NEver keep all your coins on an exchange

[1Referee]

well, very much exchanger that became the target of hackers

It's not only online exchanges that are being tageted by hackers, but basically every site and service containing a certain amount of coins is a potential target.

maybe you're right, too dangerous to save all the coins that you have in the exchanger

It is in fact a dangerous move to store your coins in an exchange for long periods of time. If I take myself as an example, then I only have coins in my exchange account when I am doing some trading sessions. If I am done with trading, then I cash out everything. I don't leave a single Satoshi there.

but I guess exchanger has good security, so I still keep the coin that I keep as a long term investment in a website exchanger

You should not rely on, and take the "good" security of a certain exchange for granted. Nowadays inside jobs performed by employees or the exchange operators themselves, are an even bigger threat than hackers. That's why my advice is; If you're not doing anything other than holding your coins for the long term, then directly withdraw them to your own PC wallet. Don't put yourself in an unneeded risky position.

[ivanst776]

People are taking good lessons when they lose their money but I see that more and more people are not leaving their money in exchanges.

But as long as they are earning more money I think after a time they start leaving in exchange because they want to make lots of transaction and handling them.

On other hand they want to save on fees or maybe using it as a wallet which is the worst action they can made.

[uname]

well, very much exchanger that became the target of hackers, and it makes people more aggressive. maybe you're right, too dangerous to save all the coins that you have in the exchanger, but I guess exchanger has good security, so I still keep the coin that I keep as a long term investment in a website exchanger

I think when the exchange sites can not be accessed and be down and it makes them lose all their bitcoin and they said that it was because of hacker attacks, I think they are just nonsense and bulshit

[Pamadar]

well, very much exchanger that became the target of hackers, and it makes people more aggressive. maybe you're right, too dangerous to save all the coins that you have in the exchanger, but I guess exchanger has good security, so I still keep the coin that I keep as a long term investment in a website exchanger

I think when the exchange sites can not be accessed and be down and it makes them lose all their bitcoin and they said that it was because of hacker attacks, I think they are just nonsense and bulshit

they just needed to put blame to hackers but how can we knew if thats for real or just an story that needed to make people
believe so better to have your own wallet so after your done doing the trade you can withdraw it and store to your own wallet.

[deadsilent]

well, very much exchanger that became the target of hackers, and it makes people more aggressive. maybe you're right, too dangerous to save all the coins that you have in the exchanger, but I guess exchanger has good security, so I still keep the coin that I keep as a long term investment in a website exchanger

Thats very true. It always happen. Dont let your coins stored at a exchange site for too long. Just to be sure you will not be a victim. Exchange sites are the favorite target of the hackers. Just like what happened to poliniex which is the latest victim of hacking. Better have wallets for all your coins. This more safer than storing it at exchange site.

[MTBTT]

well, very much exchanger that became the target of hackers, and it makes people more aggressive. maybe you're right, too dangerous to save all the coins that you have in the exchanger, but I guess exchanger has good security, so I still keep the coin that I keep as a long term investment in a website exchanger

i think it was just to cover up the crimes they committed. come on this is often the case where the site to be a scam and they say that their main wallet hacker hacked lol. I think that the reason to mainstream

[chaser15]

well, very much exchanger that became the target of hackers, and it makes people more aggressive. maybe you're right, too dangerous to save all the coins that you have in the exchanger, but I guess exchanger has good security, so I still keep the coin that I keep as a long term investment in a website exchanger

Thats very true. It always happen. Dont let your coins stored at a exchange site for too long. Just to be sure you will not be a victim. Exchange sites are the favorite target of the hackers. Just like what happened to poliniex which is the latest victim of hacking. Better have wallets for all your coins. This more safer than storing it at exchange site.

For me as an average trader, it's really a bad idea if I will put a quite big amount in any exchange platform but it will give me more hassle if I will do such regular withdrawals out my trading earnings. Also a trading funds must always be intact with your exchange account since you are following the price movement and you don't want to be late when there is a price rally that is happening especially on altcoin trades. Since trades results are meant for long term we can't blame anyone why they are storing coins in any kinds of web exchanges.

Risk is always there and I just keep faith that my chosen exchange platform will not turn to a fraud. To minimize the risk, Im using 3 platforms at the same time.

[Rubberduckie]

anyone who was around like me when gox went down knows this.

I do appreciate the OP bringing it up again as people need to be constantly
reminded. I still to this day have no idea what happened to all my 2 bitcoins
and my drivers license and bank information that was sent to mt gox. definitely
be careful.

[rockstar338]

Smart people should know how to keep their money. I think we talking about safe keeping, so not jist exchange site, there is other services that can easily crash in some moment. People should be ready for worst situation that can happen, that way everyone will try to protect their money in best possible way. I think its not hard to spend 10 minutes and download some good walllet, that 10 minutes can save you from big agony. When I started with bitcoins transaction fee was too high for my earning, and I felt how I lose a lot on that, its better to protect your money with little losses, then to stay without all money you had.

