Bitcoin Forum

I don't have much faith in BitFinex, much less Binance. I've read stories of people losing their IOTAs during transfers to other wallets. Where do people store their IOTAs, then? Can I trust BitFinex?

bittrex is a very good option, but I'm not sure if it has iota trading options. Binance is actually very good, you can try it, because so far, Binance has not been any bad news broke, it is relatively safe.

Thanks for the information. I'm just puzzled that a coin that's as well-connected and desired as IOTA isn't trading on the more major exchanges...

Why would you store any crypto in any exchange? the whole point of crypto is to hold your own private keys so they can never be hacked (assuming that your computer is not compromised already, or that you put it cold storage).

Then again, this IOTA new is not even a blockchain, and im not even sure if they have a wallet. I assume that they do... if this is thecase, then download it and put the private keys, or whatever they call it, on it, this way you will be safe, there's no other way. Again: never trust exchanges.

IOTA has a wallet and as long as you keep your seed save and don't do anything stupid, you won't loose your iota.
Most of the problems about "lost" balances are actually about balances not being displayed correctly.

Thanks, yes I do agree that I wouldn't want to store coins on exchanges except for what I use to trade. That's why I'm surprised that a coin like IOTA is on BitFinex, wasn't it hacked?

No, this coin was listed on bitfinex, which is an exchange that can trade IOTA, so I do not think it was hacked. The trading volume shows us most people trust this exchange.

iota isn't listed on bittrex.......i would never store longterm holds on exchanges, like i mentioned recently in another altcoin discussion thread, store iota in the official light wallet, u can find the current wallet version 2.5.4 on the following site https://blog.iota.org/gui-wallet-phase-two-of-the-reclaim-process-f5913109cf46, if u are new to iota, u can ignore the information about the reclaim tool.....

why you use exchange site to store . many accounts can lock/ban.

many accounts now blocked and lost  a lot of money .

check https://forum.iota.org/t/questions-about-setting-up-iota-wallets/4206/2 (https://forum.iota.org/t/questions-about-setting-up-iota-wallets/4206/2)

just use the original iota wallet from the iota devs/foundation. u generate a 81 character long password. its nearly impossible to hack this password.