Trading and security - page 4. | Bitcointalksearch.org

TheQuin

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Quote from: viking02 on September 06, 2017, 01:44:01 AM

So i watched one of those videos on youtube where someone mentioned to not keep your coins on bittrex and keep it in your own wallet. Do most bittrex users do it this way or not? He says when you are ready to buy or sell a coin, then send the coin to bittrex.

However if thats the case, wouldnt you need to download 10s of wallets if you plan on trading at least 10+ coins? The other thing is if you do this, wouldnt you need to pay those sending fees like bitcoin to do this? So in other words, keeping a lot of btc or altcoins in your bittrex wallet is not secure? I had thought with a bittrex account, you dont even need wallets anymore etc...

You just need to look at the history of crypto exchanges (Mt. Gox, Cryptsy, Bitfinex, BTC-e) to realise that there is a significant risk holding your coins on an exchange. In general, the rule is if you don't own the private key you don't own the coin. If you trade then the exchange getting hacked, shut down or going bankrupt is an additional risk you have to take on top of the risk in trading.

Depending on what coins you own there are several multi-coin wallets available.

viking02

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So i watched one of those videos on youtube where someone mentioned to not keep your coins on bittrex and keep it in your own wallet. Do most bittrex users do it this way or not? He says when you are ready to buy or sell a coin, then send the coin to bittrex.

However if thats the case, wouldnt you need to download 10s of wallets if you plan on trading at least 10+ coins? The other thing is if you do this, wouldnt you need to pay those sending fees like bitcoin to do this? So in other words, keeping a lot of btc or altcoins in your bittrex wallet is not secure? I had thought with a bittrex account, you dont even need wallets anymore etc...

ModGirl

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Quote from: zekeshawn on September 05, 2017, 03:08:48 AM

Activate your 2FA and use a strong password. Try different kind of exchange and put the rest of your bitcoin in a hard wallet if you will not use it to trade. Though its kinda hard doing things back and forth but if this is the safest way then do it because as what they say "prevention is better than cure".

Keeping bitcoins in hard wallet is always choice of success. Whatever you want to secure, either you must remove it from internet or limit the access to it by keeping it offline. And better said here, activation of 2FA and using strong passwords are few preventions you must keep for better safety.

Hui8

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Quote from: bdog1234 on September 04, 2017, 01:49:11 AM

I have read dozens of threads saying you need to keep your BTC on a hardware wallet or paper. Anything online isn't safe they say. When trading that is not really feasible is it? I like to move in and out of positions several times a day and often at a moments notice. My trading account has a sizable balance (to me - 5 figures) in it.

How risky is this and any additional things I could do?

You can keep it like that unless and until you are doing the exchange over trusted exchanger site. Storing your coins in the multi wallet like storj and waves is also another good option and is preferred one off course. With Multi wallet you will have options to hold private keys and with that kinda money I believe I will prefer the wallet only. Trades can be done easily as it takes half an hour sometimes more if you have paid low fees for transferring funds from wallet to exchanger. We can tolerate that one without compromising our money.

RealPhotoshoper

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Quote from: IamHigh on September 05, 2017, 10:25:25 AM

Quote from: TheQuin on September 04, 2017, 01:56:20 AM

You are correct that it's not possible to securely hold your coin and trade with it as keeping it on an exchange means you do not have the private key.

My advice would be not to put all your eggs in one basket. Open accounts at multiple exchanges and spread the risk. Only keep what you need for trading at the exchange and withdraw any profit whenever you can. Also always use a strong password and enable 2FA. If there are any signs of the exchange not being trustworthy, like holding withdrawals and not answering support queries then get out of there as soon as possible.

For this I limited my exchange trades dramatically. Because I don't want to take risk of losing my bitcoin. Even you're trading on the most trusted platform, you will have worries for your funds. Then you should take them outside the platform after you're done with your trade.

If you are a high roller , better to split it to several exchanges.
An exchange who run scam usually lured by that huge amount deposited , and we will always feel insecure.
It is indeed any online service won't give you a safe haven like when you store it by yourself.

trecore4

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I think it's good to spend some time reviewing your security steps because you have lots of money. Five figures is not a joke and it's big money obviously and very stupid thing to keep on the exchanger. I also do a trade but there is nothing which moves as fast as light in this universe so you don't have to worry about accessing your bitcoin so quickly. You must be getting what I'm saying here, you can give sometimes to follow up the security steps and then send your money from a secure location mostly hardware wallet and or wallets for which you are holding the private keys. Trading is critical job and I know how I look likes when we keep lots of money in different altcoins. But security is priority now.

okala

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You should understand that everything in life is a risk and you should calculate your risk before venturing into something in liquid. Traditionally offline wallets is the most save wallets and I will advise you to take the security of you investment very serious as most of these exchangers trading platform are scammer. You should keep at least 90℅ of your risk capital on offline wallet.

bitbunnny

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Trading demands that you have certain amount at your disposal whenever it needed so that you can react fast and on time not to miss the opportunity for profit. But that is often not in compliance with security so to my opinion it's good option that you use multiple trading platformes with different amounts, so diversify your funds and don't keep all eggs in one basket. This can improve the security and diminish the possibilities to lose funds because of hackers attack or fraud.

zarados

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Quote from: OmegaStarScream on September 04, 2017, 04:59:35 AM

Enabling 2FA will only protect you from people who are trying to hack you and don't have access to your phone. The real security measures should be taken against the exchange itself, we have seen multiple inside jobs and exchanges being hacked in the past. I believe you are following some kind of strategy while trading? like you trade, get profit and then trade with that profit only? If you are doing something similar then try to keep the least possible of funds inside the exchanges, everything else should go to hardware wallet (since the amount is big).

