How safe is exchange? - page 13. | Bitcointalksearch.org

patrickj

sr. member

Activity: 490

Merit: 251

Quote from: AA_Bitcoin on November 07, 2017, 04:48:37 PM

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?

Exchanges don't have private key like myetherwallet but it has google authenticator for double security of your account. While enabling it you should save the 2fa code in case you lost your phone, it can be recovered.

kyle0671

newbie

Activity: 26

Merit: 0

Why push your luck? These exchanges are some of the largest targets for attacks and are also an open door for internal affairs. I'd keep any large sums of coins off of exchanges. It's a no brainer.

PatM14

newbie

Activity: 49

Merit: 0

its best to take your coins off of the exchange

ipanks

hero member

Activity: 1610

Merit: 507

I think every exchange is safe as long as we can obey the rule and we need to secure our account, for example, we need to activate 2fa for our account, send verification to deposit and withdraw the coin, increase our level, and else. with doing this, I think we don't have any problem from the attacker although this is not guaranteed to make sure our account is always safe, at least, we can minimize and prevent our account from the attacker.

wayaneka

full member

Activity: 644

Merit: 101

All centralized exchange keep private key of all user so actually not really safe to put money in that exchange, but to minimize the risk use minimum 2 different exchange only for trading, and for long term hodl put all coin in personal wallet that we own by self the private key. And other important thing use all security feature in all exchange like 2 step verification, use private email address and always login from bookmark link to avoid phising site.

wenxop

full member

Activity: 462

Merit: 100

the advisable thing is that you keep the coins that you do not use in an external wallet and that you only have in the exchange the currencies that you use for trading since in the exchenge you do not have control of the private keys and in some case of hacking could take many risks , it is better to go for sure

Gosha.day

newbie

Activity: 13

Merit: 0

Keep your own passwords
Remember to set Google verification

feelideb

full member

Activity: 770

Merit: 101

fLibero.financial

It has been said on this forum over and over again that leaving your coin on the exchange and as a matter of fact anywhere indeed where you do not have a private key is not safe. Be it third party wallet or online wallet. Save your coin on wallet where you are in control of your private key.

sunno330

full member

Activity: 406

Merit: 100

homt.net

Quote from: Albertartur on November 15, 2017, 10:52:59 AM

never keep your coins or token on the exchanges because exchanges can be hacked at any time but not the wallets it is not easy to hack wallets.

How to hack? If you deposit token and sell quickly By ETH or BTC. Then there are no chance to hack. So its cool. and need more about secure and trusted exchange site.

Albertartur

newbie

Activity: 34

Merit: 0

never keep your coins or token on the exchanges because exchanges can be hacked at any time but not the wallets it is not easy to hack wallets.

rcoins0720

full member

Activity: 253

Merit: 100

Quote from: ugt on November 08, 2017, 03:53:43 AM

you can google MT.Gox Shocked

and then research on ledgerwallet but if u want to trade cryptocurrencies ,mostly you can't avoid touching exchanges no matter how unsafe they are

agree exchange sites like ether delta not be make it is a threat to all users right.. and besides what would they valid reason if in every transaction made we pay the fee right?
I think it is also a good business hahahaha to have a exchanger . I will be contented if i have one and it also helps the coins and other crypto to rise their prices
reputation is the bet for any threats or wrong doing they will do I think it is secure to data bases with much more secure and fast calculating machines that is to hack

Pamadar

legendary

Activity: 2982

Merit: 1028

Quote from: Freezingel on November 15, 2017, 09:49:22 AM

Quote from: AA_Bitcoin on November 07, 2017, 04:48:37 PM

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 think the private key for each coin is safe because it is held by the owner or staff of the exchange itself. What's not safe is our account, especially if we don't use 2fa. I have the experience of receiving email someone tried to open my account, don't know where he got the information but Fortunately i have 2fa on so he couldn't break in.

that's right in any how we are the one who's also needed to create extra security with our accounts, exchange also have some risk but those who are
in the business for quite a long time already established or already made some extra measure in terms of security but then us, who's users are in need
of doing our protection too.

Freezingel

sr. member

Activity: 574

Merit: 251

Quote from: AA_Bitcoin on November 07, 2017, 04:48:37 PM

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 think the private key for each coin is safe because it is held by the owner or staff of the exchange itself. What's not safe is our account, especially if we don't use 2fa. I have the experience of receiving email someone tried to open my account, don't know where he got the information but Fortunately i have 2fa on so he couldn't break in.

SportsbookBettor

sr. member

Activity: 315

Merit: 250

Quote from: kambaralikhan on November 15, 2017, 07:44:56 AM

Exchanges are not the safe place to keep your tokens and coins at. Exchanges can be hacked. Always place your cryptocurrencies in wallets. Wallets can not be easily hacked but be very careful with the private keys of wallet. Make multiple copies of it and keep them in different secure places.

That's why we don't need to put much money on exchange site to avoid this. Only put bitcoins or altcoins that are for selling purposes only. If you have bought coins or you invest in bitcoin or altcoins. You must transfer it quickly to your own wallet where you hold your own private keys and yes make sure you take care of your keys.

Fangang4

newbie

Activity: 14

Merit: 0

It's safe to some extent, depending on the platform

rickadone

legendary

Activity: 1176

Merit: 1024

Quote from: AA_Bitcoin on November 07, 2017, 04:48:37 PM

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?

If you want to trade on an exchange, use only the coins you can afford to lose on the exchange in the event of any hacking or scamming. This is because, most exchanges are centralized and you do not have access to your private keys, which makes you not to have full control over your funds. If anything happens to the exchange, then your funds are gone, as simple as that. Probably exchanging with your friends/colleagues/neighbors could be a quick solution here for avoiding exchanges.

kambaralikhan

full member

Activity: 378

Merit: 101

CARTESI 📱 INFRASTRUCTURE FOR DAPPS

Exchanges are not the safe place to keep your tokens and coins at. Exchanges can be hacked. Always place your cryptocurrencies in wallets. Wallets can not be easily hacked but be very careful with the private keys of wallet. Make multiple copies of it and keep them in different secure places.

regsintered

jr. member

Activity: 48

Merit: 10

No trading platform is 100% safe. Hacker can do everything. The large flooring like poloniex, bitttrex have the best security today and that would be the better choice

ufalo3

full member

Activity: 462

Merit: 100

Do not keep coins on any exchange wallet as we all hear regularly about hackers’ attacks. Use better the desktop version. Additionally make all operations in only the most reliable exchanges like Bittrex.

Kevin77

legendary

Activity: 1652

Merit: 1057

Quote from: AA_Bitcoin on November 07, 2017, 07:44:44 PM

Yes I know.
But do they store the private key in a normal database?

Whether they store the private key in their database or not, is not really much of a concern since obviously they do.
But the fact that you can never have access to it unless they want to change to a decentralized exchange completely is what is important to note here.

Without any doubts, security wise, some exchanges are better than the others, but if you are thinking about having full control of your wallet or funds, then it is something you cannot get. This is simply more like having an online wallet.

Topic: How safe is exchange? - page 13. (Read 2960 times)