Lol "Your coins are Safu" part made me laugh.
You made good points but hacking can still happen during trading or before you make the withdrawal..
It is just hard to use Centralized exchange without becoming vulnerable to this things. The safest thing to do is to trade with what you can afford to lose or just use decentralized exchange.
Topic: Care of security and don't store your coins on exchanges! - page 8. (Read 1492 times)
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)
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)
Seriously keeping funds in exchanges has never been a good idea. There is a reason why personal wallets have private keys, which shows that by saving funds in these personal wallets we decides what happens etc.
Many exchanges have been hacked and with the recent one, I believe we will learn now.
Many exchanges have been hacked and with the recent one, I believe we will learn now.
yes you are right it is the safest way to keep coins in your personal wallet and keep the private key good, because exchanges have often been hacked and became the target of hackers, I think saving coins on the exchange is only for short-term trading.
Not only cryptopia even binance hack I don’t even think about it the top crypto currency exchange hacked . It’s guaranteed no exchanges are safe to keep or funds. Now we have to accept proof of key concept.
This is one of the lesson learnt when I got acquainted with the crypto space. Exchanges are not to be trusted in terms of saving funds, rather our personal wallets. By holding our assets in a personal wallet we assume all control thus reducing unforseen risks.
you should be right if we want to invest and buy coins on the exchange, you should immediately pull and secure it in your personal wallet, I have friend and he has lost a lot of coins because of hacking
i'm sorry to heard about your friend
thats why we should store our coins on private wallet, maybe a hardware wallet or paper wallet
also in the exchange, in our personal account, we must use all security system there, such as 2FA, sms notifications, email notifications and many more
and always withdraw your profit to your personal wallet my friend
Binance's hacking event a few days ago was a good proof. No matter how powerful the exchange is, it can always be hacked. As you said, the hardware wallets will reduce the likelihood of losing funds.
Yes you have a point, but I think the moment that you start investing you are taking a risk also , invest what you are carry to lose. Im not saying that in negative way,but I think when you earn, withdraw it right away because anytime, any hour our exchanges whether it is known or not it can be hacked , even if it has a 2fa security, I always taken away my funds once I already sell all my tokens.
Binance's hacking event a few days ago was a good proof. No matter how powerful the exchange is, it can always be hacked. As you said, the hardware wallets will reduce the likelihood of losing funds.
Keeping coins in your own wallet is safer. If you save too many coins on the Exchange, I think it's riskier. But if you use Authenticator security, I think it will be much safer too. You must not take risks because there is a lot of hacking in the Exchange. If you store your digital assets in Wallet, it is better if the private key is stored in data that is not online.
I am agree, store our own coin and token in our own wallet is much safer because most hackers want to stole coin in exchangers. Its very vulnerable because recently binance got hacked and its give us a warning that the best place to store our coin is our own wallet and its much better if we store it on hard wallet
you should be right if we want to invest and buy coins on the exchange, you should immediately pull and secure it in your personal wallet, I have friend and he has lost a lot of coins because of hacking
Only if you bought top altcoins which is available on your wallet but if you are trading with shitcoins then it will be hard to withdraw that money. Its ok to trade on the exchanges of course, buy don't hold so much bitcoin and eth on any exchanges because it can be hacked and you'r money can be a victim. Exchanges must increase their security, I hope they will work on this as many hacking incidents in the past years and yet they are still not secured. 
Its been always recommended to just keep your coins inside your wallet and not on exchanges but people like myself just have to put them on the exchanges so its easy to dump when its price hits the peak. Pretty easy that way than you hastily look for the login details of you wallet send them to an exchange and then find out, its too late to sell since all had done it before you do. Its still worth putting them on exchange though highly not recommended.
Keeping coins in your own wallet is safer. If you save too many coins on the Exchange, I think it's riskier. But if you use Authenticator security, I think it will be much safer too. You must not take risks because there is a lot of hacking in the Exchange. If you store your digital assets in Wallet, it is better if the private key is stored in data that is not online.
I am agree, store our own coin and token in our own wallet is much safer because most hackers want to stole coin in exchangers. Its very vulnerable because recently binance got hacked and its give us a warning that the best place to store our coin is our own wallet and its much better if we store it on hard wallet
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 not good to store majority of your coins in an exchanges. I know some people that does that, just because an exchange is a big exchange doesn't mean that it can't get hacked, it is possible for it to be attacked by hackers, not only small exchanges are targets. Even Binance was hacked recently, and that is going to teach some people a lesson for storing coins in exchange, and that's for sure. If you don't want to hear stories that touch, then it's best to just store a bit of your coins in an exchange, and this should be the coins you're trading with, then the rest should be stored in your wallet which is very much secured. 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.
Keeping coins in your own wallet is safer. If you save too many coins on the Exchange, I think it's riskier. But if you use Authenticator security, I think it will be much safer too. You must not take risks because there is a lot of hacking in the Exchange. If you store your digital assets in Wallet, it is better if the private key is stored in data that is not online.
It is not a secret every exchange can be hacked, last event on Binance is only proof it statement. So yes withdrawal funds from exchange is very important for security. But thing is your own wallets can be hacked too. So you need to be very careful also with your passwords and private key and your personal informations.There is no too much careful when it is about crypto.
Exchanges are meant for transactions but some people have chosen to make it a store house for their coins. I think it's not so wise especially when it comes to huge funds.
You are right we need to think are safety first. We don't need to store coin on exchanges because it is very attractive to the eye of the scammers. It is like in our house,if we leave it open you attract criminals and you give opportunity to them to take what you have. Make sense your security and safety is on your hand.
yes, so far I have never saved the assets that I have in the exchange because they are prone to hacking, because it will not guarantee the security of your assets, I personally prefer MEW, even now I have not experienced hacking events in MEW.
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.
I've read about a certain practice where investors here are making the most out of their resource to contribute to the security of their account. They are even printing out the QR code so they just need to scan it right away, and definitely access their account. But what if the fraud act might happen in the system internally?
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