The danger of leaving your money on an exchange!

[maazt 20]

the danger which one can face by leaving his money on site for a long period is that this money can be hacked or get by scammers, cheaters and hackers. it is my thinking but i am new here so i do not know about yobit process still.

[kowkama111 694]

The storage location for virtual coins should be selected depending on trading needs and other purposes. Probably, if you are actively trading, then the accounts on the exchange seem to you the most convenient. There you do not have to pay commissions for multiple withdrawals and deposits. Nevertheless, it is better not to store large amounts of money on platforms.

Online wallets lack the functionality of exchanging cryptocurrencies for fiat money, which makes them not as convenient as exchanges. And some programs of this type store passwords on their servers. You should check this information before using the application.

For most newbies, however, online wallets are considered the most appropriate option. They allow you to quickly and easily exchange cryptocurrencies, but at the same time they are quite safe for storing money in them.

[pacific 2268]

On 3/25/2020 at 3:03 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!

@johant123 Well as far as I am concerned, even I lost all my crypto earnings due to the recent hack in Kucoin exchange that was happened on September 25. Overall 150 Million worth of cryptos were hacked from the exchanges, and talking about my loss it was something like 0.27 BTC. Those were my earnings that I made in a year from airdrops, bounties, and also from cryptotalk. With that incident, I don't take risk on storing my funds to the exchanges, as they can be easily hacked, so I am now concerned on storing my crypto funds on trusted wallets like Coinbase and blockchain.

[Mansoor sumaan 29 0]

Yeah bro we should not believe on anyone's story. There is a lot of scammers like that and you are saying. And we should all remember the privacy of our wallet as you are saying I have learned a lot of things from your posts. As I am new so your post is very helpful for me. When I have to invest I will try to figure out the right plate forum and I will try to be aware of the scammers . 

[Dark_Sky 8489]

I never experienced to leave a big amount in exchange that's why I never fear that thing but to those who experienced that I hope it will serves as a lesson for you to maintain the security of your coins especially when having a transaction. 

[Emiway 842]

Dealing with exchanging stages and leaving digital currencies on the stage is perilous, so the individual must focus while exchanging and make sure about the record emphatically

[Adrija S 273]

Very informative! I completely agree with your point. We should be careful while we do exchange. Inorder to do that we must gain some knowledge about all those and then only take a step forward.

Thank you!!

[Sajjuhaq 156]

Thanks mate for this information as now I can be aware of the ways through which I can lose money and also hopefully may this be helpful for others too. 

[MoralStories 1127]

It is mot the danger of leaving money at any exchange it is the danger of forgetting the important things and throwing the thing's that are important in many ways.

[huesca123 946]

I have posted previously about this & how I dont agree with leaving your coins / money on any exchange, for any reason. Leave just enough to trade but leave the bulk / majority of your coins in a wallet downloaded to your computer.

 

The other day I bought BTC at Binace Exchange, with my debit card. Once my BTC was in my Binance wallet, I transferred them to my Exodus wallet. I just dont trust exchanges, the people who run them, the hackers who are trying to steal peoples money, etc.

 

Ive posted before about the Exodus wallet & Jaxx Liberty wallet. They are very secure, reliable, have been around for many yrs & have a great support team, if you have any problems. Plus some other advantages.

 

Its your money, so treat your coins like your savings account / bank account. Dont trust anybody, dont share your computer where your coins are stored, make a back up of your wallet, use strong password & make a copy of your seed.

[Zeeshankhan 541]

You are setting your self to double risk if your coin are crash or their compnay will crash this way you will get loos that’s a way it is not safe.

[Sufi Ali 397]

We shouldn't leave our money behind on exchange sites. because it may also case a huge loss. because we don't know the flow of market rates. if it goes down and you have money in it then without using it jn trading and investing etc you will lose it.

[Jat Ala 377]

It's very great initiative that you have provided us a great knowledge, we shouldn't take any risk about our money that is only we need

[Edwinvicky 819]

Yes you right that we should not store crypto in an exchange as a wallet, but the part that that exchange forget his private key is something questionable and doubt. I don't believe that, may be as an excuse to bypass the consequence to be face by the law. Every exchange always store their info both the users and funds info in a safe place and multiple backup every time.

[jackycrypto485 1055]

Thank you for sharing this here, for me my golden rule in the world of crypto is: your private keys = your coins, if you do not have your private keys then you really do not own your coins because they may be taken from you simply by blocking, freezing or seizing for any reason. Nothing can be done.

[babagimba45 81]

As long as you are using a secured and trusted exchange, you don't have to worry about getting scammed. These top exchanges are very safe and your money is very safe there. They have top level securities and are constantly patching so many bugs. However there are only few of such exchanges.

[Pocahuntas 27]

I totally agree with this, large sum of money should not be left there because scamming via the internet is now very rampant. Loosing money is very very hurtful, some people dont even recover from the shock.

[Iman33 0]

In my opinion, any work we do in life needs to be careful while doing it. I agree with you that the stock exchange is not our main wallet, because I think that the field of cryptocurrencies there are not a few fraudsters, so you should pay attention during the work.

[Cryppro 1008]

I feel very afraid because I have some of my money I have earned from the crypto are stored in the exchange like binance and yobit. I don't think their security are so much weak but we can't say about the hackers because if they even can break the security of the American government then we can't say this exhcnage won't be hacked. But I will transfer to the wallet because it will be safe there.

[sabbir1 22]

I personally believe that it has all the same safe - funds in the wallet.  If you don't think so, I would advise you to sell all coins and buy physical stocks or currencies from different countries.

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  Quotes

[Batulaedozhigi 101]

If your money is in yobit, it is safe. You don't have to worry if getting scammed. I would only advice that you setup 2 factor authentication so as to make your security top notch.

[Abuhassan 89]

I don't see harm if someone store huge amount of funds in their custodial wallet if they have access to their private key , the most important thing is your private key and once you loose your private key you can never have access to your wallet again .

[Abbas2.0 812]

5 minutes ago, jabar22 said:

This is why you need to research the exchange before joining. Not all exchange platforms are legal. That's why it's important to always choose the right one. Yobit is one of the best exchanges I have ever used. But it is safer to leave your money in exchange. Always protect your private .keys.

This is a bad thing that you leave your cripto or your money on any exchange because there are many hackers there are are present in the Crypto world that are hack in many top exchange like kucoin and liquid so you will not be safe if you are leaving your Crypto in a small exchange you should trust on binance Exchange and you can leave ur crypto there

[Hauwamambe 69]

I don't think there is any danger in leaving your money in an exchange because your money is safe with them. You don't have to worry about losing your money if you are using binance, coinbase, yobit and some popular and established crypto currency exchange.

[George10 9932]

4 minutes ago, humaira99 said:

everything you say is true that you should not use exchange as the main wallet and it is better to use a wallet that provides a private key so that when the wallet provider stops operating you can open your wallet in another service

Exactly mate you have gotten it right and another disadvantage when you look at withdraw fees for bitcoin in exchanges  for example yobit charges 0.0012btc withdraw fee it's so high as compared to personal wallets therefore we need to be very vigilante while using exchanges but otherwise yobit is a great exchange out there for trading and investing in crypto via invest box.