Bitcoin Forum

This is too much precaution or its really better never store cryptos in exchange? All exchanges are risky ?

Personally, I am a small-time trader and I am storing my cryptos in some exchanges. Yes all exchanges are risky, just like the way all cryptos are risky as well, Do not store all your cryptos on one exchange only, that's the real risk, but store them into some different exchanges as a precaution.

its not always advisable to store your coin on exchanges because you dont have access to your private on exchanges if the exchanges are hack and your coin is also gone its better to store your coin on wallet that you control the private key.

It's not that all exchanges are risky, but they are not meant to be used as wallets so there is really no point in keeping your coins there if you are not trading. Besides it's probably more likely for an exchange to be hacked, possibly resulting resulting in your funds being stolen, than for your pc to be hacked (if you are careful enough of course). The thing is, that exchanges are honey pots for hackers, since a successful hack would probably result in millions of profit, as for a hack on your pc wouldn't result in that much money.

So I wouldn't say they are to risky, but it just doesn't make any sense to do it in my opinion, and you are increasing your chances of getting your coins stolen.

This is pretty much common knowledge if you'd ask me. Even the big stable exchanges can get hacked. The best thing to do is to setup the exchange wallet as a hot wallet, and then a hardware/paper wallet that's offline as the cold one.

If you want to keep your money in exchange you can do research on the exchange before. Indeed you are some exchange that cheats on members, such as manipulating prices and take a long time to withdraw.

But there are some good ones until now I keep my money in exchange because many advantages such as can be used as a place of arbitration. Exchange always has a large volume compared to a local exchange, this can be an opportunity to gain profit.

Most of the day traders are only storing the exchanges because they are all always monitor the Crypto market and side by side buying and selling the best profitable coin. So it depends on our needs. If you looking to invest in long term investment just hold in wallet or If you are day trader exchange site is more convenient to trade in anytime because it is reduce the time of investment.

I got some long term coins but still stored on exchanges because I still want to see how the market moves and possible changes might happen.

Also small amounts of investments might not be worth a keep outside exchanges because of transactions fees but this will also depend on the coin though. So we just have to make sure that we are trading on reliable top exchange for higher chances of security.

If the exchange site deposit wallet you are going to use is prone to hacking then better to use hardware wallet rather than the first option. However, we have this coins.ph exchange site wallet I never heard of I getting hacked so I store some of my Bitcoin and ethereum, just small amount for small purposes. Its an exchange site not a wallet.

Some exchanges are pretty good with their security, but that doesn't mean that these exchanges are invulnerable to hacks. Exchanges are a huge red hot target for hackers as they could potentially steal huge life-changing amounts of money if their operation is successful.

Take note: People in the past think that the Mt.Gox exchange was secure enough. Well, BTC120,000 got stolen.
For more information about this: https://en.wikipedia.org/wiki/Bitfinex_hack

I think if you want to keep the crypto long you should not keep on the Exchange because it is not secure because the Exchange is always the target of the hacker. You can use a hard wallet to keep your crypto, which is how many crypto investors are using to protect their assets.

Well a wise man said to never keep your money in the wallet that you don't own the private key, and I think you should find a proper wallet to store your money, its your hard working money, there are so many scam exchange now and some of the exchanges can suddenly run away with your money, so no its not safe at all to store your coin in the exchanges, only store the coin that you want to trade

I strongly recommend you not to keep your crypto currencies in exchanges. You should be keeping your coins in a wallet which you control the private key. It is risky to keep coins in exchanges in case of hacks and exchange closed down.

Agreed! Storing our coins at exchanger while we don't intend to trade it, is a bad habit to choose. Always use our own wallet which we have full control over it to make sure that we will stay secure from bad people.

yess, all exchange websites are risky. Every website has the ability to disappear overnight, or it could be stolen all your data and all your money by hackers. The safest way is to put your money on the exchange  website for too long.

Experts has been giving such advice and I don't think it is wise to keep you cryptocurrencies in the hand of a centralized exchange as some of them has had problems with hackers. I think the best ways to store your bitcoin is through offline wallets or https://blockchain.info. you should also secure your coins buy store your private keys in a most secure place. Exchange having control over your coins is not good because you are not holding the private keys.

You would do well NEVER to store any crypto on an exchange.  You might be new to crypto, but I've been around long enough to see exchanges like Mt. Gox and Cryptsy get "hacked" and run off with their customers' money.  It's happened enough times that it can be stated with confidence that it's extremely risky to do it, and I would definitely recommend that you don't.

I wouldn't even store crypto on legitimate exchanges like Coinbase.  You just don't know what's going to happen, plus if I'm not mistaken you don't control your own private keys on Coinbase.  If you're going to trade, I'd say it's best if you withdraw your balance at the end of your trading session.  And when you're talking about shady businesses like Yobit?  Yeah, forget it.  Best to avoid those altogether.

I believe this is one topic that can never be overstretched because of the continued importance everyday. Even today, I have read about someone who has been trying to make a withdrawal from an exchange site since December 2017 and till now, its still while support is no where to near responding talk less of resolving the issue and the exchange site has been known to be effective. Whether the claim is right or the customer made the mistake, the fact is he could not assess the fund at the time he wanted it which is enough reason for anyone not to store cryptos on exchange sites.

