Care of security and don't store your coins on exchanges! - page 3.

aioc

hero member

Activity: 3136

Merit: 579

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 All users that had withdrawn the fund before were safe because they stored their coins in their own wallets.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.

It's the rule of the thumb, and it's been proven time and time again, we will see more hacking in the future and if your coin is in your wallet, you have a lot to be sorry, that means you are not listening to advice that exchange is not the best place to store your coins.

Astvile

sr. member

Activity: 1484

Merit: 276

This happens to me.I stored a few couple of dollars on coinsuper and i forgot about it and i stumble upon it on my phone and remember i have few dollars there left and its all gone with no withdrawal records no sell orders and no balances.Im thankful its just a small amount

starblocks

hero member

Activity: 1344

Merit: 502

In this regard you do have to be very cautious not only of storing your coins on cryptocurrency exchanges but also storing them safely off-line in cold storage or using a hardware wallet etc. and if you are going to use lesser well known exchanges make sure you don't keep large amounts of funds on them and only trade in smaller quantities and first test that deposits and withdrawals work in order to minimize any losses that may potentially occur

raes

sr. member

Activity: 938

Merit: 250

The First Idle Defense Blockchain Game

Quote from: trauchot on May 22, 2019, 02:44:26 AM

I completely agree with you, now it is generally incomprehensible, I constantly hear that various tokens disappear from various people who keep their tokens on various exchanges, and therefore it is best not to do this anymore and to keep your tokens in a safe place, namely in your wallet.

from the past storing our assets in exchange is not a wise choice. we know exchanges can sometimes be hacked, and indeed it will be safer if we store our assets in the personal wallet we have.

trauchot

member

Activity: 1764

Merit: 10

I completely agree with you, now it is generally incomprehensible, I constantly hear that various tokens disappear from various people who keep their tokens on various exchanges, and therefore it is best not to do this anymore and to keep your tokens in a safe place, namely in your wallet.

Taufik blackspade team

full member

Activity: 431

Merit: 100

Quote from: ?? on ??

Certainly, hacking event of the best exchange should be a lesson to all of us. Maybe this time the stolen money was paid back, but it is not clear what will happen next time. Maybe, amount is poor, then if you can afford to lose it then let it be.

is there news that the hackers managed to take money from the exchange? because I didn't hear that happening. which I know is only hacking against large exchanges. and not the developer has fixed the security system on the exchange.

motienvolam

member

Activity: 291

Merit: 20

I love my wife and my little girl

Quote from: Mianae on May 22, 2019, 01:52:41 AM

The best security approach is using a hardware wallet for the storage of your coins. With a hardware wallet, it's safe and one won't tell stories of hacks or missing funds as people have recently reported their funds missing on exchange of recent. I advice everyone in crypto to save up and buy a hardware wallet.

Hardware wallets don't help to secure your funds better, it totally depends on the way you use your hardware wallets as well as other kinds of crypto wallets. The key thing is whatever wallet you use to store your funds, private keys or seed phrases should be stored safely in different methods and different locations. I totally agree that users whom have ability to control and secure their wallets, should not store all their funds or most of their funds directly on exchanges, due to risks of hacks on exchanges. Someone who have not know how to use wallets for Windows, iOS should learn to use it. Crypto investors should store minor part of their funds directly on exchanges, because only big and reliable exchanges will compensate for their users when hacks occur.

Mianae

member

Activity: 798

Merit: 14

The best security approach is using a hardware wallet for the storage of your coins. With a hardware wallet, it's safe and one won't tell stories of hacks or missing funds as people have recently reported their funds missing on exchange of recent. I advice everyone in crypto to save up and buy a hardware wallet.

ziggy21

jr. member

Activity: 97

Merit: 1

individuals will never learn, their covetousness and lethargy will dependably show signs of improvement of them and they will finish up putting away their coins on trades and at some point or another they lose every one of them in a squinting of an eye.

we have had many instances of trades being hacked or basically defrauding their clients and fleeing. MTGox, Cryptsy, Btter, Bittrex, Bitfinex, ... also, presently Binance.

also, in the greater part of these case the main error individuals made was to confide in the trade since it had a huge volume and was "prominent"

steveabrahams

sr. member

Activity: 1050

Merit: 254

Quote from: Docbee on May 20, 2019, 03:14:12 PM

Except for trader i don't see any reason why token should be kept on exchange for any reasons, having your private key make you to have control of your fund.

