Leaving your coins on exchanges | Bitcointalksearch.org

QueenVera

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Quote from: negancoin on October 25, 2022, 05:17:14 AM

I've kept some of my coins on Binance for like three years and I haven't lost any. However, I knew what I was getting myself into by doing so, they could've locked my account for any reason and could've ended up losing my assets. I think some of us are addicted to convenience even we know the risk. Those who stick to " not your keys not your coins " rule are usually people who've had a bad experience and have lost a lot of money by trusting a third party.

You don't have to lose money before you realize that's actually the accurate way to go about storing your coins. You should take the securing of your investment into your own hands instead of trusting a third party to safeguard your investment for you. Centralized entities aren't to be trusted and neither should an exchange be used for storing of your investment.

Exchanges are targeted by hacker and scammers looking to steal money been stored their because they know people will always use this platforms for storing their investment without realizing that that's dangerous. With your personal wallet, no hacker will target you because they don't know which wallet you use.

Exchange are public information so they will always be a target by hackers. You should move your funds to your personal wallet that you have control over your private key or you'll regret in future when Binance collapse just as FTX did.

LUCKMCFLY

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Well due to all the probelams that we have seen in FTX, I think it is a lesson learned that we should not leave our money in the exchanges, in fact Theymos advises it: https://bitcointalksearch.org/topic/reminder-do-not-keep-your-money-in-online-accounts-5421039 I think ue not only him but all of us in some way must think that everything we manage is ours if we have our private keys it is ours, if it is somewhere else it is not ours, because obviously they have our money to be able to make their transactions, we do not know , the exchanges have many ways to survive and one of them is to trade or arbitrage with our money, that is something that we cannot forget.

martyns

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Quote from: Peanutswar on November 08, 2022, 08:05:06 AM

Most of us are telling you to don't hold your assets in exchange but if you are an active trader for sure most of us are leaving our funds into those exchanges to make another trade, well is nothing wrong with this just the security only regarding with the fund's anything can happen to the current exchange we are using, for me after I trade a make another trade for the coming week or month that's the time I hold those but after I gain profit and does not need the money anymore it is ideal to store in the hardware wallet for safety purpose.

Storing coins in exchanges are usually activities carried out by the investors and traders for long term or short term purposes. It has been practiceable for a long period of time, one case of Luna can't change some mind but with the second dump of FTX, people have started wondering what's really going on with the market. Most people have even pullout their funds out of exchanges because of FUD, and their points is very understandable, I also join in pulling out my funds, don't want to hear stories.

deathcode

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Quote from: CryptoYar on November 08, 2022, 11:24:37 AM

Quote from: ?? on ??

All my coins are on exchange. I am not the one to keep them on wallet

If you do not know why it is risky to hold your funds on the exchange, then I would like to apprise you that all major these major exchange habe been hacked in past including binance. ( even though binance covered the user's losses but still there is no guarantee next time they'll be able to cover the user's losses)

Second, the reason they can stop processing your withdrawals whenever they want. FTX appears to have stopped processing withdrawals, on-chain data show

it is understandable if you keep a small amount in an exchange that you can trade with, as it's a headache to deposit and withdraw on daily bases. but if you keep all your funds on an exchange, it is wrong.

I really agree with your opinion.
After yesterday's FTX case, many people should have learned from this case.

Of course, I don't mean to pray that the FTX case will happen again, I hope that other exchange platforms will be better in the future.
Putting all of our assets on an exchange is an act that is unwise and might cause the loss of all of our assets.
Only placing a small amount for our trading purposes or day trading would be wiser.

Nrcewker

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Quote from: panganib999 on October 27, 2022, 01:57:11 PM

I personally have a cold wallet ready for all my crypto and I advise everyone to invest in one as soon as they could. It's not that expensive but the benefits it could provide you will be worth millions. The amount of security they offer is invaluable. As for my crypto in exchanges I only put in reasonable amounts and never most or all of my money in these because everyday, there could be an attack from a hacker which will definitely not sound good for your investments. If I'm not mistaken Trezor wallets only costs around 100 bucks in some shops, so get yourself one.

If one is rich like a millionaire, and have good amount of money in Bitcoins, then they should invest in these types of cold storage or legacy wallets. If you have some Bitcoins, then it’s not necessary to do some big investments in wallets like this. Offline wallet can easily work in this case. Electrum is best to be honest for these type of investments, and I strongly recommend all to use this. Moreover it’s always a worst idea to keep all your cryptos on exchanges. As exchanges have control on your funds and no one wants there funds should be vanished overnight, like it happened with FTX.

alik111

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I think after every successful trading we should move our funds in a non custodial wallet. Any centralized exchanges or any platforms can't make our funds fully safe. So it's not a good idea to leave crypto assets in a custodial wallet or in any exchange.

