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Topic: Don't hold your coin on exchange for long time. - page 16. (Read 1563 times)

full member
Activity: 406
Merit: 101
Indeed the risk in trading is very large, especially with the hackers who often target someone's wallet so many are concerned and they prefer to sell an asset as quickly as possible even though prices have not yet peaked.
To some extent this statement is right and to some extent this statement is just a stupid thing. We all know this better that bitcoins are amazing and they can be on holding for long time to earn big profits. We all know this as well too that prices are potential to jump on moon so we may be seeing the best of prices in later times. So keeping your coins in wallet doesn’t have any issue with this.
member
Activity: 233
Merit: 10
For me if you are planning to hold you tokens don't hold it in a exchange and hold it in a very secure place like a ledger because you only have a access on that ledger but of course sometimes if you don't but a ledger in it's web you can get a malware on your device.
member
Activity: 196
Merit: 10
We all know, that holding money on an exchange is not safe, but it is just so much more comfortable to do, instead of sending the money in and out the exchange. Bad habbit to keep it there for many of us I guess Smiley
full member
Activity: 420
Merit: 100
I think they just make account, they just put tokens without reading the term and conditions and security verifications, I think if you can properly verified your account with mobile verification email verification and 2F Authentication than your account is secured, Hacker has no chance to steal your money and you are free from loss, I think if you do proper verification than it is best for your accounts Money,
hero member
Activity: 994
Merit: 515
Get'em boys
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.
Agreed, but then again not having some coins on standby for any urgent exchange can cost you from failing to buy some cheap coins as network gets congested at times and such should never be your worry.

But better to be on the safe side coins should be kept in your personal wallet.
jr. member
Activity: 112
Merit: 1
Yes, depending on the extent of your experience and circulation. If you buy and sell every day, you should keep your currency for a while, but as a rule, it is always better to transfer to your wallet as long as you do not want to use your cryptocurrency. Hackers from all over the world after that and they use anything to get that money. Exchange is not a wallet. Just keep the amount of money you want to trade always.
full member
Activity: 490
Merit: 100
Indeed the risk in trading is very large, especially with the hackers who often target someone's wallet so many are concerned and they prefer to sell an asset as quickly as possible even though prices have not yet peaked.
member
Activity: 200
Merit: 11
I agree with you, if we holding coin on the exchange will be many risks like coin hack, exchange stopped and other problems.
I recommendation use hardware wallet like ledger or trezor because of high security.
But you must keep the 24-word seed to recovery.
Even with the exchanges our funds were secure. For this we need to select the best exchange service, because one with the best reputation will never let their users get scammed or get into any security issues. Holding on exchanges and different trading platforms were good for daily traders.
This is not a problem if you are holding coin on any exchange for a long time because the exchange is yours and you will need to handle that so where the risk or difficulty will occur? The best choice is to trade without any friction and to sell rapidly if you are in profit.

You will must be holding coin for a long time if you bought the coin on high price and then waiting for the price to go higher. So this is a false decision to buy coin in a high market, you need to buy in a low market so as to remove and prevent yourself on holding coin in an exchange for long time.
full member
Activity: 455
Merit: 106
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.
I don't really understand why hackers can hack the site of an exchanger, but it's also good we do not long to keep our coins in the exchanger, to anticipate things we don't want...
Ever heard the phrase "No system is safe."?? Smiley

It do get us to wonder why some exchanges are being hacked, do they don't have good security?, do they don't have any security protocols or is their site that easy for hackers to enter?

On the other hand, hackers will always be hackers and it is their goal to make any system available for them. They will do everything and anything to get into a system which will boost their assets as well as their ego because once a system is entered, it became an achievement to them.
sr. member
Activity: 602
Merit: 262
I agree but partly. I will explain why, there are different situations, one of them is an active day trading, which does not allow long to store funds in wallets. Because they are always in circulation. You just have to be very careful.

Holding your token on any exchange site is not safe because its only for in and out basis, we dont know how long this exchange site will run and a lot of hacker are always there to take out your token.
Using a hardware wallet to store your token is advisable to use.
full member
Activity: 420
Merit: 103
I agree but partly. I will explain why, there are different situations, one of them is an active day trading, which does not allow long to store funds in wallets. Because they are always in circulation. You just have to be very careful.
member
Activity: 294
Merit: 36
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.

For me, instead of looking at my ventures on the aspect of "time", I just see where I should go through my investment in the aspect of "profit". I usually set a profit goal or margin that I have to closely, if not, concretely reach before I would dispose off the coins I hold. I do that because, like everyone else, my main objective in doing cryptocurrency ventures is to gain profit. Therefore, I don't just set a time and trade my coins out when that time comes because I would not mean that if I held a coin for long that it would always yield a profit.
member
Activity: 224
Merit: 10
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.
I don't really understand why hackers can hack the site of an exchanger, but it's also good we do not long to keep our coins in the exchanger, to anticipate things we don't want...
legendary
Activity: 1232
Merit: 1091
The other thing that could lead us to regret if we hold our coins on exchanger is, when there is an airdrop for coin holders or when there is a hardfork, we will miss the opportunity to get those free money.

You won't necessarily miss out on your 'free' fork coins in case the exchange you are using is known to issue them quickly after the split took place. I think this actually gives people more incentive to keep their coins on specific exchanges during a looming fork. Exchanges as Yobit and HitBTC are mostly the first ones to allow trading of these fork coins, and the 'pre-market' value is always way higher than the value when exchanges actually enable the outside world to deposit their fork coins. IIRC, the 'pre-market' value of BCH on Bittrex topped 0.4 BTC briefly, which was just crazy. Now people have seen that happen, they know what to do in order to dump fork coins as soon as possible for the highest price....
newbie
Activity: 9
Merit: 0
Holding make the most profit for you
member
Activity: 280
Merit: 11
One of the most important moves for cryptocurrency traders is nt to hodl on exchanges they should hodl coins in hardware wallets like Trezor and Ledger Nano
hero member
Activity: 1400
Merit: 505
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.
Storing the coins in an exchange is not the best idea because of the security issue it possesses because of the rate at which some of the exchanges gets compromised using hardware wallet is the best way to avoid these sort of issues and no one in the right sense store their coins in exchanges. Smiley
hero member
Activity: 1274
Merit: 519
Coindragon.com 30% Cash Back
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.
Most of the peoples are holding the investment in wallet only but many day traders only hold the exchanging sites because they are always buying and selling continuously so exchanging site is good for the day traders and others are holding the investment in hardware wallet or online wallet.

That's right. In this market, "time" is really a secondary factor if we're talking about value. It's just so difficult to actually base your investment plan on time because this market is just so unpredictable that changes may come after a short or long while. That happens all the time, which is why, every move here is more of a "case to case" basis.
sr. member
Activity: 910
Merit: 257
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.

Although that's true and agreeable, it's just difficult for people to not hold their coins, especially when the market is not doing good or the coin itself is not doing good. If they will dispose it, say after a certain amount of time, without considering its value, then it would actually be difficult to get a profit, because in the event that it doing that strategy won't do you no good, then it would be a wasteful move. This market is just so open to plan changes depending on what's happening.
full member
Activity: 266
Merit: 100
Really a wise suggestion, the long-held coin's particularly vulnerable to the existence of thieving reconnaissance either by the hacker or the owner of the exchange account.

The other thing that could lead us to regret if we hold our coins on exchanger is, when there is an airdrop for coin holders or when there is a hardfork, we will miss the opportunity to get those free money.
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