Obviously what has an advantage is otherwise accompanied with disadvantage. The wallet exchange offers a one way transaction exchange with zero fees since the coins is already stalled in an exchange wallet but reverse be the case that the Coin owner is not 100% custodian in an assurance of a centralized security charges to his coins likely to be that your coins are exposed to the possibilities of losts and the Coin owner is not legally entitled to hold the wallet exchangers responsible for any lost count while trading with them.
On a serious note, I wonders why the Security and Exchange Commission (SEC) can not be held responsible or be questionable on a case like this.
Topic: Why it's very risky to leave your coin in an exchange - page 2. (Read 379 times)
Even as say dem dey talk this matter say not your key not your coin, no mean say person no fit use CEX For other reasonable things. Wetting me I see there be say exchange wallet na just place to receive coin and sell, after which you go fit still transfer am go any DEX wallet. Like me if them dey send me my signature campaign money na binance exchange I go reacieve am sell am and send to my bank account and if I wan save any one for wallet I go just use am but coin for the exchange then send am to Dex wallet because E dey cheaper to receive and buy coin on exchanges than to receive am for DEX because e go delay you in time of transfer and also the transaction fee dey high.
The truth be told, exchange no be place to keep coin. But do to risk now exchange don become a home for many to keep their coin. Because no body wan loss fund to transaction fee.
The truth be told, exchange no be place to keep coin. But do to risk now exchange don become a home for many to keep their coin. Because no body wan loss fund to transaction fee.
My country people good evening inside this evening, e get one thing I wan talk about wey I think say na very big mistakes and disaster waiting to happen if we continue that trend, see most of us crypto enthusiastic no know how risky e be to leave our coin in an exchange, if you don here about this phrase, not your key, not your coin, you go understand well wetin I dy try to talk.
Na better post u carry come here ooo, I don dey see this kin post for other threads, but e too make sense d way you carry am come dis our board. Some people dey think say if they leave their coin for exchange, it’s easily accessible, and you go fit sell d coin when you like and you go convert money to naira easily. I know say no be lie, e dey easily accessible, but if we reason d risk wey dey involved, then we go know say e no make sense at all. If anything happens to the exchange, then your money to dey follow the exchange to go be that ooo, and no reason say a exchange security dey tight, if dey wan compromise am, dem go run am.There are some questions we need to ask our self, question like, if this exchange all my coin dy get K leg, na who I wan hold?
U no fit hold anybody now, na urself u go hold, because you sabi d truth about leaving coin on exchange, and you still decided to leave it their, then na u do yourself, because nobody wey u go talk say u wan go meet.Make we just look how FTX just run into bankruptcy wey make so many people money plus life savings get K leg till today, abeg make we thread wisely.
Seriously FTX matter alone self suppose don learn lesson, you no see d massive amount wey go for that FTX, I even sabi one exchange wey close down, but like say dem done open na Hotbit dem dey call am, but e take more than a year before dem come back, so e no really make sense to dey leave coin in exchanges. hero member
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This information was not taken seriously by some investors until they had a few experiences with some failed exchanges and also those that got hacked.
There was one old exchange named Cryptoopia that got hacked some years ago. I lost about 1k+ doge coins on that exchange, and I only remembered having doge coins on that exchange when the coin began to pump in 2021. Right from then, I just learned a lesson not to keep coins on exchange, although I did not really take it very seriously. But after I learned about the phrase "not your key, not your coin," I became more concerned about my crypto asset.
There was one old exchange named Cryptoopia that got hacked some years ago. I lost about 1k+ doge coins on that exchange, and I only remembered having doge coins on that exchange when the coin began to pump in 2021. Right from then, I just learned a lesson not to keep coins on exchange, although I did not really take it very seriously. But after I learned about the phrase "not your key, not your coin," I became more concerned about my crypto asset.
Op I fit talk say dis one na spam post because there are many thread wey we don talk dis matter plenty time. At first I think say na question you want ask and I was also preparing to answer the question but when I opened the thread na another thing I come see. Op have you heard, "Not your key not your coins" statement before? And also do you know where di phrase was emanated from? It was from this kind of thread so we are not new to this kind tok.
But Op you still need to know that many people dey keep coins for centralized exchanges because of the high transaction fee charges. Like yesterday I transferred 0.008 to busha and I was charged 7$ for the transaction. So I decided to transfer all my coins to exchange so that I will reduce code when I like to sell bitcoin next time.
But Op you still need to know that many people dey keep coins for centralized exchanges because of the high transaction fee charges. Like yesterday I transferred 0.008 to busha and I was charged 7$ for the transaction. So I decided to transfer all my coins to exchange so that I will reduce code when I like to sell bitcoin next time.
Nah true you talk beta learn from others than experience, we normally know say experience is the best teacher but nor still forget say nor be friendly one ohh. E go teach you the hard way. At first make never too understand this crypto space I dey normally dey leave my funds for people hand (centralised exchange) after I duh purchase am.
Why most people dey leave am dey think say e go reduce fees matter. But as time goes on I con know say to leave your asset for vex account dey risky ohh say anything can happen to it any time. Nah I jejely transfer all my asset from cex account to my custodial wallet ohh. So as you purchase the particular coin way you wan buy just transferred am go any Dex wallet of your choice.
Why most people dey leave am dey think say e go reduce fees matter. But as time goes on I con know say to leave your asset for vex account dey risky ohh say anything can happen to it any time. Nah I jejely transfer all my asset from cex account to my custodial wallet ohh. So as you purchase the particular coin way you wan buy just transferred am go any Dex wallet of your choice.
