How to store Altcoins (Is Bittrex/Polo safe)

Vivisector999

hero member

Activity: 541

Merit: 500

I can tell you from experience that it is NOT safe to store coins on any exchange. Sure its safe to store a bit there to trade, but just be sure anything you have there can be lost at any time.

I had alot of my coins stored at Cryptsy, which was probably the largest Alt coin exchange a few years ago, so seemed a really safe place. They claimed to have been hacked, and a large majority of the coins gone, or they just walked off with everyone's coins? Either way, the vast majority of my coins vanished with them. Luckily I had my BTC stored in my Wallet, so that I still have. Still in the rebuilding process, but lesson learned.

ilham nur77

full member

Activity: 210

Merit: 100

I usually store my altcoin in myetherwallet.com wallet, because MEW wallet supports altcoin alot

shirackjs

sr. member

Activity: 812

Merit: 256

I suggest to keep the coins in wallet like myetherwallet, counterparty wallet and individual coins' wallet. In this case, you have full control of the wallets. And if you want to participle in ICOs, it is better not to use wallets from the exchanges since you do not have full control.
Set aside the coins you use for trading and it is safer to keep the rest of the coins in the above mentioned wallets.

CoinFoxs

copper member

Activity: 1815

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Store your coins in your wallet, wallets are safer than any exchange site whether it is bittrex or poloneix. Only send altcoins to exchange when you want to trade them otherwise keep them in wallet.

arbitrage

hero member

Activity: 560

Merit: 500

I have found that majority of wallets are too complicated when many members keeps their coins at exchanges, we all know what are the risks..Why end user must care about config file or spend time waiting wallet to sync, not to mention when wallet stack on one block..This can be frustrating. Exchanges are very nice and pleasant, you do not need to wait..This is attractive isn't it?

Zadicar

legendary

Activity: 1386

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DGbet.fun - Crypto Sportsbook

Quote from: roberbers on June 01, 2017, 01:57:07 AM

-snip-

Welcome to cryptoworld buddy and i would like to say that all the coins been mentioned arent supported on some wallets in this case you would really need up to download its respective wallet if you are really serious on the security of your own coins.If not then exchange wallets should be fine as long those are only on small amounts and if not then better to sacrifice on downloading its wallet.Its very risky when you store up huge sums specially if you dont have access on the private keys.

NaXxow

legendary

Activity: 1085

Merit: 1000

ALT Add: APfc4bykKHxYSVkvzsLdQvmiTXvTgMiCRM

Currently, most of my coins are in the exchange market, why? because I trusted them more than I trust PC or Mobile wallets that are available right now. Exchange markets value their business that is why 100% sure, your coins are safe.

bearex

hero member

Activity: 560

Merit: 501

Most people will tell you not to store it on exchanges, but i would still do it, it is kind of unlikely to get hacked, and even if it does, there is still a high probability of the exchange refunding the losses. But if you would like to be extra sure, you'll have to store it in dedicated wallets for each coin.
But if you spread it across some different exchanges, it should really be ok.

stealth.money

sr. member

Activity: 561

Merit: 255

Going stealthy

I don't recommend store altcoins with exchanges. If the coin don't have a good working wallet it simply tell the team is incompetent to make one, we can also judge this on the coin before buying.

Emoclaw

sr. member

Activity: 420

Merit: 251

Trustworthy exchanges such as Bittrex and Poloniex are generally safe.
If you have a very diversified portfolio and you can't keep track of all your wallets, just store your altcoins there.

Harry Callahan

sr. member

Activity: 350

Merit: 250

Bittrex and Polo are safe exchanges ,if you are not trading for some time it is wise to hold your coins in a wallet that you control rather than storing it in exchanges as you never know what will happen to your coins if a major hack happens,so be careful where you store your coins.

Gotottack

hero member

Activity: 882

Merit: 506

Quote from: roberbers on June 01, 2017, 01:57:07 AM

I'm new in cryptocurrency.

Have been lurking this forum for last week and also did my first investments.

I have invested in:

GNT
GAME
STRAT
TRST
SC
WAVE

I bought them at Poloniex and Bittrex. Is it safe for now to store them there?
Or should I store them in separate wallets? I'm new, so It would be harder for me as I have to create a new wallet for each currency. Or is there any other safe alternative that can store everything? I have heard of Jaxx.

Also, you can discuss or suggest me about my invested altcoins. Do you think they are good? I have profited from all of them for now except for GAME cause I bought it right at the highest bump for about 3$ and then the big crash/dump happened when everything hit red. I, of course, didn't know about that would happen cause I started to read about crypto on that day, lol.

Any tips are welcomed

It is relatively safe but there is still that risk that they declare they have been hacked. But since most of them exchanges nowadays use coldwallets this lowers that risks but hey look at what happened to bitfinex. They still say "they got hacked," which is hard to say if it was true or not as they can just pin it on a hacker and it may have been just them.

ulhaq

sr. member

Activity: 503

Merit: 286

Quote from: VanDeinsberg12 on June 01, 2017, 03:11:19 AM

Never try to store your coin on the exchange site, that means you're keeping your coin on 3rd hand. That's very bad in my opinion. And polo has a lot of problems right now. and i think if that's really bad in my opinion. Don't leave your coin on there.

