Topic: How safe is exchange? - page 14. (Read 2970 times)
Always keep your coins in your own wallet. Ideally, you should also keep your private key in offline storage. e.g. multiple USBs
There are a few kinds of exchanges. One is the centralise exchange. Even reputatable centralise exchange is also risky. It can face attack or law issue.
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?
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 were hacked a lot of time. just set up 2FA authentication. if u not going to trade then transfer coins to a safer wallet.
Usually, the exchanges will use two-factor authentication and this is very safe. The private key is also quite secure because it's a randomly generated sequence and only you know.
As far as I know of, exchange transfer coins between cold and hot storage. But you shouldn’t rely on an exchange to store your coins, it should be for trading purpose only. You do not control the private keys of the wallet and you never know when the exchange will be hacked.
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?
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 its not safe anyway to keep your coins in exchange for a long period of time. You can keep it there but not for long instead for awhile only mate so that you won't regret if ever there's an instances you didn't expect to be happen.
Nothing is safe on the exchage.Hackers usually wont try to attack wallets as they know that that is impossible.They only attack exchanges to rob some.
Hacking wallet is not entirely impossible, you simply trying to fish some credentials data from the user you target, and you will have the access to their wallet just if it's not desktop wallet or offline wallet.But I must agree, exchanges often get hacked by hacker, they find it easier to hack an exchange than wallets.
some exchanges put your wallet in a cold storage. if you want to keep your money on an exchange for better protection you should use 2-factor authenticator and IP whitelist in an exchange and use a strong password.
Nothing is safe on the exchage.Hackers usually wont try to attack wallets as they know that that is impossible.They only attack exchanges to rob some.
don't keep a lot of coins in exchanges
Yes your right. Because not all the time time the exchanges is good. Sometimes they are hack. So just. Careful always. 
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?
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?
of course they have some private key for each coins and i think they are stored in another database that will not the same with the normal database. they will make sure that the private key is safe from the attacker and they will protection to that key. i don't think that the exchanges will let the attacker can stolen the private keys because they want to make sure their business can run for a long time. and if we don't have to store any coins with them, we can move our coins into other wallet so it will be more secure and only we that know the coins.
Depends on what you mean by Safe. Centralized exchanges don't offer Private keys to their users.
The features you described are unique only to decentralized exchanges such as BitShares and Etherdelta.
The features you described are unique only to decentralized exchanges such as BitShares and Etherdelta.
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?
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?
Myethwallet is the safe wallet because private key with us. In centralized exchnages like polo and bitrex have private key with database. If a hacker hack then thiernwill be a problem..
You keep your coins in exchnages thats no issue but dont keep long time . Send to a safe wallet. Coinbase
exchange can be used only for trading only because the security is more important. it would be nice if you keep the coins in the wallet offline to avoid hackers and crime.
According my experience never trust any exchanger because we can't guarante they will be still existence. If you have a lot money just save them on desktop wallet. The famous exchanger on the past BTC-E can be scammed too. So beware guys.
I usually transfer my coins in exchanges when i am about to sell them , i do not stored them in exchanges because it can be hacked at any time . But in my own wallet cannot because i have my private key in me.
It looks like sooner or later most of the exchanges either get hacked or the owner runs away with the coins. I would not call that safe.
Best to avoid leaving anything on exchanges long term. If you want to buy and hold, it's best to keep it in a wallet. Obviously if you trade frequently, it going to be most efficient to leave in on an exchange ready to buy/sell when the market is right.
We sometimes need money and we can't simply wait forever. That's why we need exchanges. It's not only for professional traders. Once we get on the platforms, we try to make the best decission, to sell or to buy, or maybe, to hold it for longer term.
It mainly depends on xchange how safe really is, but you can easy check it out. For sure the exchanges are not the banks, so your money are much more not protected. You should check if it is truth but i heard that few exchanges just stolen their user's money. So as I say people with huge amount of money should veryfied exchanges, don't dolh there a lot of money etc.
Best to avoid leaving anything on exchanges long term. If you want to buy and hold, it's best to keep it in a wallet. Obviously if you trade frequently, it going to be most efficient to leave in on an exchange ready to buy/sell when the market is right.
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