The danger of leaving your money on an exchange!

[Ahrorbek 27]

Maybe you are right I am not having so much of idea about this things as much I know the wallets are safe place to keep your investment but maybe sometimes your id has been hacked then maybe your money will be stolen apart from this thing I don't think so there is any issue or fear of getting losses from hackers maybe I am wrong so it will thankful to you if you give me more suggestions about your topic.

[Darling 0]

One option is to have it on exchanges such as Bitstamp, Binance, Kraken andobit ... but every two by three you hear that some of these sites are hacked or that transactions paralyze, or they leak or your money mysteriously disappears ... Another option is to have it in an online wallet. From my point of view it is the same as the previous case. Another option is to have it in a wallet on the desktop of your computer, you can increase security by making copies but during the time that passes until you have made them you are vulnerable, there may also be viruses.

[Cobijin 118]

We all have seen some exchanges stealing people money closing accounts or its websites, and saying that they were hacked, so always follow this : "not your keys not your coins".

[JacM10 86]

In this world of cryptos you have to be suspicious of everyone, since there are many who seek to scam you or unconsciously help to scam other people without you knowing it, as always follow the advice they leave in the forum for beginners and be careful

[Uda4nik 19]

Use a wallet that provides a private key so that when the wallet provider stops operating you can open your wallet in another service.

[hasaan 289]

You can use the wallet in order to make your money safe and secure, you know that there is lots of scammers those who are always try to steal your money. I don't recommend any one to leave their money in the exchange cause its less secure than the wallet.

[Danitalk 160]

This topic is very important and there is a lot of wisdom in this message that you left us since you are absolutely right, we should never trust us with an exchange since our funds are being kept in a wallet that is not really ours, so as you say It is not necessary to leave large sums of money in them but on the contrary to have small amounts that do not affect us much in case of losing them since there is the possibility. Thank you very much for your advice, friends, they are very good, I will take it into account since you are absolutely right.

[jorgeDV006 93]

Nor is it safe to leave them in the exchange after an operation, the safest thing is to send it to your wallet where it will be safe. The web is very dangerous and there is a lot of hacking.

[Uda4nik 19]

I can't understand peoples like this fraud exchanges, because in online so many legit exchange.

[magnes975 224]

You're right, it may be true that it's careless or something else happened! never leave all the money in an exchange, better in a wallet where you have your private keys. We know that Yobit, Binance and one that another are responsible exchanges! who have been on the market for a long time.

[Jeje17 101]

I agree with you my friend because the cryptocurrency industry is full of risks and scammers.  And the work in it is full of thieves and fraudsters.  Too many coins should be stored in cool wallets such as the Nano Ledger.  And others, they are more secure and authenticated for your many cryptocurrencies and protect them from theft and fraud.  good luck

[Nagat54 42]

I know this and i know that funds are safer in wallet but exchanges are safe too.

[Yoanny 232]

This is definitely a lesson we should all learn, we should not save our resources on online platforms. If you are going to have funds on an exchange you have to make sure that it is really a reputable exchange. I consider this post very important. Thank you.

[arnosk 228]

Yes it is not wise to hold your money at an exchange. I am speaking out of experience, because I did it also in the beginning. Thinking to leave my coins on the exchange because in a few days I am going to trade it and it is faster to leave it on the exchange then transfering it back and forth to my wallet. Unfortunately AI lost the money. 

[KainVrn 88]

Hey. Very useful information. Thanks for such posts. In the future, I think it will be useful to everyone

[Blabla 17]

It is just profitable. You can exchange different cryptocurrencies and get benefit when the price gets higher or lower. That is how market works actually

[rnaire 62]

That depends on the wallet you are using, if you use for example binance, coinbase, coinomi, blockchain, you can have it safe, however the idea is not to leave it saved for a long time, it is good to move those coins or put them to work

[Khaled1994 67]

I think there is a danger to him because it has strength protection and is difficult to penetrate

[Rex322 137]

I do not think that it is dangerous to leave money on the stock exchange if it is invested in a verified coin.  which have already proven by the test of time that you can invest in them and you will not go wrong.

[el_caxper 25]

Yes, it is dangerous, I always recommend having the main account in your own wallet since a hack to the exchange puts users' money at risk.
 

[MLAMECHE01 34]

The internet is full of scammers so we have to be careful before an exchange and we have to learn well about this exchange before we do it 

[babaji 1228]

The youtuber CryptoCrow, says use exchange like a public toilet, do your business and get out of it. The sad part is I learn this through the hard part. Don't keep big amounts in exchanges, unless there is insurance offerred. Even then it is risky, but you can be sure, that you would get back some of your money back if not all. However, better yet is, to withdraw your coins to a wallet and not loose it all. 

[vlormi545454 22]

we can leave our money in the stock market yes. but the important point is for us the security and reliability of the exchange. a large stock exchange company can provide us with this.

[deliabtc 38]

On 3/24/2020 at 6:18 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!

It is a risk to leave all your cryptocurrencies in an exchange, remember in 2014 step with MTGOX, more than 800k in bitcoin were lost, having in our wallet with your private keys you are the owner of your crypto.

[Nicole018 4548]

The uses should take strict measures that are required to protect and safeguard their Bitcoins and other coins that are stored in their exchange or platform. There are many security such as 2fa can be incorporated by the users in order to safeguard their Bitcoins from any other fraudulent activities. and never ever share your private keys with other people it is your own.