Care of security and don't store your coins on exchanges! - page 7.

roosbit

member

Activity: 893

Merit: 43

Random coins :)

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

-zip-
Never store more in exchanges than you actually need for buying other coins.
A crypto hack can also happen to big exchanges

for the purpose of storing coins, an exchange has never been an option but then again people who lose funds because an exchange got hacked never have the intention of holding them there, it could be that they have long term buys or sells which were set some time back then happened to have been excuted...and crypto then seats in their exchange wallets awaiting owners withdraw.
Let's not forget people are now making a living off crypto.

steveabrahams

sr. member

Activity: 1050

Merit: 254

You are right, it's better to withdrawal all your coins and stored in your own wallet than stored your coins on the exchanges but for some exchanges i stored some, only for popular and big exchange like Binance and Bittrex. Also never stored on small exchange like cryptopia, this exchange sucks hard compared with binance.

Rimueng tuha

member

Activity: 405

Merit: 11

It is true that storing coins in a wallet is safer than in an exchange market. Exchange exchanges are very vulnerable to hacking so we must be vigilant if we have coins in the exchange market. If we are indeed an active trader and have a lot of coins to trade then we can save enough stock according to what we are actively trading. The rest we can store in our wallet because it will be safer. Do not keep all coins in the exchange market because it is very dangerous especially when we are exhausted and out of control so it is very easy to hack the coin.

Netnox

legendary

Activity: 2044

Merit: 1008

None of the exchanges, no matter how old or reliable they are can be taken as 100% reliable. I learnt the lesson in a hard way, after BTC-e closed down and lost some of my coins. Anyway, exchanges are meant for trading your coins and not a place to store your coins. If you wish to trade, then deposit the coins, trade them and withdraw them as soon as the trading activity is over.

ttcsalam

copper member

Activity: 1120

Merit: 2

A lot of beautiful informative posts. That's right, big companies are not able to give us any Security in the currency. It is a big loss for ordinary investors. It is not only loss but it is a big threat.
That's why we all should adopt the simplicity.

Novatech8

member

Activity: 700

Merit: 27

Sovryn - Brings DeFi to Bitcoin

This is why I prefer p2p exchanges where you only have to send from your contract address to the other ,more like insta swap ,no need for profile on the exchanges to keep coins ,so ultimately no hacks

mmo4me.2016

sr. member

Activity: 812

Merit: 256

If you do not trading Crypto on an Exchange s for a long time, it should be withdrawn to your personal wallet to ensure safety! Because, Next time, they can delete the pair of Altcoin-related to coin you hold, may be hacked, it will hurt you!

maculeth

member

Activity: 714

Merit: 11

BountyMarketCap

I think it depends on the quality of the security exchanger itself, I keep my coins on MEW, it's safe there is no problem.

Folajuwon56

copper member

Activity: 462

Merit: 1

Thanks for the advice. It's a bad thing and not always secure to store your Altcoins on exchange platforms. I lost about $500 on a coin I store on a particular exchange.

Bunsomjelican

sr. member

Activity: 812

Merit: 251

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.

Everything here especially in the exchange all of them actually have risk, now this will up to you and depend on how you gonna trust in it.
Because in my experience I have coins in coinbene for more than 12 months and yet so far I never encounter any problem issues about it, just all what I did was that I activated the 2FA authentication. Though, I knew all centralized exchange has risk involved.

fortunecrypto

legendary

Activity: 2450

Merit: 1047

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.

lobat999

sr. member

Activity: 1078

Merit: 310

Quote from: Eildosa on May 11, 2019, 06:09:51 PM

You're right. We must take care of the safety of our funds. Recent events with the Binance exchange have shown us that even the most reliable and secure exchanges can still be attacked by hackers. This once again showed us that no one should be trusted.

