Bitcoin Forum

Some people says that the wrost thing to do is leave your bitcoins in some exchange.
I have 200 usd of btcs in Payeer, it is a online wallet but it also has a exchange.

Do you recommend to me to move this bitcoin to a wallet like Electrum?

Hell yes move it. If you do not have exclusive control of your private keys then you don't have bitcoin. When I use an exchange I only leave coins for a few minutes tops. Consider that you don't know these people and have zero ability to recover your BTC if they decide to take them.

Leaving all funds in an exchange is risky as they are more prone to hack as they have to deal with a greater number of hack attempt than usual.
And a single successful attempt can cause huge loss of funds to them as well as you.

Replace some with EVERYBODY with a brain.

Bitcoinica, gox, mint, btce, inputs...how many of those need people to experience on their own skin before they realize that when you deposit coins on an exchange you basically lend them with no contract and no real way of getting them back legally if something bad or a "hack" happens.

Do you even know where this payeer is located? Who they are?
A LLC limited liability company based in Georgia (the country). Nice.

I bet that he didnt even know such thing. Just like what most people suggesting on here better to moved out those funds of yours in payeer and its much better to keep those funds on electrum.It might be small but still thats money and losing them wont really give a good feeling.Never ever leave your bitcoins into places on which you dont have the possesion of your keys.Its too risky.

200 bucks is hardly anything to be worried over. Most computer programmers make than every 2 hours. But the answer is "you should never keep your property on someone else's property". Would you burry Gold in your neighbors back yard?

I would hold it in the exchange because 200 us dollars is a small amount, I can double it by trading an altcoin these days easily. No need to worry about it moving to another wallet. but choice is yours

I advise you to use a windows / mac wallet, it is much safer than a wallet online, it allows you to sleep quietly without worrying about your bitcoin

I was keeping my coins on (ex) btc-e and then suddenly they gone down when I needed my coins most.
I am happy that I got my coins back.
Now, I keep my coins on my secured wallet with backup on my USB pen.
Also, do not keep your backups on some cloud drive as some crackers may have it easy.

What a bad idea! I left some bitcoins on Poloniex when they had a very big issue on August 2nd, i was so afraid to lose them since i had 1.2 btc in my polo wallet. I felt that i was going to lose them because that issue.. So soon as they fixed that, i bought an offline wallet and i am now storing my bitcoins in there, i think that is the most safest way to store my coins.

It's always better to keep in control your coins, If you have the control, you don't need to pay extra fees for the services, the time to make transactions is fastest than using a third party wallet, and the hackers are always aiming to sites like Payeer or exchanges rather than people.

Yes, because the exchange you stored your bitcoins can be hacked and that's we are trying to avoid and help people telling it that way. And you don't own the keys there.


Any amount that you want to keep your bitcoins safe must be transferred to a wallet that you hold the seeds or keys. And electrum is a good choice, it will your keys and seeds so you are the one who's controlling your bitcoins.

The only reason to leave anything in an exchange is if you're a super active traders. And even the very best traders will only leave a small amount of their overall net worth on an exchange if they have any sense.

If you have no need or plans to trade within the next hour then you're doing yourself a disservice by leaving it on there. Even if the exchange itself is fine, it's possible someone might get your login details and empty it.

I think it can't be helped.  If a trader is trading all his coin, then all the coins will be  in exchanges even their Bitcoin.  There is no way we can avoid that.  We want profit from our holdings we trade it.  Trading it comes with the risk together with exchanges issues.  Though it is a sound advice to limit how much currency to leave in the exchange when we trade but it is quite hard when we know what we are trading because we will definitely go all in on it..

Holding some on exchanges yes. How else am I going to trade?

