How safe is exchange? - page 15. | Bitcointalksearch.org

Cointertrade

full member

Activity: 238

Merit: 100

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?

With my experience i can say that it is still safe even they need the private key. But there are some instances that people do not take care so that they comment their private key. And it is the time that you will be hack or scam.

rooster2000bka

sr. member

Activity: 299

Merit: 250

Chosce exchang with long times work and no need your private key! Deposit and withdraw fast and more gate way to do it! Price between Ask and Bid is same same!

Images21

sr. member

Activity: 567

Merit: 250

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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?

Exchange platforms are for exchanges. That is what it means. In other words, you will only put coins and tokens in there if you are making some trading, or exchanges of coins from one to another. It is not a storage really or a wallet in a strict sense if you are not going to use these coins and tokens for trading. You have to pull out these coins of yours and transfer them in a wallet whose private keys and passwords are with you. In the exchanges, the coins are not in your hands actually.

BlockMedx

newbie

Activity: 56

Merit: 0

Exchanges are like bathrooms. Get in, do your business, and then get out. They are as secure as you make them. If you don't own the private key, you don't own your coins...

glennmatthew

sr. member

Activity: 462

Merit: 253

Quote from: Muhammad Muneeb on November 08, 2017, 05:20:35 AM

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

The brutal reality is that it is much easier to hack a private wallet than take funds out of an exchange(not saying it is not possible). Even so, its not being hacked that I am concerned with exchanges, its their shady behaviour that is scary.

People are naive to think that they will never get hacked - what are the chances right? right? Reality check, everyone is a target. Don't take the security of your coins lightly.

The chance that your private computer is compromised with a keylogger is a chance too great to take when dealing with cryptocurrency. Do you think your malwarebytes or ESET will protect you from all the dangers of the internet? Not a chance - even if it were miraculously to protect your PC, malicious software can be planted on your router, your printer.

The only, and I absolutely mean this, the ONLY way that anyone should store their coins is on a hardware wallet. If your coin doesn't do hardware wallets (eg. NEM), then seriously think about multisig wallets with the machines on different networks.

I hope that everyone reading this thinks twice about it, and doesn't have to learn the hard way.

shata

sr. member

Activity: 547

Merit: 253

Quote from: HongKong on November 11, 2017, 06:21:27 PM

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?

It's really up to the person that is managing the website because they have the choice to run with your money. Use the popular exchanges because they are least likely to run away.

I agree its really dependent to the person administering the website and the control of the security of the exchanges has to be their responsibility. The reputations of the website relied to them on all cases specially when there's problem occurs on some of the trading transactions. Most importantly the trader himself must be capable of doing more efforts of transacting his or her coins to safer sending and won't be able to share the private key to the social media to avoid any leaks of private information because its in danger of hacker attacks of lost of funds.

DigeNarrator

member

Activity: 210

Merit: 11

good exchanges save coins on cold wallets
there are different tactics to make it safe
i think that its risky to save your coins on an exchange, but its better than saving it on a wallet on your computer...

the best way is offline wallet or hardware wallet

1L0v3

newbie

Activity: 57

Merit: 0

If you are a long term HODLer - put your coins in cold storage.. also removes temptation to sell early. Exchanges are honey pots for hackers. Also, I'm distrustful of software wallets. Paper or hardware wallets are safest.

HongKong

hero member

Activity: 812

Merit: 500

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?

It's really up to the person that is managing the website because they have the choice to run with your money. Use the popular exchanges because they are least likely to run away.

Javathon

member

Activity: 169

Merit: 10

Those trading sites like etherdelta which is decentralized is not that safe. You can just create a new wallet there and send the tokens to ensure safety. Giving your private key is a risk, you can lose all your money. We don't know how they store those keys.

royce666

member

Activity: 88

Merit: 10

never leave your coin on any echange, the rules is simple. Past already show us how it is not safe...just tranfert on exchange when you need to trade...you will avoid bad things ! Grin

Rj Manik

full member

Activity: 448

Merit: 100

Quote from: blockchainmarketus on November 09, 2017, 05:31:42 AM

what exchange do you mean? Etherdelta and idex have private key on your own. I think they are safe, I used them both for trading eth token, It is automated exchangers. The worst at etherdelta is that the price is low at the token lauch at first week, I don't know why, I bought tokens from ICO, when traded in etherdelta the price is under the ico price. May be some bounty hunters or hackers dump the tokens.

Yes, It's right.Etherdelta have private key on your own.I am a new user in etherdelta.I seen it when i start Eetherdelta first day.Need your own myetherwallet private key and address.when you start work with Etherdelta.So i think its safe for all just keep safe your own myetherwallet private key.

Docbee

full member

Activity: 822

Merit: 100

It's not save they can decide to shutdown anytime

khan149

copper member

Activity: 463

Merit: 251

I think it is best not to keep any token exchange.The private key is always safe.Exchange can be hacked at any time but wallet cannot be hacked.Their private key is hacked due to the other's access to the fishing site.So i support wallet

Iamlegit4sure

member

Activity: 350

Merit: 10

💲

some days ago bittrex had a lot of problems and locked out users. but i think thye were user without an ID on their system

Raist

full member

Activity: 490

Merit: 102

They are not safe. Arguably that's the pond in crypto world where a lot of black swans live. But the life is impossible without them. So there are 2 possible issues when speaking about exchanges:
1) MTGox case. When exchange goes to nirvana. Only inspiration can make you remove assets before their trip begins.
2) Someone can steal assets from your account, when exchange itself is working properly. Use 2FA.

Missolawumi

newbie

Activity: 42

Merit: 0

Not so safe that is why we are adviced to enable 2FA . Otherwise someday our accounts will be hacked into

Iamlegit4sure

member

Activity: 350

Merit: 10

💲

an exchange is as asafe as a website with your money on can be...

Dralarn

member

Activity: 78

Merit: 10

Exchanges are not safe! Depending on when you found out about Bitcoin, you might have heard of the infamous MTGox exchange. Long story short, it was hacked and all of the funds were compromised.. which in todays prices are worth several billions. The exchanges unfortunately store everything online, which means all your information is vulnerable to hackers, you should be very careful about trusting an exchange. The best thing you can do is to store only a small portion of your portfolio in these exchange and make sure that your main stack is somewhere stored offline. It's better to send a small portion of your portfolio and trade with margin, rather than risk sending everything. Some exchange are safer than others Gdax is doing great btw, but they are still vulnerable and there is always a first time for everything and everyone.

Cnut237

legendary

Activity: 1904

Merit: 1277

Some exchanges are safer than others, but there is always a risk. It's not so much who holds the private key as whether the exchange gets hacked, shuts down, stops you withdrawing etc.
Best rule is just keep what you need for trading on the exchanges, everything else keep in your own wallet.

Topic: How safe is exchange? - page 15. (Read 2960 times)