Care of security and don't store your coins on exchanges! - page 6.

SlickMoTwoToe

full member

Activity: 438

Merit: 100

Quote from: chenille on May 06, 2019, 06:36:55 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 All users that had withdrawn the fund before were safe because they stored their coins in their own wallets.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.

Definitely agree with this many people store their coin in some exchange their reason is exchange is the safest where they can store their money because of the high security that they are referring and here we go the best exchange before got hack and can't recover and the result is they will closed it and the funds of the traders was force hold because of that hacking incident, i'm one of the people who store coin in exchange because my friend recommend it, it was very wrong on trusting I should kept it on a ledger.

Terrmit

jr. member

Activity: 413

Merit: 1

I do not think that this is the main problem. Danger can poster anywhere in the cryptocurrency world. So 10 times check on which sites you visit and check your devices for viruses.

Golftech

hero member

Activity: 2128

Merit: 520

Quote from: ZloiRediska on May 15, 2019, 07:51:52 AM

I do not understand how you can store your coins on exchanges. This is crazy. I understand traders - they trade on exchanges. But there are people who just keep their coins for years on exchanges. It's very dangerous

For traders who knew how to handle the risk of keeping assets inside exchange, they able to continue storing their assets, trusting the exchange and
really leaning with the securities knowing that in any how the site can be hacked, there's big difference between traders who unknowingly storing their
coins as they don't have any idea if hacked happened they will simply regrets their decisions.

psycox

sr. member

Activity: 658

Merit: 251

Maybe this is some kind of trauma because some time ago there was news of losing assets in Cryptopia or just a recommendation to keep assets in the wallet because of security factors.
I am still saved funds on the exchange for trading purposes and then if the target is reached, I will transfer assets to the wallet

Bitkoyns

sr. member

Activity: 1078

Merit: 262

if you want to store a coins then dont go for storing it to an exchange because they had a control to your coins and anytime they can delist it. If you are planning to hold it then you better to look for a personal wallet specially those wallet that you had the private key.

dataispower

sr. member

Activity: 1330

Merit: 289

The bulk of my crypto holdings is on my hardware wallet, especially those I'm holding for long term purpose. Anyone still relying on exchanges to store digital assets should have a rethink. Yeah, I have my coins on exchanges because I'm a trader, but I take precautions too. I wish more and more exchanges should have support for linking hardware personal wallets, I'm talking about decentralized exchanges here.

UniversityCoin

full member

Activity: 714

Merit: 101

All experienced people keep their money only in their wallets. On the stock exchange you can store only small amounts involved in the trade. Also try to divide your money allocated for trading and place it on several exchanges. So you yourself insure against the loss of all trading money in case the exchange closes.

ZloiRediska

member

Activity: 672

Merit: 22

I do not understand how you can store your coins on exchanges. This is crazy. I understand traders - they trade on exchanges. But there are people who just keep their coins for years on exchanges. It's very dangerous

lobat999

sr. member

Activity: 1078

Merit: 310

Quote from: Whosdaddy on May 15, 2019, 01:16:12 AM

This is no longer a new thing and I believe that everyone should know this by now. Exchanges are not really safe, and you should not keep your coins there except for coins that you are trading with. I have always thought that Binance is more safe than most other exchanges we have right now but I’m surprised that their site got hacked recently and they lost about 7000 Bitcoins.

The only exchange I’m sure that such has never happened to is Coinbase. But still that doesn’t mean anyone should trust them, it’s better to keep your coins in your wallet and have the private keys to yourself.

If I'm not wrong, there could be a high possibility that well known exchanges such as Coinbase may have experienced some kind of intrusions before but most of them chose not to made it public since they are afraid of repercussions and other negative impact that might affect their business as a whole. So in principle, assets stored in exchanges are in a constant risks that needs to be addressed accordingly and everybody should be aware of that! Imho.

Whosdaddy

hero member

Activity: 1148

Merit: 527

This is no longer a new thing and I believe that everyone should know this by now. Exchanges are not really safe, and you should not keep your coins there except for coins that you are trading with. I have always thought that Binance is more safe than most other exchanges we have right now but I’m surprised that their site got hacked recently and they lost about 7000 Bitcoins.

The only exchange I’m sure that such has never happened to is Coinbase. But still that doesn’t mean anyone should trust them, it’s better to keep your coins in your wallet and have the private keys to yourself.

