Topic: Don't relax using the exchange (Read 257 times)

Also thought of exchanges being shut down in the country or disables Nigerians from using it. The government would stop at nothing just to make sure the crypto space in  Nigeria is destroyed. Honestly, I don't see where all of this is leading to and what it is to gain from it. But it's all good, out God no go shame us. Business would rise up, and digital skill workers would too. Whatever it takes to make money in this country we would all make it.

As OP has already said, do not be so comfortable with your assets on exchanges. secure them in good wallets. God would help in this Nigeria.

As bitcoiner I think you should be aware that exchange wallets are not trustworthy, they can come up with several excuses to make you lose your funds, so the best thing to do as crypto lover is that you should receive your coin through non exchange wallets and hold but if you want to exchange a few coin, you can move the amount you want to exchange and transact it immediately, the funny experience I had, I can never advise anyone to keep his asset in exchange because of the danger that's involved.

How would you peg you deposit limit and still allow the coin to move to that wallet instead of bouncing it back to the wallet that such coin is coming from, so we should know that this exchange are always up to something.

We know say the fall of the naira na serious issue for the country and e dey give our government headache but we also know say our government no serious with the way dem dey go about the issue. The clamp down on Binance no go revive the naira and na just an opportunity for dem to take collect their own share of the pie.

As Binance no gree dance to their tone, if any person get funds there, make him move am out to avoid stories. Binance don announce say holders of NGN get on or before 8 March to withdraw their funds or dem go convert to USDT.

Mr Tim, I've been following up on your comments regarding these whole FG and Binance issue and this particular comment of yours just addressed what have been on my mind! Like..FG never even set any regulations for these exchanges to follow before we begin blame these exchanges. While I'm not sure if Binance will follow through with regulations, I'm super optimistic about Bitget and maybe other exchanges to follow through If eventually there is a clear cut out regulation guiding the operation of exchanges in Nigeria.

Why I said I'm not certain about Binance is that they've always chosen to quit their operations in regions that calls for regulation instead of complying.

This is true what Nigeria government are planing for the crypto enthusiasts, you may never know but the earlier the better. They have made their intentions clear that cryptocurrency is the reason behind inflation and they may further decide to finally shutdown Nigerian  binance sothat Nigerians may not participate in binance atol but that is not the case. What Nigerians should do is to make sure they move their fund from binance to any other DEX. It's because of the reason we keep on emphasising on using a DEX wallet because it can not be manipulated like other exchanges. Let's try our best, let had I know never be our potion.

Person wey done hear wattin dey happen wey still keep em money for exchange, even if say no be binance, that person dey really play with fire. The government dey find all means to take stop any p2p wey get high rate, them wan make r be say na them they controll the value of the p2p market na why Dem dey destroy every parallel market, but truth to be told that na just the surface of the real cause of the inflation, if to say we get better export, while we take only few import, e for make the economy balance small pass like this.

With the current news, anyone who keeps his money on exchange is playing with fire, our government just arrested two binance executives showing that they might take even more drastic actions that might be the end of binance in Nigeria, besides is poor security to keep your holding's in binance, unless to sell them off imidiately.

Use alternative exchanges like kucoin, mexc for trading
Then use electrum , blue wallet to hold your crypto

Engage in self custody now more than ever, decentralization is your way out not centralizion.

The government knows that all the fault is from them, but they will come to the public to decieve the people, and put the blame on other people, just to make people feel that they are doing their job, but someone wants to ruin it, and make them look like the incompetent ones, which they know that they are. Another thing is that, so that they can continue with their stealing and self centered act. From my own point of view, I don't think that the government will shut down these exchanges, as long as they are not ready to ban cryptocurrency. If not how will you legalize cryptocurrency with no exchanges. This is another means for the government and the corrupt leaders to see as an opportunity for them to come to agreement with the exchanges for taxes. CBN governor, said they will have zero tolerance on the and more regulations on exchanges. Exchanges are market places, so don't keep your coins in the market, because you have made it vulnerable to attack.

