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Author Topic: Trading and security  (Read 2021 times)
bdog1234
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September 04, 2017, 06:49:11 AM
 #1

I have read dozens of threads saying you need to keep your BTC on a hardware wallet or paper. Anything online isn't safe they say. When trading that is not really feasible is it? I like to move in and out of positions several times a day and often at a moments notice. My trading account has a sizable balance (to me - 5 figures)  in it.

How risky is this and any additional things I could do?
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September 04, 2017, 06:56:20 AM
 #2

You are correct that it's not possible to securely hold your coin and trade with it as keeping it on an exchange means you do not have the private key.

My advice would be not to put all your eggs in one basket. Open accounts at multiple exchanges and spread the risk. Only keep what you need for trading at the exchange and withdraw any profit whenever you can. Also always use a strong password and enable 2FA. If there are any signs of the exchange not being trustworthy, like holding withdrawals and not answering support queries then get out of there as soon as possible.

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September 04, 2017, 07:15:13 AM
 #3

I have read dozens of threads saying you need to keep your BTC on a hardware wallet or paper. Anything online isn't safe they say. When trading that is not really feasible is it? I like to move in and out of positions several times a day and often at a moments notice. My trading account has a sizable balance (to me - 5 figures)  in it.

How risky is this and any additional things I could do?

Read all about Mt. Gox and Bitfinex hack and look how many people lost a lot of funds in those trading platform. I'll just advise you to just enough funds in a exchange for your trading purposes and pull out most of your funds to a secure wallet. Its better to be safe that sorry. If you are willing to let all your funds then take the risk, enable 2FA and make a strong password if they planned to hack your account only. But if its a widely planned exchange hack, then nothing you can do. Its up to you dude. I hope you make the right decision.

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September 04, 2017, 08:13:45 AM
 #4

I have read dozens of threads saying you need to keep your BTC on a hardware wallet or paper. Anything online isn't safe they say. When trading that is not really feasible is it? I like to move in and out of positions several times a day and often at a moments notice. My trading account has a sizable balance (to me - 5 figures)  in it.

How risky is this and any additional things I could do?


I suggest you make 2FA security on each account that has a lot of BTC, minimize the crimes that occur in the online world, if it installed 2FA I think it is safe.

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September 04, 2017, 08:29:02 AM
 #5

I have read dozens of threads saying you need to keep your BTC on a hardware wallet or paper. Anything online isn't safe they say. When trading that is not really feasible is it? I like to move in and out of positions several times a day and often at a moments notice. My trading account has a sizable balance (to me - 5 figures)  in it.

How risky is this and any additional things I could do?
People say to keep your money in hardware or paper wallet because it is more secure than exchange or online wallet.if you keep your money in exchange for long time it might be hacked by hacker or very exchange will be scamed. online is also secure i think if you active 2fa security. Again mind that dont keep your money in one box that means one exchange or wallet.

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September 04, 2017, 09:59:35 AM
 #6

Enabling 2FA will only protect you from people who are trying to hack you and don't have access to your phone. The real security measures should be taken against the exchange itself, we have seen multiple inside jobs and exchanges being hacked in the past. I believe you are following some kind of strategy while trading? like you trade, get profit and then trade with that profit only? If you are doing something similar then try to keep the least possible of funds inside the exchanges, everything else should go to hardware wallet (since the amount is big).

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September 04, 2017, 10:21:38 AM
 #7

I have read dozens of threads saying you need to keep your BTC on a hardware wallet or paper. Anything online isn't safe they say. When trading that is not really feasible is it? I like to move in and out of positions several times a day and often at a moments notice. My trading account has a sizable balance (to me - 5 figures)  in it.

How risky is this and any additional things I could do?


I suggest you make 2FA security on each account that has a lot of BTC, minimize the crimes that occur in the online world, if it installed 2FA I think it is safe.

yes, now this is the most secure way to protect data. But if a hacker decides to crack your wallet, then you do not save your coins. So do not talk about your income. Money loves silence

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September 04, 2017, 10:36:40 AM
 #8

Activating 2fa would really add up security on your account but keeping it on exchanges would really be risky specially op mentioned that its 5 figures then i cant really afford to put it along on exchanges. Hardware wallets is somehow hassle when it comes on having an active transactions if you do really love to have secured wallet then try electrum.Its online but atleast you do have the keys and i would say the security is also good as long you do know how to keep private informations on the wallet.

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September 04, 2017, 10:58:35 AM
 #9

To be perfectly honest with you - if you are keeping money on exchanges, then there is very little you can do to protect it from any kind of inside job.
Of course, you can enable 2FA which will help you avoid hacking attempts targeted directly to get access to your account.
But considered bitcoin history the real thread is the stability of an exchange and high-security standard, but again, who is gonna protect us from inside job?
When I trade on the exchange I always withdraw my money/coins immediately, I know it is a hassle to deposit every time, but I would rather waste my time a money than risk keeping coins online.

