The danger of leaving your money on an exchange!

[khan_18 0]

I would like to inform everyone who do store money on wallet's for a long time and do store on exchange. In these days the hacking is becoming so easier and everyone is hacking nowadays. So while transactions or maybe storing money online on wallet's for a long may put ur money in danger. So keep ur money safe and protective by applying some 2FA to it. Thank you. 

[Tine0313 3053]

We should be more aware in everything in crypto world because we talks about digital money. Also we should not put all the eggs in one basket because as what we said in the example, they loses all the money in exchange.

[Dark_Sky 8489]

On 3/25/2020 at 9:03 AM, Michael0606 said:

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.

That's right,  just be wise and don't be fool by those who do scamming. 

Just report them immediately once you encountered them. 

I wish the safety for every transactions so let's do things to make it better. 

[issa123h 0]

Yes my friend 

This is important information

And in addition you may

Forget your password or your email

So that you will lost all your money

[Upright 2688]

5 hours ago, khan_18 said:

I would like to inform everyone who do store money on wallet's for a long time and do store on exchange. In these days the hacking is becoming so easier and everyone is hacking nowadays. So while transactions or maybe storing money online on wallet's for a long may put ur money in danger. So keep ur money safe and protective by applying some 2FA to it. Thank you. 

Storing your assets can of danger at some occasions even the best exchange do get attacked, but one thing which  I've also seen is that of exchanges being real and establish but their trading features is just poor and they even make fake prices to fool people in to trading, as I've quit on using that exchange, for privacy reasons I won't wanted to mention vtte exchange in a thread

[MCSGlegend 2210]

I do not store my cryptocurrencies on exchanges at all, since I have already lost about $ 300 due to such exchanges where the owners lost their access keys.. it is better to lose extra time when adding funds to your account on the exchange than to lose all your coins.

[Jahida 67 960]

There are a lot of exchange sites, if we put the money there, it turns out that a lot of times the censuses turn off these sites, but we will lose that money, so what I am worried about is that if we keep the money in our own account, it will be the best.

[Ayush Singh 1175]

I have also seen many crypto users who do not preffer to store their coins in the exchanges for a long term because exchanges are not so secure to store the coins we have seen many scams and fraud happening with the users balances so its really very difficult to trust any of the exchanges but we need to use the trusted exchanges which is till now trusted. 

[scorpiali 5626]

I can be agree with that but not at all because sometime it's good to leave you coins on the exchange to sell them if the market change to fast and dont have time to send them from your wallet 

[IamLeader12 682]

Some exchanges have never been hacked, so you can not say that there is a danger of storing your funds on them, just some exchanges specifically hack because they know that they have a lot of money.

[scorpiali 5626]

On 3/27/2020 at 4:14 PM, tariqul said:

We don't have to store our money for a long time on exchange site. Money can be hacked . Hackers are always careful to hack money and we can forget our password and information for various reasons and in this case we will not be able to collect money.if exchange site scam our all money finished.

I think if the exchange is secure and have a good reputation you can leave your coins there to have access to trade market fastlly without wait until you send then to the exchange 

[kizz 3370]

Yes I agree with you, all of your earnings must straight in your wallet not on an exchange site. There has a possibility that your money can disappear.

[nickoman987 1040]

I don’t think that leaving money on the stock exchange exposes them to the risk of loss, because often our security depends on ourselves, so I advise you to be careful.

[ram007 391]

exchange platform is different from wallet,so basically,it is not advisable to store our funds their if not in use for trading. because no matter how the exchange are trusted still anything can happen,so funds used for holding and keeping must store in wallet,especially on a hardware wallet to keep it safe and secured.

[MrGeany 297]

well there is a rule that says that don't leave your money enywhere  and you have to assume that you may lose your money on the platform cause they might be hacked and there are lots of things so just leave only small portion of your money in exchang eor in any platform you use and store your coins in a offline wallet. good luck.

[P A Ashif 2409]

According to me if we will not be careful. Then we have to face the problem. At present you should not keep large amount in any wallet. Because they are not really safe in those wallets. Better trade it our withdraw 

[Dark_Sky 8489]

On 3/25/2020 at 3:53 PM, Zaino34 said:

You are right, my friend. I do not prefer to leave my money in exchange and stock sites, especially after the increase in the number of fraudsters, and I prefer to put my money in reliable and safe portfolios instead.

Wise decision. 

Never leave your money in exchange sites especially if you can't put your one hundred percent trust into them. 

Much better to always keep your coins or money safety first than any other. 

[Jimmy26 987]

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.

[guatazoo 7150]

If you need to keep your money in the exchange, you should put them for as reason, maybe for trading, and make sure you trust the exchange and also you have verified your KYC, because it will give you hard time if you have money in exchange then the exchange suddenly require KYC while you don't have any kind of documents. 

[Zacobe 2]

Attention is required while performing such jobs. It is very risky to leave money on an exchange. The prior may be hacked or claimed by any body due to less security conditions.

[nykas 2812]

As far as I know keeping money on exchange wallets is dangerous because frauds can easily hack any exchange and information leak can occur everywhere

[marchal87 2343]

This is true, it is better to leave the money in the platforms connected to the Internet. To me, the best is to put it on payeer. It is safe and cannot be stolen. You can put money like the dollar and the ruble and cryptocurrencies as well, like bitcoin and ethereum.

[Rahul11 292]

On 3/25/2020 at 3:18 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!

In online I don't believe anyone. Because it's not safe. Even anyone can stole our data easily. We saw many exchangers already got hacked. So we should always make safe of our fund with security system.

[Ndayebo8 0]

On 3/24/2020 at 10:18 PM, johant123 said:

never ever leave large sums of money in an exchange

This is quite a good remembrance dude this gives me more moral to look for some trust offline wallets since before I don't like using exchange wallet I prefer using apps like coinomic wallet, trust wallets and others 

[Kawuak 142]

You are actually right mate and I think your funds can be safe if you make use of a hardware wallet because they are currently the best in terms of security, I am making use of trustwallet and coinomi wallet to store what I am earning from this site and I don't think anyone can logging into this account because they have pass phrase as security.