NEver keep all your coins on an exchange

[Labumi]

there are trusted exchanges where you can keep your coins, traders using bots need to keep coins on exchanges. Even if exchange is trusted it can be hacked but hackers can take only hot wallet coins, I definitely trust Bittrex exchange.

That's certainly true, but I think it will not happen to the exchange site that already have thousands or hundreds of thousands of active users in their site, because they will put up a very tight security and I think it will be very difficult for hackers to do the harm and can only be done when they get their data from one of the users who use the site.

[Sorrowfox]

Gox
Cryptsy..

If you have most of your coins in Bitfinex.. there will be little mercy when they disappear.

Hmm? Why? Aren't they trusted? So do you suggest that exchanges  websites are not for good? is that it?  Well, actually what you have mentioned is not only applicable in bitcoins. It is applicable in all types of investments. In finance, we have that saying "Dont put all your eggs in one basket" It has a point right. It is similar to, dont put all your money in one investments because when we say investment, since it will earn a certain percentage there is a risk equivalent to it and if there is a risk, there is a chance that you might lose it or the value of it will be reduced.

[vero]

there are trusted exchanges where you can keep your coins, traders using bots need to keep coins on exchanges. Even if exchange is trusted it can be hacked but hackers can take only hot wallet coins, I definitely trust Bittrex exchange.

Yeah I do that too, keep my coin at exchange but learn from mtgox. i don't keep much just a little bit for trading and buying and i think we can't trust 100% with exchanger because this online anything can happen anytime

[OmegaStarScream]

I already made a thread similar to this one few weeks ago & I have to say that you can speak and do whatever you want to warn people but they just won't unless they get scammed and they learn the lesson (some people won't ! )
We know that there is " trusted exchanges" but those exchanges can be hacked like everything else on the internet so If they get hacked , you lose your coins , pretty much that simple .

[n691309]

People read these suggestion like an article and do not take an action after reading this, I think this came important when people get scammed and learn a big lesson that using an exchange as their wallet is wrong, we understand that to exchange something we need to send the money there but after finishing the trade we should withdraw the funds.

[Tanic]

Never keep ANY coin on ANY exchange.

Fixed.

Please people, learn to put your coins in your own local wallets where you control the private keys, never have coins in exchanges. How many times this has to be said? I guess some people never learn.

Thanks for that information, but I even didn't hear that someone hold their bitcoins in exchanges. It's well known that this way is not so smart.

[BitHodler]

there are trusted exchanges where you can keep your coins, traders using bots need to keep coins on exchanges. Even if exchange is trusted it can be hacked but hackers can take only hot wallet coins, I definitely trust Bittrex exchange.

Having your coins sit in your exchange wallet for trading purposes is different than keeping your coins in an exchange just as some sort of wallet.

I don't do much trading, but when I do I just send the coins to my exchange and do the trading.

Once I'm done trading I directly send the coins from the exchange back to my wallet for safety purposes. I never let a single Satoshi there.

[Ardenyham]

Gox
Cryptsy..

If you have most of your coins in Bitfinex.. there will be little mercy when they disappear.

well I agree that the coins should be kept in the personal wallets. but why the exchange get disappear? I don't think a well developed and thousands of dollar business site will get disappear just like this.

these altcoin to bitcoin, and other bitcoin exchanging and trading sites,  like yobit. bitrex, c-cex, kraken, coinsbank etc won't get disappear easily. they are running million of dollar business so they will surely protect their self too to be safe and active for long.


but yeah store your coins into your own wallet and send them to exchange everytime you sure you'll do trade.

[fiscorcle]

there are trusted exchanges where you can keep your coins, traders using bots need to keep coins on exchanges. Even if exchange is trusted it can be hacked but hackers can take only hot wallet coins, I definitely trust Bittrex exchange.

Having your coins sit in your exchange wallet for trading purposes is different than keeping your coins in an exchange just as some sort of wallet.

I don't do much trading, but when I do I just send the coins to my exchange and do the trading.

Once I'm done trading I directly send the coins from the exchange back to my wallet for safety purposes. I never let a single Satoshi there.

yes I agree the point is that the exchange is not a wallet and that is obvious for most people, I can't imagine why would anyone store their bitcoins on exchange except for the trading purposes. Something different is with new altcoin wallets, it's easier and 100% more safe to keep new altcoins on exchange.

[Superways]

That is right I also keep in mind that thing for all exchanges and know that these are not from nature but from persons and no one knows that how much they are legit, I do not keep all of my coins in one exchanges if I have to trae with them and also I do not keep for longer my coins at there.

But I think fine for national licensed exchanges, like bitstamp, I don't know that I am right or not, your guidance will be appreciated.

[thend1949]

Never keep ANY coin on ANY exchange.

