Topic: Do we need to backup Screenshots balance on exchange? - page 2. (Read 197 times)

Sometimes taking a screenshot of your funds helps but for me it is not efficient because it wastes time if you keep taking screenshots when you transfer funds. You can see in your transaction history what happened in your account but it is not retrievable as long as the funds have been transferred to the hacker's account. The best thing to do is to improve the security of your account, activate 2fa so that in case the hacker gets your login details, he can't open it.
Screenshot can usually be used if there is a problem in the system that affects your account or an inside job. The best thing to do is to choose a trusted exchange, do a research.

Who is going to force you not to withdraw your funds on exchanges? I am not getting that or you are wrong.

Also that you can download the statement of account on the exchange that you are using which stompix also talked about. If you are a trader, it will not be easy to continue to screen shot your balance on an exchange. That can not be convenient for people like me that is using several exchanges. If an exchange is hacked, that will bring inconvenience if you have money on that exchange if the exchange stop to function during that time.

I have small amount of money on exchanges but I am using several exchanges for it. Instead of having $500 to trade on an exchange, I prefer to use $100 on 5 exchanges or more exchanges so that the money can reduce. That is how I am doing it if I want to leave my coins on exchanges, it would be the amount of money that I can afford to lose. But nobody is forcing me to leave money on an exchange, that is my own choice to make.

Screenshots? Really? There are TX hashes, Balance statements, and other similar stuff and the one thing you had to make a point was Screenshots of your balance? Seriously? Is this your first day on the internet or something? Heck even if someone doesn't really use the internet that much they'd pretty much know not to trust screenshots.

And I wonder who the hell falls for those scams where they have XXXX amount in their wallet and talk to them to know how. Guess OP is one.

Screenshots are useless because it can be faked with Photoshop and other softwares.

Exchanges will not accept your screenshots. Governments won't accept screenshots as part of your tax documents.

Exporting your trading history is better but exchanges can have their policies to limit maximum time for you to view your trading data  which you can export it in pdf or excel file. On Binance, they limit it to last one year only. Other exchanges can allow you to export longer trading data like two years or more.

Because you are worrying about data loss, you can export it each month, each quarter or each six months.

Let me give you tips on how you can look like you're a rich trader who has a lot of balance.
Right click on your balance bar (web version), then select "inspect", change your balance number to infinity as you want and then, take some screenshots of it.
Now the question is, are screenshots valid evidence in your opinion?

Where do people come up with these random ideas and think it actually is something that matters?

SS of your balance in court without anything backing it? Every judge will just order 100 copies of it and offer it as TP to the jury.
You will need to authenticate this before it is accepted as proof, how would do you it?

You have on any exchange the option of downloading a complete statement of your account, why bother with screenshots?
For example:
https://www.binance.com/en/support/faq/how-to-use-binance-account-statements-e12bc83ec9ba4e96a076d2b4a4419182


&##&^&^ !

Just as you have pointed out the best advice is do not save on exchanges, right there is No secondary advice attached to this except that they have their risks. The first is since it will be harsh or probably just too much of a problem on traders to be withdrawing their funds everyday back to their individual wallets. Personally I think this might even lead to send to a wrong address either by mistakenly typing the wrong one or during copy and paste which would be easier one could fall into the mistake of getting affected with clipboard malware.

So my advice which still Carries its risk will be if you are still trading just everyday then you might have to leave your coins but make sure it is an amount you can lose. But make sure you’re not trading on just a single exchange try to diversify this amount into different exchanges and as such should one faces any hack or shutdown you can get back to the other and withdrawal your funds because it will certainly be hard to have top exchanges shut down same day. But make sure you are taking off your funds on exchanges every time you’re taking a trading break.



I don’t think this will count because no exchange will actually accept screenshots when returning people’s money. Graphics Designers have evolved as technology also evolves there will be multiple of scammers that could design a screenshot perfectly and put in ridiculous amounts there so it will be just a waste of time for them to accept screenshots as proof.

Hacking cases are still the biggest scourge on any crypto exchange. It doesn't matter whether the exchange is large or small, this incident can have fatal consequences for the exchange and even go bankrupt, even though there are several other factors that cause an exchange to collapse, such as FTX and so on.

The impact of this incident was none other than traders/consumers who saved/had funds in crypto on the exchange and had not yet had time to withdraw the funds. In this incident, the exchange's customers will lose time and materially. The long process of recovering customer funds and the amount of funds returned also does not match what the trader had before. Not to mention the added terms and rules that make it impossible for traders to get their money back.

If this continues to happen, there will be a lot of potential for consumers to lose funds in the future. To avoid something similar we might need to do:

1. Take care of your money, manage it properly and carefully.

What I mean here is that you need to be wise and careful in storing, organizing and managing it. If you trade on an exchange, then when you finish trading, put your money back into your personal wallet (take your crypto out of the exchange and move it to your hardware wallet or mobile wallet)

Do this after finishing trading. Because actually the most dangerous thing is storing money/crypto on an exchange.

2. If you are forced to store your funds or crypto on an exchange, don't forget to take a screenshot of your balance and account. This SS is useful if at any time something bad happens so you already have proof that you have funds there. Usually SS balance is a requirement for claiming recovery money. Sorry about the screenshot, I mean this is to remind us, what is our balance, what crypto do we have on the exchange and the amount.

3. KYC

KYC is now important because usually in the process of recovering funds in cases of collapse or hacking on an exchange, we will be subject to KYC, where the data we input will be checked against each other. If it matches, the fund recovery process will run smoothly. If we do not carry out KYC when registering on an exchange, we will likely have problems when faced with fund recovery requirements.

4. If you choose not to do KYC then do point 1 in a disciplined manner.

If you have some other advice, try sharing it here. And if this post is useful for you, give me merit