Safeguarding funds , your funds on exchanges are safe?

[SquallLeonhart]

I thank you for all your information, very informative and easy to understand. Honestly, I still often mismanage finances, sometimes it is not structured .. maybe it needs to be emphasized again that there are still many people who are still confused about how to process funds, and how to share the profits. for that I ask permission to copy your discussion, and I will copy it and then share it with my closest friends, family and neighbors. by including the source on your behalf.
I hope that all of us are always good at managing our finances, in order to continue with a better life.

You should not really share information you find here with other people. Not because it is not allowed or anything, this is a public forum and anything written here could be shown anywhere without any problem at all. I mean you shouldn't because we are here bunch of strangers online and you do not know how right or wrong we are, we could be very right or we could be very wrong and if you just take stuff said here and share with other people you will end up with maybe few wrong points and also influence other people with it as well.

I would say make sure you talk with an expert in the field before you get talk to others, if you want to really share few pointers with other people that means you will influence them and you should ask an expert about what to share and what to say, instead of few strangers on bitcointalk.

[dotcoin.info]

A hardware wallet is definitely great. However, not everyone has the means and the desire to buy it.
In general, you can completely do without a hardware wallet, just hide your private keys in a fairly safe place. For example, into an encrypted container using an encryption program. The main thing is not to forget your password.

[fadhilz123]

Actually, coins in exchanges are not safe at all but don't too worry about that because we can choose trusted exchanges that guarantee users funds. We know kucoin is an example, the exchanges hacked but their platform will guarantee it, also Binance is one of them. So the most important is we must to choose exchanges that guarantee our funds

[Shasha80]

Thank you for explaining how to safeguarding funds, because some members here must be confused about how to safeguarding funds.
I agree that using a hardware wallet such as the nano ledger x is the safest option to store our funds, because we have the private key.
Only about 20% of our funds should be used for trading in exchanges, the rest can be stored in our hardware wallet. And every profit we
make from trading we can transfer about 50% to our hardware wallet. By doing all these things right and discipline keeps our funds safe.

[vermigerous]

For me, i think we can say that our funds on a market exchange is safe if only it is not hacked. And whenever it is hacked by someone, we cannot anymore say it's safe since someone are going to take it. Just like the current markets now, some are being hacked and some locked their withdrawals without announcing it to be locked and they just say all funds were safe but the funds of the traders and investors cannot be withdrawn.

As a conclusion, we cannot tottaly say our funds are safe on an exchange but we would take the risk to invest on it in order to earn.

[ice098]

A hardware wallet is definitely great. However, not everyone has the means and the desire to buy it.
In general, you can completely do without a hardware wallet, just hide your private keys in a fairly safe place. For example, into an encrypted container using an encryption program. The main thing is not to forget your password.

Hardware  wallet is the most secured way to hold your tokens, however not all people wants to use or buy it. I really don't know why but for me? I am using exchange wallet sometimes, yes other may say that, "oh! your assets might lost if you store in there!" but for me, why will you lost your assets and funds if you did the right thing like making strong password, using authenticator, not clicking click bait emails and some stuffs. that is all beyond your responsibilities.

[InwardContour]

Thanks OP for the enlightenment especially to newbies, funds safety is a very crucial factor we shouldn't joke with. I only send funds to exchanges if I must trade and not otherwise, this is the more reason why I don't get scared when any exchange is hacked, but no one is perfect, the moment when you send funds to an exchange, stories might pop up. This happened to me with OKEX, I sent some funds there to trade DMG and boom, police investigation and closure of withdrawals set in. I have no option but to wait till issue with OKEX is resolved, the big question is; what if I sent all my funds there to trade, it obviously will leave me handicapped. In as mush as we have some level of trust for some big reliable exchanges, we should be extremely careful simce most had hack issues at least once, Binance and Kucoin inclusive. Keep most of your holdings in personal wallet, not exchange.

