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mrcash02
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November 05, 2016, 08:42:00 PM |
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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...
They just take the risk... It's necessary in this world. I believe successfully traders already made a lot of profit that they don't matter very much to lose what they have there on exchange, because all that money came from trading profit. And surely they use only those most trusted exchanges which the risk to lose their money is low. |
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"With e-currency based on cryptographic proof, without the need to
trust a third party middleman, money can be secure and transactions
effortless." -- Satoshi
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genos
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November 05, 2016, 09:55:10 PM |
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exchange is difference with wallet, an exchange site could be bankrupt or hacked easily, I do not know why but we better withdrawl our profit after di trading the save it into ou wallet.
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The End Is Neigh
Newbie
 Offline
Activity: 46
Merit: 0
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November 05, 2016, 10:33:10 PM |
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Well, good advice is all I can say. Exchanges are always going to get hacked so just stay away from them and/or don't keep your balance on them when you do an exchange!
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mrkevio
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November 05, 2016, 10:35:44 PM |
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exchange is difference with wallet, an exchange site could be bankrupt or hacked easily, I do not know why but we better withdrawl our profit after di trading the save it into ou wallet.
A web wallet can be hacked too if the correct exploit is found. Always store money on cold wallets. An exchange website, however, does not even need to be hacked - it's enough for the admin to just close it, say that it's been hacked and just run with the cash on you. Easy money. |
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BitHodler
Legendary
Offline
Activity: 1526
Merit: 1179
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November 05, 2016, 10:54:25 PM |
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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...
In my case I only stick to trading Bitcoin, but at the time there is intensive volatility in the market, I tend to have around $2000 in fiat, and like 6 or 7BTC to trade with. The highest amount of coins that I had on an exchange was like 11BTC, but that was at sub $400 prices. Important is that after I have completed my trading day, I strictly withdraw all my coins immediately as I don't want to sleep while my coins are not under my control. |
BSV is not the real Bcash. Bcash is the real Bcash.
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betohell
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November 05, 2016, 11:19:50 PM |
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exchange is difference with wallet, an exchange site could be bankrupt or hacked easily, I do not know why but we better withdrawl our profit after di trading the save it into ou wallet.
I think instead of just hacking and bankruptcy that make the exchange sites closed. I think also because the owner is greedy and make the site into a scam and he brings all bitcoin from the user, it often happens |
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maydna
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November 05, 2016, 11:22:47 PM |
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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. its true because there are no system in the world that is 100% safe, but at least with 2FA, we can protecting our account and if someone hack our account, we can see in history log and we trace for the details and we can see where this thief come from. |
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Mark02
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November 05, 2016, 11:24:41 PM |
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exchange is difference with wallet, an exchange site could be bankrupt or hacked easily, I do not know why but we better withdrawl our profit after di trading the save it into ou wallet.
I think instead of just hacking and bankruptcy that make the exchange sites closed. I think also because the owner is greedy and make the site into a scam and he brings all bitcoin from the user, it often happens Maybe that'll happen if the developer of that site will leave his platform. In the first place, he is getting profit from the 0.2% fee every time they trade. So, if he wants to earn for a long time. He will not close his site. But if he is planning to leave that then even the capital of traders were to be taken also. That's why every time you made a large amount transaction. Make sure to withdraw it right after in your wallet to secure your money and just leave some amount which you will use in your next transaction. |
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bestluck
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November 05, 2016, 11:38:47 PM |
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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. its true because there are no system in the world that is 100% safe, but at least with 2FA, we can protecting our account and if someone hack our account, we can see in history log and we trace for the details and we can see where this thief come from. But there are also risk that someone hack the address and bitcoins from the exchange just like happened on bitfinex. You have to be aware that the hackers try to hack the addresses from the exchanges and then put all the bitcoins in their own address so it is better to not put all of your bitcoins in one place. |
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topbitcoin
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November 06, 2016, 01:21:36 PM |
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Gox
Cryptsy..
If you have most of your coins in Bitfinex.. there will be little mercy when they disappear.
better if you want to keep it in shape bitcoin coin,because of its stable rate... |
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qiwoman2
Legendary
Offline
Activity: 2114
Merit: 1023
Oikos.cash | Decentralized Finance on Tron
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November 06, 2016, 01:59:12 PM |
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I had coins stolen from two exchanges but that was in the early days, now since having 2fa I never had a problem again. I think the extra layers of security really helps if you want to secure your bitcoins and fr sure never have them on one exchange only.