Yes! We must always bear in mind this famous law on computer science - Murphy's Law which states that "If something can go wrong, it will" as this simply explains that no system, be it a pc, software, OS, blockchain, exchanges, etc are 100 percent safe. There will be unfortunate events that would likely to happen sooner or later though we can't stop it, we can do something to minimize its possibility to happen or make necessary actions to mitigate any untoward incident that could occur.

bartusv

jr. member

Activity: 392

Merit: 2

Keep your holdings on the exchanges is not the smartest move as they could be hacked anytime.
Even the biggest exchanges like Binance are not an exception from hack. We have to hold only
the coins we are trading with on exchanges, the rest on hardware wallets.

seleme

legendary

Activity: 2772

Merit: 1028

Duelbits.com

Quote from: lobat999 on May 11, 2019, 08:59:17 AM

Since trading in an inherent activity in cryptoverse, sooner or later we will transfer our digital assets to exchanges on which we have no control and one way to minimize risks is to be knowledgeable on the ways that intruders might stole our assets and identify tactics on how to prevent it. These are some of the most common practices most crypto hodlers do namely:

1. Trade on exchanges which prioritizes security and exercises different security mechanisms e.g. 2fa, email verification, ip whitelisting

2. Trade on exchanges which has an emergency insurance fund that can cover the damages from its clients once an attack occurs (e.g. Binance SAFU)

2. Don't store digital assets on exchanges for a longer period of time as OP has suggested

3. Avoid being a victim of phishing sites (check url integrity, bookmarking previous trusted sites, avoid phishing emails - suggesting any unwanted account access)

4. Be vigilant and suspicious always and don't be complacent about security. Always investigate any unusual activity.

5. Secure your computer system (installing antivirus, firewalls, use password manager, use of file encryption, hardware wallet)

Thanks for sharing these tips, very valuable information for new traders.

Having two types of wallet can solve the problem of holding the crypto for the long term duration. Backup wallet for storing the coins and exchange wallet for short term trading. I can't imagine what will happen to the price of BTC if Binance doesn't give back the funds of investors.

Eildosa

member

Activity: 572

Merit: 10

You're right. We must take care of the safety of our funds. Recent events with the Binance exchange have shown us that even the most reliable and secure exchanges can still be attacked by hackers. This once again showed us that no one should be trusted.

Wittny

jr. member

Activity: 184

Merit: 1

Storing coins in exchanges is not advisable, is better saving all this coins inside a personal wallet and keep the wallet login details very safe. This is very much preferable

Iykecollinz

copper member

Activity: 294

Merit: 1

It is not totally possible for everyone not to have coins at the exchange, except one is not trading, even at that their could be time when one would have placed a sell order. For who do not have any trading purposes this does not apply to them. In all these one has to be lucky not to fall victim, the hack can happen as soon as one is sending his coin to the exchange to sell.

irixo10

full member

Activity: 1078

Merit: 104

GoMeat - Digitalizing Meat Stores - ICO

Truly anyone still doing this is only risking his assets. If a secure exchange like Binance can get hacked what more is there to say about keeping funds on exchanges. No matter how big or small the assets is, keep it off exchanges.
The crypto space is getting more valuable each day thus the need to always protect our assets, which can be done by using personal wallet; that is a wallet we control.

Redemption59

member

Activity: 238

Merit: 11

I always tell my friends, if you are not a day trader, never store your coins on exchange sites because they are not safe over there. you have your own wallet and you owns its private key to yourself making it safer for you, why store them on your exchange sites and put your coins at risk. I work hard for the coin I hold and store and to me, its not safer storing them on exchange sites and I prefer storing them in my private wallet.

A L I E N

legendary

Activity: 1358

Merit: 1000

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.

7074 btc was lost when Binance was hacked. I could not imagine that it would happen with this exchange as it is supposed to be one of the safest ones. They managed to steal almost 42 million dollars (if we use BTC/USD rate for this time).
However, the information that Bitcoin would fall now was wrong. The situation is quite different now - BTC seems to be awakened again. probably, it is really better not to hold your crypto on exchanges, if these things can happen.

Topic: Care of security and don't store your coins on exchanges! - page 7. (Read 1492 times)