people will never learn, their greed and laziness will always get the better of them and they will end up storing their coins on exchanges and sooner or later they lose all of them in a blinking of an eye.
we have had dozens of cases of exchanges being hacked or simply scamming their users and running away. MTGox, Cryptsy, Btter, Bittrex, Bitfinex, ... and now Binance.
and in most of these case the first mistake people made was to trust the exchange just because it had a large volume and was "popular".
Topic: Care of security and don't store your coins on exchanges! - page 11. (Read 1492 times)
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.
But it has been happening for a long time and specially day traders are doing this. Recently Binance hot hacked and 7000 BTC was hacked. Aren't all of this are customers BTC, from which most of these are from day traders.
Of cause the best practice to control your crypto by yourself and keep it in cold wallet or Ledger\Trezor. Exchange can freeze your funds without any reason, even don't explain to you what happened.
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.
Quadriga can be another example of it. The man was died but all the balance held in the cold wallet also gone unrecoverable forever. That's why it's better to always use self wallet to store your coin,of course no web wallet to trust. They are also the same.
thats right, people should care about the security and do not store their coins on exchange
because exchange is the first target from hackers
and for me a hardware wallet is the best place to store our crypto assets my friend
regards
because exchange is the first target from hackers
and for me a hardware wallet is the best place to store our crypto assets my friend
regards
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.
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.
This is good advice, and i think no one should hold a lot of coins on exchanges, but some traders hold some of their coins on exchanges because they want to trade and will take sometime to get coin on exchanges before trade, but always better withdraw after finish trade, and hold only a small amount.
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.
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.
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