I really like your topic, because in my opinion the reality is that there are no trading platforms is safe. Even the number of exchanges hacked
every year it grows, and also Binance as the best exchanges that has a good security system has been hacked. So my advice is do not save
all our capital in trading platforms, save capital that really wants to be used for trading only. I move my profit every month from trading every
month, to avoid getting scams or hacked.
Topic: Trading Platforms: Are They Safe? (Read 403 times)
Quote
There's no system that is safe
Even if that is a trading platform with features completely making perfect, a hacker's perspective is always positive. It means that through social engineering even bitcoin could still be hacked and that falls within the responsibility of both the system, affected greatly by the actions of someone owning the assets stored in such platforms.
Disregarding the factors caused by an individual, for me, the safest trading platform are those that having KYC verification. I know that from cryptocurrency space, this mostly hassle, but if imagine if our computer got hacked or our public and private key got stolen, we still have a slight chance or way to claim our funds through proving our identity. Though, this can also serve as a weakness if the exchange itself is taking advantage of the KYC verification eg. Selling information.
The only trading platform I recommend is Binance because even though some hackers breached their site and managed to run away with your deposit Crypto assets, Binance will quickly return it back with their innovative strategies to pay back their clients after a distressful hack. they did it last year and they managed to satisfied their users. Now Binance has gained more popularity regarding the most influential crypto exchange in the industry.
Trading platforms are completely safe. You just need to make sure that you keep your information like your passwords strong enough for your accounts not to get hacked. Don't share your information with anybody.
Cryptocurrency trading platforms or crypto exchanges are safe to use but not safe enough to store your coins. We have seen a lot of exchange having issues with their system securities and some of them are getting hacked. This is why I don't leave or store any huge amount of cryptocurrency in my exchange account because I don't have the full control of it and when the exchange gets hacked they can just make an excuse that the problem is not their side and they will not be able to refund your coins. Inside job hacking is also alarming.
Yes, there are few safe cryptocurrency trading platforms such as Binance. The Binance had an incident recently where some hackers got access to the user accounts and started trading vigorously. The Binance administrators detect the fraudulent activity by hackers and freeze all the transactions and then later returned users their coins.
trading platforms are safe against hacks and other forms of attacks but that doesn't mean they are 100% safe. nothing is 100% safe even big companies with specialty in security get hacked.
what is not safe regarding trading platforms is the owners themselves. they can scam you at any moment and run away!
this has nothing to do with your title. a trading platform, as the name suggests is a platform for trading not for storing if someone is storing their coins there then they have not understood what is what in crypto world.
You've said it all. I don't think somebody can easily hack any trading platform without any informant from within. The owners themselves sometimes connive to intentional fraud people by hacking. However, some platforms are have been tried and tested and at least we can give the benefit of doubt what is not safe regarding trading platforms is the owners themselves. they can scam you at any moment and run away!
More secure is to save all your assets from encrypted currencies in local or hardware,
this has nothing to do with your title. a trading platform, as the name suggests is a platform for trading not for storing if someone is storing their coins there then they have not understood what is what in crypto world.
BITCONEEEEECT LOL
nope.
trading platforms have a long history of hacks in fact there's hardly one around right now that hasn't been hacked. bitfinex, bitstamp, bittrex, poloniex, coincheck. the list is long and it'll continue to grow.
and i wouldn't be inclined to believe places like coinbase who claim to be insured if they're hacked on their side. insurance companies are in the business of not paying. your side of course is never insured.
as ever the advice is to get in and out of exchanges as quickly as possible. anything else may end up hurting big time.
trading platforms have a long history of hacks in fact there's hardly one around right now that hasn't been hacked. bitfinex, bitstamp, bittrex, poloniex, coincheck. the list is long and it'll continue to grow.
and i wouldn't be inclined to believe places like coinbase who claim to be insured if they're hacked on their side. insurance companies are in the business of not paying. your side of course is never insured.
as ever the advice is to get in and out of exchanges as quickly as possible. anything else may end up hurting big time.
Trading platforms, as long as they are legit, are probably fairly safe from hackers, but nothing is bulletproof. As far as risk of loss, it tends to be relatively "risky" as most trading is heavily traded by bots in volumes that small investors cant really compete with. If you add in leverage your losses can be truly spectacular.
There is a chance that trading platforms (exchanges), no matter how strong their security practices are, get hacked.
I think that it's safe to say that hacking no longer is the main point to worry about. I personally consider insider theft to be a much bigger problem than hacking will ever be. Don't forget that most of the exchanges nowadays aren't used to operate a multi million dollar business, and especially so with the fact that they nowadays have direct control over potentially billions in digital asset value. It's far too easy to pretend that an exchange platform has been hacked, while in reality it's the operator himself that's behind the theft. After that they just release debt tokens that the exchange will later buy back to settle its debt, and people are more or less happy and move on like nothing has happened -- that's the trend in the last years.
Well, I would say they are safe just when you are on trade. Meaning you are not expected to leave huge amount of coin there because anything can happen with hacking. I really prefer personal wallet than keeping my coins wil
the an exchange when I'm not using it. I transfer back to my wallet because is safer with me.
the an exchange when I'm not using it. I transfer back to my wallet because is safer with me.
Primary exchanges they are trustworthy from hackers and other varieties of hacking kind but if you have long-term intent to keep your money after trading you can withdraw your own secure wallet.
