- Scam exit: an example is Reminder for crypto newbies, traders. Be cautious with new exchanges
- Bankruptcy and turns to unable to approve your withdrawal request and let you get your coins back. Example:
- Hacks: then unable to make compensation for users
- Expensive withdrawal fee: Old story. Exchanges get profits from users' withdrawal fees.
- Forced closures by governments: [History] Closing of Large Bitcoin-Marketplaces in the Darknet
- You have to rely on their support to receive airdrop, forked coins etc. because you don't own private keys or wallet seeds
- More
Topic: This is why it's not a good idea to leave your coins on any exchange - page 2. (Read 200 times)
November 08, 2022, 06:34:14 AM
Many risks when you store your coins or tokens directly on a centralized exchange
November 08, 2022, 06:32:15 AM
It should be a practice that don't leave most of your funds if you're not going to use them on exchanges. There are certain reasons why people are leaving their funds there and one of it as you've mentioned is about trust.
Maybe total of 5% of your funds should be put on exchange then other than that should be stored on your hardware wallet since this could make us more safety from any hacking incidents compare if we choose to put all or funds on exchange where attacks might possible occur to them. To many reasons why not leave your funds on any of them even if how trusted they are and for us not to get any problems regarding on internal or external issues happening on exchange we should avoid to trust them 100% of our money.
November 08, 2022, 03:51:36 AM
This topic had a related discussion i will also like to recommend going through with the title: Recent events should make you withdraw all your coins to your own wallet: Part 3 it was recently discussed by two reputable members of this forum gmaxwell and o_e_l_e_o whereby in the stated above link from o_e_l_e_o's thread he make reference to the related discussion from gmaxwell which also talks about why everyone should take his coins away from any exchange that supports BSV among other challenges that comes in with using a centralized exchange siting examples which i also encourage going through the discussion which was referenced on the same thread.
November 08, 2022, 03:31:00 AM
It should be a practice that don't leave most of your funds if you're not going to use them on exchanges. There are certain reasons why people are leaving their funds there and one of it as you've mentioned is about trust.
Another one main reason why they're leaving funds there is about convenience and as well as the benefits of having it there. Like if you hold BNB or FTT on their respective exchanges, you've got some benefits to have like discounts in makers fee, withdrawals fee and so on.
But yeah, it all ends up into not trusting them with your hard earned money regardless of the reasons.
Another one main reason why they're leaving funds there is about convenience and as well as the benefits of having it there. Like if you hold BNB or FTT on their respective exchanges, you've got some benefits to have like discounts in makers fee, withdrawals fee and so on.
But yeah, it all ends up into not trusting them with your hard earned money regardless of the reasons.
November 08, 2022, 03:22:11 AM
I am sure you guys are aware about the commotion that's happening between Binance and FTX right now? Well this is a very good reason why it's not a smart idea to trust any exchanges even if they are the number 1 over other crypto exchanges.
Do not leave your coins on any exchanges all in the name of ' you trust them ' ,this is business, trust nobody, CZ is good today but that's today, we are all humans and change is constant in our lives.
If you have any fund of FTX it's better to withdraw, I heard the withdrawal was stopped but now it's open, be smart because the market can still go lower due to this commotion.
Do not leave your coins on any exchanges all in the name of ' you trust them ' ,this is business, trust nobody, CZ is good today but that's today, we are all humans and change is constant in our lives.
If you have any fund of FTX it's better to withdraw, I heard the withdrawal was stopped but now it's open, be smart because the market can still go lower due to this commotion.
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