The danger of leaving your money on an exchange!

[MuhammadSh 3067]

Each period we hear about an exchange got hacked.. so hackers' eyes are on cryptocurrencies exchanges and they are just waiting for the right opportunity to hack them and steal people's money easily.. it's really a bad idea to keep our money in exchanges and that's what many beginners still do without knowing that it's really danger! so we should be aware and make them know how to use the exchanges well and when to use wallets if they want to keep their money for a long time in safe..

[kenzi 509]

I don't know why everyone says this, but I leave my money on the exchange, very often, and I trust the exchange completely. I use the Binance crypto exchange. Even about a year and a half kept the money and everything was fine

[Lobozteam 68]

It is not advisable to leave your funds in the exchanges, it is better to keep them in offline wallets, I recommend ledger nano, the best one that I have tried and very safe, I don't know if there is a better one, would you tell me?

[Omairaele 12]

I think leaving our hard-earned money on an exchange or storing them as if they were wallets is a big mistake, they could hack the site or they could shut down without notice to change our assets. Better to keep them in a keyed or hardware-encrypted bill

[Dropzgame15 41]

The stupidity of leaving your funds asleep at an exchanger or a brocker best thing to choose to store them in offline hardware like ledger Nano

[Matias Conforti 89]

I think it is risky if the exchange does not have enough reputation and support, the largest exchanges do not seem risky to leave money there and have it available in case the possibility of a trade arises, but for very long-term holding I prefer wallets

[myasoyagnenka 395]

I think this will be a lesson for everyone .You should always approach such things with caution , and it is better to be safe so that there are no such cases.

[Mhamaa23 68]

Yes, there is a risk in changing your money and switching it between currencies, so it is necessary for you to be very careful, otherwise you may lose a large part of your money

[Oscar Polanco 66]

For security, I recommend having bitcoins distributed among several wallets and exchanges, and if one day you lose the password or private key at least you will not lose everything because you distributed your bitcoins between exchanges and wallets

[Diego Alfredo Moral 28]

On 3/24/2020 at 10:03 PM, Michael0606 said:

If we must be aware, investigating and collecting information to shield ourselves against the dangers of Inter and Cryptocurrencies, since we are all at the mercy of thefts, and scams so we must know how to identify the enemy to enter the field of Cryptocurrencies, on the internet nothing  it's safe so take precautions.

Buenas noches, como andan grupo ?. Asi es, considero que la investigacion y recoleccion de informacion, es fundamental para poder tomar la desicion de saber donde vamos a invertir.

[franco2020 10]

Before investing, consider the risks of investing in a cryptocurrency! Do not do operations without informing yourself before!

[Hear80 122]

Hello people, I have read a lot what you say about how complicated it is to have our cryptocurrencies in Exchange, and I understand the risks that they manifest, now I ask you what wallet do you recommend to store my cryptocurrencies?

[Alexánder Morffe 235]

Scams on the internet abound, despite the prestige of many exchanges, it is advisable if you want to store your cryptocurrencies safely use cold storage wallets (hardware) or, failing that, more prestigious websites such as Stillling, eToro, CEX. IO, Trezor, Electrum, Coinomi.

[dchaser 575]

yes there so many risk for leaving your money on the exchange  when you leave it consider these facts ,the hacking attacks are becoming increasingly elaborate. It's a highly-rewarding activity; therefore it pays for ever-increasing time and effort spent on plotting hacks, exchanges are not cybersecurity enterprises. They run financial marketplaces first, and experience has shown they can’t guarantee top-notch security. and also exchanges lose dollars every day on average, and this figure is set to increase in the future. so its not safe to let your money stay on the exchange

[CRISTIAN FERNANDEZ 32]

It is true that there is a risk of being able to lose our funds from an exchange but before trusting and depositing trust and money in these platforms we must see their growth history, that although it presents a loss of tockens due to hacking, it can respond to an attack of this type .

reviewing the future projects of that platform and having continuous updates is a good sign of an exchange

[Mathiasdgreat 121]

The least secured place to store your cryptocurrency is exchanges while the safest is the offline wallets. We should know that our cryptocurrency is as safe as the method we use to store it. it is not safe to keep our crypto for long time in exchanges because aside from hacking, any exchange may mismanage, lose or even participate in fractional reserve banking.

[avgplaya 97]

On 3/24/2020 at 4:18 PM, 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!

In my personal opinion and as I understand it, the blockchain and the transactions carried out in cryptocurrencies are safe and transparent.
However, I have already read several cases, where exchanges are negative news, whether due to hacking, fraud or simply disappearance of funds.
But how can we avoid that, regardless of not leaving the funds on the exchanges, it evidently seems to be the weakest link in this chain.
What other types of precautions should we take?

[ekraali 32]

Well,

Never leave your money in exchange sites  so may be your site scam and any one take it and then you

[lui1 26]

always withdraw to the wallet !! If something happens with the platform, nobody will cover your loss! It is riddled with examples of losses for that reason. you have to be careful

[jamesaclark3 40]

Absolutely right. What another  person has in hand can always be risky. If you don't  farm or stake, I think it makes  the most sense to keep the money in the wallet.

[LionVic 52]

www.forbes.com says:  What happens to your funds after you send them into an exchange? If you leave your funds on a crypto exchange, you’re essentially pooling your money into a delectable honeypot for hackers looking to steal funds.

[Diego Alfredo Moral 28]

On 3/25/2020 at 12:48 PM, Shahud said:

as we know many people use exchange to store the money but it is risky to store in the same because it is having chances of getying attacked by hackers.so better wo store it in a hard ware wallet 

Goodnight. That's right, it is a good advice for the other people who read this post, that Hardware-type Wallets are the best to store our cryptocurrencies. I trust them more to store Bitcoin than the exchanges themselves.

[AngelMarcano30 29]

You are right, crime abounds on the internet too and many exchange services can be harmful and fraudulent when handling a large amount of money on your platform.

[mildred27 317]

Esxchanges are custodial wallets and in a certain way they are regulated by government entities of the country of origin of the exchange due to this if there are changes in the laws your money can be withheld, but now, guys, it is the same risk that you can have when owning money in any bank, so you have to select a good Exchange to store your cryptocurrency.

 

To avoid these risks of losing our cryptocurrencies, it is best to have our money in decentralized wallets where you are the only owner of your keys and seeds, but be careful to save your seeds because if you lose them there is no way to recover them.

[orejamordda 44]

yo creo que es seguro que esten en las billeteras, es como que digas que no es seguro tener tu dinero en un banco, de ser asi mi consejo seria que vendas tus monedas o fragmentos de ellas y te compres acciones fisicas