Opay you are correct. When the government can't do anything to stop the devaluation of the naira which was caused by their own obnoxious policies they will look for someone to blame and Binance which is an innocent exchange platform in the country was blamed on someone which they don't know about. And the accusation was not only on cryptocurrency exchanges but also extended to Black Market Currency Exchangers like Aboki Dollar Changers were also accused and chased out from their residence of operations and some of them were even arrested.

The government know why the naira was devalued and they know those who are involved but they are trying to blame others and that is the government in capitalist interest. President Tinubu call all the business owners in the country and such as Dangote and others because of the Economic hardship yet nothing come out from the meeting. We k ow those who are making things difficult for the common man to buy. They can only blame exchanges but the truth will come out one day.

It's good advice not to keep funds on an exchange, but in a case where one got paid for a service rendered and is expected to receive payments in BTC through an exchange, most times the receiver may fail to know or remember that there's often a limit to what can be withdrawn or traded with in the exchange or sent to a wallet. Unless am all wrong about this, please point me in the right direction.

Individuals should know the minimum amount that can be sent out or allowed to trade with pairs on an exchange, else, if they aren't having a hardware wallet or one that they use to store their HODLings or investment, they might have to deal with leaving their small amounts in the exchange and wait till it gets high upon receiving another payment, inorder to deposit it into a good trusted hardware wallet.

I would love to add Exodus  to the list as it also support altcoins and its a non custodial  wallet, just that they support exchange but their exchange isn't reliable but Users can get things running smoothly with  a p2p format but inform of withdrawal and deposit.

Exodus is also a good one for both altcoins and Bitcoins
But if a user is planning to hold only a BTC then you should go for the one listed above

Your advise dey good my brother and as always the advise no be secret again. E just be like when you dey advise a deaf person na everybody go hear am. Lately exchanges don come under rumour and speculations whether na true or lie but the point be say we need to rescue ourselves from such things wey the solution dey our hand. Government fit no give anybody time to comot their coin from exchange before anything go happen and by then we go begin regret. The risk is even high now wey price of bitcoin don dey increase and that mean say wallet don dey increase also, e better make people wey get coins for exchange transfer am out to open source wallets.

it's good advise for people like us, I have a Blue wallet that I have kept to hold in there than leave my coin on any of the exchange especially binance that has publicly agreed to work with Nigerian government, and that I see as a threat to Nigerians in the crypto space. if further pressure is being put to reduce exchange rate in crypto I guess binance might be shutting us out so it never to lean your back on them.

I saw this post by a Nigerian who was celebrating his holding profit and he had a 0.1 BTC or ETH on an exchange, binance in particular. I almost freak out, even with lots of advise here in the forum someone is still not keeping up with the correction, I just hope they don't loss what they struggled for.

It's already cleared that their incompetent nature is leading to such opinion which definitely has a great side effects on the youth, that is problem we are facing in the nation where the least govern the people this is even worst than kakistocracy, their thinking is always on what to lay hand during time of their incompetent to blame and convinced the audience. No matter what they do I strongly believe we all surpassed  just as you have said is time to take measure not to leave anything valuable in any exchange, but if the truly do regret will still be their order if the day because until they address the course if dollars rise which is importation do to inability to produce nothing will change.

My brother, you have spoken well, as e be so, our government just dy look at who Dem go pin the blame on due to their incompetence, so Dem fit just wake up one day just block us from having access to our fund in crypto exchange wey our money dy inside, but na really good thing say you bring this issue here, and you dy warn everyone to dy careful because e no go dy funny at all if something like that happen, especially to those newbies wey dy keep money for exchange.

If you dy keep money for exchange, you better stop am  now, because  na very dangerous tin to do, remember say, not your key, not your coin, But all in all, na to thread with caution, because this current government administration na the most clueless government I have ever seen in Nigeria since I was born, so abeg my country people, make we no take this advice lightly oo, him really hit the nail on the head.

It is always in the habit of our government to blame anything and anyone but themselves. Now that they blame exchanges, Aboki FX, BDCs and every other thing, have they worked out a way of arresting the situation? This is not the first time they are blaming Aboki FX yet it never solved the problem.