You never know what can happen to an exchanger. Anytime the owner can close it and disappear with all your money,especially with bitcoin. Dont think you can go to the police for that because you dont have any proof that was your bitcoins since all transactions was anonymous. So keep your bitcoins in a wallet that you have 100% control of it

Bitcoin in an exchange is not a good idea and not wiseable decsion to keep it in the exchange. The most thing to save and keep your bitcoin is in an online/offline wallet were you have an access anytime.

i think your bitcoin are in troubles don't waste your time move it into the safe wallet with have strong privatekey to avoid risk and losses because to get bitcoin and then in one mistake you bitcoin flying and you can't recover.

Leaving bitcoin in an exchange is not very recommended and it is better to leave bitcoin in desktop wallet and electrum is the best among others and highly recommended.

What a contradictory statement you got there.

By the way, leaving money in exchange is fine if the amount is small, otherwise if you have some amount of BTC which you consider as big enough for you, it's better to save it on your wallet.
an exchange rarely turn to be scam if their company is legal, but still, prevention better than a cure.

In the past,we have seen instances where the exchange was hacked and a lot of people had lost everything which was kept in the exchange account. So this is just a piece of suggestion from the victims of that hacking. It is not a very bad idea to leave your money in exchange wallet especially if you are a daily trader. If you move your bitcoin on a daily basis for trading, you will end up loosing a lot of money for the transaction fees.

So try to keep a minimum amount of bitcoin or any other crypto currency in the exchange wallet if you are a day trader. It will ensure that you will not miss an opportunity. However, if you are an part-time trader, then it is advisable to withdraw your money to your personal wallet like Electrum.  

If you are using it for daily trading, you gotta leave it there and maybe move your capital to a private wallet for safer storage after you must have made reasonable profit

It is true that to keep your coins in an exchange is not a safe and recommended practice, however the amount you are holding in Payeer seems not so relevant to feel a special anguish for the possibility of losing it. $200 USD is something like 0.0025 btc, so you could take advantage of the fact that you have already invested it in an exchange to try to learn a little bit of trading and multiply your coins, because it seems an amount that anyone could afford to lose without affecting his financial situation or his future.

The entire point of bitocin is that you do not need to trust one single entity to hold your funds for you. If you store your bitcoin with an exchange you are essentially still having to trust someone, and there is really no point of using bitcoin then.

Plus, using a light wallet such as electrum which you don't need to sync means that it's as convenient as storing your bitcoin on an exchange really.

Only difference is that you can't trade instantaneously but most exchanges only require 1 confirmation on the bitcoin network which is only 10 mins. It's worth the wait.

First of all what do you intend to do with bitcoins? Do you mind holding it only until every bitcoins cost $ 10,000? Because if you do it better then put that into a wallet where you control your private keys. You'll only be able to access if you hold your privatekeys and nobody unlocks it until they do not know your wallet private keys. So if you keep that long time hiding your bitcoins will not be lost

I would recommend on moving it because you might loss all of your $200 in an instant if you don't think about the risks of it. If I were you, I would move it into my wallet and leave some couple dollars in for investment and move most of it in your account because the risks of that is really high because you have a lot of money in an exchange site and sometimes when they do maintenance they will steal your money and in an instant when they finish their maintenance your money is gone. You should always think about the safety of your bitcoin before earning that the number 1 rule in my opinion. 

No, if you are trading with that amount of bitcoin then maybe it is a good option to leave it in the exchange, but only if it is a trusted one.  But if you are using that exchange as a wallet, then you are running the risk of someday being scammed by that exchange and lost your bitcoins, so it is not a good option, but it depends on your necessities. Personally, i hold mine on different wallets, but the safest ones.

I know this is primarily discussing leaving Bitcoin in an exchange, but what if you are holding a dozen coins on an exchange like Bittrex, let say with a combined value of $5,000.  Wouldn't it be a pain to setup 12 different wallets on your desktop or elsewhere and move these holdings there?

Are there online wallets that can accommodate a mixed portfolio, or do they all only work with a single coin?