LUCKMCFLY

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Quote from: ajiz138 on November 06, 2022, 01:57:38 PM

Quote from: fullhdpixel on November 06, 2022, 01:25:22 PM

Quote from: LUCKMCFLY on November 05, 2022, 07:11:05 PM

I used to be a person who was very confident in excahges, but after seeing that the best exchanges like Binance were really kneeling before governments and police worldwide, this thing of being trusted in them happened to me and I really don't see sure that someone would leave their coins there, neither in Binaance nor in any exchange, for me the safest thing will always be a wallet and sometimes a ledger, the security for our money I think it would represent everything, there is nothing else that can represent more security, it even seems to me safer than a bank, a bank can be corrupt at any time and what you can suffer from is as a citizen.

We are all like that by the time we are still a beginner. We don't care about leaving funds on the exchange or if what type of wallet we are using but what important for us is that we can do a trade or invest but eventually we found out that it was not a good thing to do but it's always safe to pull out fund on the exchange or to the wallet which doesn't let you hodl your private keys with you.

The way you store your money will represent if how careful you are. That's kinda true. Security is important here and should come first because what we are dealing here is money. Not just a small amount because the potential of cryptos are very big.

We feel how trusting it is to keep assets on the exchange because we used to think it would be easier to trade in any form and easy to make withdrawals at any time, but we are not aware of anything else that exchanges are subject to state laws and regulations whereas we currently own bitcoins. the freedom we want so think about it that ledger wallets are important for storing larger assets because it's the only control over us not from parties when like an exchange so after I base I leave the coins on the exchange and move them to ledger wallet to keep better security for myself.

Because no matter how great an exchange is in maintaining user data, there will always be loopholes that can be hacked, therefore I don't want this to happen to me even though I've never experienced it, one more thing I use is an exchange just to exchange the money I need on other coins and for fixed investments in ledger wallets.

Well I have a personal theory, when people know about bitcoin and start to operate, governments know that people find out about this information and governments and police entities, banks also have it, so they use regulations to be able to have access to a technology and economy that they can never control and one way to take control or try to take control is with regulations that are useless in the end, it is impossible for them to control people qeu operate with BTC and crypto, the best way to avoid that is to keep our coins, altocins and especially BTC out of the reach of those black hands.

Oilacris

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Quote from: Slow death on November 08, 2022, 12:09:25 PM

I believe that everyone wants to leave coins in the wallet and have full control of the coins, but as we have to day trade and the price everyone must have seen there is no exact time to go up or down, so leaving coins on the exchange makes it easier when the price is falling buy soon or put stop-loss, in the wallet there is no option to put stop-loss, this function only has on exchanges. there are times when the price is going up a lot and the person needs to pay attention to the exact moment when it will start to fall to sell soon and buy when it goes up again and this can only be done with coins on the exchange to be quick, because if the person still has coins in their wallet until they arrive at the exchange, they can miss this movement

This is what im doing honestly, we know the risk but we cant really be able to avoid on not to think that it should really be leave behind on exchangers for us to execute fast actions whenever we do

see buying or selling opportunity rather than on putting those funds on a non-custodial wallet which it would really be taking up sometime before you could make out such action.
This is why we do really decide out to leave so that execution would be fast and non time consuming because we do know that opportunities and chances
doesnt really come often and this is where people been aware of if we do talk about those funds leave on exchange platforms.

Slow death

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I believe that everyone wants to leave coins in the wallet and have full control of the coins, but as we have to day trade and the price everyone must have seen there is no exact time to go up or down, so leaving coins on the exchange makes it easier when the price is falling buy soon or put stop-loss, in the wallet there is no option to put stop-loss, this function only has on exchanges. there are times when the price is going up a lot and the person needs to pay attention to the exact moment when it will start to fall to sell soon and buy when it goes up again and this can only be done with coins on the exchange to be quick, because if the person still has coins in their wallet until they arrive at the exchange, they can miss this movement

CryptoYar

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Quote from: ?? on ??

All my coins are on exchange. I am not the one to keep them on wallet

If you do not know why it is risky to hold your funds on the exchange, then I would like to apprise you that all major these major exchange habe been hacked in past including binance. ( even though binance covered the user's losses but still there is no guarantee next time they'll be able to cover the user's losses)

Second, the reason they can stop processing your withdrawals whenever they want. FTX appears to have stopped processing withdrawals, on-chain data show

it is understandable if you keep a small amount in an exchange that you can trade with, as it's a headache to deposit and withdraw on daily bases. but if you keep all your funds on an exchange, it is wrong.