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September 05, 2017, 06:40:21 AM
 #10

I have read dozens of threads saying you need to keep your BTC on a hardware wallet or paper. Anything online isn't safe they say. When trading that is not really feasible is it? I like to move in and out of positions several times a day and often at a moments notice. My trading account has a sizable balance (to me - 5 figures)  in it.

How risky is this and any additional things I could do?
People say to keep your money in hardware or paper wallet because it is more secure than exchange or online wallet.if you keep your money in exchange for long time it might be hacked by hacker or very exchange will be scamed. online is also secure i think if you active 2fa security. Again mind that dont keep your money in one box that means one exchange or wallet.
Yes they are right if they say to put everything offline. But what makes you more secure is the idea here represented. Don’t make all the savings in one box or wallet. Online is never secured I am sure but dividing among different wallets you would get some high security in case.

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September 05, 2017, 07:21:05 AM
 #11

I have all the "big monies" spread in different cold storages and the amount I'm trading with I always withdraw at least to an online wallet where I have my keys. It's better to risk some transfer fees than to lose it all.
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September 05, 2017, 07:53:13 AM
 #12

If it's not possible/convenient for you to maintain offline wallet then at least you can use multiple exchanges to avoid the risk of staking everything on one exchange. Even though difficult password and other precautions help you to keep your exchange account safe, sadly it won't restrict anyone from accessing your funds if the database of exchange is hacked. I would advise you to plan a budget for your weekly trades and keep 10% to 15% more of the amount which you think you need for trading in the whole week. I don't think it would be a matter of inconvenience to maintain offline wallet (like Trezor) on a weekly basis, especially when you have a large amount.

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September 05, 2017, 08:08:48 AM
 #13

Activate your 2FA and use a strong password. Try different kind of exchange and put the rest of your bitcoin in a hard wallet if you will not use it to trade. Though its kinda hard doing things back and forth but if this is the safest way then do it because as what they say "prevention is better than cure".
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September 05, 2017, 08:16:48 AM
 #14

Trading in one exchange and put all your hard earned money is not a wiseable decision. Why not try to trade in different exchange and atleast save btc in an offline wallet. And ofcourse with 2fa to secure your btc and as they say don't put your hard earn money in one basket for a better security. Morevoer, be cautiuos in everything you do you know there are many hackers today.

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September 05, 2017, 08:37:32 AM
 #15

Be sure to never expose the email you used for your exchange account. hardware wallet will increase the security for your BTC but keeping it in the exchange will make your hardware wallet meaningless. it's like youre throwing your trust to the exchange and they can do whatever they want to you.
the only thing that will increase your security as mentioned by people above are setting up 2fa for your account or even 2nd password for withdrawal.
and if you can, use decentralized exchange.

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September 05, 2017, 08:41:41 AM
 #16

that is exactly the issue with exchanges and trading that we all face.
those who say "don't keep your coins on exchanges" are either giving general advice like a parrot or they have never traded in their lives.
if you want to trade fast you need to keep something on exchanges at some point. you place an order and wait for it to be filled (buy or sell order). and that is keeping coins on exchanges.

what you can do for extra security (on top of having strong password, 2FA and general security stuff) is to withdraw your bitcoin when you are not trading. for example there are times when market is not so good for trading like when it is unpredictable. you can withdraw those times.
or at least withdraw the profit and keep the principle there.

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September 05, 2017, 02:34:49 PM
 #17

It all depends on which exchange are your coins.
Of course, it is important, as already written here, to activate two-factor aundification.

Use a trusted exchange, located either in the US or in Europe.

Avoid exchanges of Asia and Russia (btc-e)

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September 05, 2017, 02:56:31 PM
 #18

I personally wouldn't use HitBTC and Poloniex.
I've read several comments from users that they had massiv problems to withdraw the cryptocurrency they earned through trading. Especially when they had big sums in their accounts.
Regarding Poloniex - They changed their Terms of Use recently (1-2 months back), that they basically can change whatever they want anytime, without the need to inform the users before. So theoretically they could add some nasty things and it would be automatically active ... and the users can't do anything about it.
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September 05, 2017, 03:01:24 PM
 #19

I have read dozens of threads saying you need to keep your BTC on a hardware wallet or paper. Anything online isn't safe they say. When trading that is not really feasible is it? I like to move in and out of positions several times a day and often at a moments notice. My trading account has a sizable balance (to me - 5 figures)  in it.

How risky is this and any additional things I could do?


I suggest you make 2FA security on each account that has a lot of BTC, minimize the crimes that occur in the online world, if it installed 2FA I think it is safe.

yes, now this is the most secure way to protect data. But if a hacker decides to crack your wallet, then you do not save your coins. So do not talk about your income. Money loves silence
if you can secretly deal with your investment better not to broadcast your earnings since hackers will really loves to try breaking your wallets
and they will try harder  just to get in, 2fa is additional security only but its still us who needs to be more extra careful.



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Bacchu
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September 05, 2017, 03:19:56 PM
 #20

I know that trading site or exchange site are risky for holding coin/btc there.but if i activated 2FA into my account is it fully safe?I am already using 2FA into my all of account.But i don't aware about it that I am fully secure or not!! some one clear it please.

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TMlucyd
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