Your coins are safe unless exchanges are hacked. So never store your coins in exchanges wallets. Always choose the wallets that you know of the private key.
Topic: How safe is exchange? (Read 2936 times)
Developers constantly improve their exchanges. Nevertheless many of these services are not safe I suppose. There are many examples of hackers who succeeded in their desire to steal money. Users become victims all the time.
Exchanges are really very important in the cryptocurrency community. If you must use an exchange that requires your private keys, then you should maybe create a dedicated wallet for the exchange, one that doesn't keep much coins for you...
I think to be careful in choosing exchange for trading coin. usually private key must be private no one who knows, because if private key leak, our coins can potentially lost. if you want to exchange a save, can use etherdelta, there is a good market, the coins price is clear and safe in the transaction.
I believe that DEX are more safe now, especially when they use escrow system. Alot depends on DEV team but if project has a strong prof skilled staff-no worries. Don't forget about the volumes of the exchange.For example, I use LCS exchange but still store coins on wallet.Some people say you need to send to exchange but for me it will be always be too serious to store on exchange. But it doesn't matter I won't get my dividends, here you can send them either to wallet or exchange.
Safety is not the top when it comes to exchanges a lot of them are very prone to hack which is why people are always advised to make sure that they never leave their coins on any exchanges. So you should make sure that you are only putting coins on the exchanges to trade but nothing else.
The safety of an exchange site is of a greater importance and it is very sad to have your money locked up at an exchange site. Always in the best mood to get good and genuine exchange site to trade my coins.
Hi,
Every exchange adding a new btc, eth, token address on the exchange website.
I think they need some private key to set the transaction on this websites.
So is this private key stored in a normal database?
And is this safe?
Safe or not dependent on the exchange developer, if the developer intends to be evil then all your accounts will not be safe. the account that we have should always be given additional security such as 2FA so that only we can access Every exchange adding a new btc, eth, token address on the exchange website.
I think they need some private key to set the transaction on this websites.
So is this private key stored in a normal database?
And is this safe?
I use Binans and am very pleased. Strong protection and user-friendly interface.
I'm not afraid to trust him. In addition, you should not keep all the money in one basket. Therefore, distribute your money among several exchanges.
I'm not afraid to trust him. In addition, you should not keep all the money in one basket. Therefore, distribute your money among several exchanges.
Hi,
Every exchange adding a new btc, eth, token address on the exchange website.
I think they need some private key to set the transaction on this websites.
So is this private key stored in a normal database?
And is this safe?
I believe that exchangea in crypto was safe.If they grow that means they trusted for crypto people to trade their particular coins. Every exchange adding a new btc, eth, token address on the exchange website.
I think they need some private key to set the transaction on this websites.
So is this private key stored in a normal database?
And is this safe?
Exchange is safe to all if u dont give ur information to third person,and transfer ur crypto to safe palace,btw u got chance that someone can steal when u transfer.
I'm using exchangers almost every day, and I never had problems with it. First of all, you should choose a good exchanger like Binance or Bittrex. Next rule is not to keep all your crypto in one exchanger, it's safer to keep money on different platforms.
I think crypto exchanges are safe, but you are never safe for 100%. So I prefer to keep on exchangers only the needed amount for trading(never holding all money in one place)
Without security factor no exchange is safe and there are some big and effective authentication which are all exchanges using but google authenticator, sms otp, email authentication are the best way to keep safe the account on the exchanges.
No exchange is 100% safe, there is always a possibility of hacking or fraud with any given exchange, but if we compared to risks, there are also advantages on exchanges like they give many other possibilities for earning or increase our assets on exchanges by simply trading, stop loss alert facilities and others etc. There is no doubt that wallets are more safe than exchanges, but they are very restricted and cannot give us chance to increase our crypto assets. If want to be less risky with exchange, try to not adhere to one or two particular exchange and try to make 5 or 6 or more depending upon self capability to maintain such number of exchanges.
I will not keep large amounts of coins on exchange, even if are the top exchange , always some hacker can find a way and maybe they will hack some users, i remember in past that binance, get some users coins selled for another coin , was affected users who hold bitcoin and have api activated, but binance fixed them and cancel all users transaction who has affected, and all get their coins back.
Some exhanges are more safer than others. And don't forget to activate 2fa if is possible.
So the best you can is to not hold so much coins on exchanges.
Some exhanges are more safer than others. And don't forget to activate 2fa if is possible.
So the best you can is to not hold so much coins on exchanges.
I think that the security of the stock exchanges today can only leave much to be desired, because such actions should definitely be regarded as something very, very insecure, I would never keep money on the exchange.
Exchanges are always susceptible to get hacked due to security holes in their system, I think exchanges have both wallets hot & cold. They store user assets in cold wallet & transfers it to hot wallet only when the user tries to trade like when users place an order, but all exchanges may not support this facility. To be on safe side always keep your assets in your personal wallet for which you are holding the private keys or seed phrases, just transfer them to exchanges when you are willing to trade.
Crypto exchanges are not fully saved and we have read about many crypto exchange hacks, one need to be very carefull when using them and don't put all your portfolio in only one exchange.
I have tried to store coins on exchanges multiple times and I haven't gotten any problems with it. What I am not sure of is that if its safe to hodl for long term. I only held my coins for 4 months and sold it the moment it pumps up. I also store them on exchanges because of the wallets being hacked a year ago. But I think that was fixed now so no need to store your coins on exchanges.
Jump to: