Exchanges apply several methods to secure customers funds. They would keep a hot wallet and a cold storage to seperate funds to be used for everyday liquidity and for funds needs in emergency. The hot wallet would again be topped up everyday and this would depend on how much trading happens. Then they internal wallet system to keep every users funds. These are again secured from the users end by a KYC and 2FA. Data here gets encrypted to prevent leak in case of hack and a difference in gapping between the front end and back end.
A lot of technical stuff that is there though. Does not necessarily mean that Changeally is the best of them all. Use whatever you feel is suitable for you.
Topic: How crypto exchanges secure our funds? (Read 536 times)
Marketers can write anything, but the reality looks a little different. If any of the major States need information about their residents, the exchange will provide information. And hack the exchange, as it turned out, is not so impossible.
Just as they did to the almighty binance, while they were just coming from the hacking of stealing fund, there was a hack of data sometimes ago and when it came to that, I knew that something was not right, the act looks fishy to me and like it has the involvement of some giant people in it. No matter how string an exchange is, they can still be hacked.If you asked binance some years back, they will tell you that they never ever believed that they could even be hacked, and being the best exchange, everyone could really trust their exchange, but unfortunately, they got hacked. So, changelly might be all those things we say they are now but that will still not guarantee that they are completely secured and cannot share information or be hacked.
hah, yeah, amazing really, hurrying to buy there
Good luck there
hah, yeah, amazing really, hurrying to buy there
how long does one exchange take?
For tokens up to 5 minutes or less, for alts – 10-30 seconds. BTC redeem is spectecular. Just few seconds or even immediate. Seems to me they are giving all they can to transaction time on bittrexchangehow long does one exchange take?
For tokens up to 5 minutes or less, for alts – 10-30 seconds. BTC redeem is spectecular. Just few seconds or even immediate. Seems to me they are giving all they can to transaction time on bittrexchangehow long does one exchange take?
For tokens up to 5 minutes or less, for alts – 10-30 seconds. BTC redeem is spectecular. Just few seconds or even immediate. Seems to me they are giving all they can to transaction time on bittrexchange
how long does one exchange take?
Hello, guys. What exchanges do you trust and is it safe to use all of them? What are your most favourite exchanges so far?
Hey, I use bittrexchange com platform for 2 months already, no problems with them, check this exchangeHello, guys. What exchanges do you trust and is it safe to use all of them? What are your most favourite exchanges so far?
Hey, I use bittrexchange com platform for 2 months already, no problems with them, check this exchangeHello, guys. What exchanges do you trust and is it safe to use all of them? What are your most favourite exchanges so far?
Hey, I use bittrexchange com platform for 2 months already, no problems with them, check this exchange
Hello, guys. What exchanges do you trust and is it safe to use all of them? What are your most favourite exchanges so far?
Many different exchanges offer the benefits of hacking free transactions by providing extra security features. Many wallets also offer many safety features which are quite decent. You can find their reviews online for further info.
I have not heard about the exchange that you called, perhaps it does not have 2 million users as they state. I prefer to trust my funds only to large exchanges, for example Binance, Bitfinex, BitForex, Kraken, OKEx. But sometimes for the sale or purchase of a particular coin there is a need to use other exchanges, but I do not store my funds on them, I only buy or sell. Therefore, try to avoid little-known exchanges.
no one can guarantee the safety of your funds on a centralized exchange, so go to the DEX, it’s certainly more difficult to trade there, but you will get security and various methods of mining, pay attention to the ViteX, they have as many as 5 mining methods, very convenient and by the way exchange is also available in their mobile wallet 
Be careful with ads or introductions, it needs to be verified. However, with the exchange, you should find out at Coinmaketcap like Binance, Okex, ... but these platforms require information from you. You can also trade anonymously with DEX, forkdelta, etc. your information will not be needed here.
Marketers can write anything, but the reality looks a little different. If any of the major States need information about their residents, the exchange will provide information. And hack the exchange, as it turned out, is not so impossible.
of course it has good security and security and uses google authenticator to be able to attract the assets we have and want to buy them. website service is also very important to protect our assets in the exchanger.
Exchanges can protect funds by different ways. One of the most popular is decentralised exchanges. Your funds do not leave your wallet when you use such exchange.