[prabowo96]

Smart people should know how to keep their money. I think we talking about safe keeping, so not jist exchange site, there is other services that can easily crash in some moment. People should be ready for worst situation that can happen, that way everyone will try to protect their money in best possible way. I think its not hard to spend 10 minutes and download some good walllet, that 10 minutes can save you from big agony. When I started with bitcoins transaction fee was too high for my earning, and I felt how I lose a lot on that, its better to protect your money with little losses, then to stay without all money you had.

The problem is the information, just check some youtube videos and will you see how many people are talking shit like talking to use an exchange as a wallet so newbies will do that because they are so lazy to read something concrete about it, at least people stopped to flood referral links of ponzi schemes...

[croutonhexagon]

Yes it's true that even exchange site runs away with our money then we could have no mercy on it. Already we know that exchange sites and some wallets come in service to loot us not to make us profit. So we should be very careful with our money in exchange site it happens actually when there is more fluctuations or changes in market

[Skarner21]

Smart people should know how to keep their money. I think we talking about safe keeping, so not jist exchange site, there is other services that can easily crash in some moment. People should be ready for worst situation that can happen, that way everyone will try to protect their money in best possible way. I think its not hard to spend 10 minutes and download some good walllet, that 10 minutes can save you from big agony. When I started with bitcoins transaction fee was too high for my earning, and I felt how I lose a lot on that, its better to protect your money with little losses, then to stay without all money you had.

Yeah you have a good point for me i choose a wallet that i can backup my private keys and seeds so that i can install my wallet anywhere or what wallet company i want to install it.. like on electrum i backup my wallet .dat and seeds and private keys once the electrum server or that wallet are crash i can install my private key to other wallet  like bitcoincore or mutibit.. so you can be still recover all your bitcoins..

[danherbias07]

This is a very important talk here and many have shared their experiences in how they deal with it after a sudden lost in one bitcoin exchange. We should look to other option besides an online wallet. We might regret it at the end if we dont change it.

[Zadicar]

Smart people should know how to keep their money. I think we talking about safe keeping, so not jist exchange site, there is other services that can easily crash in some moment. People should be ready for worst situation that can happen, that way everyone will try to protect their money in best possible way. I think its not hard to spend 10 minutes and download some good walllet, that 10 minutes can save you from big agony. When I started with bitcoins transaction fee was too high for my earning, and I felt how I lose a lot on that, its better to protect your money with little losses, then to stay without all money you had.

Yeah you have a good point for me i choose a wallet that i can backup my private keys and seeds so that i can install my wallet anywhere or what wallet company i want to install it.. like on electrum i backup my wallet .dat and seeds and private keys once the electrum server or that wallet are crash i can install my private key to other wallet  like bitcoincore or mutibit.. so you can be still recover all your bitcoins..

As long as you have your seed,private keys, wallet.dat file..you would never lose your bitcoins..as you said you could always recover your bitcoins if your wallet does have a problem. Keeping bitcoins on exchanges aren't bad at all as long you putted only a small amount. It's better to be aware on the possible risk.

[clickerz]

Yes it's true that even exchange site runs away with our money then we could have no mercy on it. Already we know that exchange sites and some wallets come in service to loot us not to make us profit. So we should be very careful with our money in exchange site it happens actually when there is more fluctuations or changes in market

There exchanges which are trustworthy also, but of course we can not trust 100 percent as even a legit one got bankrupt also. As always,we will b wary of whats happening and as the title of this thread it says NEVER..and I believe so. We ca not tell when will those exchanges will ceased to operate.

[johnnyyash]

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.

noted...thanks for the advice...i will heed your advice..

[Ya-ing]

It is better to fix an amount above which you'll never keep coins on a exchange. Some are needed to trade comfortably, and more to get in and out more opportunities, but it is a good policy to limit the amount. Completely agree on that.

[Bitcoinsummoner]

It is better to fix an amount above which you'll never keep coins on a exchange. Some are needed to trade comfortably, and more to get in and out more opportunities, but it is a good policy to limit the amount. Completely agree on that.

But in trading the more you invest the more you can make profit.. and i think you need to stay your high amount in exchange site but  there is other way to lower the risk i think spreading them into other exchange site can be help.. to make more profit with low risk..

[Shiroslullaby]

I would be interested to hear what traders do to limit their risks.
How much do you feel comfortable keeping on an exchange?

When you are invested in multiple coins it becomes messy.
I certainly do not want to have ten different wallets installed and keep track of keys/ passwords for all of them.
But even with 2FA turned on I do not feel comfortable having a large amount of money on an exchange...

[ivanst776]

When you are invested in multiple coins it becomes messy.
I certainly do not want to have ten different wallets installed and keep track of keys/ passwords for all of them.
But even with 2FA turned on I do not feel comfortable having a large amount of money on an exchange...

The 2FA doesn't guarantee you that someone else will steal your coins on the exchange.

This is to prevent others to access your account but when an internal "hack" happens inside the exchanges then you have nothing to do.

That's why no exchange provides a private key or something similar to control fully your funds there and we should be aware to keep as small amount there as possible.