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pereira4
Legendary
Offline
Activity: 1610
Merit: 1183
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November 06, 2016, 03:40:08 PM |
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I have heard stories of people lossing millions of dollars by keeping their coins in exchanges. There was this guy that lost like 300 BTC in MtGox when they where 1000 dollars per coin, and it keeps happening in cryptsy, mintpal etc.
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mlbs
Member
Offline
Activity: 70
Merit: 10
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November 08, 2016, 12:39:26 AM |
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Yes! One should not keep all coins in an exchange since it is very risky. We dont know if it is still there tommorow as we wake up. And although some exchange are very secure still there are lots of hackers that are willing to steal your coins. All i can advice is to invest what you can afford to lose.
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madwica
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November 08, 2016, 01:04:58 AM |
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Yes! One should not keep all coins in an exchange since it is very risky. We dont know if it is still there tommorow as we wake up. And although some exchange are very secure still there are lots of hackers that are willing to steal your coins. All i can advice is to invest what you can afford to lose.
Correct the risk of putting your coin in one exchange was too high than spread your coin in multiple exchange or investment, we always remember that there is a big exchange before that it turn to scam.and i also agree that we need to invest only the amount that we can afford to lose. |
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jossiel
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November 08, 2016, 01:33:13 AM |
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Yes! One should not keep all coins in an exchange since it is very risky. We dont know if it is still there tommorow as we wake up. And although some exchange are very secure still there are lots of hackers that are willing to steal your coins. All i can advice is to invest what you can afford to lose.
That is very risky if you don't know the exchange that you will put all of your coins but if you trust them and they have valid permits from the government where they are basing. I guess that is going to be a good way to trust them and put your all your coins to them and they have a legit and physical office. But if you are just using an online wallet and you are far from them, then don't just put all of your coins. |
Signature for rent
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TopT3ns
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November 08, 2016, 01:57:24 AM |
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i always withdraw my coin to my private wallet when i want to go sleep and deposit it back to exchanger when i want to trade , altough must pay some fee i think it is better than something bad happen with my money
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Ziskinberg
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November 08, 2016, 02:40:58 AM |
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Yes! One should not keep all coins in an exchange since it is very risky. We dont know if it is still there tommorow as we wake up. And although some exchange are very secure still there are lots of hackers that are willing to steal your coins. All i can advice is to invest what you can afford to lose.
That is very risky if you don't know the exchange that you will put all of your coins but if you trust them and they have valid permits from the government where they are basing. I guess that is going to be a good way to trust them and put your all your coins to them and they have a legit and physical office. But if you are just using an online wallet and you are far from them, then don't just put all of your coins. Even if you know the site, it's still not advisable to put all your money in exchange sites. Even in real life, when you have a bank deposits you do not put all your money in one bank. In our country, there is a limit of insured amount so if bank will close and I have more than the limit then I am a loss. Say for example, I have 10 million dollars, I need to deposit that amount in 20 banks or 20 bank accounts if bank will allow different accounts in one bank. This example is based on the insurance of $500,000. This is just an example to qualify the above suggestion.. |
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abel1337
Legendary
Offline
Activity: 2464
Merit: 1145
FOCUS
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November 08, 2016, 03:03:37 AM |
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i always withdraw my coin to my private wallet when i want to go sleep and deposit it back to exchanger when i want to trade , altough must pay some fee i think it is better than something bad happen with my money
I think thats the safe way. You will not be nervous if trading site is being attack or hijack when you are in sleep. But it need more work and suffer from trading site's fees. If back your funds is safe in sound. It is always depending on your choice on what will you choose |
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kidoseagle0312
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November 08, 2016, 04:23:42 AM |
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Gox
Cryptsy..
If you have most of your coins in Bitfinex.. there will be little mercy when they disappear.
It is true that never keep your all coins on an exchange, because there are some exchange having a problem in the host sometimes. But you can trade in any trading exchange platform.Just make sure after you grow your coins there withdraw it at once and transfer it in your bitcoin wallet like bitcoin core. |
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Dudeperfect
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November 08, 2016, 04:38:32 AM |
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Yes! One should not keep all coins in an exchange since it is very risky. We dont know if it is still there tommorow as we wake up. And although some exchange are very secure still there are lots of hackers that are willing to steal your coins. All i can advice is to invest what you can afford to lose.
I usually do not keep more than 10% of my funds on any exchange. You can’t be always sure about the security of your funds so having a secure cold storage is what I trust and use to store my bitcoins. There is 2-factor authentication enabled but still it does not guaranty the full proof safety and it has nothing to do with the hacking of the website network. The best way to trust on self and maintain good and secure cold storage. |
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