelines on how to secure your token and coins and how to secure your wallet that is holding your coins in this forum You can find it here :

HOWTO: create a 100% secure wallet
[SECURITY | GUIDE] How to protect your wallets and private keys

sana54210

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Quote from: Lakai01 on May 06, 2019, 11:02:02 PM

It should already be common sense that you dont store any valueable thing anywhere without being the owner of the "store". Noone would give all of his money to complete strangers and hope that they manage it, so noone should do this with his coins, too.

I agree with you, but one still need to make use of the exchanges services sometimes, take for example traders that are using their coins for trading, there is no other 2 ways about it than to store their coin on these exchange wallet, because it will be unwise for them to keep transferring coins from time to time because of the fees they will keep paying for doing so.

The only option would be for us to leave our coin on the exchange, but if one is to do this, it has to be on very reliable exchanges that one can really guarantee that there security is strong and would be difficult for hackers to hack them like Binance.

IVEXO

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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.

And we need to protect and care for our private wallet too
Because once hacked, it leaves you vulnerable too

So avoid phishing links, avoid spamming friends too

rizkyhiw

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Yes, that's a good suggestion because if you save in stock, it can disappear at any time with great risk, first trade or long-term investment, if you want to trade for me it doesn't matter because all the money you have will be controlled every day but if Long-term investments will be good for storing in hardware wallets and always kept away from internet connections so they are not easily hacked by hackers.

Topic: Care of security and don't store your coins on exchanges! - page 10. (Read 1492 times)