Topic: For the love of... don't keep your coins on exchanges - page 3. (Read 633 times)
Bancor exchange get hacked, and i dont why decentralized exchange also easy to hack. I dont have any choice because i want to trade all my coin, high volatility of crypto is not profitable to hold any coin. Only by use several different exchange we can reduce the risk of hack of exchange.
That's among the first rules people have to read before join crypto.
Never give yout private key and never store your coins/tokens on exchanges. The most of exchanges are centralized, it means that you (crypto holder) haven't the private key of exchange address. If the exchange closes (scam or other reasons) you can say goodbye to your funds.
Never give yout private key and never store your coins/tokens on exchanges. The most of exchanges are centralized, it means that you (crypto holder) haven't the private key of exchange address. If the exchange closes (scam or other reasons) you can say goodbye to your funds.
Again we saw an exchange got hacked. There would be nothing to hack there if people didn't keep their coins on exchanges! For the love of Dog (lol), don't keep your coins on exchanges, start practicing safety, this is your investment we are talking about!
The best thing to do is to keep your coins in hardware wallets. I am sure that it is safest place for keeping your money untouched. But even such wallets can have security problems as I have known recently.
I dont have any choice because my purpose is to trade that coin to maximize the profit, and to be more safe i have been use more than 5 different exchanges and put my money in to each 20%, this is way to minimize the risk for issue of hacking on the exchanges.
I think who have alternative option to keep coins somewhere safe, will not keep their investment in any exchange now onward. It is being unsafe day by day. And people are loosing their money and in future it will be a big issue for the traders if safety for exchange is not assured.
People are thinking that the security of that exchange will be enough to protect their funds in real time. But it is not true, you can be hacked in every moment even by now. For long-term storage you must creat a wallet and keep your moneythere.
I keep only the coins that I have in my investment portfolio on the stock exchange. In addition to the password is also authorization through FA2, so you should only be afraid that the exchange itself will go bankrupt. And the other coins are on the Ledger.
Times without number has it been mentioned that people do not keep their coins on exchanges yet they do not listen. Exchanges are not an alternative for wallets, if you are holding your coins for a while and you are not trading the coins then you should transfer those coins to your wallet and keep them safe. Your coins are not safe on exchanges
I agree with you. Keep crypto currency for long-term storage on the stock exchange. But this option is not suitable for crypto-currency traders, since they need to have the crypto currency always on the exchange. Therefore, crypto-currency traders need to partially withdraw their funds from the exchange.
That is the risk they have chosen to take, cryptocurrencies are meant to be held for you and no one else, if someone else has access to your private key then you do not own any coins and leaving your coins in an exchange means that you are basically trusting that exchange to secure your coins in your name and as we have seen many times already most of the time their security is not enough to protect your coins.
Yes, it is not safe to keep your coins or tokens in exchanges for too long. But, it may be quite difficult for the long term traders who may need to set a limit order while waiting for the order to be met. I think this is one of the major reason you will always find coins in exchanges.
I agree with you. Keep crypto currency for long-term storage on the stock exchange. But this option is not suitable for crypto-currency traders, since they need to have the crypto currency always on the exchange. Therefore, crypto-currency traders need to partially withdraw their funds from the exchange.
I think keep your coins in the wallet hardware or cold storage to keep it safe. I do not think hacking will stop. They will keep trying until they get everything. and we have to agree with this. Unsafe saving coins in exchange. A lot of hacking has happened, I hope it will open everyone's eyes
Again we saw an exchange got hacked. There would be nothing to hack there if people didn't keep their coins on exchanges! For the love of Dog (lol), don't keep your coins on exchanges, start practicing safety, this is your investment we are talking about!
The thing is that cryptocurrency newcomers, and the majorty of people in the cryptosphere, find exchanges (and even web wallets) way more user-friendly than hardware/desktop wallets.And it's obvious (at least for most of us since we've been in the cryptosphere for quite a while now) that exchanges aren't safe, but let's be honest, how many people actually care about safety nowadays? all they want to do is invest and make money, that's what the majority wants to do, and most people don't even keep up to date with cryptocurrency news so I doubt they'll ever know the consequences of keeping ALL your coins in a exchange.
A reason people do this is because of when they trade quite regularly the withdrawal/deposit fees can be quite high and eat into your profits - i think that's what makes a lot of people just keep their coins on exchanges.
Though as a rule of thumb, personally i'd only ever keep an amount on a large well known exchange. Even that's not a guarantee, Mt. Gox anyone?
Though as a rule of thumb, personally i'd only ever keep an amount on a large well known exchange. Even that's not a guarantee, Mt. Gox anyone?
This cannot be stressed enough, a lot of people seem to use exchanges to save their coins instead of putting these coins in their wallets, they do not understand that this is very risky and they run a higher risk of losing their coins if they store it in an exchange instead of a wallet, if the exchange gets hacked, you can lose all of your coins
Again we saw an exchange got hacked. There would be nothing to hack there if people didn't keep their coins on exchanges! For the love of Dog (lol), don't keep your coins on exchanges, start practicing safety, this is your investment we are talking about!
On exchanges you can keep your coins and money in small quantities, as anything can happen and you can lose everything, so be careful.
I think who have alternative option to keep coins somewhere safe, will not keep their investment in any exchange now onward. It is being unsafe day by day. And people are loosing their money and in future it will be a big issue for the traders if safety for exchange is not assured.
No matter how many times this is said or posted on this forum most of the people are still not going to follow this advice. They are just too lazy to download the official wallets of the respective coins and withdraw to it. Also the wallets taking time to sync and the exchanges charging heavy withdrawal fees are reasons why many people avoid withdrawing their coins into their own wallets.
I've encounter so many people that thinks saving up their coin in the exchange site as the most convenient way, they said that you can trade it an instant. But when something bad happened like what happened to Mt.Gox people will start screaming and want their right to the asset back.Just for the sake of security they gladly giving away the security they have, kinda really absurd.
People never learn of keeping off their funds on exchanges. They are thinking that the security of that exchange shall be enough to protect their funds.
But once these hackers started to go through the backdoor, all of these funds where off and gone through their pocket.
It's not bad to put a small amount to an exchange so you won't be itching the small transfer fees but make sure that it is acceptable if its lost.
But once these hackers started to go through the backdoor, all of these funds where off and gone through their pocket.
It's not bad to put a small amount to an exchange so you won't be itching the small transfer fees but make sure that it is acceptable if its lost.
I don't know why people keeps on doing this although there are many warnings what will happen on doing such and also there are many example that they lost their funds. Exchanges is not liable if ever your funds are lost. They told you to not do so because it still have vulnerabilities.
They can also be irritated with the fees so instead of keeping it to the wallet and transfer it from time to time, they just let it stay.
And the last thing is they are trusting the exchange that much although we have reminded them all that don't let your coins stay to an exchange, it's very dangerous and not recommended.
No matter how many times this is said or posted on this forum most of the people are still not going to follow this advice. They are just too lazy to download the official wallets of the respective coins and withdraw to it. Also the wallets taking time to sync and the exchanges charging heavy withdrawal fees are reasons why many people avoid withdrawing their coins into their own wallets.
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