And when you leave it you also take the consequences of losing it.
So instead of worrying just deposit your coins into exchange when you see the coins are doing great and start trading.
And after you trade immediately witdraw it and transfer it to your wallet that holds private key.
Better be safe than sorry.

Agree. When doing trading, I leave the amount on the  exchanger but make sure that the exchanger can be trusted. Sometimes I keep active and watch the status until the exchange can get this make sure that the amount will not be scammed. I used to trade the amount that I need to buy things and the save the left amount in wallet that provides private key.

I think the most secure wallet you can have is a Trezor. That being said, it is fine to have some funds in wallets, as long as you don’t have a lot of money in them and also if you think of having different cryptos that are not supported by Trezor and plan to do some trading.

You can also split your funds in different exchanges to spread the risk, as it is unlikely that they will be hacked at the same time.

Definitely recommended to put in a wallet. Make sure to backup your private key

$200 is not really a big amount, so it should not break the bank, if you lost it. < Depending on your financial status > I always keep a small amount on the exchanges to strike the iron, whilst it is hot. In some instances I missed opportunities to sell at very high prices, because I moved coins to cold storage and it took time to get it back on. < due to congested MemPool >

So you want some flesh in the game, when the price goes wild, but not too much to lose a bunch of money or Bitcoins, when these exchanges gets hacked. ^smile^

Another way to look at whether you should keep your money in an exchange is if it is insured. Some are good for the entire balance of their customer base in USD. In such a case you can rest fairly easy even in the event of a major breach in security. Just understand that in such a case said exchange would go through a process that may take months before you see it again. In general if you are simply holding and not trading, put it in cold storage or put it to work through trusted lending or interest sites.

I like what some of the previousposter said about keeping a certain ammount liquid for those fast trades and unpredictable scenarios.

I use exchanges like a checking account for day to day spending.  I accept the risk, but the amount is low so its fine and practical.

Leaving Bitcoin or any type of cryptocurrency in an exchange or an online wallet or even in other third party is very risky. Very risky in a way that they can easily get your asset or someone might hack into their servers and get all the asset they manage, including yours. So it is best to keep your funds in a wallet where you control your private key. That way, your wallet will be secured.

despite common belief which is being repeated to death, you are sometimes forced to keep bitcoin/money on exchanges. the correct suggestion is not to keep bitcoin there for more than necessary. because an exchange is used by a trader and as a trader you would want to have your funds ready or even in many cases to hold them in open orders like placing a buy order at a low price which you are expecting to be reached but not last. or placing stop loss orders and a lot of things like that.
but if you are not trading then you must move the funds out of exchange.

Yes, leaving your coins in an exchange in the worst thing to do. This is because they are not secured enough. The owner of the exchange can easily ran with your coins. Or some hackers hack into the site's server and take all the funds. The best way to keep your funds is to have them in a wallet where you control your private key. If you can store them in a hardware wallet, that is much better.

If you keep your coins like in exchanges like bittrex or poloniex or hitbtc or bitfinex etc you won't be having a problem. But it's always suggested that you keep your coins in a hard ware wallet for security purposes because exchanges might have be hacked or scam or something else, you cannot predict what will happen and when it will happen. So that's why hardware wallets are the best.

I've kept my monet on Bittrex for super long time, have 2FA - for now I've had no problems with them.

It depends what you're aiming to do with your bitcoins, if you're storing them for future use, I suggest you move them to a safer wallet.

But if you intentions is to use them one way or another, no harm will be done if you keep them there for a little while.

I think it should be moved to a wallet that has a key and password that can only be opened by our own, because if we put in the exchanger there is likely to be burned when the exchanger close or hacked, and keep your key and password in a safe place.  :)

If its a reputable exchange, then probably they are taking care of the security measures like moving your assets to cold wallet etc.. I have been dealing mainly with Polo since feb 2016 and I still have allot storred in  BTC there, never had an issue ever with them, smooth withdrawals with zero problem when transferring to Node wallet.