As safe as an exchange must have a gap to be hacked, in my opinion if you want to use an exchange, use it only as needed. If there's nothing you need, save your money in your own personal wallet, it's much safer
True, all exchanges have a loophole to be hacked, although each exchange has a different security, and save money in a personal wallet based on online, sometimes it can also be hacked like it happened to my friend, so in my opinion, it's safer to save money only at the bank, not in an exchange or in a personal wallet that is online.
As safe as an exchange must have a gap to be hacked, in my opinion if you want to use an exchange, use it only as needed. If there's nothing you need, save your money in your own personal wallet, it's much safer
The network of these exchanges have been encrypted to fight cyber attacks, although to assure your funds are really safe I suggest you make use of decentralized exchanges where you do not need to store your assets on the exchange instead they are stored on your wallet.
I am not sure but I think that the only steps they take towards securing our funds are taking insurance on firm's asset so in case of any hack they pay us back using the funds they received from insurance.
The project advertises its services. He says that many use their services. Protection is debatable. And it’s best to check the stock exchange before joining it and trading there. Look at the rating of exchanges on CMC and you can choose the one that suits you best. I did not work with this exchange.
He is talking about an exchange like changelly. I do not think Changelly is on the coinmarketcap list of exchanges. Nevertheless, the security seems to be tight as I have never heard any negative news about it except for the fact that their fees are a bit on the high side. Or perhaps, hackers do not think it will be worth it to breach their systems.
Remember the Binance leak before. It is quite a reputated exchange and yet it got its users info still leaked. Just don't go in too much deeper with KYC if you know you won't even reach more than 1 BTC within your day assuming that you're day trading. I never disclosed that much info when it comes to these wide area of the market. You never know who's snooping your SMS number.
Yeah, and all these exchanges talk about high security and sophisticated password and encryption and so on, but in the end, the hacks happen because of simple basic rules that aren't followed.
Employees have access. Desktops are not locked. Not checked and scanned for keyloggers or data theft.
Centralized problem. What do we expect?
If you are storing your funds, the best thing to do is to secure them in your own wallets, if possible cold wallets... never 100% trust any exchange as you never know what might happen when your funds are under their custody...
For trading it is recommended that you check CMC and select a few exchanges among the top ones... don't put all your eggs on the same basket...
good luck
For trading it is recommended that you check CMC and select a few exchanges among the top ones... don't put all your eggs on the same basket...
good luck
No one really trusts an exchange 100%, but most good exchanges stores the data of its users in an offchain drive or hardware, o cold storage device though still a centralized manner of storage, but it ensures if they are hacked at whatever time, the data of their users remain safe irrespective
In fact, we cannot be sure of the safety of our funds that we store on crypto exchanges, because we do not know exactly how they store our funds. We only know what the members of the exchange team are telling us. Even large exchanges are hacked, but for example, large exchanges have a better attitude to security and store our funds because they value their reputation. Recently, I noticed that some exchanges began to create reserve funds or insure clients ’funds, but this concerns large exchanges, so I would be careful with new exchanges.
I think they often using cold storage as their wallet to store our funds and reserve funds.
A good exchange will requiring a good security too, they cannot just using web wallets to store coins from users.
A good exchange will requiring a good security too, they cannot just using web wallets to store coins from users.
Remember the Binance leak before. It is quite a reputated exchange and yet it got its users info still leaked. Just don't go in too much deeper with KYC if you know you won't even reach more than 1 BTC within your day assuming that you're day trading. I never disclosed that much info when it comes to these wide area of the market. You never know who's snooping your SMS number.
I am a verified member of binance and the reason for verification was not because I have large amount of money there but to be able to do the newly established features like margin trading, lending and IEOs. The first time I read that you must be verified before getting access to IEO participation, I rushed and did as such.
I want to use one exchange and I want to be sure they protect my data and money. All my exchange say about protection is "Changelly is one of the most prominent instant cryptocurrency exchanges that has gained the trust of more than 2M users from all over the world. The service provides safe and fast transactions without revealing users identities. We provide the best possible rates by comparing a wide range of reliable trading platforms and work with a list of 140+ cryptocurrencies that is constantly increasing."
Can you explain that to me? What does it mean?
And how exchanges actually protect our funds?
Can you explain that to me? What does it mean?
And how exchanges actually protect our funds?
Yes, no one protects your funds. Do not believe it. Your funds can be stolen from any exchange in the event of a serious hacker attack. Exchange employees can also commit fraud and steal your funds. No need to trust the exchanges 100% and store all your money there.