My country people good evening inside this evening, e get one thing I wan talk about wey I think say na very big mistakes and disaster waiting to happen if we continue that trend, see most of us crypto enthusiastic no know how risky e be to leave our coin in an exchange, if you don here about this phrase, not your key, not your coin, you go understand well wetin I dy try to talk.
Their are some questions we need to ask our self, question like, if this exchange all my coin dy get K leg, na who I wan hold? Make we try use people dy learn, make we no allow am to happen to us first before we learn, that is why for this forum them dy always dy advice everyone to use self custodian wallet, so that you no go wake up one morning come dy hear stories about your investment.
Make we just look how FTX just run into bankruptcy wey make so many people money plus life savings get K leg till today, abeg make we thread wisely.
This na normal warning wey dem give us every time even as we dey and I no know if you don actually hear this saying wey talk say so far as no be you get the key no be your coins and this issue with exchange nai go explain this saying properly. If you leave your coins for exchange, na the exchange nai get the exchange nai get full control because of say e dey centralize and you fit hear story say dem don hack their company and all your coins don go be that so keeping it offline is always better because dat one na you get your keys. Their are some questions we need to ask our self, question like, if this exchange all my coin dy get K leg, na who I wan hold? Make we try use people dy learn, make we no allow am to happen to us first before we learn, that is why for this forum them dy always dy advice everyone to use self custodian wallet, so that you no go wake up one morning come dy hear stories about your investment.
Make we just look how FTX just run into bankruptcy wey make so many people money plus life savings get K leg till today, abeg make we thread wisely.
Those way create those exchanges wallets no come the game to joke with anybody, so if anybody like make em wise up,, make bad thing no happen one day when we go hear say the most popular exchange wallet way we dey use fine collapse and people money wey dey inside done go.
I got use my self as a good example, my first Bitcoin was purchased through third party and instantly I transferred it to an electrum Bitcoin wallet because say the first wallet we e dey no dey safe, in everything we do concerning crypto currency, we should always put safety first. Without our safety in crypto currency we can not hold and we can not also gain profit, now if one can not protect his coins how can he get profit? That's is not possible.
However the earliest time we know this things that's the best time we should take it seriously for we not to be a victim of loses. Crypto scam are misleading some investors through social media.
I got use my self as a good example, my first Bitcoin was purchased through third party and instantly I transferred it to an electrum Bitcoin wallet because say the first wallet we e dey no dey safe, in everything we do concerning crypto currency, we should always put safety first. Without our safety in crypto currency we can not hold and we can not also gain profit, now if one can not protect his coins how can he get profit? That's is not possible.
However the earliest time we know this things that's the best time we should take it seriously for we not to be a victim of loses. Crypto scam are misleading some investors through social media.
Exchanges are just like market places, you go there to buy and sell, everybody needs to understand this. When you leave your coin there, its just like you're intentionally leaving your money at the marketplace under the custody of people you don't know nor trust and you wouldn't blame anybody if you go back and fail to see your coins.
Leaving your coins in exchanges is the very basic sign of crypto handling carelessness and once a platform is centralized, you're not the one in control, so you can expect anything to happen. Non-custodial wallets are the best. There are likes of Electrum, blue wallet and sparrow wallets. Go for wallets that gives you full authority over your funds.
Leaving your coins in exchanges is the very basic sign of crypto handling carelessness and once a platform is centralized, you're not the one in control, so you can expect anything to happen. Non-custodial wallets are the best. There are likes of Electrum, blue wallet and sparrow wallets. Go for wallets that gives you full authority over your funds.
This na matter wey need to dey come up all the time because almost everyday naim newbie dey enter this forum, and no be every body get this update. Of anything happen to any exchange wey your money dey inside, my brother e don go be that oo. The major target of hackers na exchange and if them successfully get one down, the amount of money wey Dem dey commot no be here oo, and you fit be victim. Even if say you use exchange take receive money, make you move the money comot for your safety. Had it been I knew, naim bad pass oo.
Last year the amount of hackers matter wey we hear too many, for person to dey loose guard for that kind matter. E before to make the right changes now, than make life teach lesson before you go know wattin dey for ground.
Last year the amount of hackers matter wey we hear too many, for person to dey loose guard for that kind matter. E before to make the right changes now, than make life teach lesson before you go know wattin dey for ground.
My country people good evening inside this evening, e get one thing I wan talk about wey I think say na very big mistakes and disaster waiting to happen if we continue that trend, see most of us crypto enthusiastic no know how risky e be to leave our coin in an exchange, if you don here about this phrase, not your key, not your coin, you go understand well wetin I dy try to talk.
Their are some questions we need to ask our self, question like, if this exchange all my coin dy get K leg, na who I wan hold? Make we try use people dy learn, make we no allow am to happen to us first before we learn, that is why for this forum them dy always dy advice everyone to use self custodian wallet, so that you no go wake up one morning come dy hear stories about your investment.
Make we just look how FTX just run into bankruptcy wey make so many people money plus life savings get K leg till today, abeg make we thread wisely.
Their are some questions we need to ask our self, question like, if this exchange all my coin dy get K leg, na who I wan hold? Make we try use people dy learn, make we no allow am to happen to us first before we learn, that is why for this forum them dy always dy advice everyone to use self custodian wallet, so that you no go wake up one morning come dy hear stories about your investment.
Make we just look how FTX just run into bankruptcy wey make so many people money plus life savings get K leg till today, abeg make we thread wisely.
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