If you only have few amount of bitcoin stash then its okay to leave that in the exchange or maybe online wallet so that you won't keep paying for the fees if you want to trade and then put it back in your wallet.

Yes, it is always safer to have control of your money. If you put your money on exchanges, they will control it and thus you have many ways to lose it. For example, they could get hacked. Or they could simply disappear with users' money. Too risky in my opinion.

There are exchanges safer and more reliable than others though... and also 200$ is not so much.

it is better to move your bitcoin on a hard wallet or cold wallet where you can hold your private key like electrum. It is very risky to store your money on exchange as you dont know where they are, who they are and also it is prone to hack. Every single minute there are hackers that attempt to hack those exchange and a single shot of there will cause huge lost on the ex changers admin and also you. Better to move it every time you're done on the site.

Yes transfer your btc in your personal wallet immediately when we say personal wallet you can control it the way you like to spend it anytime you want the wallet that you can kept your private keys for security reasons to protect your funds Dont leave your bitcoins in exchange for a long time you can control it.

I like to store anywhere, as long as it is safe and associated with crypto storage. all the same to me. Different are opinions and choices.

$ 200 is a small amount. I understand that maybe you are from a poor country and therefore for you is an asset. I think you need to think about where to store your bitcoins. You need to think about where to invest the money to earn income.

What is the name of that online wallet,  before you decide to use online wallet for store you bitcoin you have to make a research to find the best online wallet with a big brand name, and credibility that thrusted by people. If the wallet that you used is thrusted enough so it is fibe for you to store your bitcoin there. But do not store your bitcoin in exchange site if you are not use it for trading. Just to make your feel not worried all the time.

The safest thing for you to do would be to place your Bitcoin in a hardware wallet or an offline wallet where no one will be able to access it unless you would want to because you have the keys. Storing them in an exchange can be hacked so it is like giving the hackers and idea for them to get more money out of the people but if you don't have any choice though, make sure the exchange site you are storing your bitcoin with has a 2fa.

0.05 Bitcoin is not a bad investment to start with I think that there are plenty of things to can do with it, and the number 1 thing to do in earning with it is trading I think a small portion in trading can surely make a good earning with it, well the surely thing to do is find an appropriate Altcoins that you can make a trade with and the cheapest one to start in trading.

thats a stupid idea, do you know some exchange closed?
better save at paper wallet.

It doesn't matter how reputable an exchange is when it comes to them having control over your funds ~ we've seen how reputable exchanges have turned into a scam in a very short time.

In most cases there are the first signals that are pointing at a change in how the exchange is being operated, but you can't always depend on these initial signals to warn you for an exchange that might turn into a scam.

And btw..... People nowadays have been going through quite some difficulties with Poloniex, and for that reason made a switch to Bittrex. If I was you, I would directly withdraw every coin from there that you don't trade with.

Don't expose your coins to unnecessary risks.

Yeah, leaving bitcoins inside an exchange wallet is not suggested by the masters. You can't control it, if the Exchange turns into a scam, you can't do nothing to save your bitcoins and they steal it.

It is true that storing bitcoin in exchanges is really risky but at the same time it is not easy to move bitcoin in an out of exchanges during flash pump and dump. Just store bitcoin in exchanges if you want to make short term trades for daily profit but if you are looking for long term holding, than don't hold your bitcoin in any exchange platforms.

Yes electrum and jaxx are best SPV wallets you can use, however hardware wallet is the ultimate solution.

Well, there isn't a way that one can trade on an exchange without leaving certain amount of btc there for impromptu and opportunistic buying. I don't think that $200 worth the OP mentioned is a big deal. It isn't much of a risk if you asked me. It should be a buffer for OP's convenience. What I do not buy into is people leaving several thousands of dollar worth in an exchange.

