NEver keep all your coins on an exchange - page 6.

BitHodler

legendary

Activity: 1526

Merit: 1179

Quote from: muhcoins on November 13, 2016, 11:35:57 AM

i'm not sure, but a few online wallets give you the privkey, blockchain.info is one example.

Every online wallet service should provide people with a private key where they can use it to import it into a client of their choice. I see this as a normal thing, and not as a great feature.

But even when you have the private key, then still you know that there is another entity also having access to your coins. Plus there is the fact that your coins are exposed to risks of hackers and stuff.

All with all, reason enough to not make use of any online wallet service. If you do it anyway, then only with tiny amounts, and that you know and understand what risks you are exposing yourself to.

Shiroslullaby

sr. member

Activity: 434

Merit: 250

Yeah I still don't know what to do.
I feel uncomfortable having money on an exchange, even ones that I trust.
It's too annoying to manage ten different wallets for different coins,
(not to mention the coins that don't have functioning wallets or command line only wallets)

Maybe I will consolidate down to two or three coins so I can put them in offline storage and not have to worry about it.
Most of my buys are long-term investments anyways.

severaldetails

hero member

Activity: 959

Merit: 500

I think it is difficult for a real trader to remove the coins from the exchanges every time he goes offline.
For tradings you have to react quick sometimes or you miss the right time to buy/sell. That time can already be gone after a transaction to an exchange arrives.
Besides, your coins can even get hacked at the time you are online there.
So it's a tricky thing to keep coins safe when you are a trader.

Potato Chips

hero member

Activity: 2786

Merit: 902

yesssir! 🫡

Quote from: spazzdla on June 21, 2016, 12:14:10 PM

Gox
Cryptsy..

If you have most of your coins in Bitfinex.. there will be little mercy when they disappear.

Yes, We should spread awareness about this because the risk of keeping all your coins in an exchange sites is high. Why? Because exchange sites are a common target of hackers and even online wallets. OR sometimes exchange sites can ran away with your coins.

Our money is important that's why we should store it in a safe place. I suggest that you should store it in any wallet that has a private key, to make sure that it is yours alone.

I honestly don't recommend online wallets srsly

muhcoins

member

Activity: 93

Merit: 10

well, exchange or online wallet, if you cant have the privatekey it isnt trustable.
i'm a poloniex/xapo user but i always take the money out after using.

i'm not sure, but a few online wallets give you the privkey, blockchain.info is one example.

R3ffun

sr. member

Activity: 714

Merit: 250

Quote from: spazzdla on June 21, 2016, 12:14:10 PM

Gox
Cryptsy..

If you have most of your coins in Bitfinex.. there will be little mercy when they disappear.

yes thats right , Be careful Do not trust just one account exchange for all save your coin..

PremiumCodeX

hero member

Activity: 1204

Merit: 531

Metaverse 👾 Cyberweapons

I have two things to add to this discussion. One of them is that online wallets also could take your BTC. At online wallets just like at exchanges, try to stick with the HQ ones. If you cannot know their developer team or get clear politics from them, you find a bad omen. Time is not always your reliable guard as some sites have been running scams for a long time and still getting new users. The other thing I want to add is the suggestion of doing proper security research if you want to use an offline wallet. I actually keep some exchanges more trusted than certain people's offline wallet.

arcanaaerobics

sr. member

Activity: 364

Merit: 250

Quote from: xSkylarx on November 11, 2016, 12:08:18 AM

Quote from: BitcoinPanther on November 10, 2016, 02:58:42 PM

This is the way to do it. Put the coins you are trading in an exchange and withdraw those that are to be hold or kept for a long period of time. This will at least lessen amount you will lose if suddenly the exchange decided to shutdown because of bankruptcy. This happen to one of my friend. He had learned his lesson the hard way. He lost all his coins when cryptsy shutdown. because it is the only exchange he is comfortable in trading coins.

Yeah, also just put your bitcoin enough to buy some altcoins you want. Stake or store the coins on your wallet if you plan it for long term. No one can say if that exchange will shutdown today or tomorrow. So it's better to be safe than sorry.

If you are making some investment, you have to take risks, you can't to anything about it. For sure exchanges are a big risky.

The point here isn't using an exchange as a invesment but as a wallet.

xSkylarx

hero member

Activity: 2366

Merit: 594

Quote from: BitcoinPanther on November 10, 2016, 02:58:42 PM

This is the way to do it. Put the coins you are trading in an exchange and withdraw those that are to be hold or kept for a long period of time. This will at least lessen amount you will lose if suddenly the exchange decided to shutdown because of bankruptcy. This happen to one of my friend. He had learned his lesson the hard way. He lost all his coins when cryptsy shutdown. because it is the only exchange he is comfortable in trading coins.

