Topic: Don't hold your coin on exchange for long time. (Read 1563 times)
Yes, don't hold your coin or asset on exchange for so long. The simply reason is that hold coin or Asset on exchange can amount to the lost of the token if the exchange is hacked.
Yeah, I agree that it is risky because exchange can change its policies and rules and that may freeze your funds, always be very focused when you work with exchanges.
I do not think that good exchanges will do it, even if a good exchange is going to update or add a new rule or policy then the exchange wont freeze your funds just because the new rules. It can be called as scam if they change rules and freeze user's funds.
Usually, exchange will inform users if they are going to add new thing that may affect user's funds/assets so users are able to do something like withdraw it to their own wallet.
In trading, the risk of hackers is really feared by the players So they have to be very observant in saving assets and stay focused on creating income at any time without panicking when prices are in a relatively bad period.
Yeah, I agree that it is risky because exchange can change its policies and rules and that may freeze your funds, always be very focused when you work with exchanges.
This is just the simple truth, it's not good to leave your coins on the exchange if you are not trading them, I have this bad experience, I left some coin in an exchange, I won't mention the exchange, so it happened that regulation made them to demand KYC for their users, then KYC was implemented and I have tired so many times to pass the KYC but couldn't since then my coin is still stocked on the exchanges, that's the more it is not good to leave your coins on exchanges, they can take any decision at any point in time.
Don't store your coins exchanges for a long time. These echanges are not hacker-proof platform. There were lots of exchanges tha had been hacked and hundreds of millions worth of coins were stolen. Better to store your coins in a hardware wallet for safety. Put only the amount needed for the trading.
Hackers do affect the property security of investors to a certain extent, but I believe that if we trade with caution, then I can effectively avoid the possibility of being attacked!
This is more than true, if you want to hold a little amount of money (less than $500) into an exchange to take the opportunities to buy some coins, just hold it on strong exchanges like Binance or Bittrex, otherwise, just stick to have it on your wallet
To get a profit, don't HODL for too long, because prices continue to fluctuate, so play as a trader, buy when the price goes down for a while and then sell when prices rise. Maybe the increase isn't much, but it's pretty good. Then repeat again like that so that the dynamics of bitcoin are more pronounced and become smarter to analyze the rise or fall of bitcoin prices. This topic has been discussed many times on this forum and in fact everybody is now aware of it that holding coins on exchanges for long time is quite unsafe. We have also experienced several incidents in the past regarding the hacking of exchanges like Mt. Gox.
Yeah that time still made an impression, because it made the price of bitcoin fall deeply, and made many users lose and bankrupt. we don't want that to happen again. so just in case don't keep all of your assets in one exchange, save in several places, and don't save for a long time 
I did day trading so all my coins i keep on the exchange, and only used crypto exchange that has good reputation and they operated acouple years already without any bad issue. Bittrex, Poloniex, and HitBTC is old exchange that never get any issue of hack.
I agree ., be careful always in terms of trading because many hackers in crypto world.. To be m0re safe do an0ther wallet that only connect to exchanger n0t your own wallet.
We have to be aware that keeping your coins in an exchange for a long time is such a bad idea because you might lose your funds by doing that. You will never know when will it be attack by hackers so it not really safe. It would be better to keep it your personal wallet then transfer only on an exchange coins that you wanted to trade.
I don’t think so that you will find any such investor who is busy in holding of the coins for longer time and that he puts his coin on exchange rather than that of the putting those coins in his own wallet. You are being the owner of your coins need to take care of them and that you need to keep them safe in all the possible ways so that no one else can steal those coins. Keep them in your wallet and do not share the private key with anyone.
If you wish to hold some coin then use exchange only for during exchange. Just exchange your coin and transfer on your personal wallet that you have controlled. Specially you can use hardware wallet.
Because many exchange hacked buy hacker. Many people loss their capital by hack.
So please don't hold your coin on exchange for long time.
Because many exchange hacked buy hacker. Many people loss their capital by hack.
So please don't hold your coin on exchange for long time.
Actually thanks for this your good advise bro,thats dont put all our coins in the exchange market because mostly of the exchange now been a victim of hacked and people loss there capital because of hacking system,otherwise,i must hold only my crypto coins in my MEW wallet only even though its not must safe compared to Nano Ledger or trezor edge portable wallet.
Ofcourse if you store your money on some useless exchangeres or a new ones with poor security system, you will get hacked in no time. But if you take a look on a big ones, that exists for a long long time, they were never hacked and people still hold their coins or money there.
If you're thinking on hodling a coin long-term then use cold wallet,
Cold storage in the context of Bitcoin refers to keeping a reserve of Bitcoins offline.(BitcoinWiki)
for safety precaution.
Cold storage in the context of Bitcoin refers to keeping a reserve of Bitcoins offline.(BitcoinWiki)
for safety precaution.
Most of the exchange have risked so I think it is better to not hold you any coin for a long time in one exchanger. When which exchange will be hack no one can say so it is very safe to put your coin in different exchange. You can check Bittrex Exchange because it is still now very safe because I use it around 3 years ago and you can use binance it also still now very safe.
agreed that's why i would say decentralized exchanges are future
Because of the coin, these prices have not yet risen even if you hold a coin long because it's a great chance to fall as much as shitcoins as you think the price will increase in the future.
This is one of the best advises that you can give any one in the crypto industry. Holding many tokens on the exchange without trading it (buying or selling) prices to come with a bigger risk. Its less riskier to have your tokens in your wallet that you control the private keys
Yes, if you do not trade regularly, keeping the coin on the Exchange is unreasonable because the risk is huge when Exchange is targeted by hackers around the world. It is therefore important to preserve the coin carefully and more efficiently to ensure that coins are safe.We have had so many incidents of wallets being hacked in the past. Dealing in the market requires the trick to reduce the risk in business.
Yes, it's too risky for you to put too much money on the exchange, it's like a slow-bang bomb that does not know when it will explode.
So you need to be careful in every situation that can happen.
So you need to be careful in every situation that can happen.
fully agreed with you. Most importantly, you have no control over your money when it is on an exchange. When your money is sitting on an exchange, you are not in control of your money at all. Isn't the primary reason for the creation and popularity of bitcoin and other cryptocurrencies the fact that they give you the ability to be your own bank? Holding your money up on an exchange completely defeats the purpose of cryptocurrency, the ability to write down your private keys and lock them in a safe, knowing that nobody else can touch your money and you can access your money without having to go through any third-party. Instead, a third-party holds your hard-earned money in their wallet, and if something goes wrong, there is no private key you can use to recover your funds.
if you plan to hold cryptocurrency for the long haul, don't keep it in an exchange. Get a wallet, run your own node, LEARN about the network of the coin and more details of how it works. The entire purpose of cryptocurrency is to BE YOUR OWN BANK. Don't defeat that purpose by letting a third-party company hold onto your hard-earned money.
if you plan to hold cryptocurrency for the long haul, don't keep it in an exchange. Get a wallet, run your own node, LEARN about the network of the coin and more details of how it works. The entire purpose of cryptocurrency is to BE YOUR OWN BANK. Don't defeat that purpose by letting a third-party company hold onto your hard-earned money.
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