If you are not trader then it's better to not stored your coins on exchange. A big exchange like binance can get hacked, it's show you that exchanges is not always safe. It's better to stored your coins in your own wallet, please don't be lazy folks. It's for your own safety.

bhabygrim

sr. member

Activity: 994

Merit: 257

Best Bitcoin Casino www.coinsaga.com

Yes I agree with OP if you really care about your money then be responsible enough to take care of it.
You should be the one who is holding your crypto since it is yours.
You already invested in crypto yet you couldn't invest in a good wallet?
A hardware wallet isn't free but at least it would keep all of your crypto safe .

Whosdaddy

hero member

Activity: 1148

Merit: 527

Quote from: shiming on May 19, 2019, 11:38:10 PM

This is really important for novices. In the history of encryption, there have been many trading platform theft incidents, at the time of trading. We should choose a highly trusted trading platform and don't put funds on the trading platform.

Oh, you think it is only novice that stores their coin on exchanges? Don’t get it wrong bro, most people that even store their coin on exchanges are fully aware of the risk, but I just can’t seems to understand why they chose to always do so.

Sometimes I wonder if it could be because they so much trust the exchange, or maybe because they get some benefits when they do so, because I am sure that there is no one that doesn’t know that the best place to store ones coin is on an external wallet that can give a private key. Well, I have never store my own coin on any exchange before, not even on Binance that I trust.

Docbee

full member

Activity: 822

Merit: 100

Except for trader i don't see any reason why token should be kept on exchange for any reasons, having your private key make you to have control of your fund.

poornamelessme

hero member

Activity: 1204

Merit: 509

Quote from: ?? on ??

Additionally while your assets are on an exchange for trading, always make sure that 2FA is enabled (if possible use GoogleAuth/Authy or SMS and stay away from receiving the 2FA-codes by email as your email-account might get hacked aswell if you're infected with malware). And as soon as you've finished trading, withdraw your funds to your personal wallet.

That's a good point.

Also for newbies take into account the exchange itself. Not that I advocate leaving coins on an exchange, but if we are talking about gemini or coinbase vs something like yobit, or some unknown exchange in a country you can't even pronounce .... well, if you need to leave coins on an exchange to trade, always pick the larger/safer exchange if you can.

atjiat

full member

Activity: 1204

Merit: 104

Quote from: vermigerous on May 19, 2019, 11:43:14 PM

For bitcoins I prepare on storing on electrum on that way I am the one controlling my private key not some coins exchanges who is prone to hacker at any moment. I only store there when I needed to convert my bitcoin to fiat. because there is a possibility that it can be hacked like the other exchanges out there.

Today, many users of cryptocurrencies prefer to sell obscure coins, so that they can then invest the obtained coins into more profitable cryptocurrencies, such as Bitcoin and ethereum. This way you can minimize your losses and get at least some profit all the time.

vermigerous

member

Activity: 489

Merit: 16

www.cd3d.app

For bitcoins I prepare on storing on electrum on that way I am the one controlling my private key not some coins exchanges who is prone to hacker at any moment. I only store there when I needed to convert my bitcoin to fiat. because there is a possibility that it can be hacked like the other exchanges out there.

shiming

full member

Activity: 798

Merit: 101

This is really important for novices. In the history of encryption, there have been many trading platform theft incidents, at the time of trading. We should choose a highly trusted trading platform and don't put funds on the trading platform.

Ferris419

hero member

Activity: 1008

Merit: 501

Everyone knows about it, but still, we are always doing the mistake! I don't know who trade regularly and at the end trade, he withdraws! Basically, I feel lazy to withdraw my fund every day, it takes a fee every time! But I know enough that exchange can be hacked anytime! To avoid such hacks, we have to withdraw funds after the trade! Even Binance exchange is not safe to store your coins!

Nivia1st

full member

Activity: 821

Merit: 100

Volare.network

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.

I've done this long before many hacking problems in exchange. if you want to hold it for a long time, it's better to keep it in a personal wallet. Don't make the wallet the place to hold this coin, because this is a big mistake.

Wale777

jr. member

Activity: 336

Merit: 1

Exchanges are not meant to hold or save coins, its only for trading, and after trading send to your personal wallet that's fully backed up and you have its private keys. Even icos advice to withdraw coins to external wallet for safety, keeping coins on exchange wallet isn't safe because you're not the one controlling it's dealings and operations

Topic: Care of security and don't store your coins on exchanges! - page 3. (Read 1496 times)