Topic: Would you recommend never store cryptos on an exchange website? (Read 299 times)
This seems like you have a security threat , no there is nothing as such to crypto threat that is you cannot have your cryptocurrencies stolen from a exchange website especially if you are using the top cryptocurrency exchange websites online like coinbase
This is too much precaution or its really better never store cryptos in exchange? All exchanges are risky ?
All is risky especially exchanges because if you store your coin to exchange in long time there's a possibility that the coin will gone because some exchanges now is easy to hack even they have many security.
NEVER store your funds at exchange for a long time. NEVER. The basic rule in crypto.
All trading platforms are not exposed to daily hack as the successful platforms are more concerned with protection, but the problem lies in forced your account to be closed/locked at any time and without alarming.
It is not limited to trading platforms but anyway to store Bitcoin without direct access to your private key.
Also, using any wallet "except BitcoinCore" that presents you with some risks. These risks vary from one wallet to another.
If you want full security use Latest stable version of Bitcoin Core.
It is not limited to trading platforms but anyway to store Bitcoin without direct access to your private key.
Also, using any wallet "except BitcoinCore" that presents you with some risks. These risks vary from one wallet to another.
If you want full security use Latest stable version of Bitcoin Core.
I think that the safest way to store crypto is to put the addresses on a hard drive but then again the essence of the exchange site is that you trade the cryptocurrency if you are not doing that then it is safer not to put it there in the first place,
Personally, I am a small-time trader and I am storing my cryptos in some exchanges. Yes all exchanges are risky, just like the way all cryptos are risky as well, Do not store all your cryptos on one exchange only, that's the real risk, but store them into some different exchanges as a precaution.
That is still risky to be honest. The fact that you are storing your cryptos to an exchange that has a high possibility of getting hacked or going to a maintenance, you might lose your cryptos or you will wait for period of time before getting it. Why not store it in a safe wallet like ledger nano or MEW if you can't afford a ledger nano. It's not like the fee for transferring your cryptos to an exchange is that expensive right ?
can be said dangerous but from all that there we can not trade without any Exchange.
we can choose a trusted Exchange, such as: Binance, Bittrex, Poloniex, Cryptopia, Kucoin, Huobi.
good luck comrade!
we can choose a trusted Exchange, such as: Binance, Bittrex, Poloniex, Cryptopia, Kucoin, Huobi.
good luck comrade!
Absolutely! Never keep your coins on exchanges, except for trading purpose, because they are not wallets. If you keep your Bitcoins on exchange they are not so protected and are far more exposed to hackers attack than in your wallet. But many users are too comfortable to protect themselves properly and sooner or later they usualy find themselves in situation they suffer loss or some kind of inconvenience.
it is a risky thing if we keep our coins in exchange, especially over the long term. unless you are a trader because a trader will definitely make a sale and buy and save your funds.
This is too much precaution or its really better never store cryptos in exchange? All exchanges are risky ?
Yes that is really much risky to keep our cryptos on exchanges that is why I often keep them in my desktop wallet to consider it as a more secure than any other and I keep only that amount of my crypto on my exchanges which I use for the trading purpose only But still I am worried about my that amount which I have on exchanges for my trade. This is too much precaution or its really better never store cryptos in exchange? All exchanges are risky ?
If you can afford losing that money, then go ahead store it on exchanges. I was never sarcastic on that - in my case, I have $1000 in poloniex alone; I use that money to lend bitcoins, and to margin trade. I have already set my mind that if I got hacked, there should be no one to blame, and just move on.I strongly suggest you use 2FA, and protonmails for login verification.
I would not recommend exchanges for a way to stores cryptocurrencies. Since we can not control the private keys, and the keys are more exposed to crackers. I'd only put a money in an exchange only If I want to use shift the money or trade it.
There is the options of keeping your Cryptos in a hardware wallet or any other secured offline or online wallets which I believed is more reliable meanwhile Cryptos invested in exchanges are only for trading purposes while you withdraw profits accrued into the wallet.
This is pretty much common knowledge if you'd ask me. Even the big stable exchanges can get hacked. The best thing to do is to setup the exchange wallet as a hot wallet, and then a hardware/paper wallet that's offline as the cold one.
Good idea, so do you mean having like a exchange for trading ( if plan is trade often) and the rest offline ( if you are holding) ?
Definitely. Only leave trading funds on exchanges(which should be only a small percentage of your total holdings), and withdraw them to your own wallet if you don't plan on trading for a while. That way, if the exchange you're using gets hacked or something similar, it won't affect you as much.
Maybe is risky but I'm prefer hold my Electroneum tokens on Kucoin, NEM tokens on HitBTC. Because it's good and very comfortable way to hold tokens.
This is too much precaution or its really better never store cryptos in exchange? All exchanges are risky ?
I mean, whether you hold it on the trading site or in your wallet, as long as you don't cash it out, it's open and susceptible for the changes that might happen in the market, whether its due for an increase or decrease depends on the market trends that are reigning during the time you have in your possession those coins. The only thing that would save it from such changes is when you actually would encash it, at least then, you won't have to worry because cash is a more stable currency that cryptocurrency.
Yes, I would definitely recommend it, but at first, make sure to buy cryptos only from exchanges that have proven their reputation. After buying bitcoin move them into your own personal wallet and never leave them at the exchange. I would recommend you use hardware wallet to store your cryptos. As hackers can hack these exchanges any time and you would lose all your coins. So it is not safe to leave cryptos at exchanges.
This is too much precaution or its really better never store cryptos in exchange? All exchanges are risky ?
From the time that I came across crypto, storing assets on exchange sites has always been discouraged by everybody even if its within months of joining (mainly because of hacking) and this was extended to web wallets too (because of hacking, change of policies, outright scam etc.)
This however was reduced in 2017 because there was some compensation for keeping on exchange which was the era of forks where you get to have access to it and exchange sites credit you even before there are offline wallets to keep those coins and this will avail the opportunity to cash out when the price was high. But today, all of those vibes are gone and I doubt if anyone still keep tab of it again.
The point is we are back to the earlier part, don't keep your fund where you cannot control especially exchange sites.
This is pretty much common knowledge if you'd ask me. Even the big stable exchanges can get hacked. The best thing to do is to setup the exchange wallet as a hot wallet, and then a hardware/paper wallet that's offline as the cold one.
Good idea, so do you mean having like a exchange for trading ( if plan is trade often) and the rest offline ( if you are holding) ?
This is too much precaution or its really better never store cryptos in exchange? All exchanges are risky ?
This kind of advise or thing is being discussed for hundred of times into this forum which this should really be a basic thing or habit that most traders or investors of certain coins shouldnt really consider to make it as a main wallet where we do store up our coins.If we do see out on previous years where exchangers is being hacked how you would able to see those people who mourn and cry coz they lose up lots of money since their coins is on that exchange? You cant do anything about it when it comes to recovery since you dont possess the private key that would always be the possible consequences. Jump to: