The danger of leaving your money on an exchange!

[Gaurav kumar 972]

There can be some consequences of leaving your money on an exchange. But that depends on the exchanges as well because if there's a genuine exchange then it is difficult for hackers and frauders to hack into the system and do something mischievous.

[BTC Future 3946]

The danger of leaving your crypto on an exchange has been answered from the countless occasions of exchanges being hacked and shutdown with users accounts having been emptied. We've witnessed MtGox in 2013 and lately Quadrica where users lost all their holdings. There are more examples but these are probably the worst occasions, where users actually paid for the incompetence of the exchange security and procedures.

[Upright 2688]

I like this post, as I have also being on such notes of  having to keep money in an exchange, especially when it was on a coin which I was focused on investing in it, and later forgot about it and later checked on it to see how low the value has tend becomes form my expectations to gallop on it price

[kyoukage01 3181]

Whales particularly should be more wary about moving their funds to a questionable exchange, due to the obvious reason that they'll have a lot to lose if that particular exchange got sacked for one reason or another. But then again, even reputable exchanges such as Binance get hacked. One can never be too careful when dealing with very large funds.

 

[Calvinpriva 17296]

Exchanges are very good but most of them they have many scammers than normal wallets. I think the problem is in security because its very easy to join exchanges, you write your name, email, password and you start using it. Not like creating a wallet account, there are many security verification's in them.

[iloveyobit 6599]

I do not like or advise anyone to leave all of their money on one platform because if they are hacked all your money will be lost, it is very safe to separate that money on many platforms.

[bentayebsalah 2280]

Yes, it is dangerous to leave all of your money on the trading platforms because it may be subject to a problem at any moment and your money may be in danger at that time and for this it is necessary to use an external portfolio, it is better

[Lover840 0]

On 3/25/2020 at 2:48 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 obviously i have been told many times that never keep so many coins in any exchange. Also i have seen many posts about it. So after reading all this I'm not keeping my earnings in any exchange now

 

[malik6314193 5449]

Thanks for sharing this useful information with us dear and no doubt now a days there are many scams in this field. We should be careful in this. 

[Prince90 668]

Thank you so much for your information i have kept my btc in yobit wallet , should i move it to another wallet. But i trust yobit and till now i haven't noticed any thing suspicious about this exchange plateform. Well i have kept my private keys written in a diary so i think i won't face any issue like you have mentioned in your topic. 

[Saj555 2250]

You can do exchange in the exchange platform with some concerns. Never share your private keys and private information with anyone on the platform or others. This might cause you a great loss. New users often face this kinds of problems. So always remember that. 

[Ms.o 3322]

Storing or leaving our crypto on an exchange is risky that's why it is highly suggested to have our own wallet because exchanger are enticing hackers because they have billions of dollars worth of cryptocurrency.

Edited April 8, 2020 by Ms.o

[Faiza sikander 104]

Some suggestions to keep your bitcoin wallet safe

•  Choose hardware wallers 
•  Keep your private key offline 
•  Always use a secure internet connection 
•  Use good and up to date antivirus software
• Do not access unknown or suspicious links
• Use strong pasword for your online wallet
• Never give a way your private key
• Keep a separate wallet for day to day transactions. 

If information is new for you give me like.

[johant123 1559]

On 4/8/2020 at 8:09 PM, laska smrtici said:

Well I don’t have much money to make my hackers target my account, so I keep my money on the platform.

The thing is; they don't target your account, they target the whole exchange.

 

I don't leave more than a few hundred dollars on the exchange(s) I use, because that is the limit of what I am trading with. Most of what I invested is for the long term, so I keep that in my own wallet.

[jacker 1095]

To exchange money in exchange is never safe, it's really dangerous, I never leave money in exchange even the best or safest exchange as yobit I am not assured. A certain amount of money must be placed in a wallet with private keys and security types.

[Omar Ommeish 4872]

Thank you, I did not participate in this site and I always try to withdraw money from the wallet and do not keep it for a long time because it can be stolen.

[BrolySSJ 7899]

thank you for sharing this information with us and there is a risk when it comes to leaving your money on an exchange and i think that everyone needs to remember that however this is also necessary in certain cases in order to allow for trading. But then again if you leave your funds in any online system the risk of being hacked and losing funds is always there, and therefore in extreme cases you should have a hardware wallet.

[kadayakito 765]

thank you. I absolutely do not keep money in exchange. I don't feel comfortable keeping money here. I know many people who do that but I'm really worried about my money. It's best to leave the money in a wallet with a private key and other security I feel more secure and I've never lost money.

[Bruno52 1141]

This is a very good caution and everyone this avoid doing this as I have lost some crypto currency due to this. My advice to everyone is to keep their crypto currency in trusted wallets.

[Moaz 7239]

I totally agree with you, be careful not to put all your money, especially if it is a large amount in the exchange sites, because it is possible to close at any time, personally I prefer to put the money in a safe and reliable portfolio

[Wilmer Garcia 0]

You're absolutely right friend is a risk leaving our money on an exchange as you indicate we should try to have our money in the wallets of our preferences

[Upright 2688]

On 4/8/2020 at 3:40 PM, isahabdullahi said:

The market are not really stable this days 

 

We all know that the volatility of the market was high at such points as stability was really weak to maintain a resistance, but obviously back on the topic, keeping money on an exchange is quite a double edge sword, as keeping it might be of a boost when price goes up and it also affects our deposits too. And the adverse here would be on, weak security on exchanges might scare people away 

[koussai999 1986]

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!

Welcome my friend
Actually, I recommend that cryptocurrencies be stored in the case of large quantities in hard ware storage portfolios because they remain the safest way to store cryptocurrencies.

[ETheHedgehog 3104]

it's always a good idea to withdraw your funds to your private wallet and only keep in the exchange what you want to trade with

[betelihem 4766]

On 3/25/2020 at 12:18 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!

Yeah you are right, we don't have to leave our moneys in exchange sites like a wallet, we all know that binance exchange site was hacked and we all have to take a lesson from that and we have to hold our coins only in our wallets.