Trading and security - page 5. | Bitcointalksearch.org

prtty2gal2

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Quote from: sujonali1819 on September 04, 2017, 03:29:02 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?

People say to keep your money in hardware or paper wallet because it is more secure than exchange or online wallet.if you keep your money in exchange for long time it might be hacked by hacker or very exchange will be scamed. online is also secure i think if you active 2fa security. Again mind that dont keep your money in one box that means one exchange or wallet.

Yes they are right if they say to put everything offline. But what makes you more secure is the idea here represented. Don’t make all the savings in one box or wallet. Online is never secured I am sure but dividing among different wallets you would get some high security in case.

Slark

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To be perfectly honest with you - if you are keeping money on exchanges, then there is very little you can do to protect it from any kind of inside job.
Of course, you can enable 2FA which will help you avoid hacking attempts targeted directly to get access to your account.
But considered bitcoin history the real thread is the stability of an exchange and high-security standard, but again, who is gonna protect us from inside job?
When I trade on the exchange I always withdraw my money/coins immediately, I know it is a hassle to deposit every time, but I would rather waste my time a money than risk keeping coins online.

Mahanton

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Activating 2fa would really add up security on your account but keeping it on exchanges would really be risky specially op mentioned that its 5 figures then i cant really afford to put it along on exchanges. Hardware wallets is somehow hassle when it comes on having an active transactions if you do really love to have secured wallet then try electrum.Its online but atleast you do have the keys and i would say the security is also good as long you do know how to keep private informations on the wallet.

sonicwave

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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

OmegaStarScream

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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).

sujonali1819

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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?

People say to keep your money in hardware or paper wallet because it is more secure than exchange or online wallet.if you keep your money in exchange for long time it might be hacked by hacker or very exchange will be scamed. online is also secure i think if you active 2fa security. Again mind that dont keep your money in one box that means one exchange or wallet.

mia khalifa

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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?

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.

Siren

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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?

Read all about Mt. Gox and Bitfinex hack and look how many people lost a lot of funds in those trading platform. I'll just advise you to just enough funds in a exchange for your trading purposes and pull out most of your funds to a secure wallet. Its better to be safe that sorry. If you are willing to let all your funds then take the risk, enable 2FA and make a strong password if they planned to hack your account only. But if its a widely planned exchange hack, then nothing you can do. Its up to you dude. I hope you make the right decision.

TheQuin

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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.

bdog1234

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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?

Topic: Trading and security - page 5. (Read 2161 times)