They're not 100% safe, but I don't think there's going to be much trouble on exchanges like binance.They keep security pretty high because they make good profits. Otherwise, their reputation will be greatly damaged. But as a general rule, keeping money on exchanges for long-term is not the right approach.
Remember when there was a syscoin hacked case through use API and binance has been taking an important act to reduce the noise from those are getting impact caused by that. Remember a lot of major exchange such as bittrex and polo have lost their credibility. polo has been investigating by DoJ
Topic: How safe is exchange? - page 6. (Read 2970 times)
The exchange market from its blockchain build-up, is always decentralized in the sense that it is devoid of a third party influence in the process of online transaction. By so doing, it ensures transparency, accountability and accuracy in the transaction processes between the buyer and seller. Although the exchange can be altered by cyber hackers whenever the exchange platform is not well built with sophisticated online security apps like the smart contracts or Dis centralized apps (DApps) that will detect any form of fraudulent activities in the platform.
Exchanges either centralized or decentralized are meant for one purpose alone and that is to exchange cryptocurrencies for other cryptos of fiat. People should stop leaving their tokens on exchanges because that is what leads to stolen funds when a case like the coincheck hack of earlier this year happens
Majority of people who's tokens are on exchanges are not traders so why leave your coins on exchanges, they should be in a wallet where you own the private keys.
Majority of people who's tokens are on exchanges are not traders so why leave your coins on exchanges, they should be in a wallet where you own the private keys.
It is safer to keep your coins/tokens in wallet you hold the private keys and if you need to trade, trade only with exchanges that are reputed to have a strong security. Binance does it for me.
The name hackers can come at any time, if there is an opportunity then they act, safe and secure is not dependent on a strong database, if very very likely to be hacked.
General rule is not to leave your coins on exchange but withdraw them on your personal wallet so you have full control of them
Spreading out the investments is one of the methods of making money with trading.
I think that no one can give a 100% warranty about safety of your funds on any exchange. But it will be not bad if you will use all possible settings for defence your security. The best defence, i think - 2 factor authentification with google App.
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?
Only decentralized exchanges need your private key like IDEX, ForkDelta or EtherDelta. Do not provide your private key to the centralized exchanges or you will loose your funds!
General rule is not to leave your coins on exchange but withdraw them on your personal wallet so you have full control of them
In no case do not give your passwords and keys . now a lot of scams who want to cash in on someone else's account . Stay alert . above all
I don't believe in exchanges, I am the supporter of buying and holding only so such manipulation like this is not for me. But I know that so many people use it here without any doubts.
If you want to hold them for a mid-long term then wallet is the only logical option as the money will be stored in your wallet and only you have access to it and only you control it.
Storing the crypto currencies into the exchanges has many pros and many cons, if you are a daily/weekly/monthly trader then exchange should be fine but should take care always.
I don't believe in exchanges, I am the supporter of buying and holding only so such manipulation like this is not for me. But I know that so many people use it here without any doubts.
Each exchange has its own level of security. I consider that Binance is the suitable one because it has enough experience on the cryptomarket and its reviews are too good.
While when you store your coins in an wallet you control, it's upto you how securely you operate.
When you have coins in exchange, the security of exchange too comes in play.
Though we don't have a large problem with popular exchange since Mt. gox and exchanges have increased their security and it's sometimes more secure to put the coins in exchange(2fa, otp, email verification) than having it on your daily use PC. Still large hodling sums should not be kept on exchange.
When you have coins in exchange, the security of exchange too comes in play.
Though we don't have a large problem with popular exchange since Mt. gox and exchanges have increased their security and it's sometimes more secure to put the coins in exchange(2fa, otp, email verification) than having it on your daily use PC. Still large hodling sums should not be kept on exchange.
No exchange is 100% secure.
I could read that often enough and there were already some hacks in the last months.
Therefore you should not leave coins and tokens there longer than necessary.
But everyone should know that in the meantime.
I could read that often enough and there were already some hacks in the last months.
Therefore you should not leave coins and tokens there longer than necessary.
But everyone should know that in the meantime.
One thing we should bear in mind is that exchange wallets are not for permanent safe keeping of coins. From past experiences, it is believed that exchanges are always under attacks because it hoards a lot of tokens. The best thing to do is to transfer your tokens from the exchange site back to your main wallet after trading with the exchange.
Put crypto on the centralized exchange is not really safe because the private key of our wallet is own by third party and this mean we dont have any control with our money. There are already many centralized was get hack so really not safe to put coin on the exchange. Will be more safe to put coin/token in decentralized exchanges like Waves platform and Idex because they give the private key. And we you have to trade on the centralized exchange, for the better use more than 1 different exchange to be more safe.
Do not put your money in exchange at a long term cos its not granted for safe keeping, it might be lost due to scammers sorrounding in this business, better after you exchange your money put it unto your wallet for safety reasons they cannot hacked your private key unless you forgot it to log off..
They're not 100% safe, but I don't think there's going to be much trouble on exchanges like binance.They keep security pretty high because they make good profits. Otherwise, their reputation will be greatly damaged. But as a general rule, keeping money on exchanges for long-term is not the right approach.
Remember when there was a syscoin hacked case through use API and binance has been taking an important act to reduce the noise from those are getting impact caused by that. Remember a lot of major exchange such as bittrex and polo have lost their credibility. polo has been investigating by DoJ
They're not 100% safe, but I don't think there's going to be much trouble on exchanges like binance.They keep security pretty high because they make good profits. Otherwise, their reputation will be greatly damaged. But as a general rule, keeping money on exchanges for long-term is not the right approach.
Jump to: