The danger of leaving your money on an exchange!

[estee369 489]

Hacking is not something that happens every day or every month. So i think its safe to keep your fund in a well known exchange because it has an advantages. You can act very quickly in any market conditions.

[Dorjoy12 8962]

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!

I am totally agree with your suggestion... But if the news is true then surely its the man mistake WHO left huge amount of money in a exchange site because exchange site also has a duty and they cant give the money to other person without any verified.. So its his bad luck that he lost the key..we can't say its exchange mistake..so be careful from this guy        

[Guru2050 8284]

To me it's not a dangerous thing for one to save his coins in a popular, safe and secured exchangers , there are well known exchange site with highly complicated security protection, that are safe for savings or more likely for investment to be making some percentage of interest

[Mcd0d0 5882]

16 hours ago, estee369 said:

Hacking is not something that happens every day or every month. So i think its safe to keep your fund in a well known exchange because it has an advantages. You can act very quickly in any market conditions.

Yes and not all the hackers can access all the securities of any exchanger sites, many people are panicking for this problem but they didn't know that this exchanger sites putting some highly secured to be secure their users.

[Ashsh 1446]

That's right, no large sums should be left in circulation or portfolio

Your code should be saved well

You should keep these codes well to protect your money from being lost

[Alex9876r 1408]

This happens with central platforms But this matter is either due to the negligence of the platform owner and his lack of seriousness, or the second reason is that the aim of this matter is to swindle and steal members' accounts from the beginning Consequently, using reliable platforms is important and has a good reputation in the market, and not working in unknown or unknown platforms.

[el-Muhammady 718]

Leaving your coins in some less secured exchangers is not to good because you can eventually loss your funds to hackers and to avoid that I think creating your own personal wallet will be much better since you will have access to the private key and pass phrase and don't forget to write it down in a diary because losing private key is losing your funds forever.

[sonodk 90]

Danger in your money any other exchanges.. but yobit and cryptotalk is fully trusted patform.. this platform is huge learning point.. every one take the benefit on this platform 

[Marks33 535]

Keeping your coin in exchange is dangerous because exchange is the main target of many hackers so l think personal wallet will be more secured than exchange. You can keep your coins in Coinami or trust wallets because they are difficult to hacked

[gourav789 2834]

yes , we never store our money on exchages for longtime , alot of Exchanges are suffered from hacking process.  we must used trused exchange like binance , Kucoin if we are going to hold our Crypto assest in exchange's .

[Ridam 7455]

It's not good to leave our huge funds in exchange. As the private keys of our coin won't be on our hand. So if anything bad happens with the platform we may losss huge amount of hardly earned money. Also it's comparitively easier to be hacked if we leave our fund in exchange. So I recommend everyone to keep their fund in good wallet and keep the private keys safely. If we have huge funds then hardware wallet is the best option out there.

[Flying11Horse 45]

@johant123,you are right we must be aware of these kind of frauds.We must never ever trust any one on the internet,there are more chances that they might be a fraud.Exchanges can be very dangerous so we should be on our guard when keeping money in any exchanges and in choosing an exchange.Have a nice day and be safe.

[Hatred 1388]

Well, internet are full of msyteries and problems, we are not sure if that site or exchange is legit or not. So just an opinion or you can also take it as advice, you must only make transactions on those well known exchanges. And only use small amount of money so that if you will lost it( it will not happen if you will use legit exchanges), you still have money have.

[Honny143 13612]

On 9/11/2020 at 1:13 PM, Flying11Horse said:

@johant123,you are right we must be aware of these kind of frauds.We must never ever trust any one on the internet,there are more chances that they might be a fraud.Exchanges can be very dangerous so we should be on our guard when keeping money in any exchanges and in choosing an exchange.Have a nice day and be safe.

Its true we must should aware when we store our funds in exchange, because in online anything happens recently every one notice Twitter accounts YouTube accounts hacked,

why these platforms not using strong security, yes they can using strong security but then also hackers hacked accounts so don't trust any security system blindly,

when we want to do trading are investments in exchange then send funds wallet to exchange, once we earn profit then resent funds in wallet but don't store all funds in one exchange.

[Mella 3680]

Thank you for the explaining why exchange is not good to leaving our money but I am use the exchange to trade and buy and sell and wait for prices change and if I am move the crypto to a wallet then it will requires an hour at least to move them back if a trade appear, so I am use the exchange and not miss this trade opportunity but thank you for the link and the know what happen to them, I will choose the exchanger careful.

[Alimhana930 1605]

In general, the platforms are the market and it is the place of trade and not a place to store at all, but the wallets are the safes for our money, especially since the platforms are vulnerable to penetration and theft, but many platforms have insurance funds regarding such matters in the event they occur and compensate the affected.

[glory50 1259]

You can easily be destroyed by such and the most important thing to do is to make sure that there is a certain direction that you follow and the truth is the good thing about working as hard to secure your account is all invested in you, the good thing is to make sure that you are able to balance everything in the perfect strategy . the perfect strategy and the best thing is to perfect our security 

[Sandrajudus 222]

You must be aware of it, everything you say is true that you should not use exchange as the main wallet and it is better to use a wallet that provides a private keys. 

[yonkii 3205]

We've seen lately Kucoin getting hacked. This made me wonder if we are safe in any exchange because the exchanges can say they can't cover their users and maybe all our coins will be lost. For this reason I've did research and learn that we have wallets that give us the private keys so that noone else will be responsible for our coins, only us.

[SuperCrypto 7193]

On 3/24/2020 at 11:18 PM, johant123 said:

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!

The money in the platforms is not yours at all, as it is at the disposal of the platform completely, and any security breach could threaten the platform and thus lose all the money in it. Therefore, it is best to store your digital currencies in decentralized wallets, the keys of which are only held by you. Given the number of breaches that have occurred and touched the trading platforms, an offline wallet is considered to be a much safer wallet than the wallets of online trading platforms.

[Sachin Thakur 110]

You are absolutely right .  There are many scammers in these platforms .  So ,  We should aware of these frauds.  We should always take care of our private keys as it is the main key.  So ,  there is always danger in exchanges . 

[peter55 459]

Yes, this is true. We must not leave our money in the trading platforms because it is possible for the platform to be closed or to be hacked and lose your money.  You have to leave the amount you work with only in the exchange platforms and withdraw the profits to the wallet.  This will be more secure for your money because wallet protection is definitely greater.

[Ivanvlad4 0]

If the main exchanges are exposed, we will be much more. Unfortunately, we are not sure that we will be safe. But there are offline wallets that are safer than leaving your money in some exchanges.

Edited September 29, 2020 by Ivanvlad4

[yato987 2811]

this is very true , also recently kucoin was hacked and lost about 150 millions of dollars , this was very bad news to crypto users especially kucoin users but the owner said their money will be returned and the platform will take the loss , but anyway not every platform will do that so never leave all your money in one place

[Oxygen99 1930]

Some exchangers are not that secured which is why i suggest we should always keep large amount of coins in out own personal wallets because it is more safer there since th key is with you but you can lose your funds when an exchanger is hacked, so i am advising us to make use of the likes of blockchain wallet, coinbase and hardware wallet so that our funds can be safe.