[tvplus006]

Yes, Binance exchnage did that when they weren't big as this; right?, this can be opposite if something of such happen again which we don't pray for. The Binance exchnage then wasn't as much flooded as now, right now the biggest cryptocurrency exchnage so far is Binance and coinbase, these crypto exchanges are holding a very large number of coins which if anything happen it might be impossible to get back the funds. It will be safer to store your coins and tokens in a place you have total control and not your control, not your coins.

The last such case when Binance was hacked by hackers and 7,000 BTC was stolen occurred in may 2019. At the same time, a message appeared on the official website of the exchange that tall stolen funds will be returned to he victims from a specially created SAFU Fund: https://binance.zendesk.com/hc/en-us/articles/360028031711 I understand that Binance has increased the number of its users over the past year, but to say that in 2019 the exchange was small is wrong.

[7788bitcoin]

Easier and safer than most think.No one is responsible for your own funds but you. Trusting exchanges isn't the smart move, otherwise, why are you on board with this entire decentralized finance train? Might as well stick to your local bank.

Majority are not in the cryptocurrency space because of the decentralized nature of finance but because of the profit they are able to make in a short period of time. The reason people welcome centralized coins if they are able to make profits is testament to my theory and so is the reason many people make the mistake of holding their funds in exchanges rather than holding in their own wallet which is always the safest bet.

[luckyflop]

Many of you are wondering if your funds on exchanges are safe (SAFU anyone?). Here are some tips for you, and how I manage my own funds.
Time for a short thread
Exchanges act like banks with the ability to buy and sell tokens and coins. The simplest example you could think of is you can go to your local bank, and exchanging USD for your local currency. Now, what happens if the bank is on hold? (Vacation or completely shut down?)
You end up waiting until the issue is resolved. Banks have reserves in order to cover their client's funds. Insurance funds that exchanges operate are more or less the same.
But you wouldn't trust the fund to be able to cover everyone now, would you?
Welcoming cold storage. What is cold storage? Cold storage is a hardware (there's also the paper version) wallet that you own and is inaccessible by exchanges.
No one can access it but you, think of it as your physical wallet that you hold cash in. Ledger is one example of cold storage,TrustWalletApp is considered a hot wallet (they operate online).The way it goes is that you transfer the amount of your portfolio there that you do not want to trade.

What's the best way to maximize your fund's security?

Well, for starters, no one should go "all in" on a trade. You always need to keep liquidity on the side and avoid heavy losses if a trade goes south. You also want to avoid any shenanigan that might happen to your favorite exchange, and you caught in the middle.
Do some research online, purchase a hardware wallet, I personally use ledger Nano X, I've heard of other good alternatives. It's a matter of choice.
While I do not recall the names, a quick google search should do the trick.
First thing you need to do after you get it is transferring the amount you're absolutely not okay to lose (mine hovers around 80% of my entire portfolio, hence I trade with 20% of my funds only).

You own the keys, no one can take them from you.

The better question is, how do you consistently manage your funds? Well, if you had a successful trade, then you would transfer a part of your profits to the wallet. I usually transfer 50% of the total profit on a weekly basis and increase my trading account with the rest
So let's say your entire fund is 5000$. You would transfer 4000$ to your wallet, and trade with 1000$.If you made 500$ on a trade with the 1000$, you would then transfer 250$ and trade now with 1250$.
Easier and safer than most think.No one is responsible for your own funds but you. Trusting exchanges isn't the smart move, otherwise, why are you on board with this entire decentralized finance train? Might as well stick to your local bank.

Dear BitMax.io Users,

The platform has experienced significant AWS service failure last several hours. We have been working closely with AWS team to restore those services as soon as possible. The current ETA is 48 hours. 

Please stay tuned for the further announcement on the exact time when the services will be resumed.

During this period, please make note that users' account balances will NOT be impacted and the assets are SAFE.

Sorry for any inconvenience.

BitMax.io Team

Nov 7, 2020

https://t.me/BitMaxioEnglishOfficial/522139


Afterward :



I am glad I made this thread some days before this happens, Bitmax got a good reputation in hacking and would probably get back after a while but still if you have open orders or have some coins in there you can not sell it or transfer it, till it gets open, that is why I always say : Do not use exchanges as a safe to store your money.