Would you recommend never store cryptos on an exchange website? - page 2.

olubams

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Quote from: brawdias on May 09, 2018, 10:20:42 AM

This is too much precaution or its really better never store cryptos in exchange? All exchanges are risky ?

I believe this is one topic that can never be overstretched because of the continued importance everyday. Even today, I have read about someone who has been trying to make a withdrawal from an exchange site since December 2017 and till now, its still while support is no where to near responding talk less of resolving the issue and the exchange site has been known to be effective. Whether the claim is right or the customer made the mistake, the fact is he could not assess the fund at the time he wanted it which is enough reason for anyone not to store cryptos on exchange sites.

The Sceptical Chymist

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You would do well NEVER to store any crypto on an exchange. You might be new to crypto, but I've been around long enough to see exchanges like Mt. Gox and Cryptsy get "hacked" and run off with their customers' money. It's happened enough times that it can be stated with confidence that it's extremely risky to do it, and I would definitely recommend that you don't.

I wouldn't even store crypto on legitimate exchanges like Coinbase. You just don't know what's going to happen, plus if I'm not mistaken you don't control your own private keys on Coinbase. If you're going to trade, I'd say it's best if you withdraw your balance at the end of your trading session. And when you're talking about shady businesses like Yobit? Yeah, forget it. Best to avoid those altogether.

omonuyak

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Quote from: brawdias on May 09, 2018, 10:20:42 AM

This is too much precaution or its really better never store cryptos in exchange? All exchanges are risky ?

Experts has been giving such advice and I don't think it is wise to keep you cryptocurrencies in the hand of a centralized exchange as some of them has had problems with hackers. I think the best ways to store your bitcoin is through offline wallets or https://blockchain.info. you should also secure your coins buy store your private keys in a most secure place. Exchange having control over your coins is not good because you are not holding the private keys.

kelceyott

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Quote from: brawdias on May 09, 2018, 10:20:42 AM

This is too much precaution or its really better never store cryptos in exchange? All exchanges are risky ?

yess, all exchange websites are risky. Every website has the ability to disappear overnight, or it could be stolen all your data and all your money by hackers. The safest way is to put your money on the exchange website for too long.

emberbekas

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Quote from: Indrawan77 on May 09, 2018, 12:57:11 PM

Well a wise man said to never keep your money in the wallet that you don't own the private key, and I think you should find a proper wallet to store your money, its your hard working money, there are so many scam exchange now and some of the exchanges can suddenly run away with your money, so no its not safe at all to store your coin in the exchanges, only store the coin that you want to trade

Agreed! Storing our coins at exchanger while we don't intend to trade it, is a bad habit to choose. Always use our own wallet which we have full control over it to make sure that we will stay secure from bad people.

tyuner4

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I strongly recommend you not to keep your crypto currencies in exchanges. You should be keeping your coins in a wallet which you control the private key. It is risky to keep coins in exchanges in case of hacks and exchange closed down.

Indrawan77

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Well a wise man said to never keep your money in the wallet that you don't own the private key, and I think you should find a proper wallet to store your money, its your hard working money, there are so many scam exchange now and some of the exchanges can suddenly run away with your money, so no its not safe at all to store your coin in the exchanges, only store the coin that you want to trade

mulukey

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I think if you want to keep the crypto long you should not keep on the Exchange because it is not secure because the Exchange is always the target of the hacker. You can use a hard wallet to keep your crypto, which is how many crypto investors are using to protect their assets.

mk4

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Some exchanges are pretty good with their security, but that doesn't mean that these exchanges are invulnerable to hacks. Exchanges are a huge red hot target for hackers as they could potentially steal huge life-changing amounts of money if their operation is successful.

Take note: People in the past think that the Mt.Gox exchange was secure enough. Well, BTC120,000 got stolen.
For more information about this: https://en.wikipedia.org/wiki/Bitfinex_hack

yojodojo21

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If the exchange site deposit wallet you are going to use is prone to hacking then better to use hardware wallet rather than the first option. However, we have this coins.ph exchange site wallet I never heard of I getting hacked so I store some of my Bitcoin and ethereum, just small amount for small purposes. Its an exchange site not a wallet.

inthelongrun

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Quote from: bozo333 on May 09, 2018, 11:22:31 AM

Quote from: brawdias on May 09, 2018, 10:20:42 AM

This is too much precaution or its really better never store cryptos in exchange? All exchanges are risky ?

Most of the day traders are only storing the exchanges because they are all always monitor the Crypto market and side by side buying and selling the best profitable coin. So it depends on our needs. If you looking to invest in long term investment just hold in wallet or If you are day trader exchange site is more convenient to trade in anytime because it is reduce the time of investment.

I got some long term coins but still stored on exchanges because I still want to see how the market moves and possible changes might happen.

Also small amounts of investments might not be worth a keep outside exchanges because of transactions fees but this will also depend on the coin though. So we just have to make sure that we are trading on reliable top exchange for higher chances of security.

bozo333

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Quote from: brawdias on May 09, 2018, 10:20:42 AM

This is too much precaution or its really better never store cryptos in exchange? All exchanges are risky ?

Most of the day traders are only storing the exchanges because they are all always monitor the Crypto market and side by side buying and selling the best profitable coin. So it depends on our needs. If you looking to invest in long term investment just hold in wallet or If you are day trader exchange site is more convenient to trade in anytime because it is reduce the time of investment.

EdenHazard

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If you want to keep your money in exchange you can do research on the exchange before. Indeed you are some exchange that cheats on members, such as manipulating prices and take a long time to withdraw.

But there are some good ones until now I keep my money in exchange because many advantages such as can be used as a place of arbitration. Exchange always has a large volume compared to a local exchange, this can be an opportunity to gain profit.

lumeire

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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.

FrueGreads

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Quote from: brawdias on May 09, 2018, 10:20:42 AM

This is too much precaution or its really better never store cryptos in exchange? All exchanges are risky ?

It's not that all exchanges are risky, but they are not meant to be used as wallets so there is really no point in keeping your coins there if you are not trading. Besides it's probably more likely for an exchange to be hacked, possibly resulting resulting in your funds being stolen, than for your pc to be hacked (if you are careful enough of course). The thing is, that exchanges are honey pots for hackers, since a successful hack would probably result in millions of profit, as for a hack on your pc wouldn't result in that much money.

So I wouldn't say they are to risky, but it just doesn't make any sense to do it in my opinion, and you are increasing your chances of getting your coins stolen.

bakujo0817

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Quote from: brawdias on May 09, 2018, 10:20:42 AM

This is too much precaution or its really better never store cryptos in exchange? All exchanges are risky ?

its not always advisable to store your coin on exchanges because you dont have access to your private on exchanges if the exchanges are hack and your coin is also gone its better to store your coin on wallet that you control the private key.

saaayyyeeel

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Quote from: brawdias on May 09, 2018, 10:20:42 AM

This is too much precaution or its really better never store cryptos in exchange? All exchanges are risky ?

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.

brawdias

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This is too much precaution or its really better never store cryptos in exchange? All exchanges are risky ?

Topic: Would you recommend never store cryptos on an exchange website? - page 2. (Read 299 times)