Yeah, also just put your bitcoin enough to buy some altcoins you want. Stake or store the coins on your wallet if you plan it for long term. No one can say if that exchange will shutdown today or tomorrow. So it's better to be safe than sorry.

xSkylarx

hero member

Activity: 2366

Merit: 594

Quote from: BitcoinPanther on November 10, 2016, 02:58:42 PM

This is the way to do it. Put the coins you are trading in an exchange and withdraw those that are to be hold or kept for a long period of time. This will at least lessen amount you will lose if suddenly the exchange decided to shutdown because of bankruptcy. This happen to one of my friend. He had learned his lesson the hard way. He lost all his coins when cryptsy shutdown. because it is the only exchange he is comfortable in trading coins.

Yeah, also just put your bitcoin enough to buy some altcoins you want. Stake or store the coins on your wallet if you plan it for long term. No one can say if that exchange will shutdown today or tomorrow. So it's better to be safe than sorry.

BitcoinPanther

hero member

Activity: 1918

Merit: 564

This is the way to do it. Put the coins you are trading in an exchange and withdraw those that are to be hold or kept for a long period of time. This will at least lessen amount you will lose if suddenly the exchange decided to shutdown because of bankruptcy. This happen to one of my friend. He had learned his lesson the hard way. He lost all his coins when cryptsy shutdown. because it is the only exchange he is comfortable in trading coins.

richardsNY

legendary

Activity: 1232

Merit: 1091

Quote from: Daffadile on November 10, 2016, 01:10:34 PM

I think it is better to load your exchange wallet everytime and then do whaver transaction you need to do and withdraw everything to it's revelant wallet when it is done.

That's also what I am doing. I only send coins to my exchange when I am trading. In the times that I am not trading, I don't have any coins there. Everything sits safely in my offline wallet. Everyone should do this. People that keep their coins sitting in their exchange accounts are not aware of the risks, or they simply don't care and think their exchange won't get hacked.

0xfff

full member

Activity: 224

Merit: 100

Quote from: Daffadile on November 10, 2016, 01:10:34 PM

I think it is better to load your exchange wallet everytime and then do whaver transaction you need to do and withdraw everything to it's revelant wallet when it is done.

I agree. It is definitely an inconvenience to only store btc in secure wallets but it is worth it. Losing all your coins is awful. I lost a few in gox and I'll never make that mistake again.

crairezx20

legendary

Activity: 1638

Merit: 1046

Quote from: Dudeperfect on November 10, 2016, 09:30:29 AM

Quote from: clickerz on November 08, 2016, 06:46:06 AM

Quote from: Dudeperfect on November 07, 2016, 11:38:32 PM

I usually do not keep more than 10% of my funds on any exchange. You can’t be always sure about the security of your funds so having a secure cold storage is what I trust and use to store my bitcoins. There is 2-factor authentication enabled but still it does not guaranty the full proof safety and it has nothing to do with the hacking of the website network. The best way to trust on self and maintain good and secure cold storage.

That is also I a doing, not all bitcoin is keep on exchanges but of course as a trader we have unds on standy at different exchanges, so that when there is opportunity for some coins,we can buy fast and trade. Just a minimal fund for trading and also a fund that I can afford to lose.

I had some bad experience when I kept nothing on exchange and I lost some good opportunities so you have to keep something if you don’t want to miss good opportunities. Yes there is risk associated with it but trading is all about risk and if one is not brave enough to take this basic risk then he should not trade further imo.

Yeah right if you dont keep your bitcoin invest in the exchange site you will be miss for some opportunity to buy it but there is other way that you can save them every time you make already a profit those profit better to save it for your safety wallet.. to secured it.. or if you want to increase your revenue better to spread it to other exchange site.. to increase your profit and for safety of your other investment,.

Daffadile

hero member

Activity: 1162

Merit: 500

CryptoTalk.Org - Get Paid for every Post!

I think it is better to load your exchange wallet everytime and then do whaver transaction you need to do and withdraw everything to it's revelant wallet when it is done.

