Storing Altcoins on exchanges and trust issues

Hammonds

sr. member

Activity: 532

Merit: 250

Quote from: matjas on January 04, 2018, 11:24:42 AM

Quote from: SteelCutOats on January 04, 2018, 11:14:36 AM

Hi folks, I am new to cryptos and this forum, please don't crucify me. Grin

I had a few questions if you could please give me some insight.

With so many altcoins and high volatility/uncertainty, do you keep your coins in the exchange you bought them just in case you need to sell them quickly and for convenience?
I am using Binance at the moment (graduated from Coinbase/Gdax).
If you store in your PC wallet or any other type and you need to sell quickly, you can lose a lot of money if there is any glitch or delay when transferring back to the exchange, so I was wondering about this.

Also, how do yo know who to trust when you see someone talking favorably about a particular coin?
It looks to me that everyone and their mother are pumping to then dump without telling anyone so they can maximize profits, so can you even trust those groups I have read you guys follow?

Any suggestions for a reliable group to follow?

Thanks a lot.

If there is nothing abnormal happening, then your coins should be safe on exchange but one hack is enough for you too loose everything like it happened recently to EtherDelta.

yes because of the hack into etherdelta many people have lost their tokens because they import their private key into etherdelta, so should avoid this.

diskodasa

sr. member

Activity: 337

Merit: 250

I wanna give the advice for the newbie. You should not store your coins in the exchanges. they are not safe. Many hackers always attack the exchanges every day. The best way is store in your wallet

cryptoux

member

Activity: 186

Merit: 10

Dont trust any exchanges,they are made to trade with not to be a wallet,it isnt safe place large amount of coins in any exchanges.

KryptoKai

full member

Activity: 630

Merit: 100

Binance is a good exchange so i don't think there is a huge risk of losing your coins. As long as you don't use it as a wallet holding 100% of your coins then keep some there for some fast trades. I also have coins on Binance, but wouldn't leave them on the smaller exchanges

qazgroup

member

Activity: 1022

Merit: 20

RiveMont

Im also somewhat concerned with the centralized exchanges and their security and hacking issues, at the same time they are important if we want to trade so we donot have many options.

emoji00

member

Activity: 168

Merit: 14

Quote from: SteelCutOats on January 04, 2018, 11:14:36 AM

Hi folks, I am new to cryptos and this forum, please don't crucify me. Grin

I had a few questions if you could please give me some insight.

With so many altcoins and high volatility/uncertainty, do you keep your coins in the exchange you bought them just in case you need to sell them quickly and for convenience?
I am using Binance at the moment (graduated from Coinbase/Gdax).
If you store in your PC wallet or any other type and you need to sell quickly, you can lose a lot of money if there is any glitch or delay when transferring back to the exchange, so I was wondering about this.

Also, how do yo know who to trust when you see someone talking favorably about a particular coin?
It looks to me that everyone and their mother are pumping to then dump without telling anyone so they can maximize profits, so can you even trust those groups I have read you guys follow?

Any suggestions for a reliable group to follow?

Thanks a lot.

There are a few post about this topic, but there does not seem to be an answer because you can get hacked, and exchange can get hacked or even the owners may say it has been hacked to take all the coins and as you said you might need to sell in a hurry and find a collapsed network. So no easy answer. As a rule, I try to work with different exchanges and also have several wallets.

SteelCutOats

newbie

Activity: 10

Merit: 4

Quote from: Sonosax on January 05, 2018, 11:54:22 AM

The Binance withdrawal thing is frustrating at times.. but i see it as a cost of doing business in these crazy crypto times. The suspended withdrawal system seems to only happen to super high vol coins (IOTA constantly... but with their POS Wallet, I feel by IOTAs are safer on Binance.)

Hopefully the suspension of new accounts will give them time to bulk up their exchange platform. However Binance is the most functional exchange out there.

Bittrex has been closed for new accounts since mid December so I have no experience at all with that one, do they do the same? (stop withdrawals)

Also, I will look into buying a hardware wallet. Is the Ledger Nano the best?

Sonosax

newbie

Activity: 30

Merit: 0

The Binance withdrawal thing is frustrating at times.. but i see it as a cost of doing business in these crazy crypto times. The suspended withdrawal system seems to only happen to super high vol coins (IOTA constantly... but with their POS Wallet, I feel by IOTAs are safer on Binance.)

Hopefully the suspension of new accounts will give them time to bulk up their exchange platform. However Binance is the most functional exchange out there.

SteelCutOats

newbie

Activity: 10

Merit: 4

Binance is supposed to be a great exchange, yet I can't withdraw a couple of alt coins I have there. I mean they disabled sending to a wallet.
you can only trade it for ETH or BTC.
Basically keeping you hostage.

Does this happen in every exchange?

HongKong

hero member

Activity: 812

Merit: 500

Quote from: SteelCutOats on January 04, 2018, 11:14:36 AM

Hi folks, I am new to cryptos and this forum, please don't crucify me. Grin

I had a few questions if you could please give me some insight.

With so many altcoins and high volatility/uncertainty, do you keep your coins in the exchange you bought them just in case you need to sell them quickly and for convenience?
I am using Binance at the moment (graduated from Coinbase/Gdax).
If you store in your PC wallet or any other type and you need to sell quickly, you can lose a lot of money if there is any glitch or delay when transferring back to the exchange, so I was wondering about this.

Also, how do yo know who to trust when you see someone talking favorably about a particular coin?
It looks to me that everyone and their mother are pumping to then dump without telling anyone so they can maximize profits, so can you even trust those groups I have read you guys follow?