Keep, along with 2-FA security in each:

-15% bitcoins at Localbitcoins
-15% at Bittrex
-15% at Poloniex
-15% at Blockchain
-40% in Paper wallet

That's what I do! ;D

$200 is not huge amount but also not low amount and for me trustable exchange will ensure your fund to keep it safe even not for a long time because there is no 100% guarantee last long even trustable exchange will not always safe and if you want to save for long term then offline wallet is more good than save into the exchange but i personally rather than idle my $200 in the exchange i think i would use that money to investing at trustable gambling sites i think it will more usefull

Keep your coins in a wallet that you completely control and that gives you the private key.
Sure, you will have to send some to an exchange wallet to be able to trade. So, the wise thing to do is just sending the amount you will use in trading and withdraw it back to your secure wallet as soon as you nolonger need to use the exchange platform.
Anyway, most exchange platforms are trusty and well secured just choose the one you trust more.

Yes if you want save bitcoin you must save your Bitcoin in your wallet bitcoin private.
Example Mycelium , electrum .
If you save your Bitcoin on exchanger , I believe your Bitcoin Will be loss your control.

you should not store too much bitcoin in the exchanger because the risk is great, you should save it in the wallet that private key you save it much more secure, anytime you can send the bitcoin

I would only keep bitcoin on an exchange if you have set buy orders in order to purchase some other coins or tokens. Otherwise it is best to keep your bitcoin and other altcoins in wallets that you control the private keys etc. I was very sad when my wife got hacked in a very known exchange just over a month ago and lost over 1k usd worth of tokens that the hacker stole and sold off right when it was being pumped as well. The exchange got mass hacked and it was Cryptopia exchange.

Yes, I definitely advise you to move your bitcoins to safer wallet like Electrum. Storing bitcoin in exchanges is very risky since you don't hold the private key and if there's something happen to your bitcoin in the exchange you're storing it. You can't complaint to the exchange since it is your fault storing it there in the first place.

I traded crypto and left my money in exchange. no worries from me at all, because I think they are safe. and always keep people like me.

Of course, no one with a sane mind will leave bitcoin summing more than $5 at online exchange since exchange could get hacked or close at anytime.
Moving to electrum is a good idea for you, electrum is a lite wallet which means synchronising with the network takes far less time than full client.

You are absolutely right storing bitcoins in exchanges never been good idea as we have many exchanges already gone with big amounts and chances are very high you can lost your hard earned money without any advance notice keeping bitcoins in wallet is much better and safe as you can manage security as you want

Yes, it is a worst thing to do. Exchanges are vulnerable to some attacks that might result to hacking and loss of assets. If you leave your bitcoins in an exchange then you are exposing it to hackers. Also, the owner of the exchange may steal your coins or hold your coins if they find your funds suspicious. As long as you do not own or control your own private key, you are not the owner of that coin.

Electrum, trezor, or any wallet that lets you control your private key is a good wallet.

you better to think wiser mate if you have existing btc inside a reputable exchange you can trade right away if some good news happen with
some particular coins maybe the only risk is when the exchange closes then you don't have any capability to recover your coin though.

Personally i dont trade frequently so my routine is i immediately transfer my fund to my personal wallet after i do the trade cause I heard some story that several trader experience some trouble on leaving there money on exchange wallet for a long period of time..so i keep it as a reminder.
And Heres what i think.if i would given a chance to trade on daily basis i guess its not a  bad idea to leave your fund on exchange i would rather leave it just for a while then when i have gain enough thats the time i will move it to avoid lossing due to the high transsction fee.

Keeping your Bitcoins or any type of cryptocurrency in an exchange or online wallet where you do not control your private key is very dangerous. This is because these type of wallets are vulnerable to hacking. The owner of the third party can even steal coins from you. If you do not control your own private key then you own nothing.

Hardware wallet is the safest wallet Electrum is also a good wallet, though.

Like everybody here said and mentioned bitcoin in exchanges is more prone to target of being stolen or hacked even by the company that can be greedy aswell, and what are you going to do then ? It is located in Georgia and it can be run by 17 year olds as far as you know so be safe and get a proper wallet.