The danger of leaving your money on an exchange!

[cryptorios 455]

  Yes, I think that the Exchange wallets  are not suitable for the owners of large amount. As for the small traders, their capital is not sufficient to pay the relatively high transactions fees, so we prefer to keep our liquidity inside the exchange.

[Ezra 630]

@johant123 Its proves after an investigation if your instinct about that person its true. But your right we must be careful in that kind of experience we don't really know his/her intention and we must not easily feel sad because of that. We should get learn for other's experiences to avoid hack our account mostly if you have a lot of coins or tokens on your account. I know yobit is secured but we can't guarantee 100% this is digital world scammers and hackers do everything in computer to steal our earnings. So put your asset safe.

[mzk7736 1592]

Yes you are right we should not leave large amount of cryptocurrency in any exchange. This case was very unfortunate that an exchange owner last private keys but in most of the cases where cryptocurrencies are lost. The main reason is that the exchange is not legitimate and they scam the users.

[Ahmad ah 1212]

We have to, as I said, not to leave our money in the trading platforms for a long time because it may be hacked or exposed to a technical failure or stop working without prior warning, which makes us lose everything we have. Best transfer of money to the device's wallet.

[Ses93 1624]

It is risky to leave the money on the stock exchange because it may be hacked by professionals at any time

[Sadia_rupa113 426]

Yes,it is not right to leave money in exchange. It is

very risky. Sometime the exchange might be hacked

and then they closed exchange. So that we lost our 

money.so be careful. 

 

Edited December 2, 2020 by Sadia_rupa113

[Dani5 118]

There can be a few outcomes of leaving your cash on a trade. However, that relies upon the trades also since, in such a case that there's a certified trade then it is hard for programmers and frauders to hack into the framework and accomplish something wicked

[cryptoman22 1026]

Exactly dear friend, we should not leave all our cryptocurrencies in an exchange, simply leave the ones that you are going to trade on the other hand, I would advise using a wallet that provides you with the private key to have total control over your cryptocurrencies, for example, I would recommend Cold wallets
A big hello to the whole community and good luck and great profits

[DEREKHALE 1110]

I agree with you with what you state. We should totally move away from putting away a lot of cash inside exchanging stages or portfolios associated with the Internet since they are consistently in danger of robbery. Consequently, in the event that anybody needs to store a lot of cash, he should utilize wallets that are not associated with the Internet.

[muhammet güray hut 67]

Bu konu güzel, evet şimdi insanları eğitmenin ve kazançları nasıl koruyacağına dair farkındalık yaratmanın tek yolu bu.  👍

[Artugul78 91]

We know that scammers are always on the move in the internet world so you always have to stay away from scammers to protect your money from them.  When you exchange, you should exchange with all the protections so that they do not understand the matter or they do not know...

[Mridul Rahman 1058]

I also don't think we need to store our money in exchangers. We can't say what will happen so it is our duty to secure our money. In this cryptoworld we can't say what will happen next. So i think we all should not leave our money in any exchanger for long days though the exchanger is trusted.

[RonaldB 48]

I am confused, if storing our cryptocurrencies on exchanges and exchange sites is dangerous because of which we could lose our money, then where should we store it?

[yulitzacalvete 1366]

On 24/3/2020 at 17:18, johant123 said:

(Publicar esto en la sección para principiantes a propósito, porque quiero advertirles)

 

Aquí hay otro caso en el que el propietario de un intercambio pierde la clave privada que le da acceso a una gran pila de Bitcoins, probablemente ni siquiera le pertenece. El momento es muy desafortunado (para todos los demás) porque el propietario del intercambio ya estaba siendo investigado;

 

https://thenextweb.com/hardfork/2019/11/01/ceo-loses-private-key-crryptocurrency-exchange-wallet/

 

Este enlace fue compartido aquí en el foro anteriormente, ¡pero los comentarios de muchos de los miembros realmente me asustan! Muchos parecen creer que el propietario realmente perdió el acceso y fue un hombre muy descuidado y desafortunado. Bueno ... eso es posible, en teoría ... pero ...

 

Creo que aquí están sucediendo dos cosas:

- ¿No es muy conveniente que el propietario pierda las llaves cuando se investigan los fondos?

- ¡Esto demuestra que sus fondos nunca son realmente suyos, a menos que tenga la clave privada de sus billeteras!

 

La lección más importante, en mi opinión: ¡nunca dejes grandes sumas de dinero en un intercambio o en una billetera de custodia! Y no creas a alguien solo en su triste historia ... ¡bien puede ser un fraude!

It is incredible how delicate this is, but look at us all calm, maybe they are things that happen one in a million, therefore it may not happen with all exchanges but the important thing is not to have everything in an exchange as you say, this is something very important to know.

[Husnyjaf 1784]

On 3/24/2020 at 10:18 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!

Yeah it's good of you as you show much concern about this issue. I agree with this your information mate. It's very important for people to transfer their funds from exchange sites to their wallet because of this types of occurrence. At least we should learn from what happed.

[hoper502 25]

On 3/25/2020 at 10:28 AM, Honny143 said:

We are educated I agree but we can't search before we invest money in exchange, that's the reason we face scams because  now a days we can't trust without any information, I can't understand peoples like this fraud exchanges, because in online so many legit exchange are available like yobit binance kucoin and so many.

Its a mistake to leave our money on exchange sites or treat them like wallets where to store crypto because anything can happen what if they are hacked or tries to close down without prior notice, just my point of views thanks.

[mr. chase 417]

Yes you mention all these point vaild. Because with this chance to lose of money. But we can chose such wallet, which give maximum safety and security. Most of time we did mistake in our behalf and lose our money during exchange. So i think you would know how to use a exchanger. So with this chance of losing money reduce. 

[Locy 575]

Yes, you are right, Storing  a big amount currency is dangerous for us. Any time if can be stollen.So you need to take action about your security.You must active 2FA Security for your safety. Thank you

[zeshan1122 654]

I know in past there were many exchanges ran away with the money of the users and they never paid them back that is why you should never leave your money at any exchange.

[jappy 1129]

Likewise, these things are always taken into account because no exchanger is totally safe, we already know this and it is not recommended at all because things can happen and lose our money.

[riazpakistani 911]

On 3/25/2020 at 2:18 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!

Dear @johant123 thanks for the alarming us that we should not share our key/password to anyone. If we share then we can lost our income so try to keep safe the key of the any exchange and don't leave big amount on that exchange too.

[jnbezchess 1066]

always we shouldn't leave our money in exchange sites, because the structure of this sites not so safe and easy for export hack to break his security Procedures.

Edited December 5, 2020 by jnbezchess

[Usnman 631]

Well, i think that exchanger is not totally legit and having an small number of users, there's a tendency that the exchanging sites will being loses their money so that they will forcely closed it, unlike from yobit exchanger, I'm feeling safe with it by just staying my coins there.

[Alexbhati12 0]

Hello friend, As I would like to think, everybody in this world has gotten mindful of the multitude of threats of the Internet, regardless of whether in any medium or area, so everybody must avoid potential risk all together not to fall into the grasp of fraudsters I trust everybody will listen as well

[Madsee7 167]

Indeed, you are correct. The main thing in the wallet is the private key, which is the security valve for the wallet that on the off chance that you lose it, you lose your wallet. We additionally need to not accept all outsiders since they might be fraudsters and realize that there is no fabulous and enormous benefit for a minimal expenditure since, supposing that there was a huge benefit, the individual who offered you the offer would have utilized it and brought in cash as opposed to giving you the mystery, however I realize that this trick. The best activity is to leave the cash you put resources into just in the stage or wallet and pull out the rest to your ledger.