Let's leave some time for serious crypto exchange sites.
When the hardware portfolios have evolved and will be well distributed the problem of the security of the exchange sites will be solved!
When the projects of an internet on blockchain will be finished the problem will disappear!
When the hardware portfolios have evolved and will be well distributed the problem of the security of the exchange sites will be solved!
When the projects of an internet on blockchain will be finished the problem will disappear!
No trading platform will ever be 100% safe.
Apart from the risk of an exchange being hacked and funds stolen, there are various other risks too like an exchange being unresponsive when you are trying to close a position or getting funds stuck due to a bug or having restrictions placed on your account.
The best you can do is limit your exposure and have a safe way of controlling your own keys.
Apart from the risk of an exchange being hacked and funds stolen, there are various other risks too like an exchange being unresponsive when you are trying to close a position or getting funds stuck due to a bug or having restrictions placed on your account.
The best you can do is limit your exposure and have a safe way of controlling your own keys.
Trading Platforms: Are They Safe? 
A number of trading platforms have technical failures, insufficient security protection, easy hacking, or weak systems that fail to meet their obligations to users. These failures make them an easy prey for hackers, especially for denial of service (DDoS) attacks. This type of hacking aims to temporarily drop the site, by overloading the site's servers with many orders in a limited time.
More secure is to save all your assets from encrypted currencies in local or hardware, not to leave them on a trading platform that controls them. In the event of any piracy on this platform, your assets can not be harmed if you have a personal system.
"A final order on the level of platform security, users should be sure that there is: binary authentication, and ensure that domain domain is stored in their bookmark, to avoid any impersonation attempts."
A number of trading platforms have technical failures, insufficient security protection, easy hacking, or weak systems that fail to meet their obligations to users. These failures make them an easy prey for hackers, especially for denial of service (DDoS) attacks. This type of hacking aims to temporarily drop the site, by overloading the site's servers with many orders in a limited time.
More secure is to save all your assets from encrypted currencies in local or hardware, not to leave them on a trading platform that controls them. In the event of any piracy on this platform, your assets can not be harmed if you have a personal system.
"A final order on the level of platform security, users should be sure that there is: binary authentication, and ensure that domain domain is stored in their bookmark, to avoid any impersonation attempts."
There is a chance that trading platforms (exchanges), no matter how strong their security practices are, get hacked. It is up to you to minimize this risk. You can store your coins in your wallet and move them to an exchange only when you need to make a trade. Of course, this gives rise to transaction costs and is not convenient.
Another way is to use only decentralized exchanges. This minimizes the risk of a rogue exchange running away with your coins or getting hacked.
Trading Platforms: Are They Safe?
A number of trading platforms have technical failures, insufficient security protection, easy hacking, or weak systems that fail to meet their obligations to users. These failures make them an easy prey for hackers, especially for denial of service (DDoS) attacks. This type of hacking aims to temporarily drop the site, by overloading the site's servers with many orders in a limited time.
More secure is to save all your assets from encrypted currencies in local or hardware, not to leave them on a trading platform that controls them. In the event of any piracy on this platform, your assets can not be harmed if you have a personal system.
"A final order on the level of platform security, users should be sure that there is: binary authentication, and ensure that domain domain is stored in their bookmark, to avoid any impersonation attempts."
Never keep your coins inside an exchange that's a general rule.You don't own the coins when you have them inside the exchange.A number of trading platforms have technical failures, insufficient security protection, easy hacking, or weak systems that fail to meet their obligations to users. These failures make them an easy prey for hackers, especially for denial of service (DDoS) attacks. This type of hacking aims to temporarily drop the site, by overloading the site's servers with many orders in a limited time.
More secure is to save all your assets from encrypted currencies in local or hardware, not to leave them on a trading platform that controls them. In the event of any piracy on this platform, your assets can not be harmed if you have a personal system.
"A final order on the level of platform security, users should be sure that there is: binary authentication, and ensure that domain domain is stored in their bookmark, to avoid any impersonation attempts."
And nowadays DDoS attacks are not that effective especially on popular exchanges because these latter use protections against it.
What I actually fear from exchanges is the "KYC-Know your customer" and stuff like this,exchanges are centralised which makes them killing the concept of cryptocurrency
Crossing the street is dangerous, you know. It may be lethal.
You may also fell down the stairs, or cut yourself and bleed to death while peeling an apple.
Nothing's 100% safe.
You may also fell down the stairs, or cut yourself and bleed to death while peeling an apple.
Nothing's 100% safe.
The trading platforms are just like our secular market which is always open to the public so make sure you withdraw your tokens immediately after trading.
As far as I know trading platforms (exchanges) are not safe at all... They let you trade but they won't give you a private key to your 'wallet' at their site. This means that they can do anything they want with your money/bitcoin/alts... As soon as the exchange shuts down (and never switch back) you won't have your coins and you can hardy do anything against it or to somehow get back your coins. Of course, if you want to trade, you have to use those services. In the future, the decentralized exchanges will solve this problem, if they will be able to handle the hardware wallets, like the EtherDelta exchange for eth based tokens, it's able to use the Ledger Nano S if you want to trade. Also, Atomic Swap will be a useful thing if it gets widespread, to exchange cryptos.
Jump to: