The danger of leaving your money on an exchange! - Page 15 - For Beginners - CryptoTalk.Org Jump to content
johant123

The danger of leaving your money on an exchange!

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I believe that our funds are not safe in any place where we do not have in our possession, the secret keys of our accounts. I read this morning that the investigators already fell on Okex. This is certainly worrying!

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Hello! Thank you very much for taking the time to explain the risk that exists in leaving our money in an exchange system, I had not seen it that way. thank you very much.


Perreo hasta el suelo, Y el autoestima hasta el cielo!

Barack Obama 2010.

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Yes indeed this is something that you should never do, because first of, you can forget the ids and passwords and that makes it harder for you to search for your credentials. Then there is also the risk of the exchanges closing or actualizing, in this case you have to be responsible and keep checking the internet pages and the exchanges and also the news regarding the sites, you can come to this blog, if something is wrong, I bet someone here is going to post a topic about it, so it is our responsibility to keep daily attention on your investments. Lastly, in my time doing this, I have not come across something like that, so it is very unlikely, lets pop on and enjoy the ride of the crypto world.

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There is a danger that the exchange will go bankrupt and stop working, or that you will defraud the customers, and this is likely to be on the new exchanges .

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Thank you for such informative posts for beginners, it is very useful. 
I want to see always such posts in this section, thank you.

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Working on trading platforms and leaving cryptocurrencies on the platform is dangerous, so the person must pay attention while trading and secure the account strongly

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For clearly Its a blunder to entrust our cash on substitute sites or consider them like wallets everyplace to depot crypto because anything container transpire pardon? if they are hacked or tries to accurate down without earlier notice, exactly my detail of views thanks.

 

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It's absolutely right my friend. I don't leave my money on the exchange site and I also prefer them to collect my balance on the wallet. After increases the no of scammers and fraudulent activities , I prefer to save my balance on a secure and safe wallet like yobit. Yobit is the safe wallet no doubt.

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" If you are in the cryptocurrency markets, you must have a wallet. Holding money in stock exchanges always means you are at risk of being hacked. We have seen many examples of this before. Therefore, it is necessary to keep large sums in different wallets."

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You are in reality right mate and I figure your assets can be sheltered on the off chance that you utilize an equipment wallet since they are as of now the best as far as security, I am utilizing trustwallet and coinomi wallet to store what I am acquiring from this site and I don't figure anybody can signing into this record since they have pass express as security.

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On 3/24/2020 at 5:18 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!

Logically, if you have your money in the hands of a third party, you run the risk of losing it, but if you do not have full control of them at any time you can see that they leave your side, in the exchanges you only have to send enough to make the trade that is required and then to our wallets where we have our backing and the keys are ours, not doing it is very bad, the wallets must always be taken care of, keep them very secure, with encryption keys and monitor the movements of our coins whenever we can, there are people that they leave some coins for months in an exchange and when they return they have lost them, it may be because they are delisted from the exchange and although there has been time to withdraw them, the person never found out and then begins to claim their carelessness for no reason.
An exchange can be hacked, it is not exempt from that, there is security in them, but also a legion of pirates trying to do their dirty work every day, that is why we must be alert, very attentive to everything.

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Users are not always in the same position, they can be in danger, but if money is of no use to us, how can it be of danger to us, so we must always be ready to deal with danger.

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Always remember that saving up money on exchange platform for a incredibly long period is clearly not a piece of cake especially when you are a beginner in the trading world.You must attain knowledge on how to put in use your money and how you can make it profitable at the end If the exchange by your mistake of poor choice turn out scam you can loose all your money . Be safe.

Edited by VijithaVarghese

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Yes, this is something that everyone must adhere to, which is that the private key of the wallet is well preserved and that it is hidden and can be accessed by hackers and fraudsters.  Protecting your wallet and protecting your money inside it is your responsibility, so you have to take the necessary measures to make your wallet safe.  Fraudsters are smart. Don't let them fool you with the big offers they give you.

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When investing some money we always keep one thing in mind that this site is suitable for us to invest or if it is not up to date then we will not invest in this place but we need to consult first and we have a senior officer to talk to them.  Through them we have to decide whether we will lose or gain if we invest in this site. If so, we will invest in this site.

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That's why it's quite necessary to research about an exchange before joining them. Not all the exchange platforms are quite legit. That's why it's important that you choose the right one always. Yobit is one of best exchange I have been using so far.  But it's nit safe to leave your money in an exchange. Always protect your private keys. 

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Yes it is main topic and it is main danger yes i think. You can loose money on an exchange with the mistakes. Therefore be careful and never loose money.

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You are totally right we lost our money when we sit it in exchanges for many reasons hackers have known to steal crypto curnncies by compromising cellphones and the exchanges can be hacked  .

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You are right. There is much risk of getting scam and losing your private key in exchanges. As there are many scammers and they enter in the field without our knowing. So yoou should be much aware in this case of investing.

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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.

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Yes, you are right that wallets are not completely safe place for us to store money in wallets, so we have to withdraw all the extra money in wallets and not invest in all the money in one platform or site.  The wallets depend on programming, which can penetrate these portfolios and steal money.  We have to be careful when it comes to money because fraudsters are everywhere.

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Thank you for alerting us. you are right. We must know that the internet is full of fraudsters, but on the other hand there are e-wallets with a high reputation such as Yobit, Binance, and others. We just have to know where to put our money.

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If you are right since I lost a bit of my money in the defunct Cryptopia exchanger since it closed overnight and the money was never returned, for this reason we must choose and investigate well which exchanger we are going to use.

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On the exchange too or in wallets the are many ways one can lose the money, and the way is only because of ine thing and that is to share your private  information  with someone. 

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We don't really have the need to store our money on an exchange site since money can be hacked. Since we are in the digital world, theft is more likely to happen because of the presence of hackers. 

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