Reminder for new members NOT to keep money on a Exchange.

Kakmakr

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Leading Crypto Sports Betting & Casino Platform

Quote from: XxOtakuXx on October 06, 2018, 03:30:53 PM

Do not keep everything in exchange, do not relay centralized exchange as for personal wallet usage. just keep some in exchange if you actively trade only. Otherwise use hardware wallet or coin's qt wallet and keep the key backed up. Wink

How will trading be done if you not leaving BTC on exchanges to execute Sell orders? The general rule with exchanges are not to leave large amounts of coins on exchanges. You still need to trade, but you do not need to leave large amounts on the exchange, if you not going to use them in trades.

A lot of people do not know how exchanges work and they merely repeat what other people are saying. Roll Eyes

Capt.Morris

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Better use decentralized exchange which work with meta-mask.

squatter

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STOP SNITCHIN'

Quote from: Rath_ on October 06, 2018, 02:13:54 PM

Quote from: Keres on October 06, 2018, 12:54:03 PM

i get that some people want to keep money on a exchange in maybe USD OR EURO so they can buy whatever coin they want fast [...]

There is no need to use an exchange. Many of them have ridiculously high fees (mostly withdrawals) and force their users to pass through KYC verification. I would rather use Changelly or some other third party service which offers quick exchange between different cryptocurrencies. Even TREZOR started supporting these kind of services natively in their web wallet interface.

What if you want to buy BTC with fiat money? What if you need to sell for fiat to pay bills or rent, or just need to hedge against a bear market by holding cash?

Changelly and other altcoin exchanges won't help you there. Holding USDT or other "stablecoins" exposes you to 3rd party risk like any exchange does.

The P2P market where I live is not very liquid, and KYC is getting more prevalent there as well -- at least with LocalBitcoins traders. Exchanges are a necessary evil, for now at least.

Rath_

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Quote from: Keres on October 06, 2018, 02:35:50 PM

i think you forget that people also use exchanges for trading, as a mean of income.I myself do lot's of trading, but i try to keep as little coins as possible in the exchange whenever i'm done.

Well, I didn't forget about such people. Changelly, for example, supports Tether which is also used by every single popular exchange. You might find it less convenient but it's definitely more secure especially if you trade occasionally. I am glad to hear that you have good habits but don't forget that there are many people out there unaware of potential risk. People haven't learned much after Mt. Gox incident from a few years ago.

XxOtakuXx

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Do not keep everything in exchange, do not relay centralized exchange as for personal wallet usage. just keep some in exchange if you actively trade only. Otherwise use hardware wallet or coin's qt wallet and keep the key backed up. Wink

boyptc

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★Bitvest.io★ Play Plinko or Invest!

New member should aim and have a goal to have their very own hardware wallet. This isn't an advertisement but it will help you to make your security tighter while protecting your funds.

You don't hold your private keys on exchanges, once they're hacked you lost your coins.

Keres

newbie

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Quote from: Rath_ on October 06, 2018, 02:13:54 PM

Quote from: Keres on October 06, 2018, 12:54:03 PM

i get that some people want to keep money on a exchange in maybe USD OR EURO so they can buy whatever coin they want fast [...]

There is no need to use an exchange. Many of them have ridiculously high fees (mostly withdrawals) and force their users to pass through KYC verification. I would rather use Changelly or some other third party service which offers quick exchange between different cryptocurrencies. Even TREZOR started supporting these kind of services natively in their web wallet interface.

i think you forget that people also use exchanges for trading, as a mean of income.I myself do lot's of trading, but i try to keep as little coins as possible in the exchange whenever i'm done.

Rath_

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Quote from: Keres on October 06, 2018, 12:54:03 PM

i get that some people want to keep money on a exchange in maybe USD OR EURO so they can buy whatever coin they want fast [...]

There is no need to use an exchange. Many of them have ridiculously high fees (mostly withdrawals) and force their users to pass through KYC verification. I would rather use Changelly or some other third party service which offers quick exchange between different cryptocurrencies. Even TREZOR started supporting these kind of services natively in their web wallet interface.

Keres

newbie

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i get that some people want to keep money on a exchange in maybe USD OR EURO so they can buy whatever coin they want fast, but it's not worth the risk, crypto has a bad history of hacked exchanges, for those of you who wants to have money in a stable form (euro or USD) should look into USDT maybe, however i have very little experience with USDT so i can't say much about it.

Quote from: raghovsing34 on October 06, 2018, 11:32:40 AM

Quote from: Keres on October 05, 2018, 07:32:53 PM

Reminder for new members NOT to keep money on a Exchange, it could end badly for you.
always keep your bulk in a offline storage.

