Exchanges safety

[anonimogmr]

Is it safe to hold altcoins for long-term in exchanges like Poloniex or Bittrex? Or should I store the altcoins in their respective wallet?

[megynacuna]

It's always better in your wallets than have them online, I hope you still remember bitfinix ? Your coins can be hacked and you lose out if the exchange is unable to pay you back so you can take precaution and save all in your personal wallet.

[chain_chain]

Is it safe to hold altcoins for long-term in exchangers like Poloniex or Bittrex? Or should I store the altcoins in their respective wallet?

Oh, i'll recommend you to use hardware or software wallets. There are some reasons for it:
1. Exchange can be hacked.
2. Exchange is a quite popular subject for DDos attacks.
3. No control over your money.

If you really care about the security, use hardware wallets (like Ledger or Trezor). They are the most secure and perfect as a long-term storage.

[Spoetnik]

Noob the word is "Exchange" ..not exchanger.

[anonimogmr]

Noob the word is "Exchange" ..not exchanger.

Ok.

Thanks for the two replies above.

[vapourminer]

Is it safe to hold altcoins for long-term in exchangers like Poloniex or Bittrex? Or should I store the altcoins in their respective wallet?

no.  download to your own wallets. then back those wallets up several different ways and in several different locations, including off site.

[European Central Bank]

no. absolutely not. i do it for semi worthless alts that i can't be bothered to find a real wallet for.

there's no way i'd do it with something with any value. even if the exchange isn't hacked, they can slap restrictions on you or simply go weird like poloniex is right now.

[StinkyLover]

Noob the word is "Exchange" ..not exchanger.

I was just about to tell him he's going to get burned for using that word


I used to have a lot on exchanges, but recently took them 95% of them off (just before the recent Polo hiccups).

I'm using the EXODUS WALLET for some of them. Really good. Especially the portfolio feature. I still have a few things lying around the exchanges (bittrex and poloniex) but not enough to cripple me if I lose them. More because I don't want wallets all over my PC.

I used to have an ETH mist wallet. I HATED it! They're now on exodus