Bitcoin Forum

I just started trading crypto currency. This is my first time to trade. What I did is just a self study. I read everything about crypto and trading and watch videos on youtube. Some did not makes sense :) One question in my mind is , is it safe to just store my bitcoins and other coins that I bought on BITTREX? I have a blockchain account but the fee when sending and requesting withdrawal is quiet high. So I decided to just store it on bittrex. For the other crypto currency, I only have ETH Wallet.

Thanks for the help.

I've read an article (i can't remember exactly) but 1 thing i'm sure it states there that "Don't store your bitcoin on a trading site or trading platform".

I'm gonna ask you, what're you going to do with your other coin? Trade it or you're going to hold it for a long time. If you're gonna trade it immediately or we may say day trading you have no chance but to store your bitcoin and other coins to the trading sites acc. Since if you're going to put it in your personal wallet and trade it again the fee is bery high.

But if you're going for a long term hold then you should put your coins into a paper wallet, since your private key is not stored on the internet and it's written on a paper.

we cant really rely with any exchange since its money matters mate, always think of many possibilities that the site/exchange can be hacked or can be closed without further notice thought bittrex is one of those big exchange where traders really use to exchange their fiat or btc to any alt coins but still its best to have your own wallet and store your coins.

The short answer to "is it safe?" is no. You should try to keep funds on exchanges only when actively trading. Due to third party risk (hacks, exit scams, etc) it is much safer to hold your coins on local wallets which you control. For BTC, I recommend Electrum desktop wallet over Blockchain.info; you can manually set fees. You should check current network fees first (https://bitcoinfees.21.co) but usually, you can send a transaction for 5-20 satoshis/byte and get confirmed relatively quickly.

If you do keep coins on Bittrex, make sure to use 2-factor authentication. Bittrex accounts are a big target for hackers, so secure your account like you would a bank account (at least).

What coins you do own actually?If you are an active trader then pulling out you btc every now and then would really be a pain in the ass because of the fees on each transfer this is why its quiet hassle to do such thing but just an advice only store up on the amounts that you do actively traded in and the rest secure it on an offline or desktop wallet, electrum would be a good choice too and also for ETH choose MEW.

Not if you haven't activated 2FA and haven't verified your account. It's safer if you do both these things and store coins there for regular trading but don't store over 1-1.5 BTC as if exchanges today are being attacked more frequently and if in case Bittrex gets hacked, you would lose your funds as they don't insure user's funds. Storing funds on coinbase means your funds are insured but their regulations are more tough to follow compared to bittrex.

If you're not actively trading your coins on the BitTrex you should move them into a wallet/wallets to which you hold the private keys. Your exchange balance is essentially just a promise by BitTrex to give your coins to you, when you ask. They might steal them, lose them due to bad security, have a government order them to seize the coins, make bad business decisions and go bankrupt, etc. So evaluate the risks and decide for yourself.

ZBTCZ, the fees are usually very cheap these days. Wait for the unconfirmed transaction count to go down before sending.

I also trust Bittrex to hold my coins for a few days at a time, but Im never holding there for months.

its safe as long your account not be hijaked by others
fast transfer and support action also satisfying the costumers. but avoid Poloniex

Just to clarify, Coinbase insures USD funds. They may insure the other fiat currencies they offer (GBP and EUR). I'm not sure about the latter, but USD funds are FDIC-insured like any bank account in the US.

However, many people mistake this to mean that their cryptocurrencies are also insured. They most definitely are not. I don't think there are any firms offering insurance for cryptocurrency custodians, especially at Coinbase's scale. USD can be insured because it's easy to trace and reverse within the banking system. Crypto? Not so much...

Bittrex is a good exchange but it's risky to store your bitcoins there. Research too about the hacking incident that happened on bitfinex and Mt.Gox.

This will probably change your mindset about storing your bitcoins on exchange, I know the fees are quite high when you'll do it for so many times.

But you won't think about the fee if your coin is at risk.

Personal opinion from experience: it is not safe, especially if you have an unverified account.

Exchanges often run into liquidity issues that cannot be predicted beforehand until it is too late. The regulation on cryptocurrency trading can tighten up all of a sudden, meaning that you can't withdraw money. Or your account could just be suspended without reason.

Too many things that could go wrong. I definitely suggest downloading the wallet for each of the coins you hold, it's worth the hassle.

It really depends on how much coins are you going to store on your Bittrex account. Experienced members here all spoken that its not really safe to store big amounts of bitcoins, on those exchanges because if they are hacked, you may say bye-bye to your coins. You can scour the internet and you will see countless traders who have lost hundreds or even millions of dollars because their coins is just sitting on it and when they are hacked, the coins are lost forever.

And one thing I learn as well is that if you don't have control of your private keys, then its not your coins. So I think the best option is to just put enough coins just for your trading then moved in to a safe wallet like Electrum or a Hardware wallet like Trezor.

No, it is not safe to hold your money and use exchange as a wallet, although bittrex is big exchange and trusted one, but you never know what can happen.
If you want to keep your coins safe then keep them in your wallet and not some exchanges or other sites. You can ask the same question for gambling sites - is it safe to use them as a wallet? Answer is the same. 

But it is never ever 100% safe to store everything you hold in any exchange. If you dont have control of the private keys, you dont truly own those coins. You should advice the newbs not to trust exchanges and other centralized services.

What you said is correct but if someone bought coins to sell in short-term then can hold them in exchange but account should be enabled with 2fa function otherwise people can easily hack your account and steal all your coins. But it is not advised to store your long-term coins in any exchanges because don't know when these exchanges will be hacked or closed so you should store on your local wallets.

Thats still not safe if the exchange will suddenly close and steal all your coins. With the bigger and more trusted exchanges, maybe you can trust them with your coins for a few days. But for the smaller ones that are more vulnerable and where its more possible to your coins stolen, never.

No exchanges are permanently secure, and most of the money should be drawn to local wallets

It is not safe. However sometimes the convenience is just worth it for hte risk especially if you are storing a coin that has no official lite wallet and you'd have to run a full node on your computer to access your balance(which is a hassle).

In that case, and if your balance is low, then sure, go ahead and store your coin on bittrex or other exchanges if you trust the exchange enough and is able to take the risk.

But if you are storing bitcoin, ethereum, litecoin, all the major coins which already have light wallets, then no it's not worth the risk.

I have launched a telegram group. I want all those whose account has been disabled to join to this group. and if we needed to file a lawsuit against them we can do it collectively for better results.
everybody is welcome
here is group:
https://t.me/joinchat/BjmOlA2Ir-_l5XhBATHoTg