Yeah exchange is not so much safe for store our money. But if we are a trader then there have no others way. But if we choose best exchange for trading and if we follow all security regulations then we don't need to worry about our money.

you can follow all the security regulations in the whole world but that won't help you if the Exchange is hacked.

even if the exchange is "huge" and follows government regulations it can take years fo you to get anything back from a "big hack"
better safe than sorry, store coin offline !

raghovsing34

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Quote from: Keres on October 05, 2018, 07:32:53 PM

Reminder for new members NOT to keep money on a Exchange, it could end badly for you.
always keep your bulk in a offline storage.

Yeah exchange is not so much safe for store our money. But if we are a trader then there have no others way. But if we choose best exchange for trading and if we follow all security regulations then we don't need to worry about our money.

Harlot

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I don't think that we are still under the impression of exchanges are operating illegally anymore, most known exchanges like Binance, Bitstamp, Bittrex are already licensed corporations and from what I know all of them are liable once something happens to the fund of the customers while it is in their system. Just as an example look at Mt. Gox where it is still paying off their customers from what happened. But just in case something really happens which is out of control by the exchanges I think storing it into real wallets is the best option.

Juggy777

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Quote from: Keres on October 05, 2018, 07:32:53 PM

Reminder for new members NOT to keep money on a Exchange, it could end badly for you.
always keep your bulk in a offline storage.

Hey yes I'll agree with this statement keeping money in a exchange is always risky, you're not in control of your keys and exchanges often keep getting hacked. If you're a newbie or a season bitcoiner I would suggest electrum wallet to store your coins, however if you're planning to buy and hodl huge volumes then trezor is the best wallet, but in most cases an electrum wallet should suffice. Always remember not to share your keys, seed or pin with anyone in case of electrum wallet.

AdolfinWolf

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Quote from: ?? on ??

Never use any exchange's wallet for storing your crypto unless you have the intention to sell those coin in very short term or you are an day trader because you are not controlling the private keys so if the exchange gets jacked then all the fund will be gone.Even if you have 2 factor authentication on it still can't resist the exchange from hacked.In case if your exchange got hacked you need to follow their announcement on social media because they might give some refunds as well.

Thanks for rephrasing the above 4 replies into one... Roll Eyes

Quote from: scout5 on October 06, 2018, 12:17:14 AM

For some reason people still love storing their investments on exchanges. Is the convenience on being able to exchange your coins/tokens immediately really worth the risk? Not in my opinion.

I actually think the average internet user's security is much, much worse than that of the top exchanges. Keeping the naivity of most users in mind, i'm starting to wonder if it really matters that much security wise, as an average joe.

Ofcourse it goes against all fundamentals of which bitcoin was once created on, but that's not really the argument i'm making here.

seoincorporation

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Quote from: ripthesystem on October 06, 2018, 07:50:33 AM

People will continue to store their funds on exchanges, untill they actually suffer from this decision.
The best way to learn is to obtain one`s own experience, no matter how harsh it`ll be.
After all, do you know any people who continue storing their investment on exchanges after they got lost their money on a hacked exchange?

True, after they get hacked then they learn the lesson... But there is a problem about this point and it's that not all have wallets for the coins they get on the exchangers. I want to see you buying Ripple and send them to a cold storage, is hard right? and when we want to ride the wave on trading we don't care the complexity of the coin or the wallet it use, we only wan't to hold it until it bump and then sell it.

So, if we are going to do trading, the best thing is do it in sessions, buy, wait, sell, then cash out the btc.

ripthesystem

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People will continue to store their funds on exchanges, untill they actually suffer from this decision.
The best way to learn is to obtain one`s own experience, no matter how harsh it`ll be.
After all, do you know any people who continue storing their investment on exchanges after they got lost their money on a hacked exchange?

Alluro

member

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Yes, all we know to store coin in an exchange very risky. Because we don't own their wallet private keys. If someone hacked that exchange, your funds will be lost. If you are a hodler you have to store your coins in the wallet. But day traders always keep their coins in the exchanges.

scout5

newbie

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For some reason people still love storing their investments on exchanges. Is the convenience on being able to exchange your coins/tokens immediately really worth the risk? Not in my opinion.

Zarg0n

full member

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It is fine to keep only the minimum to make trades and not have to wait for blockchain transactions, but yeah the safest place to keep your coins is in the paper / hardware wallet

Keres

newbie

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Reminder for new members NOT to keep money on a Exchange, it could end badly for you.
always keep your bulk in a offline storage.

Topic: Reminder for new members NOT to keep money on a Exchange. (Read 303 times)