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alz190

Never leave your Bitcoins and Crypto in an exchange

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If you are into crypto then chances are that you have dealt with a crypto exchange.

Though there are 2 types of exchanges centralized and decentralized but there is one thing that you must note and be careful about.

That is never leave your bitcoins and other crypto in an exchange.

The reason for this is safety of your bitcoins and crypto

Normally when you sign up for an account and access your dashboard you can access your bitcoin and other crypto deposit addresses from withing your dashboard.

Once you have traded the crypto you own shows up in the dashboard of your account.

Have you ever thought what could happen if the exchange you are trading on today closes down?

All your hard earned crypto money could vanish!!!

So it is very important to withdraw your crypto money and keep it in a wallet.

Also back up the wallet and the private keys associated with your wallet

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Yes you are right. Right now a lot of exchange is being hacked or it is becoming very difficult to keep money in the stand. We should never leave our money in the exchange.  Should be checked occasionally and kept in a safe place.

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People should spent a few of their time to understand that exchanges can be hacked and shut down without paying anything back. It happened with MtGox and other sites in the past. They can exit scam as well, claiming they were hacked and of course they have no obligation to pay back the user as even regulated exchanges don't need to provide any cover for losses if these issues occur.

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Yes, I will never leave the crypto exchange because, as long as I deal with crypto currency, I will try to earn money by trading my coins through the exchange.  So I want to be able to be successful in my life through exchange sites as a source of income and get rich.

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On 1/21/2020 at 10:06 AM, jaromz said:

I think that depends on the exchange because I've been using for more than 1 year now kucoin and yet my coins over this platform are safe and didn't encounter any issue problem so far, though its not that huge amount actually. 

It's still advisable not to keep your coins in any exchange of your choice as it's prone and easily accessible to scammers

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yes i agree with you because i have already faced idax exchange scam and also cryptopia.

also exchange account can be hack easily if you doesn't pass kyc so hold your balance to wallet only

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if we not store our assets on exchanges then how we trade our crypto assets i do not any worry about my crypto assets are on good exchanges because i do trading on it regular base.

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On 1/23/2020 at 4:15 PM, TeknoLightz said:

That is exactly true, but many people still trust these exchanges with their funds for a long time, just send your funds to your personal wallet of your own if you want to hold.

right no one should hold his asset to any exchange wallet. all should store his asset in the personal wallet or to any hardware wallets.

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Why never? I agree with you if you give an advice of never choose any website exchange to keep your cryptocurrency on their wallets, but there are some website exchange with good security, and about to keep or no your crypto in website exchange wallet all depend about how you use your coins, if you are a daily trader is good to keep some of your coin on website exchange wallet, not every day you do withdrawal the fees are high! But I agree with you talk about the big volume of coin you need to hold them in hardware wallet.

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On 1/21/2020 at 7:59 AM, alz190 said:

If you are into crypto then chances are that you have dealt with a crypto exchange.

Though there are 2 types of exchanges centralized and decentralized but there is one thing that you must note and be careful about.

That is never leave your bitcoins and other crypto in an exchange.

The reason for this is safety of your bitcoins and crypto

Normally when you sign up for an account and access your dashboard you can access your bitcoin and other crypto deposit addresses from withing your dashboard.

Once you have traded the crypto you own shows up in the dashboard of your account.

Have you ever thought what could happen if the exchange you are trading on today closes down?

All your hard earned crypto money could vanish!!!

So it is very important to withdraw your crypto money and keep it in a wallet.

Also back up the wallet and the private keys associated with your wallet

Only known platforms should be traded
These platforms, if their team wants to close them, will be announced a while ago so that everyone can withdraw their money

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Yes you are right, there may be a chance of cyber attack on exchange where you stored your crypto assets. That's why it is need to transfer your assets to a safe wallet. 

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It is very bad Idea to leave your bitcoin in exchange for a long time you can withdraw your bitcoin or cryptocurrency to a wallet that you own the private key of this wallet it is more safe to you.

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This is so true, me after trading. i always send all my coins to my hardware wallets because with that i am so sure and guaranteed that my coins wont be touch until my hardwallet is not being plugged into any sort of devices.

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I agree with you. Currently scams and hackers are many, they are always looking to steal users' money, if you put a lot of money in an exchange when hackers hack 1 exchange they will take all your money.

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Exchanges hacks are relatively common and due to the lack of regulation, once the coins get lost that's it your dream will disappear in second. Wallet is the best place we can save our crypto asset as long we can follow wallet rules. There's no safe place for saving but I believe we have method to avoid scammer depend our experience.

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everyone knows its not wise to leave your coins in an exchange but to me i have been leaving them there because i am tired of sending the coins back to the exchange every now and then.

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Hacker is every where and we should protect our asset from them, saving at exchanges is really not recommended. Some people doing buy sell activity user by user to avoid scammer but of course safety is their responsibility. Exchanges already do their best but as users we also need get in and get out fast after transaction, no more saving.

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On 2/5/2020 at 5:37 AM, hmind said:

The best way is to put our income or assets in our own personal wallet where it can be more secure and calm. If storing it in an exchange is very dangerous because it is feared that the exchange will be closed or attacked by irresponsible parties.

storing on exchanges is very dangerous and as someone who lost his money on an exchange like cryptopia before i find it hard to leave my money on exchanges but i still do.

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For this reason we have to deal with it earlier, where we have to make a backup key of our wallet, because if the wallet suddenly dies we don't lose what we have. For this reason we need to be on guard in advance.

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I always die in the balance of my place of exchange, so far nothing has happened with the place of exchange that I use.  How about you, friends?

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 the Exchanges hacks are moderately normal and because of the absence of guideline, when the coins get lost that is it your fantasy will vanish in second. Wallet is the best spot we can spare our crypto resource as long we can keep wallet rules. Trades as of now give a valiant effort however as clients we additionally need get in and get out quick after exchange,

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Yes there is a risk of storing our crypto coins with any exchanges because there are most of the exchanges which is not well protected and safe so it hard to find an exchange for storing the coins for a long term.

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The presence of our money in private portfolios is safer in light of the existence of a lot of probability operations and we have to be careful about the keys to those portfolios and ensure that the addresses are matched while copying them

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Thanks it is very useful information for beginners. People should know that exchanes can be hacked or may be shut down without paying our payments.  So I also suggest never leave your any crypto in exchanges.

If find my comment useful support me with❤

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