Trade in small amounts, and keep your money in your wallets.
The first thing need to do is to read and understand their term and condition, read the white paper, get a feedback from the team and users of the exchange. Actually to make our assets secure int he exchange we need to secure are account by enabling 2fa authenticator or after you meet your target amount transfer the token in personal wallet.
It is only marketing for their project to encourage you to join and follow their project. But always remember that no one is secured in this industry and the nature of crypto business is being risky so you don't have to believe if you are encouraging to a secure project. It's up to you how to have a good strategies to make your coin and investment secured and free from loss.
The exchange i assume your talking about is changelly, changelly is a centralized exchange meaning they hold on to the funds while trading is taking place. This is usually done in hot wallets just like we normal users use , For much bigger transactions they could be using a hardware wallet for cold storage. But changelly is a bit different as you only send them crypto for each trade and you get whatever you want it converted into right in you other wallet, This minimizes the amount of time your funds are at risk.
Exchanges talk a lot about protection, but all the same there is someone who hacks them and steals user funds, so it is best to trade on large exchanges such as binance, because during the previous theft of funds the exchange reimbursed everything from its feed.
I guess you should read through their terms and conditions first and also about how they operate. Actually, every exchange has its own way of securing user funds, and mostly what they do is to use cold wallets for that purpose. They may also do keep some on the wallets though. Security protocols are also varied and exchange specific. so you have to do your research and choose the one that best suits you.
There is no crypto exchange that is safe enough to secure your funds, although to an extent decentralized exchanges tries their best. The best way to secure your funds is through storing your coins in your personal wallet which you are in charge of, anything less than this is risky; that's the truth. Binance being one of the biggest exchange was hacked, thus confirming my statement, let's be careful with our funds.
If an exchange is so sure of protecting the identity of its users, that is, providing the utmost security, to confirm that, it should first be used for some users before that can be guaranteed. There are big exchanges that have existed for some years now and have been put to such test, yet some of them failed. Of that should happen, how then can I be sure of an exchange that is just coming in newly. What technology is it using to protect the identity and the fund of its users? If it is the same tech used by others, then I see no difference in it, except there is a novel security system that is put in place. If that is what Changelly has discovered, then it should be an achievement. A lot of exchanges today I am sure are working on their security system.
Changelly has hired people to spread the word about them. I don't really remember anyone even recommend the exchange even before 2017 but I have however heard scam accusations to them during that time. Looks like there is a massive hiring of forum posters to make it look like changelly is a reputable exchange.
Most exchanges claim to provide multi-key multi-level storage of funds that is called as vault and some of the exchanges also call it cold wallet and mostly large sum of idle coins are stored their for security while for day to day base funds and withdrawals funds are stored in less secure hot wallet that is ready with some funds all the time, the bottomline is that exchanges at the moment do not provide complete security of funds and the security enhancements are inevitable if the exchanges want to survive and compete in this market.
Most exchanges use a system of wallets, usually with cold storage that rarely moves around and is often multisignature for longer-term coin holding, and hot wallets that process large quantities of transactions often for withdrawals and deposits. You'll typically find that hot wallets have worse security measures than cold wallets for the reason that they need to be used often, but these wallets typically don't hold many coins compared to cold wallets so any breaches on these are typically minor.
You can only swap coins and tokens on changelly,you can't use the platform for trading,it works just like a dex exchange,no profile no accounts that's why its more safer than even biggest exchanges like binance and huobi, the safest exchanges are DEX exchanges,you can use shapeshift as well,it works just like changelly
They have some funds in a cold wallet - offline wallets, since they are not connected to the internet, hackers can´t access these funds.
Some funds they have in a hot wallet, and these should be protected by the best security solutions avaiable in the market.
Some funds they have in a hot wallet, and these should be protected by the best security solutions avaiable in the market.
Exchanges keep funds safe by using cold wallets. Also security measures like Login passwords, transaction passwords which is normally different from login passwords, 2FA verification, sending verification links to emails, secret words, IP tracking etc have been taken by exchanges. Talking about exchanges securing your funds, please only send funds to exchanges only when you want to trade since it's proven that no exchange is above hacking, Binance had a lil pinch of the cake if you can remember. Well, decentralized exchanges like Changelly with instant exchange are safer comparatively.