Any suggestions for a reliable group to follow?

Thanks a lot.

You should move the coins to a wallet so you can at least have a chance to survive if the website goes down.

whofeelsitknowsit

member

Activity: 294

Merit: 10

If I am planning to hold an altcoin, I move it to my Trezor (if compatible). If it's a coin I am planning to hold short-term, I will keep it on the exchange.

G14tz87

full member

Activity: 321

Merit: 100

depending on our beliefs each believe whether or not Saving Altcoins in the stock, it also takes effort and struggle to get it, it takes a long time no one is instant.

itf991

sr. member

Activity: 392

Merit: 251

Quote from: SteelCutOats on January 04, 2018, 11:14:36 AM

Hi folks, I am new to cryptos and this forum, please don't crucify me. Grin

I had a few questions if you could please give me some insight.

With so many altcoins and high volatility/uncertainty, do you keep your coins in the exchange you bought them just in case you need to sell them quickly and for convenience?
I am using Binance at the moment (graduated from Coinbase/Gdax).
If you store in your PC wallet or any other type and you need to sell quickly, you can lose a lot of money if there is any glitch or delay when transferring back to the exchange, so I was wondering about this.

Also, how do yo know who to trust when you see someone talking favorably about a particular coin?
It looks to me that everyone and their mother are pumping to then dump without telling anyone so they can maximize profits, so can you even trust those groups I have read you guys follow?

Any suggestions for a reliable group to follow?

Thanks a lot.

I keep as little as 10-20% of my portfolio on Binancle although I was about to loose my funds three times so far on other exchanges like E-BTC. Lucky me I never keep a lots of coins on an exchange. Don't trust any of these pump and dump groups. They are all scumbags. If you are following charts for a while you will learn yourself how to market behaves. Studying charts can help you to understand more when to invest or sell a currency. Following projects closely can help you to act quickly before the crowd does. For example Envion just had an announcement about listing their token on HitBTC after ICO finished this January. News like this can have a huge impact to its value. Patient is also crucial to build a portfolio in crypto-land.

Nefarious

member

Activity: 214

Merit: 10

Basically you have to ask yourself if you want to be more of a trader or long-term investor. If focusing on the buy & hold strategy, then the day to day peaks & dumps shouldn't matter & you're much better off keeping your investment offline in a paper wallet or hardware wallet. If you see yourself as more of a trader then yes you'll need to keep the currencies on the exchanges so you can actively trade them by reacitng to market conditions.

Myself personally, I take a 50/50 approach. I have my long term holdings which are kept on my hardware wallet & will not be sold whatever the price in the short/mid-term future. This is probably about 66% of my overall portfolio. Then the other 33% is on exchanges & being actively traded on a daily basis.

Igor17Krik

full member

Activity: 518

Merit: 100

I do not trust the stock exchanges. Now there are a lot of hackers. Exchanges are constantly attacked. I think that the stock exchange is very insecure.

RonaldDark

newbie

Activity: 14

Merit: 0

One thing you need to remember - don't trust any exchanges and don't keep all your portfolio only on one. Best way to keep in your own wallet and hodl.

matjas

full member

Activity: 798

Merit: 115

Quote from: SteelCutOats on January 04, 2018, 11:14:36 AM

Hi folks, I am new to cryptos and this forum, please don't crucify me. Grin

I had a few questions if you could please give me some insight.

With so many altcoins and high volatility/uncertainty, do you keep your coins in the exchange you bought them just in case you need to sell them quickly and for convenience?
I am using Binance at the moment (graduated from Coinbase/Gdax).
If you store in your PC wallet or any other type and you need to sell quickly, you can lose a lot of money if there is any glitch or delay when transferring back to the exchange, so I was wondering about this.

Also, how do yo know who to trust when you see someone talking favorably about a particular coin?
It looks to me that everyone and their mother are pumping to then dump without telling anyone so they can maximize profits, so can you even trust those groups I have read you guys follow?

Any suggestions for a reliable group to follow?

Thanks a lot.

If there is nothing abnormal happening, then your coins should be safe on exchange but one hack is enough for you too loose everything like it happened recently to EtherDelta.

AiwaDima

full member

Activity: 322

Merit: 101

Of course, trust in exchanges can be talked about for a very long time, but you need to choose exchanges that trade in the world market and are verified by people.

modtakels

member

Activity: 182

Merit: 10

Yes you need to put your alts in your exchange but it depends on what exchange so far i am doing good with bittrex ,theres less delays in my transactions comparing to other exchanges,you just need to be careful using online wallets they can easily manipulated your holdings if you want or if they are hacked.

SteelCutOats

newbie

Activity: 10

Merit: 4

Hi folks, I am new to cryptos and this forum, please don't crucify me. Grin

I had a few questions if you could please give me some insight.

With so many altcoins and high volatility/uncertainty, do you keep your coins in the exchange you bought them just in case you need to sell them quickly and for convenience?
I am using Binance at the moment (graduated from Coinbase/Gdax).
If you store in your PC wallet or any other type and you need to sell quickly, you can lose a lot of money if there is any glitch or delay when transferring back to the exchange, so I was wondering about this.

Also, how do yo know who to trust when you see someone talking favorably about a particular coin?
It looks to me that everyone and their mother are pumping to then dump without telling anyone so they can maximize profits, so can you even trust those groups I have read you guys follow?

Any suggestions for a reliable group to follow?

Thanks a lot.

Topic: Storing Altcoins on exchanges and trust issues (Read 159 times)