Never leave your Bitcoins and Crypto in an exchange

[Saboor 511]

I have been warned several times that I should be careful about leaving my cryptocurrency in exchanges, so I decided to keep it to my personal wallet to avoid any future consequences

[IamLeader12 682]

Yes, I have also experienced hacking of exchanges and theft of my money, but I can't help but keep money on the exchange because I need to trade cryptocurrencies, and so I keep the amount there just for trading. 

[Jessica Karren 1242]

Exactly the security of many exchanges are not up to the mark and we have listened many news of attack on exchanges. Your coins are not safe at exchanges. So always move your coins to your digital wallet.

[Magnom 0]

You are really right! And the problem is that most people don't know this information.. Exchanges aren't the right place to hold our money.. But wallets they are! People should know the difference between wallets and exchanges then they will do the right thing!

[malik6314193 5449]

Yes you are right. I agree with you but my question is that if someone is trading on that exchange. So he need their crypto currencies for trading. After day end when he leave the exchange if he transfer their coins to his wallet and next day when he transfer back to exchange. He will pay a fee of transactions. Which is hard to pay. So what should we do in that case.?

[Calvinpriva 17296]

You are absolutely right my friend, we should not leave our crypto coins in exchanges for a long time because we can lost them easily from hackers. Exchanges are safe too but they don't have the top security like wallets.

[LeandroMesa 33]

On 1/20/2020 at 11:59 PM, 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

I agree with you, exchanges are not that safe, i listen of some exchanges that close with a lot of pending payouts so try to withdraw your balance frequently, be safe and dont trust and if you trust do it in the exchanges who have a long time paying.

[magd 5231]

Many platforms lost their profits and were closed and traders lost their money, but the platforms that happened with it were new beginners platforms and I agree with you about the importance of allocating one day every about 20 days to withdraw currencies from the platforms to the private wallet

[lharost 1526]

Exchanges wallets are only suitable for short term holding when you want to trade coins and they should not be used as a personal wallet, if you want to keep your assets safe for long term you should consider creating your own wallet and keep your funds there for maximum security, you should also keep in mind that exchanges are usually the target of many hacking threats and sometimes they fail to protect your funds and you should take precautions and be aware of the risks.

[Raqeebzy 6456]

This is just one of the unsafe practice we often do in cryptocurrency; turning an exchange to a wallet. We have to learn from previous situations where we see big cryptocurrency exchanges getting hacked and funds stolen permanently without refunds to account holderrs. We cannot avoid moving money to exchanges for the purpose of trading but it should be permanent and in the smallest quantity we are trading with.

It is almost impossible to see big whales or miners storing large amount of funds in an exchange for a long time, they don't trust the security completely.

[BrolySSJ 7899]

The truth is that this is the thought that gives me anxiety when it comes to crypto. I can never be sure if the site is going to close down or if it will keep going and that is why i am always unsure about what to do. The general rule is that you shouldn't be greedy and that you should rather take it out in your wallet than leave in on a site to grow, because it can then become a closed site and you will lose everything. I agree with what you are saying, and this thought constantly crosses my mind. It would be nice if in the future there was some way created in which they can then determine if a site is a scam or likely to close and when.

[DreamStage 2105]

Those mentioned points are the only things you should be worried about.

 

You should worry mainly on the primary data that you provide to the exchange as it's your private keys that hold your cryptocurrencies funds.

 

Remember that you registered on a centralized exchange for example Coinbase or Binance or Yobit.

The one that controls your money is the exchange 😉

[Virgil dijk 1431]

Yes I think it's very risky to store or keep our cryptocurrencies in an exchange because this days most exchanges are no longer save , and if any exchange we keep our coin get hacked we will loose it, so it's better to store coins in personal wallets.

[Zaino34 0]

This is true, we must not place the money and store it in the platforms, because these sites are not the safe place to store the currencies. Instead, they must transfer them to the portfolios, store them and keep only a small amount of currency in these locations in order to carry out trading.

[Saj555 2250]

Actually a lot of exchange sites are hacked nowadays. The exchange that doesn't include any 2fa or KYC are always at risk. Because those exchanges are available online and the hackers can get and create phishing ways to scam the users there. So storing cryptocurrencies in an exchange is never a good idea. For that the best place is cryptocurrencies wallet. 

[ben123123 152]

We are bound to store our crypto assets into exchanges because if we do trading on it. If somebody only hold for two to three years then he can store on any crypto currency wallets like trust wallets etc. And many other wallets also are there .

[Solex 2262]

You are actually right partner leaving your bitcoin or any other coins in an exchanger is not that safe because you can loss all of your funds if the exchanger got hacked or someone might even hack and take all your funds so it is better you use very strong security backups or create and keep the funds in a hardware wallet where no one can get use to it except you alone.

[mahdichelloi 0]

it s been 2 years i hold a token callled DGB in bitrex exchange for 6 month and all my token disappear  when i contact the support he said that the policies of the exchnge dont allow to hold your token or coin for more the 3 months

 

[Nyamwari 3]

Decentralized exchanges are the way to go since they reduce the risk of theft from hacking of exchanges. You keep your assets in your wallet until you trade, and also keep you private keys. Decentralized exchanges can also prevent price manipulation or faked trading volume through wash trading, and are more anonymous.

[Yomose 3704]

On 6/20/2020 at 8:50 AM, ben123123 said:

We are bound to store our crypto assets into exchanges because if we do trading on it. If somebody only hold for two to three years then he can store on any crypto currency wallets like trust wallets etc. And many other wallets also are there .

If you want to hold for long term, it is good to do that on cold wallet storage, if hardware is expensive for you and paper wallet is too complex for you, then you can try reported online wallet rather than exchanges that are often hacked. But, I prefer hardware wallet for holding. 

 

On 6/25/2020 at 4:16 PM, Solex said:

You are actually right partner leaving your bitcoin or any other coins in an exchanger is not that safe.

It is not safe at all. 

[Yomose 3704]

On 6/20/2020 at 8:50 AM, ben123123 said:

We are bound to store our crypto assets into exchanges because if we do trading on it. If somebody only hold for two to three years then he can store on any crypto currency wallets like trust wallets etc. And many other wallets also are there .

Even, if we are trading, when the trading is done, it is better to transfer back the cryptocurrency to back to wallet, wallets are safer as hardware wallets are safest. Exchanges are only for trading and not for holding. 

[Jamaloo 192]

Individuals should invested a couple of their energy to comprehend that trades can be hacked and closed down without taking care of anything. It occurred with MtGox and different destinations before. They can leave trick too, guaranteeing they were hacked and obviously they have no commitment to take care of the client as even managed trades don't have to give any cover to misfortunes if these issues happen.

[DiamondBit 720]

No best thing tondo than to use wallets to save funds, proper research should be made before choosing one, hardware wallets are the best for holding. Using exchange go holding is totally wrong,  exchanges are for trading. 

[TheRaed 1247]

In general, every person working in the field of cryptocurrencies must have a portfolio in a reliable location that transfers the amounts to it when it reaches a certain limit

[bitcoin-shark 1928]

in fact, however reliable an exchange may seem, it is always better to keep bitcoins or altcoins on the exchanges only for the bare minimum to make our transactions then it is better to keep our crypto on a personal wallet of which only we have the private keys