Dudeperfect

hero member

Activity: 1190

Merit: 534

Quote from: clickerz on November 08, 2016, 06:46:06 AM

Quote from: Dudeperfect on November 07, 2016, 11:38:32 PM

I usually do not keep more than 10% of my funds on any exchange. You can’t be always sure about the security of your funds so having a secure cold storage is what I trust and use to store my bitcoins. There is 2-factor authentication enabled but still it does not guaranty the full proof safety and it has nothing to do with the hacking of the website network. The best way to trust on self and maintain good and secure cold storage.

That is also I a doing, not all bitcoin is keep on exchanges but of course as a trader we have unds on standy at different exchanges, so that when there is opportunity for some coins,we can buy fast and trade. Just a minimal fund for trading and also a fund that I can afford to lose.

I had some bad experience when I kept nothing on exchange and I lost some good opportunities so you have to keep something if you don’t want to miss good opportunities. Yes there is risk associated with it but trading is all about risk and if one is not brave enough to take this basic risk then he should not trade further imo.

danherbias07

legendary

Activity: 3318

Merit: 1133

Leading Crypto Sports Betting & Casino Platform

Quote from: BitSat on November 09, 2016, 10:36:33 AM

Today I have best tip from here this forum that never keep all your coins on an exchange because I check many biggest and solid exchanges already defaulted and run with too much money and all is unrecoverable those who lost are in deep problems even they cannot complain to any one for this mistake

Good thing you came here first. Now you will be wary of what could happen to your beloved coins if ever you just put it in an online wallet. If you are going to work and they will pay you needing an online wallet. Withdraw it as quick as possible, dont regret the transaction fee, it will be safer that way.

BitSat

sr. member

Activity: 700

Merit: 251

Today I have best tip from here this forum that never keep all your coins on an exchange because I check many biggest and solid exchanges already defaulted and run with too much money and all is unrecoverable those who lost are in deep problems even they cannot complain to any one for this mistake

Oilacris

hero member

Activity: 2996

Merit: 609

Quote from: yayayo on November 08, 2016, 12:37:45 PM

Quote from: mastica on November 08, 2016, 11:23:56 AM

The only exchange that had been hacked and were able to recover were poloniex, i do believe they had paid already all the funds taken in the past, nowadays security is their main concern, others as bitfinex hasnt a license to work as some had reported, soo you choose where you wanna to risk your bitcoin at reputable or at others.

Poloniex is not the only exchange that refunded its users. As far as I remember, BTC-e also refunded users of a minor security breach.

In both cases the funds lost did amount only for a fraction of the funds held. Therefore it was easy to do a refund. So users have been lucky.

I don't think that you truly can distinguish between "reputable" and "other" exchanges from the outside. An exchange is only "reputable" as long as it is not hacked. There is never a guarantee that the system is as secure as it is claimed to be and that all employees are honest.

So it doesn't matter at which exchange you store your funds, you're still taking a significantly higher risk than storing them in a private wallet which you control.

ya.ya.yo!

I agree with this matter , its really better to store your bitcoin on your private wallet rather than keeping them on exchange wallets. The risk of lossing it is still their . As you mentioned we cant really distinguish a reputable exchanges because as long as it operates we could really say that thing. I do glad to hear that exchanges do a refund when theres a breach , in this matter we could really say that exchanges could able to be hacked anytime.

mastica

hero member

Activity: 938

Merit: 500

Quote from: yayayo on November 08, 2016, 12:37:45 PM

Quote from: mastica on November 08, 2016, 11:23:56 AM

The only exchange that had been hacked and were able to recover were poloniex, i do believe they had paid already all the funds taken in the past, nowadays security is their main concern, others as bitfinex hasnt a license to work as some had reported, soo you choose where you wanna to risk your bitcoin at reputable or at others.

Poloniex is not the only exchange that refunded its users. As far as I remember, BTC-e also refunded users of a minor security breach.

In both cases the funds lost did amount only for a fraction of the funds held. Therefore it was easy to do a refund. So users have been lucky.

I don't think that you truly can distinguish between "reputable" and "other" exchanges from the outside. An exchange is only "reputable" as long as it is not hacked. There is never a guarantee that the system is as secure as it is claimed to be and that all employees are honest.

So it doesn't matter at which exchange you store your funds, you're still taking a significantly higher risk than storing them in a private wallet which you control.

ya.ya.yo!

Sure i do understand about the funds not being safety at exchanges, but we need them to try to get more bitcoins, in fact those are were the most bitcoins are being invested and traded, if i hold my coins at my wallet im just waiting a better price or something to invest later.

Topic: NEver keep all your coins on an exchange - page 6. (Read 25792 times)