Well, that was one of my safe trading strategy. I always cash out my investment on crypto currency, until its reach my target, But not all of it, I just cash out my first capital to buy it, and use the profit for doing trade. and Never keep your big mount of crypto currency in the exchange, because all of your asset, are handled by exchange, and no guarantee it will always safety from hacker.

IamHigh

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Quote from: TheQuin on September 04, 2017, 01:56:20 AM

You are correct that it's not possible to securely hold your coin and trade with it as keeping it on an exchange means you do not have the private key.

My advice would be not to put all your eggs in one basket. Open accounts at multiple exchanges and spread the risk. Only keep what you need for trading at the exchange and withdraw any profit whenever you can. Also always use a strong password and enable 2FA. If there are any signs of the exchange not being trustworthy, like holding withdrawals and not answering support queries then get out of there as soon as possible.

For this I limited my exchange trades dramatically. Because I don't want to take risk of losing my bitcoin. Even you're trading on the most trusted platform, you will have worries for your funds. Then you should take them outside the platform after you're done with your trade.

Bacchu

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I know that trading site or exchange site are risky for holding coin/btc there.but if i activated 2FA into my account is it fully safe?I am already using 2FA into my all of account.But i don't aware about it that I am fully secure or not!! some one clear it please.

Fredomago

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Quote from: sonicwave on September 04, 2017, 05:21:38 AM

Quote from: mia khalifa on September 04, 2017, 03:13:45 AM

Quote from: bdog1234 on September 04, 2017, 01:49:11 AM

I have read dozens of threads saying you need to keep your BTC on a hardware wallet or paper. Anything online isn't safe they say. When trading that is not really feasible is it? I like to move in and out of positions several times a day and often at a moments notice. My trading account has a sizable balance (to me - 5 figures) in it.

How risky is this and any additional things I could do?

I suggest you make 2FA security on each account that has a lot of BTC, minimize the crimes that occur in the online world, if it installed 2FA I think it is safe.

yes, now this is the most secure way to protect data. But if a hacker decides to crack your wallet, then you do not save your coins. So do not talk about your income. Money loves silence

if you can secretly deal with your investment better not to broadcast your earnings since hackers will really loves to try breaking your wallets
and they will try harder just to get in, 2fa is additional security only but its still us who needs to be more extra careful.

phreeksta

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I personally wouldn't use HitBTC and Poloniex.
I've read several comments from users that they had massiv problems to withdraw the cryptocurrency they earned through trading. Especially when they had big sums in their accounts.
Regarding Poloniex - They changed their Terms of Use recently (1-2 months back), that they basically can change whatever they want anytime, without the need to inform the users before. So theoretically they could add some nasty things and it would be automatically active ... and the users can't do anything about it.

Proceed

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It all depends on which exchange are your coins.
Of course, it is important, as already written here, to activate two-factor aundification.

Use a trusted exchange, located either in the US or in Europe.

Avoid exchanges of Asia and Russia (btc-e)

pooya87

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that is exactly the issue with exchanges and trading that we all face.
those who say "don't keep your coins on exchanges" are either giving general advice like a parrot or they have never traded in their lives.
if you want to trade fast you need to keep something on exchanges at some point. you place an order and wait for it to be filled (buy or sell order). and that is keeping coins on exchanges.

what you can do for extra security (on top of having strong password, 2FA and general security stuff) is to withdraw your bitcoin when you are not trading. for example there are times when market is not so good for trading like when it is unpredictable. you can withdraw those times.
or at least withdraw the profit and keep the principle there.

Teraboy

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Be sure to never expose the email you used for your exchange account. hardware wallet will increase the security for your BTC but keeping it in the exchange will make your hardware wallet meaningless. it's like youre throwing your trust to the exchange and they can do whatever they want to you.
the only thing that will increase your security as mentioned by people above are setting up 2fa for your account or even 2nd password for withdrawal.
and if you can, use decentralized exchange.

Inkdatar

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Trading in one exchange and put all your hard earned money is not a wiseable decision. Why not try to trade in different exchange and atleast save btc in an offline wallet. And ofcourse with 2fa to secure your btc and as they say don't put your hard earn money in one basket for a better security. Morevoer, be cautiuos in everything you do you know there are many hackers today.

zekeshawn

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Activate your 2FA and use a strong password. Try different kind of exchange and put the rest of your bitcoin in a hard wallet if you will not use it to trade. Though its kinda hard doing things back and forth but if this is the safest way then do it because as what they say "prevention is better than cure".

Dudeperfect

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If it's not possible/convenient for you to maintain offline wallet then at least you can use multiple exchanges to avoid the risk of staking everything on one exchange. Even though difficult password and other precautions help you to keep your exchange account safe, sadly it won't restrict anyone from accessing your funds if the database of exchange is hacked. I would advise you to plan a budget for your weekly trades and keep 10% to 15% more of the amount which you think you need for trading in the whole week. I don't think it would be a matter of inconvenience to maintain offline wallet (like Trezor) on a weekly basis, especially when you have a large amount.

sebr1ng

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I have all the "big monies" spread in different cold storages and the amount I'm trading with I always withdraw at least to an online wallet where I have my keys. It's better to risk some transfer fees than to lose it all.

Topic: Trading and security - page 4. (Read 2161 times)