Peanutswar

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Most of us are telling you to don't hold your assets in exchange but if you are an active trader for sure most of us are leaving our funds into those exchanges to make another trade, well is nothing wrong with this just the security only regarding with the fund's anything can happen to the current exchange we are using, for me after I trade a make another trade for the coming week or month that's the time I hold those but after I gain profit and does not need the money anymore it is ideal to store in the hardware wallet for safety purpose.

Pandu Geddon

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Quote from: ?? on ??

This is a real experience that I experienced when I left Cryptocurrencies in early 2019 and I still left assets in several exchanges because at that time it was not valuable, I had kept the monaco card, eth, and others in Kucoin, then I once kept ETH and BTC in Coinbene, when the price of Crypto skyrocketed in the end of 2021 I tried to log in but failed and asked for help in the group telegram, they gave steps for recovery and succeeded but unfortunately all the assets that I had saved were lost, then I tried to find the deposit address and turned out to have changed, I checked at Etherscan that the asset had been moved.

That's why we mustn't leave assets on the exchange for a long time. it can be to our detriment, as in your experience.
but usually, the exchange will notify us when there is an update or delivery of assets from our account via email. even for tokens that are delisted from the exchange they notify and give a grace period for users to withdraw their assets. if suddenly lost and changed address, this is the first time I've heard from you.

ajiz138

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Quote from: fullhdpixel on November 06, 2022, 01:25:22 PM

Quote from: LUCKMCFLY on November 05, 2022, 07:11:05 PM

I used to be a person who was very confident in excahges, but after seeing that the best exchanges like Binance were really kneeling before governments and police worldwide, this thing of being trusted in them happened to me and I really don't see sure that someone would leave their coins there, neither in Binaance nor in any exchange, for me the safest thing will always be a wallet and sometimes a ledger, the security for our money I think it would represent everything, there is nothing else that can represent more security, it even seems to me safer than a bank, a bank can be corrupt at any time and what you can suffer from is as a citizen.

We are all like that by the time we are still a beginner. We don't care about leaving funds on the exchange or if what type of wallet we are using but what important for us is that we can do a trade or invest but eventually we found out that it was not a good thing to do but it's always safe to pull out fund on the exchange or to the wallet which doesn't let you hodl your private keys with you.

The way you store your money will represent if how careful you are. That's kinda true. Security is important here and should come first because what we are dealing here is money. Not just a small amount because the potential of cryptos are very big.

We feel how trusting it is to keep assets on the exchange because we used to think it would be easier to trade in any form and easy to make withdrawals at any time, but we are not aware of anything else that exchanges are subject to state laws and regulations whereas we currently own bitcoins. the freedom we want so think about it that ledger wallets are important for storing larger assets because it's the only control over us not from parties when like an exchange so after I base I leave the coins on the exchange and move them to ledger wallet to keep better security for myself.

Because no matter how great an exchange is in maintaining user data, there will always be loopholes that can be hacked, therefore I don't want this to happen to me even though I've never experienced it, one more thing I use is an exchange just to exchange the money I need on other coins and for fixed investments in ledger wallets.

fullhdpixel

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Quote from: LUCKMCFLY on November 05, 2022, 07:11:05 PM

I used to be a person who was very confident in excahges, but after seeing that the best exchanges like Binance were really kneeling before governments and police worldwide, this thing of being trusted in them happened to me and I really don't see sure that someone would leave their coins there, neither in Binaance nor in any exchange, for me the safest thing will always be a wallet and sometimes a ledger, the security for our money I think it would represent everything, there is nothing else that can represent more security, it even seems to me safer than a bank, a bank can be corrupt at any time and what you can suffer from is as a citizen.

We are all like that by the time we are still a beginner. We don't care about leaving funds on the exchange or if what type of wallet we are using but what important for us is that we can do a trade or invest but eventually we found out that it was not a good thing to do but it's always safe to pull out fund on the exchange or to the wallet which doesn't let you hodl your private keys with you.

The way you store your money will represent if how careful you are. That's kinda true. Security is important here and should come first because what we are dealing here is money. Not just a small amount because the potential of cryptos are very big.

LUCKMCFLY

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Quote from: chaser15 on October 21, 2022, 06:05:51 PM

Quote from: Oshosondy on October 19, 2022, 04:02:21 AM

After you finish trading in a day, because of the stable coin low fee, did you move your coin to a noncustodial wallet and move it back to an exchange if you want to trade next time? Or you just leave it alone on the exchange you are using?