What are the problems with poloniex?

ethereumhunter

hero member

Activity: 2912

Merit: 541

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Quote from: roberbers on June 01, 2017, 01:57:07 AM

I'm new in cryptocurrency.

Have been lurking this forum for last week and also did my first investments.

I have invested in:

GNT
GAME
STRAT
TRST
SC
WAVE

I bought them at Poloniex and Bittrex. Is it safe for now to store them there?
Or should I store them in separate wallets? I'm new, so It would be harder for me as I have to create a new wallet for each currency. Or is there any other safe alternative that can store everything? I have heard of Jaxx.

Also, you can discuss or suggest me about my invested altcoins. Do you think they are good? I have profited from all of them for now except for GAME cause I bought it right at the highest bump for about 3$ and then the big crash/dump happened when everything hit red. I, of course, didn't know about that would happen cause I started to read about crypto on that day, lol.

Any tips are welcomed

of course poloniex and bittrex is save because every traders which doing trading in poloniex and bittrex doing the same like you. but if you invest for a long term, i think you need to download some multi wallet in your personal computer or your android phone and then you can send it into that wallet until you decide on how much price you want to sell. but if you only doing daily trading, then its fine to save it into poloniex and bittrex wallet so you can right away to sell it when the price is up.

Red-Apple

hero member

Activity: 1470

Merit: 655

Quote from: ShowOff on June 01, 2017, 08:25:10 AM

as long as you have 2fa i and use 2fa too on email i think it is still enough to make its secure, but maybe we can suggest bittrex that must use confirmation email too when withdraw with 2fa like poloniex

the confirmation email is just an additional useless time waster when you have 2FA enabled. there is no point of it, and it really doesn't give you any additional security, your account is as secure as it gets when you enable 2FA.

and all of these things won't save you from the exchange itself getting hacked or even scamming and running away.

ShowOff

legendary

Activity: 2618

Merit: 1181

as long as you have 2fa i and use 2fa too on email i think it is still enough to make its secure, but maybe we can suggest bittrex that must use confirmation email too when withdraw with 2fa like poloniex

pigheadbig

hero member

Activity: 742

Merit: 500

I think the most safe way to store your Altcoins is the wallet, rather than the exchange site. Since there is risk of being stolen or if the exchange site are out of service, you can not get your Altcoins immediately.

BitcoinHodler

hero member

Activity: 1456

Merit: 579

HODLing is an art, not just a word...

if your investment is big enough that warrants a more cautious approach then you have to move them out of the exchange wallet. you can even use the hardware wallet the comment above me suggested if you are willing to spend some money and if it supports the coin you want.

but if it is not really a big investment. (less than 1-2BTC) then the pain of the finding of a wallet, moving the funds and all that is not worth it in my opinion.
i am personally taking the short term risk of keeping the altcoins on the exchange wallet and then dumping it for bitcoin and withdrawing that to my secure BTC cold storage.

and yes i have lost money in Cryptsy but i will still prefer the way i am using.

@prashant

hero member

Activity: 910

Merit: 505

Quote from: roberbers on June 01, 2017, 04:25:32 AM

Can anybody suggest something else except myEtherWallet?

Quote from: roberbers on June 01, 2017, 01:57:07 AM

I'm new in cryptocurrency.

Have been lurking this forum for last week and also did my first investments.

I have invested in:

GNT
GAME
STRAT
TRST
SC
WAVE

I bought them at Poloniex and Bittrex. Is it safe for now to store them there?
Or should I store them in separate wallets? I'm new, so It would be harder for me as I have to create a new wallet for each currency. Or is there any other safe alternative that can store everything? I have heard of Jaxx.

Also, you can discuss or suggest me about my invested altcoins. Do you think they are good? I have profited from all of them for now except for GAME cause I bought it right at the highest bump for about 3$ and then the big crash/dump happened when everything hit red. I, of course, didn't know about that would happen cause I started to read about crypto on that day, lol.

Any tips are welcomed

I would recommend use ledger wallet nano s if you can afford.now it comes with top altcoin support as well plus erc20 token support.it give best protection from malware and easy to carry anywhere.

HongKong

hero member

Activity: 812

Merit: 500

Quote from: roberbers on June 01, 2017, 01:57:07 AM

I'm new in cryptocurrency.

Have been lurking this forum for last week and also did my first investments.

I have invested in:

GNT
GAME
STRAT
TRST
SC
WAVE

I bought them at Poloniex and Bittrex. Is it safe for now to store them there?
Or should I store them in separate wallets? I'm new, so It would be harder for me as I have to create a new wallet for each currency. Or is there any other safe alternative that can store everything? I have heard of Jaxx.

Also, you can discuss or suggest me about my invested altcoins. Do you think they are good? I have profited from all of them for now except for GAME cause I bought it right at the highest bump for about 3$ and then the big crash/dump happened when everything hit red. I, of course, didn't know about that would happen cause I started to read about crypto on that day, lol.

Any tips are welcomed

The Altcoins that you mentioned should have a website where you could download their official wallets. The download link is usually inside of the very first post within their announcement thread as well.
Having your wallet inside of a Bitcoin Exchange is not recommended since those type of websites usually run to the bahama's with the money.

Topic: How to store Altcoins (Is Bittrex/Polo safe) (Read 7414 times)