No One

jr. member

Activity: 417

Merit: 1

Very much good idea. Amid incidents of hacking of even allegedly secure and protected exchanges, it is the need of the hour to become aware and protect our tokens. One of the best ways to protect coins is store them in a personal ethereum wallet. You can deposit it in exchanges whenever you want to trade. But one thing to keep in mind is that you should not forget your ethereum key address.

niisarearning

sr. member

Activity: 910

Merit: 252

After Cryptopia hack i lost some of Ethereum holdings in that exchange i kept it there because of its huge withdrawal fees thought to take it together once bull run starts . Unfortunately my wallet also hacked nwo its showing CLM in the place of my ehtereum holdign i am not sure when i will get my ethereum back.

coinnumber

jr. member

Activity: 504

Merit: 5

Sincerely most crypto traders and investors do take some instructions for granted, starting from genesis a warning has been placed round the forum including articles on social platforms not to store much of you fund in any exchange as their security is not guaranteed its always advisable to save you Digital assets in a wallet that you are fully in control of the private keys to ensure proper safety of you funds. I will advice we all key to this instruction to avoid future occurrence.

setialovers

member

Activity: 812

Merit: 11

Quote from: babicena14 on May 14, 2019, 05:11:00 AM

I fully support your point of view. Each of the investors should understand that the only way to have full control over your crypto assets is to move them to a wallet that is on your computer, or it can be a hardware wallet such as Ledger or Trezor. If you store your cryptocurrency on an exchange, then be prepared to say goodbye to her in case of a break-in.

Even big exchanger like binance had experience hacked. Store our coin in our own wallet more secure because we control the private key and its very vulnerable store our coin in exchanger wallet because we dont when hackers trying to hack

awakpane

member

Activity: 1274

Merit: 12

Right. in my opinion, saving coins on the exchange does not guarantee security. because the exchange can be hacked by hackers. thus the coins that we save on the stock are lost and we cannot sue the exchange to return our coins.

babicena14

full member

Activity: 780

Merit: 101

I fully support your point of view. Each of the investors should understand that the only way to have full control over your crypto assets is to move them to a wallet that is on your computer, or it can be a hardware wallet such as Ledger or Trezor. If you store your cryptocurrency on an exchange, then be prepared to say goodbye to her in case of a break-in.

Whosdaddy

hero member

Activity: 1148

Merit: 527

Quote from: fortunecrypto on May 11, 2019, 11:30:44 PM

This should be the first thing all crypto holders and investors should learn, you are your own bank and knowledge is power when it comes to being a part of the cryptocurrency community, I expect everybody to know this, skip this and you will regret later.

People know this and yet they still skipped it, I believe that this is not the first time I am seeing this type of advice from people, and for you to know that people don’t pay attention to such advises, how can hackers steal 7000 BTC from a user’s account on exchange, with this large amount of money, why would he keep It on an exchange.

I think exchanges should no longer be promising or guaranteeing these ones keeping their money on exchanges as SAFU, this is what majority of them are holding on to , because they know that their fund will be refunded if stolen from the exchange. Everyone needs to know how to personally keep their money is a safer wallet, where it will be possible for hackers to steal from, provided they don’t release their key.

klaaas

hero member

Activity: 1568

Merit: 544

Quote from: MUG1WARA on May 12, 2019, 04:21:58 AM

Since long time ago, I always kept the coins I bought in the exchange because I always made it a long-term investment, I also used to hear if the market could be hacked and for that I always kept in my own wallet

Best way to go, since swapping services getting more popular and offer more coins it is a good way to skip exchanges at all if you are not a day trader.

udidrone

sr. member

Activity: 2114

Merit: 268

Leading Crypto Sports Betting & Casino Platform

Quote from: fortunecrypto on May 11, 2019, 11:30:44 PM

This should be the first thing all crypto holders and investors should learn, you are your own bank and knowledge is power when it comes to being a part of the cryptocurrency community, I expect everybody to know this, skip this and you will regret later.

Unfortunately, people only want to do simple thing without think about that. Maybe they already know about it but ignore it. Because people sometime only want to create account in market then save their coins there.

MUG1WARA

full member

Activity: 1008

Merit: 101

Since long time ago, I always kept the coins I bought in the exchange because I always made it a long-term investment, I also used to hear if the market could be hacked and for that I always kept in my own wallet

Topic: Care of security and don't store your coins on exchanges! - page 6. (Read 1492 times)