What effective way you use to protect your coin as a trader?

Seems like a hassle to me if I will do that every time during my active trading session. I know and understand the risks so I will just put my faith in that trading platform. But for those who are new to this trading stuff, my advice is to practice using a non-custodial wallet then if they understand the risks now of leaving coins on exchanges, then they can now face the risks of doing it.

That only applies if I'm actively trading but if I have no plan to trade at all, no way I will leave my coins on an exchange regardless of how reputable it is.

I used to be a person who was very confident in excahges, but after seeing that the best exchanges like Binance were really kneeling before governments and police worldwide, this thing of being trusted in them happened to me and I really don't see sure that someone would leave their coins there, neither in Binaance nor in any exchange, for me the safest thing will always be a wallet and sometimes a ledger, the security for our money I think it would represent everything, there is nothing else that can represent more security, it even seems to me safer than a bank, a bank can be corrupt at any time and what you can suffer from is as a citizen.

Hamphser

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Quote from: mich on October 28, 2022, 02:23:34 AM

Personally, I would not recommend leaving your coins on exchanges at the moment. With the recent turn of events with the market crash and a current 'bear market', I think there is too much risk locking up your crypto.
I did like to leave my coins on Binance to stake them but now this has changed. I'm fully aware of the rewards of tokens by staying in but I think there is just too much uncertainty in the global economy for that kind of move.

Basing up on past events or simply the history of locking up funds on an exchange neither facing up some issues like hacks or some sort then you wouldnt really be having no chance on those recovery even if you do

make yourself get involved or make use of current popular or top exchange site on the market today.It wont really be making out guarantees that you could really make those coins in safe hands.

Nothing is much safer when you do store your coins into a non-custodial wallet.If you could bare up the risk on storing it into those platforms then its your choice.Just be prepared
for whatever possible things that might happen since we dont really know on what are the probabilities or odds on happening but there's always those chances which
we should really be avoiding it on the first place.

mich

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Personally, I would not recommend leaving your coins on exchanges at the moment. With the recent turn of events with the market crash and a current 'bear market', I think there is too much risk locking up your crypto.
I did like to leave my coins on Binance to stake them but now this has changed. I'm fully aware of the rewards of tokens by staying in but I think there is just too much uncertainty in the global economy for that kind of move.

GeorgeJohn

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Quote from: Oceat on October 25, 2022, 06:46:27 PM

Quote from: GeorgeJohn on October 25, 2022, 05:56:18 PM

We have lamented on this thread before concerning leaving your funds in exchange, i believe that exchange of cryptocurrency in a platform is nice, but a process of leaving your funds in a platform of an exchange, i think it's absurd wrong, and from my perspective, scammers can attack the exchange and all your funds will wiped away and all you have saved will will not be recovered, so therefore it's good to save your coins outside exchange.

There are things to consider first on why they have to leave their funds in exchange although, majority of the best choice is not to but with this certain factors you might wanna rethink again. For example, if you are trading in the exchange do you really want to just take your funds without considering the tx fees and the hassle of waiting? Most traders leave their funds in the exchange to avoid this hassle plus it's convenient if you have a lot of order. Choosing the best reputable exchange will help you to not to get too much anxious for leaving your funds in exchange.

It's encouraging to exit your funds from exchange, because record has it that the biggest exchange per say, Binance has been hacked before and people or investors who kept their fund's in the binance platforms majority lost their fund's, so that's the reason while many people who witness the incident and experience lost don't encourage anyone to make a save in exchange, because their is every tendency that if the exchange is hacked and the platform fails to rise again, it's obvious that you can't recover your funds.

Lanatsa

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Quote from: ?? on ??

All my coins are on exchange. I am not the one to keep them on wallet

You should really make yourself aware on the risk that exchange platforms could be possibly be hacked and if all of your assets or coins is there then it would really be that hard for those to be recovered.

Well, its your money then you do have the full rights and decisions on what you should gonna do but you should really be considerate when it comes to risks.

Never ever leave your coins on an exchange or any custodial wallets since we know the risk that it might rather be lost or would be having some hacking incident
or something in correlation.

panganib999

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I personally have a cold wallet ready for all my crypto and I advise everyone to invest in one as soon as they could. It's not that expensive but the benefits it could provide you will be worth millions. The amount of security they offer is invaluable. As for my crypto in exchanges I only put in reasonable amounts and never most or all of my money in these because everyday, there could be an attack from a hacker which will definitely not sound good for your investments. If I'm not mistaken Trezor wallets only costs around 100 bucks in some shops, so get yourself one.

Topic: Leaving your coins on exchanges (Read 1095 times)