Topic: Newbies don't leave your coins in an exchange (Read 561 times)
For the sake of safety exchange is not a place anyone should think to leave their coin, from past experience it is not something hidden that we have heard about exchanges that closed down and never returned. Not your keys not your coin, this is what beginners needs to know.. so far as exchange is not a decentralized wallet anything can happen. I don't see any good reason why one would even prefer to use exchange to store bitcoin when their a good wallet very safe for storage. Take of your bitcoin from exchange, exchange are unpredicted, they can shutdown as a surprise without anyone knowing.
The purpose of a currency exchange business is to make a profit by buying and selling currencies. Traders use exchanges to exchange currencies on exchange platforms and earn contractual profits so that prices increase. Exchanging from a secure wallet can primarily help shine security as it can help keep your assets safe. However, it is important to be safe with multiple security measures when exchanging currency on an exchange. There may be a personal preference between an exchange account and a bitcoin wallet. Using an exchange account allows you to easily buy or sell most cryptocurrencies, although there can be a noticeable headache in terms of security. On the other hand, owning a Bitcoin wallet allows you to control your wallet yourself, but that can create an additional claim and dilemma.
Well, this is not just for newbies but also for everyone including me because I would admit that I sometimes choose to leave some of my funds to exchange wallet. However, I do this for some reason just because I am trading when I have free time and I think that I could save some fees as I don't need to top up my wallet. Maybe it was not thought that the site might possibly be hacked and lose my funds but because I trust the platform that brings me confidence that it was safe and secured.
Hacking can happen regardless of whether the exchange is the most popular or safest, because any system can be hacked. I don't store my main funds on the exchange because I know the risks, I use personal wallet storage to store all my main assets. this is safer and more secure than having to be on an exchange managed by a third person. If it's just for trading then I will transfer only what is needed, not everything to be safer.
They say experience is the best teacher, and unfortunately many of us choose to learn from our mistakes because we believe we have a different orra of luck from those that had a bad experience with an exchange...
But when it comes to leaving coins on an exchange, I have mixed feelings about this...if a user is into p2p trading and this kind of business requires that it's up and running 24/7 , I honestly don't see anything wrong with having coins on the exchange as coins are constantly moving in and out, but if you get to use the exchange as a wallet to hodl coins for a long time or try to save on transaction fees, then whatever happens to your coins like a hack , exit scam or closure you have yourself to blame as your safety of your coins is better off in non custodial wallets.
But when it comes to leaving coins on an exchange, I have mixed feelings about this...if a user is into p2p trading and this kind of business requires that it's up and running 24/7 , I honestly don't see anything wrong with having coins on the exchange as coins are constantly moving in and out, but if you get to use the exchange as a wallet to hodl coins for a long time or try to save on transaction fees, then whatever happens to your coins like a hack , exit scam or closure you have yourself to blame as your safety of your coins is better off in non custodial wallets.
I think the discussion here should have been that DON'T LEAVE YOUR HARD EARNED MONEY ON EXCHANGE, coin can be different type coin, fiat is what we can't leave on an exchange, and at the back of your mind you think you are saving in the right place.
Yearly, some of the known exchanges face some huge trials and others become victims to hackers and only a few of them have recovered their funds and paid their users with them. others are not capable of doing it because they don't have any means to do so. That's why when you lose your cryptocurrencies to hackers in the exchanges, there are low chance of getting them back. that's why everyone always recommends you have your own personal wallet that only you can have full control of. Sometimes they get frozen because of some malicious activities that are linked to your account.
I hate it when we tend to live a fake lifestyle on the forum when it is clear that many of us that are earning through signatures are using exchanges to exchange the coins to fiat. We don't need to sing it aloud while it could be obvious that some of us maybe deceiving ourselves. If not mistaken, 80% of majority here are using exchange and most time they could even leave there coins on exchanges for many reasons. Some persons uses exchanges because of staking, buying altcoins, p2p trades and many more. If we are on exchanges for any of these reasons then we don't have to sing it here like using exchange is a bad idea. 
It's not uncommon to see threads that warn against storing assets on exchanges, this has been a common discussion and others have suggested storing in your own wallet that has a key that you hold.
