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Author Topic: Risky to leave fiat currency on an exchange??  (Read 1819 times)
FruitsBasket
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November 06, 2015, 06:57:31 PM
 #21

I would advise you to not store it in a online exchange. Because if the website goes down/ scams u are screwed. If u keep the btc in your wallet than u always can download the btc client and import your wallet with the private key.

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November 06, 2015, 07:50:30 PM
 #22

Well, if you are not trading then leaving btc at any exchange is foolish. Fiat might be slightly less risky but we know how they love to steal btc.

Traders have no choice. You either have fiat or btc ready if you want to make a trade or lose out. It takes way too long to send fiat or btc. Many trades need to happen fast.

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November 06, 2015, 08:25:32 PM
 #23

it is risky to leave any kind of currency (not only fiat) on an exchange. only leave your money there when you're going to trade.

I actually forgot that I had my fiat on a local exchange. thanks for reminding me.  Grin

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November 06, 2015, 09:04:03 PM
 #24

YOU SHOULD NEVER LEAVE FUNDS ON AN EXCHANGE! NOOB MISTAKE 101 RIGHT HERE!
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November 07, 2015, 06:02:31 PM
 #25

Lots of people are posting to never leave their bitcoins on an exchange, like: https://bitcointalk.org/index.php?topic=799399.0

Do fiat money also count, I mean they theoretically have control over your account...

Yes. If the exchange closes, all will be gone. Fiat, coins and altcoins. So better not to keep much there.

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November 08, 2015, 02:21:53 AM
 #26

Yes it is, make sure to store your btc in your local wallet.

The money you use for trading should be limited ( i keep a max of 5 btc online on bittrex) to minimize risk.

Any coin where i hold over 1btc of  worth i trransfer to my local wallet.
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November 08, 2015, 10:23:59 AM
 #27

You have never to leave your coins/cash anywhere online whether in online wallets like xapo, blockchain or exchange websites like xmlgold and localbitcoins as well. It is possible that these websites can either get hacked or closed like what happened with Liberty Reserve and hence these online wallets are risky and less reliable. Banks too are not completely trusted but they have a Government recognition and hence when they close down, customers get a percent of their money back unlike online wallets than vanish like dust.

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Eastwind
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November 08, 2015, 10:24:38 PM
 #28

If you want to leave your money in an exchange, Gemini is a good choice. It is regulated exchange based in New York. All the fiat is deposited in a local bank. You are protected. That is the theory. There is no chance to test the robustness of the exchange yet as it is just a few weeks old and has not been hacked.
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November 08, 2015, 11:14:31 PM
 #29

AFAIK, none of the exchanges have anything that comes remotely close to FDIC insurance, and as a result it is nowhere near as safe to leave anything of value at an exchange as it is to leave it at an FDIC insured bank. This is why you can presently receive roughly 16.18% APY by leaving your fiat at bitfinex for a year (if you assume you would receive the current flash return rate for a year), verses getting roughly 0.51% APY (according to bankrate.com) at a FDIC insured bank in a Money Market account.

As a general rule, no you should not leave neither BTC nor fiat at an exchange for any period of time, however there may be exceptions to this rule. For example, if you think your computer is infected with malware, but such malware has not yet stolen your BTC, then moving your BTC to an exchange account that has 2fa enabled will probably result in a lower chance of you getting your BTC stolen.

You also need to factor in the opportunity cost of the time it takes to transfer BTC from your bank to your exchange account if you like to frequently trade speculative trades, as this delay may result in you loosing out in being able to buy low, and sell high

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November 08, 2015, 11:17:33 PM
 #30

after mtgox, ive just dropped using exchanges at all, leaving fiat or even btc in exchanges is risky no matter how safe they claim to be.
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November 09, 2015, 06:50:47 AM
 #31

AFAIK, none of the exchanges have anything that comes remotely close to FDIC insurance, and as a result it is nowhere near as safe to leave anything of value at an exchange as it is to leave it at an FDIC insured bank. This is why you can presently receive roughly 16.18% APY by leaving your fiat at bitfinex for a year (if you assume you would receive the current flash return rate for a year), verses getting roughly 0.51% APY (according to bankrate.com) at a FDIC insured bank in a Money Market account.

As a general rule, no you should not leave neither BTC nor fiat at an exchange for any period of time, however there may be exceptions to this rule. For example, if you think your computer is infected with malware, but such malware has not yet stolen your BTC, then moving your BTC to an exchange account that has 2fa enabled will probably result in a lower chance of you getting your BTC stolen.

You also need to factor in the opportunity cost of the time it takes to transfer BTC from your bank to your exchange account if you like to frequently trade speculative trades, as this delay may result in you loosing out in being able to buy low, and sell high

Gemini is FDIC insured on USD, so if any are safe it is them.

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November 09, 2015, 07:07:31 AM
 #32

AFAIK, none of the exchanges have anything that comes remotely close to FDIC insurance, and as a result it is nowhere near as safe to leave anything of value at an exchange as it is to leave it at an FDIC insured bank. This is why you can presently receive roughly 16.18% APY by leaving your fiat at bitfinex for a year (if you assume you would receive the current flash return rate for a year), verses getting roughly 0.51% APY (according to bankrate.com) at a FDIC insured bank in a Money Market account.

As a general rule, no you should not leave neither BTC nor fiat at an exchange for any period of time, however there may be exceptions to this rule. For example, if you think your computer is infected with malware, but such malware has not yet stolen your BTC, then moving your BTC to an exchange account that has 2fa enabled will probably result in a lower chance of you getting your BTC stolen.

You also need to factor in the opportunity cost of the time it takes to transfer BTC from your bank to your exchange account if you like to frequently trade speculative trades, as this delay may result in you loosing out in being able to buy low, and sell high

Gemini is FDIC insured on USD, so if any are safe it is them.
From the looks of it, their trading fee is somewhat high (0.25%), but the safety of FDIC insurance is significant, so I will want to look at them more closely to see if I am interested in dealing with them.

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November 09, 2015, 07:33:36 AM
 #33

Yeah thats good advice unless you want to trade, how are you supposed to trade if you cant have your bitcoins or fiat stored in an exchange, its impossible, you have to. The risk is there but you cant trade otherwise.

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