Fixed.

Please people, learn to put your coins in your own local wallets where you control the private keys, never have coins in exchanges. How many times this has to be said? I guess some people never learn.

Thats right if you have a big money in any exchange dont left there withdraw it in local wallet because its more safer there. If you dont like disappear your money be wise and make withdraw them but not all maybe left a 5% of your money in exchange to play it in exchange. Dont put all your egg in one basket for your money safety.

[LFC_Bitcoin]

Gox
Cryptsy..

If you have most of your coins in Bitfinex.. there will be little mercy when they disappear.

I think anybody with half a brain knows this after Gox & the disaster that it left in its wake.

Not surw if you needed to start a new thread on it though bro.

[Hirose UK]

Never keep ANY coin on ANY exchange.

Fixed.

Please people, learn to put your coins in your own local wallets where you control the private keys, never have coins in exchanges. How many times this has to be said? I guess some people never learn.

I think some people just don't believe the other's suggestion until they find out why the other's gave the suggestion, and then they're regret.

or maybe put some coins on exchange makes profit for some people, IDK

[Yutikas_11920]

Never keep ANY coin on ANY exchange.

Fixed.

Please people, learn to put your coins in your own local wallets where you control the private keys, never have coins in exchanges. How many times this has to be said? I guess some people never learn.

I think some people just don't believe the other's suggestion until they find out why the other's gave the suggestion, and then they're regret.

or maybe put some coins on exchange makes profit for some people, IDK

Yeah, I see also as you say. Many people prefer to save some coin in the exchange, because they don't want to spend the money for any fee charged to them, maybe it's one of the reasons that make sense. But it's also dangerous to them, and I think not all exchange provide sufficient security is tight

[Astonuse]

Never keep ANY coin on ANY exchange.

Fixed.

Please people, learn to put your coins in your own local wallets where you control the private keys, never have coins in exchanges. How many times this has to be said? I guess some people never learn.

I think some people just don't believe the other's suggestion until they find out why the other's gave the suggestion, and then they're regret.

or maybe put some coins on exchange makes profit for some people, IDK

Yeah, I see also as you say. Many people prefer to save some coin in the exchange, because they don't want to spend the money for any fee charged to them, maybe it's one of the reasons that make sense. But it's also dangerous to them, and I think not all exchange provide sufficient security is tight

Maybe you can save some fees. But when the exchange goxed, you will lose everything. It is very riseky.

[Oppolee]

Gox
Cryptsy..

If you have most of your coins in Bitfinex.. there will be little mercy when they disappear.

First you need to set yourself a limit of how much you can afford to lose. To big was not spending. Then even if you won something you need to stop and not hope that this is good luck. This is not true. Just in case. Maybe you should try a different game, and thereby weakening interest.

[raj1]

keeping our coins in a exchange is like placing a leaf into river water .you know it will float but if something problem comes and you are not there to protect it then you lost it for forever

[mindrust]

Exchanges are being used like banks. If you don't trust banks, you shouldn't trust exchanges too. Most bitcoin users i know hate banks, yet they keep most of their money in exchanges. That's because they don't want to miss any trading opportunities and they want to be ready for anything. That includes cashing their money out and getting away when it needs to be. They don't wanna hold bitcoins in their home wallet because of the volatility.

They aren not ready for the probability of getting robbed by exchanges sadly.

[Yakamoto]

Never keep ANY coin on ANY exchange.

Fixed.

Please people, learn to put your coins in your own local wallets where you control the private keys, never have coins in exchanges. How many times this has to be said? I guess some people never learn.

I think some people just don't believe the other's suggestion until they find out why the other's gave the suggestion, and then they're regret.

or maybe put some coins on exchange makes profit for some people, IDK

Yeah, I see also as you say. Many people prefer to save some coin in the exchange, because they don't want to spend the money for any fee charged to them, maybe it's one of the reasons that make sense. But it's also dangerous to them, and I think not all exchange provide sufficient security is tight

Maybe you can save some fees. But when the exchange goxed, you will lose everything. It is very riseky.

It is never worth saving a few cents to keep all of your coins in an exchange. I would rather pay $0.20-$0.30 per month putting some Bitcoin into an exchange rather than risk a few hundred (or thousand if you're a high-volume trader) dollars by keeping it in an exchange constantly.  It is relatively risky, more risky than keeping it in a wallet, and no exchange has my trust anymore, after cryptsy and Mt.Gox.

[bitbunnny]

Never keep all eggs in.one basket, I think that isw the lesson we all have learned. So is with Bitcoin, if youw have bigger amount of coins don't keep them.in.one wallet anf if you also have something on exchangers, that should be the smallest sum. Anyway, combining wallets is always a good method to keep them safe..