This kind of advise or thing is being discussed for hundred of times into this forum which this should really be a basic thing or habit that most traders or investors of certain coins shouldnt really consider to make it as a main wallet where we do store up our coins.If we do see out on previous years where exchangers is being hacked how you would able to see those people who mourn and cry coz they lose up lots of money since their coins is on that exchange? You cant do anything about it when it comes to recovery since you dont possess the private key that would always be the possible consequences.

Good idea, so do you mean having like a exchange for trading ( if plan is trade often) and the rest offline ( if you are holding) ?

From the time that I came across crypto, storing assets on exchange sites has always been discouraged by everybody even if its within months of joining (mainly because of hacking) and this was extended to web wallets too (because of hacking, change of policies, outright scam etc.)

This however was reduced in 2017 because there was some compensation for keeping on exchange which was the era of forks where you get to have access to it and exchange sites credit you even before there are offline wallets to keep those coins and this will avail the opportunity to cash out when the price was high. But today, all of those vibes are gone and I doubt if anyone still keep tab of it again.

The point is we are back to the earlier part, don't keep your fund where you cannot control especially exchange sites.

Yes, I would definitely recommend it, but at first, make sure to buy cryptos only from exchanges that have proven their reputation. After buying bitcoin move them into your own personal wallet and never leave them at  the exchange. I would recommend you use hardware wallet to store your cryptos. As hackers can hack these exchanges any time and you would lose all your coins. So it is not safe to leave cryptos at exchanges.

I mean, whether you hold it on the trading site or in your wallet, as long as you don't cash it out, it's open and susceptible for the changes that might happen in the market, whether its due for an increase or decrease depends on the market trends that are reigning during the time you have in your possession those coins. The only thing that would save it from such changes is when you actually would encash it, at least then, you won't have to worry because cash is a more stable currency that cryptocurrency.

Maybe is risky but I'm prefer hold my Electroneum tokens on Kucoin, NEM tokens on HitBTC. Because it's good and very comfortable way to hold tokens.

Definitely. Only leave trading funds on exchanges(which should be only a small percentage of your total holdings), and withdraw them to your own wallet if you don't plan on trading for a while. That way, if the exchange you're using gets hacked or something similar, it won't affect you as much.

There is the options of keeping your Cryptos in a hardware wallet or any other secured offline or online wallets which I believed is more reliable meanwhile Cryptos invested in exchanges are only for trading purposes while you withdraw profits accrued into the wallet.

I would not recommend exchanges for a way to stores cryptocurrencies. Since we can not control the private keys, and the keys are more exposed to crackers. I'd only put a money in an exchange only If I want to use shift the money or trade it.

If you can afford losing that money, then go ahead store it on exchanges. I was never sarcastic on that - in my case, I have $1000 in poloniex alone; I use that money to lend bitcoins, and to margin trade. I have already set my mind that if I got hacked, there should be no one to blame, and just move on.

I strongly suggest you use 2FA, and protonmails for login verification.

Yes that is really much risky to keep our cryptos on exchanges that is why I often keep them in my desktop wallet to consider it as a more secure than any other and I keep only that amount of my crypto on my exchanges which I use for the trading purpose only But still I am worried about my that amount which I have on exchanges for my trade.

it is a risky thing if we keep our coins in exchange, especially over the long term. unless you are a trader because a trader will definitely make a sale and buy and save your funds.

Absolutely! Never keep your coins on exchanges, except for trading purpose, because they are not wallets. If you keep your Bitcoins on exchange they are not so protected and are far more exposed to hackers attack than in your wallet. But many users are too comfortable to protect themselves properly and sooner or later they usualy find themselves in situation they suffer loss or some kind of inconvenience.

can be said dangerous but from all that there we can not trade without any Exchange.

we can choose a trusted Exchange, such as: Binance, Bittrex, Poloniex, Cryptopia, Kucoin, Huobi.

good luck comrade!

That is still risky to be honest. The fact that you are storing your cryptos to an exchange that has a high possibility of getting hacked or going to a maintenance, you might lose your cryptos or you will wait for period of time before getting it. Why not store it in a safe wallet like ledger nano or MEW if you can't afford a ledger nano. It's not like the fee for transferring your cryptos to an exchange is that expensive right ?

I think that the safest way to store crypto is to put the addresses on a hard drive but then again the essence of the exchange site is that you trade the cryptocurrency if you are not doing that then it is safer not to put it there in the first place,

All trading platforms are not exposed to daily hack as the successful platforms are more concerned with protection, but the problem lies in forced your account to be closed/locked at any time and without alarming.
It is not limited to trading platforms but anyway to store Bitcoin without direct access to your private key.
Also, using any wallet "except BitcoinCore" that presents you with some risks. These risks vary from one wallet to another.
If you want full security use Latest stable version of Bitcoin Core.

NEVER store your funds at exchange for a long time. NEVER. The basic rule in crypto.

All is risky especially exchanges because if you store your coin to exchange in long time there's a possibility that the coin will gone because some exchanges now is easy to hack even they have many security.

This seems like you have a security threat , no there is nothing as such to crypto threat that is you cannot have your cryptocurrencies stolen from a exchange website especially if you are using the top cryptocurrency exchange websites online like coinbase