How safe is exchange? - page 2. | Bitcointalksearch.org

hdtqisg

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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?

Private keys are very important, especially for large and frequent exchanges!
Keeping the Private key safe is very important, I think they will use multiple layers of security for large transactions!

princehandsome

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Quote from: ringgo96 on September 24, 2018, 12:49:32 AM

I prefer to keep assets in a personal wallet rather than having to be in the exhcanger. and if you really need finances you can make sales into the exchanger. now the risk is very big

I agree with you because it is safer to store all assets in personal wallet rather than save in the wallet exchanger. as you said storing all assets in wallet exchanger is have a big risk and that's right.

pakhitheboss

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Why would any exchange store their Private key in a normal database?

They will keep them safe in order to avoid any security issues. I do not think that they would like to compromise the security as they make a lot money from you.

But, it is always advised to only keep those coin on the exchage that you want to trade. The one you want to HODL should be transfered into a suitable wallet.

ringgo96

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I prefer to keep assets in a personal wallet rather than having to be in the exhcanger. and if you really need finances you can make sales into the exchanger. now the risk is very big

awazieik

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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?

The adage in crypto market is hat if you don't have the private keys then you don't have control over the wallet. Most new exchanges are working on improving in security and keeping keys safe but the truth is that it is not safe to keep your assets on exchanges except you want to trade.

centhiniz

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Quote from: megaradux on September 24, 2018, 12:31:23 AM

None exchanges are safe.
People have their exchange accounts stolen all the time. As you can be hacked from anything on Internet. When a hacker gets the access to your browser data, you are done. You accounts will be stolen along with your exchanges accounts.
Dont store coins on exchange. Withdraw them asap when you have them.

only the trust of users is the strongest factor for them, I use the exchange market for quick profits and in the end I will send it back to Mew or blockchain. there is no market that really has a full refund guarantee, they also panic when they lose their own assets, this is very disappointing because I see the thefts that occur are similar to their own conspiracies.

Commitments

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Based on how rating and famous of exchange market it self, many greatest exchange have higher and best quality of secure. You can hold and save your asset how long do you want, and your balance will be safe.

megaradux

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None exchanges are safe.
People have their exchange accounts stolen all the time. As you can be hacked from anything on Internet. When a hacker gets the access to your browser data, you are done. You accounts will be stolen along with your exchanges accounts.
Dont store coins on exchange. Withdraw them asap when you have them.

Cubanlinx81

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CryptoRex

I don’t think any exchange is safe to store alt coins on long term. When dealing with digital assets there is always a risk of error in code that allows hackers to take advantage. So keep your token on a ledge if u want to keep them.

robaya

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Quote from: 123pogi123 on September 24, 2018, 12:19:17 AM

we all know that exchanges is prawn to hackers it is not safe to kepp your coin in exchange , for me it is better to find another way like using our own wallet.

that is good advice. I also don't really like storing assets in exchange because they are very stolen. I only keep a few in exchange for the need to trade every day, the rest is indeed I will immediately draw it on my personal wallet. even though I cannot guarantee its security but at least I hold my own assets.

123pogi123

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we all know that exchanges is prawn to hackers it is not safe to kepp your coin in exchange , for me it is better to find another way like using our own wallet.

SistaFista

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Hexhash.xyz

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?

Actually it is very safe if you store your coins in exchange wallet because usually they using cold storage to store all of coins and tokens.
But it is not impossible to be hacked, there were some exchanges have been hacked. So it will be the best for us to using our own wallet if we want to hold for long time.

BennyK

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I don't recommend exchange sites for keeping of coins for long term. Exchanges are always under attack or maintenance and one can lose their money when the exchange is attacked by hackers. However, traders can keep their coins on exchanges temporarily.

automail

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Yes, I think it is safe but its much better if you move your coins off the exchanges if you are planning to hodl for long term. When something bad happens to the exchanges, your coins will not be affected. They also have the power to remove your coins if they want to so its better to be play safe than be sorry later. Just make sure that your wallet is secured. BTW, I have tried to hold a coin on the exchanges for 3 months and haven't gotten any problems with it.

mari12

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Well, as safe as it can be. If you ask me, I think that exchanges are just as safe as wallets. Both of them have equal amount of risks attached to them, and an almost equal amount of security too. I believe that if you do not really worry about having your coins in your wallets, then you shouldn't also trouble yourself if your coins are on exchanges too. they are quite safe. Well, I am speaking for the ones that I use.

Pamadar

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Quote from: sukoyomi on September 13, 2018, 08:33:55 AM

depending on where you exchange. My advice is if you want to trade and trade on the exchange, then you must use a well-known exchange, or at least you can see it in Coinmarketcap.

And for an extra precautions better to trade little by little first, observed how this exchange behaves and know all the information, there's a lots of exchange and they all have their own house rules, exchange mostly the target of hackers so you also need to focus with how this exchange work out
to prevent being victimized and if the exchange have extra security measures, experience always allow us to learned deeper and to analyze exchange
that can be trustful in the long run,.

nightfury

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If i have to rate it to the scale of 1 to 10, i will give it 7. I often read/seen news from television and the internet about cyber crimes involving cryptomarkets as the victim. Millions of worth of cryptocurrencies have been looted by cyber criminals despite the company's self proclaimed maximum security on their exchange. That's what make it scary to deposit your crypto assets in the cryptomarket.

Mkpez

newbie

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Adding those wallet addresses is to enable users trade with the coin. The only key required is your 2FA.

pakupayung

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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.

KingOfWinterfell01

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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?

There are definitely a lot of safety precautions these exchanges take in order to secure everyone's bitcoins, eths, and tokens. They would be immediately shutdown if they didn't, anyway. But I personally would pick the ones who are already known in the internet and not some shady exchange that no one stores on.

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