Care of security and don't store your coins on exchanges! - page 9.

d1ceplayer

sr. member

Activity: 686

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Quote from: ccsang on May 09, 2019, 09:01:20 AM

You're right, never store your crypto assets on exchanges because even top exchange also have risk of hacked, currently only private wallet like hardware wallet is a best ways to store your crypto assets to prevent hacked, but I think still a lot of investor store their crypto assets on exchange because it's easy to use for daily trading.

Sure may people would have learnt their lessons by now through Binance hack, we have so many people that can rely on these top exchanges too much and before we say anything, they mention top exchanges; meanwhile, these top exchanges are the ones that are more prone to hacking than the smaller ones.

It is when this hackers gets to know about an exchange through the hype that they make it their duty to research then and see their weak points, there is nothing more safer in keeping ones coins than to store our coins in a private wallet with a private key that we have our full control on.

Cosbycoin

hero member

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 All users that had withdrawn the fund before were safe because they stored their coins in their own wallets.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

We have been saying this over and over again, I am really getting tired of telling people this because it seems that they are not ready to learn and like losing their funds to hacker. Once you are done trading on an exchange, the best thing for you to do is to withdraw you funds out of that exchange and then fund it again once you are ready to trade, because leaving your funds on those exchanges is going to expose your funds to a lot of risk.

PuertoLibre

legendary

Activity: 1890

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If an investor doesn't have private keys, he is not the owner of the funds. It doesn't matter how strong backup plans exchanges have, it is a matter of time to be a threat to investor's money. Having a cold and hot wallet can solve the problems related to the trader and investor case. For short time trading hot wallet, for long term investing cold wallet. Just my 2 cents.

dmamigo

sr. member

Activity: 1232

Merit: 250

We understand how important it is to secure your holdings and cold storage is the best place. But as many have stated, trading alts and especially new alts is very risky and it is necessary to be able to sell off suddenly to avoid loss. This advice has been given to all previously as well, but many of us can't help or abide by it all the time.

electronicash

legendary

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the word is out Cheesy

its like preventing you to trade now because of binance hack. i didn't see these advice back when cryptopia were hacked, its only true for those who don't really trade but for those who wants to keep the accumulation, the threat is pretty much welcome. they can hack whichever exchange they want.

jan.nicolas

full member

Activity: 672

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This has been known for a long time, so I think that today it is best to defend ourselves with hardware wallets, which today can still be purchased and today, in general, this is an absolutely serious part of our life.

okala

full member

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Merit: 114

Quote from: elpiji on May 09, 2019, 12:24:56 PM

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

Its true one should not leave large amount in an exchange wallet because exchange wallets are the target of hackers but it not easy to be moving found from one wallet to another if you are a passive trader with large amount of bitcoin and other coins you trade with one thing you first consider is the fees changed for each transactions. But it also advisable not to leave huge amount on exchange wallets.

elpiji

full member

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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

Olayinka225

jr. member

Activity: 322

Merit: 1

Judging by the recent hack of the most used exchanger, though it's never save to store our coins on exchanges wallet but some are worth taking the risk with. But with the hack of Binance, I think if binance could be hacked, then all exchanger aren't save from hack again.

Always been advocating for hardware wallet.

semobo

full member

Activity: 1498

Merit: 146

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.

Recent security breach on binance can be another example for the people to show even the best exchamges can be hacked so better to hold the funds on wallets when it is not traded on the exchanges so you can comletely avoid hack risks and also you can sleep peacefully.

Mikell556

member

Activity: 434

Merit: 10

Good advice for newbies. It’s best to keep your coins for a long time on your own wallet.
Trading is also best not on one stock exchange, but to divide your coins into several parts and trade on various stock exchanges, this will save you in case of blocking funds on one of the stock exchanges. It will also be possible to engage in arbitrage of the same trading pair between exchanges.

enhu

legendary

Activity: 2492

Merit: 1018

This advice has been said over and over yet the need to trade will always win over it. Exchanges had been hacked and the most recent was the binance which I even think is the safest so far. My account wasn't affected but then the fear still there which now users circulate the information about using DEX as its safer. I think the bottom line here is to keep you all to hold not trade.

xOdiumNostrumx

full member

Activity: 1064

Merit: 101

I am well aware of the recent Binance hack, but Binance is still the only exchange on which I would consider holding part of my funds for the short/mid term. The thing is that with 2FA enabled I still feel that the funds are safer than on some desktop wallet, which can be easily wiped dry if your computer gets compromised. The hardware wallet is the ideal option of course, but its slow adoption of native tokens of less known projects is a big handicap.

ariyzt

member

Activity: 602

Merit: 12

that's right, the best choice to store your coin is on cold wallet like ledger nano , storing on exchange mean you ready to loose your money. if something bad happend on that exchange like being hacked or scam you will loose ur asset for sure, not all exchange give assurance to backup your asset there.

ryan992

full member

Activity: 616

Merit: 100

I never put my coins in the exchange wallet, all my coins I put in wallet, I just put my coins in exchange If I ant to sell it, if not my coin never go out from my wallet. Its digital world everything can be, secury came first.

Novatech8

member

Activity: 700

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Sovryn - Brings DeFi to Bitcoin

Traders are the ones in real high risks because they have to leave there coins on exchanges for trading anytime ,well since I'm not a trader I think its always a wise choice to withdraw tokens from exchanges

shadowdio

sr. member

Activity: 1876

Merit: 289

Zawardo

It is risky to store your big amount of coins on exchanges, and yes no matter how high security is on that exchanges or even top exchanges hackers can hack it, no exchanges that has 100% safe better to store it in hardware wallet.

bttmember

member

Activity: 938

Merit: 13

AMEPAY

You are right and i know its risky online not only the wallets but your information too but with the recent binance wallet hack incident im still wondering how can someone access the passwords and then the private keys of such a big exchange which claims to have strict security, personally i think it is either an insider job or criminal negligence from the binance security team. In either case binance should find the culprits.

baigreen

full member

Activity: 625

Merit: 100

The problem is that for ordinary investors, this is easy to do. But what to do with traders. If they work every day, they cannot afford to constantly make such transactions. First big commission. The speed of work will generally fall. And there is another problem. Mistaken with regular translations will be too easy. Who needs to withdraw $ 100-1000 can be withdrawn at least every day. But the problem with the conclusion of say $ 100,000 and above.

Of course, the last breaking of the whale makes you wonder.

kiemnhieutien

member

Activity: 490

Merit: 17

It only works for holders, traders must store funds on exchanges for trading, you know, how can you trade while your coin is in your personal wallet. My experience is, only trust high reputation exchanges, do not use API, make strong and complex password, turn on 2FA security and others like confirmation code via mobile phone if available.

Topic: Care of security and don't store your coins on exchanges! - page 9. (Read 1493 times)