The reason why a newbie may leave their Bitcoin in an exchange is because it is not amount that they can afford to lose or it is very little. It is not that they do not know about the dangers of leaving your coins in an exchange is just that they do not care and can bear the risk of losing the coins.Quote
theymos has announced this, there are also those who still insist on storing on the exchange, let's leave it alone, the important thing is that we have given advice on it, as long as we don't talk about the dangers of storing assets on the exchange but still use it then it is not logical with the advice given.
For this message to actually sink in to those of them who have refused to heed the instruction, they have to come face-to-face with a hack on their account which I hope does not happen to them. Newbies once again treat your exchange as a temporary store. You buy and move your coins to a wallet you have control over. 
Yearly, some of the known exchanges face some huge trials and others become victims to hackers and only a few of them have recovered their funds and paid their users with them. others are not capable of doing it because they don't have any means to do so. That's why when you lose your cryptocurrencies to hackers in the exchanges, there are low chance of getting them back. that's why everyone always recommends you have your own personal wallet that only you can have full control of. Sometimes they get frozen because of some malicious activities that are linked to your account.
It is true, almost every year there are cases of hacking on the stock exchange, this is very sad for all parties. If we are hacked, of course our funds will not be returned, and the exchange party will only apologize and the rest is our own responsibility. I myself have experience storing assets at FTX, although I don't store much there, it is enough to be a valuable lesson for myself.And it is true that holding assets on an exchange is necessary for trading and withdrawing to fiat if we need them, but the wisest choice is to keep only enough funds on the exchange and keep the rest of the assets in a wallet that we can fully control.
The exchanges need traders to function. What good is a coin exchange if no one is buying or selling coins?
People should buy and sell in exchanges then, why do they keep their coins in the exchanges if they are not using them very often? There is nothing wrong in keeping your funds in the exchange if you are using those funds every day for trading and you don't want to pay withdrawal and transactions fees twice every day, but if you are not a regular trader, you don't use the funds in your exchange account, and you are planning to hold them for long term, why not take them out of it before it's too late?People keep their coins on exchanges for a few reasons. First, it's easier to trade fast if your money's already there. You can buy and sell whenever you want without waiting to transfer funds back and forth. Plus it means your money's ready to go if some new opportunity pops up and second thing is liquidity.
ANd, like I said before, if no one kept any funds on exchanges, there wouldn't be buy and sell walls like there are now. That's just how crypto exchanges operate.
A lot of people make this mistake, and it's just out of ignorance and nothing else.
I disagree. In many cases, it is a calculated risk, not ignorance. You simply can't profit from market swings without that kind of risk.
For newbies with a self-custody reminder I want to make them that it's not that simple make sure to realize the network fees, if you are holding for the short term with a lower capital it's is not worth it to move coins to the self custody better prefer a reputed exchange where, you've bought them. In the other case where you are accumulating for a longer timespan, you can consider the self custoday and its more likely recomennded.
The transaction fee is one vital area to consider when you want to transfer a small amount of bitcoin, because the fees alone can eat deeply into your withdrawal, leaving you with little coins left in the none custodial wallet. So it's best to let the bitcoin to accumulate in the exchange's wallet before considering to move it. Recently I tried transferring
a little amount of bitcoin into another wallet, the transaction fee was so high that I had to reconsider making the transaction.
There's No issue with the readjustments in transactions, point is if you have a decent amount of funds and you think it's reasonable to spend the fee, on that time don't be careless while moving the funds to self-custody.
You can save in fees when you are in the position of fewer Bitcoin holders, and interested in hunting more Bitcoin while not being able to afford more to invest from the limit you are already spending. You can consider it as a an accumulation strategy
haha.
For newbies with a self-custody reminder I want to make them that it's not that simple make sure to realize the network fees, if you are holding for the short term with a lower capital it's is not worth it to move coins to the self custody better prefer a reputed exchange where, you've bought them. In the other case where you are accumulating for a longer timespan, you can consider the self custoday and its more likely recomennded.
The transaction fee is one vital area to consider when you want to transfer a small amount of bitcoin, because the fees alone can eat deeply into your withdrawal, leaving you with little coins left in the none custodial wallet. So it's best to let the bitcoin to accumulate in the exchange's wallet before considering to move it. Recently I tried transferring
a little amount of bitcoin into another wallet, the transaction fee was so high that I had to reconsider making the transaction.
However, the importance of storing bitcoin in a none custodial wallet can not be over flogged, as it has been consensually agreed in this thread. Like the saying, "not your keys, not your coin", this phrase should be a constant reminder that your coin inside the exchange wallet, is not yours and safe 100%. We only need to remind our selves about the case of FTX, to be wiser.
