The danger of leaving your money on an exchange!

[othmanmosaic2 107]

There are lots of reasons not to leave your money in an exchange, this is because you are not in total possession of your asset. The only way you would be in total control of your funds is when you leave them in a hardware wallet. Other than this I am certain that you won't have total control despite implimenting 2 factor authentication. 

At the end I must say that you should leave your money in an exchange up to a certain time that you need to after which you should take them to your personal wallet.

[Faisal Amin 4]

We are educated I concur however we can't look before we contribute money in trade, that is the explanation we face tricks because  now a days we can't trust with no data, I can't comprehend people groups like this extortion trades, in light of the fact that in online so numerous genuine exchange are accessible like yobit binance kucoin thus many.

Edited February 3, 2021 by Faisal Amin
Internet issue was here

[Shohel khan 27]

Basically, thank you for sharing the information you need with us. I think you can lose money when you don't have enough knowledge of exchange or business.  At present various kinds of frauds are coming out.  Who can take back your exchanged money.  Always be aware of them.

[Moudr 513]

Thanks for the advice, my friend, and I completely agree with you on this. We must be careful and not risk placing large sums or making our accounts easy to fraud.

[wisesaba 49]

Yes you are absolutely right and I agree with you that we should not leave our money in exchange sites for too long as the site sever might come and be down in the future or hacked and that leaves us with a loss option

[Faizan malik 99]

@ by johant 123, yes I am agree with you . You are aware from the scammer beacaues you are try to exchange then you lose your money.

[Salena 338]

On 3/25/2020 at 2:18 AM, johant123 said:

(Posting this on the section for beginners on purpose, because I want to warn them)

 

Here is another case of the owner of an exchange losing the private key that gives access to a large stack of Bitcoins, probably not even belonging to himself. The timing is most unfortunate (for everyone else) because the exchange owner was under investigation already;

 

https://thenextweb.com/hardfork/2019/11/01/ceo-loses-private-key-crryptocurrency-exchange-wallet/

 

This link was shared here in the forum earlier, but the comments from many of the members really scare me! Many seem to believe that the owner really lost access, and was a very careless and unlucky man. Well ... that is possible, in theory .... but ...

 

I think there are two things going on here:

- isn't it very convenient that the owner loses the keys when the funds are under investigation?

- this shows that your funds are never really yours, unless you have the private key of your wallets!

 

The most important lesson, in my opinion: never ever leave large sums of money in an exchange, or in a custodial wallet! And don't believe someone just on his sad story ... it may well be a fraud!

Yes dude we should aware from.these.type of scams its not compulsory that all the time what we see is good and right some exchange means are fake and its not give you profit 

[Ayinlek 42]

There is danger to holding a currency already and I think leaving on an exchange depend on how legit the exchange is.

There is danger to holding a currency already and I think leaving on an exchange depend on how legit the exchange is.

[Owaiskk 299]

Yes my friend you are right but according to my opinion if we have no experience and we are new here then we should withdraw our money as we complete our seven days work but if we have experience and ideas about exchange then we should invest his money it will be very profitable for us in comming time i refered binnance exchange this is best if you have idea about exchange 

[Sypher9 1162]

That's a good advise my friend it's true we should avoid leaving our crypto currency in exchanges because there are many things that can happen to our funds like lossing them when the exchange stops working due to other reasons so the best option is to use personal wallets and keep safe all private keys and never to lose them because if we do then we lose our crypto too.

[MohammedZa 74]

Yes, my friend, it is the biggest mistake leaving money on the stock exchange because there is a lot of decline in it. I used to work on it and now I left it because I lost all my money

[Zeen 43]

I think we should not leave our money on exchange site. Our money can get scammed, hacked and because we that all our efforts will go in vain. So instead of doing that invest money in real projects or keeo it secure in walkets 

[kaliphatesani 111]

An exchange is a good a place to leave your money but you should also note that things can change anytime. So you should try to own a hardware wallet where you would put your money so as to save yourself from hacking issues 

 

[fahimshahriar2020 539]

Thanks for this informative post. Cryptocurrency is based on fully block-chain and if our account is hacked we can't do anything. Because blockchain is very secured and we can't take any help from the police for this. So we should use sites or wallets that have a great security and we should also use a strong password and use multiple security. Thanks for the post.

[John Villium 6]

You need to save your passwords and private keys and thereby not lose them. The simplest thing is that, for example, there is a function on the banner, which consists in connecting your phone to the account. This is very convenient and I want the exchange Yobit to do the same, by phone. 

[Jhonsy 411]

Always note down keys somewhere private and always give the control of your wallet to a trustee as well because the wallets with huge sum of bitcoin automatically become suspicious for authorities..

[Amily john 73]

Yes dear you are right we don't trust much on others .You have discussed this great information and it is valuable enough .This forum is much helpful for all of us .

[Jikansamu 1125]

Yes I agree with you friend,leaving your money on an exchange is obviously a risk which many people do engage themselves in,its no more a new thing that the forum is full if fraudsters who'll stop at nothing to steal your money,so let's try to be careful and never to share our details with any stranger

[The prince 254]

Thanks expert for the guide. But to my seen, leaving your post on an exchange sites doesn't mean you will lose your money just like that without any reason. You will loose your money only if you share your personal information to an unknown person who is a scammer. That is my take and have a nice day.

[Carmelo Lames 1083]

The truth is that it all depends on which exchange you can use to save your money, in addition, it is known that the safest thing is not to have all your money in one exchange, unless you have a Ledger and you can save your crypto there, it is much safer, do not trust strange exchanges because something like what they mention in the news can happen, it is very strange it is true, but it did happen.

[Amelia1971 1338]

Hello friend, because of my bad experience, I prefer to withdraw my profits and invest them before they rob me, I will tell you because when the pandemic began I had a few coins stored in the bank and how everything changes, thieves also even study technology and rob you without you giving up account when I need my savings I went to withdraw them and in the bank they told me, ma'am, you made a virtual withdrawal and nothing is recorded in your account I very astonished I told them that I had not done anything to make a short story is today that nobody It gives me a solution and they don't give me my coins back for that reason when I have cryptocurrencies I spend them or invest them, nobody ever steals me again.

[Tawhid Ripon 02 67]

Dear friend, we must be aware to protect ourselves from the dangers of cryptocurrencies. Need to investigate and collect information. Since we are all in the mystery of theft, and scandal, we must know how the enemy can enter the cryptocurrency. The Internet is not something that is secure, so be careful.

[Stiffen white 827]

Your are right my friend. Now days ratio of frauds have been increasing.  So it would good that make more walllet and not remain single amount on any exchange.  But you can trust to any wallet which think is good according to security. But it would good to if you  draw your money from your private wallet.

[md.nayem01 0]

I work by investing. We make good income by investing. We collect different tokens and sell them if prices go up. BTC is the most popular currency. BTC LTC, ETH are the ones everyone likes when they work on crypto currencies

[Ayeshamalik 165]

We know that we should not put our money in any exchange for a long time because they hack our money so we should be precautions about these rules .