As far as I know, the crypto you deposit on the exchanges are not kept in your account. They are immediately sent to a cold wallet where are the respective crypto coins are kept safe. Some are also kept in the hot wallet for automatic transactions of smaller withdrawals.
When you process a withdrawal, your few checks are made per what the exchange wants it to be and then sent to you.
How your funds are kept Safe from someone stealing your coins:
1. The use of 2 factor authorization
2. Security password for withdrawal
3. Email confirmation
And a lot of things. Some are made compulsory to prevent the uncertainty.
In one way or the other, it is advisable to enable all these security features to help the exchanges fully protect your funds.
When you process a withdrawal, your few checks are made per what the exchange wants it to be and then sent to you.
How your funds are kept Safe from someone stealing your coins:
1. The use of 2 factor authorization
2. Security password for withdrawal
3. Email confirmation
And a lot of things. Some are made compulsory to prevent the uncertainty.
In one way or the other, it is advisable to enable all these security features to help the exchanges fully protect your funds.
I want to use one exchange and I want to be sure they protect my data and money. All my exchange say about protection is "Changelly is one of the most prominent instant cryptocurrency exchanges that has gained the trust of more than 2M users from all over the world. The service provides safe and fast transactions without revealing users identities. We provide the best possible rates by comparing a wide range of reliable trading platforms and work with a list of 140+ cryptocurrencies that is constantly increasing."
Can you explain that to me? What does it mean?
And how exchanges actually protect our funds?
Can you explain that to me? What does it mean?
And how exchanges actually protect our funds?
Changely like shapeshift or xmr.to or few other exchanges does only instant exchange. So you dont hold your coins with them for long. That severely reduces your risk. Even better option are decentralized exchanges like BisQ. They never hold any of your coins.
I think that now when exchanges are not regulated by the government, you cannot trust any of them 100 percent. so now the best strategy is to use multiple exchanges to trade
This is exactly the point. Since there is no regulations for crypto exchanges, trust is the very big issue. You never know what will go won't over night.
It is advertising only. They are just a normal exchange without trading opportunity. You are purchasing crypto with your credit card and are getting Bitcoins to your wallet. I believe nobody keeps crypto on this exchange, so there is no need in funds "security".
I think for the issue of security of funds, you can store your assets in a personal wallet, not in exchange. Exchange is only for trading, after you get the target, then immediately come out, because all have risks and no one will guarantee it.
Neither of the two are totally safe, because if you give your personal info to them or your money are in there platform chances are they are prone to cyber attacks and no one can deny that fact. I guess if they can insured our funds the least that will be good but data or personal info been leaked it's questionable.
a data problem existing in absolutely all projects/exchanges, etc. Now no one can guarantee the safety of your data
Neither of the two are totally safe, because if you give your personal info to them or your money are in there platform chances are they are prone to cyber attacks and no one can deny that fact. I guess if they can insured our funds the least that will be good but data or personal info been leaked it's questionable.
It's very simple, from your perspective it's easy to understand what does it means. They don't require KYC unlike other exchanges that requires it although some popular exchanges does have that condition that they will give you a certain limit per day.
Why is it that your title is different from your question?
Why is it that your title is different from your question?
I think the purpose of the explanation is to prove or convince you that Changelly is the best cryptocurrency exchange that has been used and trusted by more than 2 million crypto users. and on the platform it has been listed as many as 140+ crypto exchanges. This platform does not use the KYC principle where you do not need to provide your personal data so that all your personal data remains safe. and I think you can use this exchange as one of the best platforms to exchange cryptos.
I think that now when exchanges are not regulated by the government, you cannot trust any of them 100 percent. so now the best strategy is to use multiple exchanges to trade
The project advertises its services. He says that many use their services. Protection is debatable. And it’s best to check the stock exchange before joining it and trading there. Look at the rating of exchanges on CMC and you can choose the one that suits you best. I did not work with this exchange.
I want to use one exchange and I want to be sure they protect my data and money. All my exchange say about protection is "Changelly is one of the most prominent instant cryptocurrency exchanges that has gained the trust of more than 2M users from all over the world. The service provides safe and fast transactions without revealing users identities. We provide the best possible rates by comparing a wide range of reliable trading platforms and work with a list of 140+ cryptocurrencies that is constantly increasing."
Can you explain that to me? What does it mean?
And how exchanges actually protect our funds?
Can you explain that to me? What does it mean?
And how exchanges actually protect our funds?
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