I agree with your statement. Unfortunately, I have yet to receive or to purchase a hardware storage for my BTCs since I left them inside our local exchange in the country. While this practice may be potentially dangerous, the amount of BTCs that I receive weekly is somehow insignificant compared to others who have more than 1 BTC on their wallet.
Though this may be the case, I think this practice of mine should not be tolerated by newbies. Having your own hardware wallet is still the best choice for security and privacy so you can have full custody over your funds.
Hardware is the best for security and privacy but as for me the best advice is for Newbies to learn about the securing their bitcoin since we know is not to get a hardware wallet but getting the trustworthy one in the right place and how to use it securely, Aside this not all Newbies can afford to get a hardware wallet when they start investing in bitcoin but there have been good means of securing your bitcoin aside using hardware wallet and alot of forum members use this before they could get an hardware wallet or possibly still using it because no means is 100% secure except you make it so. Though this may be the case, I think this practice of mine should not be tolerated by newbies. Having your own hardware wallet is still the best choice for security and privacy so you can have full custody over your funds.
It is always a risk to leave your coins in an exchange as we have seen in the past with various exchange hacks and closures like we have recently hack of CoinEx and FTX is a big example of bankrupted exchanges. It is important for both newbies and old members to understand the importance of securing their cryptocurrencies in a wallet.
An exchange account provides you with a bitcoin address, but it is not a secure wallet. If you have big amount of crypto so you should buy a cold wallet otherwise you can use a hot wallet too. But secure your keys at a safe place. Not you keys not your funds.
By this way you have full control and ownership of your funds reducing the risk of losing them in case of exchange bankruptcy or other issues.
But if you are trader and you are buying and selling assets with you research so the exchanges are best but if you have assets to hold so you should withdraw them to the wallet.
An exchange account provides you with a bitcoin address, but it is not a secure wallet. If you have big amount of crypto so you should buy a cold wallet otherwise you can use a hot wallet too. But secure your keys at a safe place. Not you keys not your funds.
By this way you have full control and ownership of your funds reducing the risk of losing them in case of exchange bankruptcy or other issues.
But if you are trader and you are buying and selling assets with you research so the exchanges are best but if you have assets to hold so you should withdraw them to the wallet.
Yearly, some of the known exchanges face some huge trials and others become victims to hackers and only a few of them have recovered their funds and paid their users with them. others are not capable of doing it because they don't have any means to do so. That's why when you lose your cryptocurrencies to hackers in the exchanges, there are low chance of getting them back. that's why everyone always recommends you have your own personal wallet that only you can have full control of. Sometimes they get frozen because of some malicious activities that are linked to your account.
The taste of learning from their own mistakes is much more pleasing compared to the so-called unexperienced learnings 
, TBH those who care don't need any sort of reminder. I've SEEN SUCH Stubborns haha.
For newbies with a self-custody reminder I want to make them that it's not that simple make sure to realize the network fees, if you are holding for the short term with a lower capital it's is not worth it to move coins to the self custody better prefer a reputed exchange where, you've bought them. In the other case where you are accumulating for a longer timespan, you can consider the self custoday and its more likely recomennded.
, TBH those who care don't need any sort of reminder. I've SEEN SUCH Stubborns haha. For newbies with a self-custody reminder I want to make them that it's not that simple make sure to realize the network fees, if you are holding for the short term with a lower capital it's is not worth it to move coins to the self custody better prefer a reputed exchange where, you've bought them. In the other case where you are accumulating for a longer timespan, you can consider the self custoday and its more likely recomennded.
I agree with your statement. Unfortunately, I have yet to receive or to purchase a hardware storage for my BTCs since I left them inside our local exchange in the country. While this practice may be potentially dangerous, the amount of BTCs that I receive weekly is somehow insignificant compared to others who have more than 1 BTC on their wallet.
Though this may be the case, I think this practice of mine should not be tolerated by newbies. Having your own hardware wallet is still the best choice for security and privacy so you can have full custody over your funds.
This has been like campaign in this forum concerning using exchange as a means of saving your coins, it can be nice when your coin is in a registered and reputable exchange platform because I know quite well that exchange can misplace someone's coins from my understanding, so it's better we have verified account in any exchange incase if you lose your coin in the exchange and the exchange will make sure you have been compensate with some valuable coin when they return, because hackers goes into some exchange through their teams to penetrate into exchange to hack their funds, so it not encouraging to leave your coin in exchange platform.