I don't think there is much they can do to stop the app from working for Nigerians, they have already done the best they can do which is to block the website. Blocking the app will require making serious changes to the app which Binance may not want to do because Binance is not duty bound to the Nigerian government or even registered in Nigeria as a company. I am not a lawyer, so this is just my personal opinion. Those with legal knowledge of how those things work can explain better.

Whatever they do, no one will lose his funds in Binance because if Binance completely ban Nigerians from using their exchange, they will provide the opportunity for Nigerians to withdraw their money and I am not sure they will be willing to lose the Nigerian market that is runing into billions of dollars in that exchange. To be on the safer side, everyone should endeavour to withdraw their cryptocurrencies to private wallet and watch how things proceed from here.

If the government does that then that will be very wicked and naive of them not to think of jobless youths that benefits through the use of those p2p exchanges from there. The fall in dollar against Naira that the government is always blaming on p2p merchants on exchanges, I feel if they are not given room for that, they will not be able to do that.

Government should look beyond this exchanges and their p2p merchants if they are looking for everlasting solutions to the fall of Naira. If they don’t get to the root of the matter and settle for temporary measures, the repercussions of it will be more severe than what they’re experiencing now.

Going after BDC people is also a misplaced priority to me, they know what to do and if they are not after their selfish interest, solution is very clear and open. A government like that of Nigeria should have enough financial or economic analysts that can give detailed analysis on how to counter the problem faced by Naira fall against dollar.

This is a good and solid advise, especially to those new to the system. Exchanges aren't place for keeping your funds, just as the name implies "Exchange" it was basically created for exchanging or swapping fair currency to cryptocurrency or crypto to crypto, you could even use the P2P to sell your coins, but the option of keeping your funds there, it's not safe as anything might happen. And here is one of the unplanned events that could take place. If the government decide to cut ties with exchanges without giving us a notice then all your funds in that exchange might be gone forever. Aside that exchanges are primarily target of hackers.

That's just it and as earlier said, foreign exchange is never the problem of why this countries Economy is befalling on different government basise.
The government knows best what they are doing and it is obvious that they are being incapable to deliver their primary aims while in government.
They acts to anti to the wellness of this nation. Always looking at points of unnecessary excuses that even after their actions things still goes worse.
I am not against their stept towards the crytop but the question is after action taken towards conquering their sentiments with the cryptocurrencies would there be a restoration to stabilize the national Economy without them pointing at other sectors affecting the economy growth?
There is absolutely no excuse for failure and the Nigerian government is a failed one with irreverent excuses.
@Charles-Tim, the above mentioned wallets are best in used for the crytop currencies storages just as had explained.  @y3shot you made your conscience cleared. The government are ridiculously uninterested to make this country a better instead when they finds alternative the citizens has discovered or involved their selves, the government would never support that format in a way to enhance the benefits the citizens are acquired from it instead they acts an anti progress to the society that is ought to be a priority for wellbeing. Other hand, exchange isn't a platform to store your Bitcoin or your cryptocoins at when not ready for trades.

Although I observed more increase of investors storing their coins in the exchanges now than before due to the transaction charges they are trying to manage else it has been long risky to store your assets in the wallet exchanges.

That is just it. Their incompetence will make them blame something and not themselves. It has been long that we have been posting on this local board that we want the government to regulate foreign crypto exchanges like Binance, Bybit, OKX, Kucoin and others. Why are these exchanges not having offices in Nigeria? Even if the P2P buyers and sellers are manipulating the price, this might not have occured if they have clear regulations for those exchanges.

The 2 merit for the advice not to leave coins on exchanges. They are exchanges and not noncustodial wallet which is what should be used for holding coins. But it is good to make good research to know the best noncustodial wallet that should be used for holding.

For huge amount
Electrum or Sparrow on airgapped device for bitcoin-only

Hardware wallet
Passport for bitcoin-only
Trezor for bitcoin and altcoins

For low amount
Electrum, Bluewallet, Samourai and Sparrow for bitcoin
Metamask or Unstoppable for altcointalks.