The exchanges need traders to function. What good is a coin exchange if no one is buying or selling coins?
People should buy and sell in exchanges then, why do they keep their coins in the exchanges if they are not using them very often? There is nothing wrong in keeping your funds in the exchange if you are using those funds every day for trading and you don't want to pay withdrawal and transactions fees twice every day, but if you are not a regular trader, you don't use the funds in your exchange account, and you are planning to hold them for long term, why not take them out of it before it's too late?A lot of people make this mistake, and it's just out of ignorance and nothing else. Someone, who has knowledge about the market, knows what happens every now and then with centralized exchanges, and also knows that an exchange isn't for keeping assets but it's for trading purposes, wouldn't do that at all.
The incident that FTX has experienced should be a lesson for anyone who still has or chooses a Wallet exchange as a place to store assets. Exchanges can only be used as a place to exchange crypto assets, but many traders/investors who are new to the Cryptocurrency field make a mistake, they store their coins in the exchange wallet instead of transferring them to a wallet where they can control the private key.
If something happens to the exchange such as a hack or the exchange goes bankrupt, then the coin owner does not have any control over his coins because the coins are not under his control.
If something happens to the exchange such as a hack or the exchange goes bankrupt, then the coin owner does not have any control over his coins because the coins are not under his control.
The FTX scammed was nor expected as it was considered as one of the best exchange, and mostly users have store their funds at the Exchange. Also, I'm still storing in the Binance but I think it is also dangerous? What do you think about? After that incident I had got the hardware wallet which gives me some relaxation about the storing funds in my wallet.
In my opinion, hard wallet will be a better solution or the better wallets to store the funds which are completely secured in all aspects if we think of it. Many people are using hardware wallets which are quite easy to store the funds and they are mostly used by the YouTubers, even I'm also using it because it not only stores my funds but it also give me 100% security.
It's not uncommon to see threads that warn against storing assets on exchanges, this has been a common discussion and others have suggested storing in your own wallet that has a key that you hold.
theymos has announced this, there are also those who still insist on storing on the exchange, let's leave it alone, the important thing is that we have given advice on it, as long as we don't talk about the dangers of storing assets on the exchange but still use it then it is not logical with the advice given.
theymos has announced this, there are also those who still insist on storing on the exchange, let's leave it alone, the important thing is that we have given advice on it, as long as we don't talk about the dangers of storing assets on the exchange but still use it then it is not logical with the advice given.
It is really necessary to warn repeatedly by including examples of cases that have occurred so that beginners who are new to the world of crypto do not experience losing money due to feeling comfortable saving online.
First, I activated myself in forums, I participated in various discussions on various boards. I often come across reminders about not saving money on the stock exchange. I think how stupid those who do that are - saving money on the exchange without caring about the negative effects that will be received when the exchange has problems.
Maybe they get involved in saving without going through the knowledge gained from the learning process, because if they go through the learning process, then they will know what the function of the stock exchange is for. I don't want to do something without having knowledge about it. It's better to look stupid by asking than to suffer a big loss.
See exchanges in this same way and whatever that makes you to use an exchange, when you are done, you should not leave your funds in there. We have seen big exchanges like FTX crashed and the whole thing is still a drama currently. You should only leave the amount that you can afford to lose in an exchange and don't for once risk your bitcoin. This is because exchanges are in full control of your bitcoin and they will decide what happens to your coins the moment you keep it in their custody.
Keep your bitcoin safe from third party.
Not your keys not your coins.
Let's discuss.
Keep your bitcoin safe from third party.
Not your keys not your coins.
Let's discuss.
The collapse of FTX is an eye opener for all of us especially those who practices to keep their assets in the exchange account. This practice is not applicable to newbies. A lot of people choose to keep their Bitcoin in an exchange accounts despite that they are not traders. Even as a trader, it's not advisable to keep large quantities in exchange for long time because there are some risks involved in doing so. If the exchange gets hacked, your Bitcoin is gone. These exchanges can go bankrupt or shut down and could leave you without access to your funds.
There are several dangers associated with keeping Bitcoin in an exchange account and If you value your privacy and financial sovereignty, it's not ideal to keep your Bitcoin in an exchange account. Always store your Bitcoin in a hardware wallet.
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