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Author Topic: Trading and security  (Read 2015 times)
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September 09, 2017, 03:58:40 AM
 #61

I heard it too but my BTC in some exchange is too small only so its ok for me i think the hacker dont want to take advantage on that i hope LOL but if you realy have a huge amount of bitcoins then you have to make it safe coz exchange wallet is realy belong to exchange and they can take it anytime they want

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September 09, 2017, 04:00:14 AM
 #62

I used 2FA security in trading exchange. I think its safe,but anything can happen in online.so my point of view I tell that for security 2FA is the best.
I also used 2FA security in the exchanger that I make a trading because it can helps us to secure our account in the site and prevent open it by others without our own permission. There are many hackers now who are trying to still our funds in trading site that's why the trading site also offers a 2FA security.

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September 09, 2017, 03:20:39 PM
 #63

I know a few people who do that too, but I think it's more luck than anything else. I personly keep thr majority of my coins in cold storage, paper wallets etc and the trading amount on hot wallet. When I finish trading I always withdraw everything from exchange. This way I don't worry and I can choose any exchange I want.
You are no doubt a very smart person as far as I come across. I must advice each and every one to adopt the strategy which you have adopted. You should never keep the Bitcoins which you are holding and the ones with ones you want to do trading. You should keep them totally separate and safe too.

I do see many people hoard their all bitcoins into one wallet type and on the undesirable events, they all get big disappointments. This will also apply the trading exchanges we do trade.


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September 09, 2017, 04:22:27 PM
 #64

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?
In this world everything is full of risk whether to do work in offline or in online .
But here to work with thr bitcoin is much safe way to deal with your money .
But here if you are thinking that trading is a risky think from the point view of the trading then you are right because at the exchange attackers can attack and can steal coins because we have security with the official Wallet but not that type of security at the exchange like things where all types of wallets are listed .
Here i am not saying about the assumptions but already i seen about 1.6 years ago where from most of the big exchange Etherium coin was steal by the hackers from those accounts who have in bulk .
So we can expect that type of the securities .
But here also we can see that the makers of the exchange platforms are not less experienced , they are also giving us the better facility of securities , so we can expect a better security if we have our money in multiple coins and at multiple exchange so that we can lower the risk much as we can .
Honestly i am doing trading since 4 years but still nothing i faced here any problem with any exchange .
So don't take much tension about the securities because you are not only the single one in this field , another people are using it for the bulk trading at every exchange and also making big earnings also .
So be positive and give best to your work to get better success in this field without thinking anything negative about it .


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September 09, 2017, 05:06:51 PM
 #65

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.
It is a good thing to have a code as a good expale of security that could level and heighten up the security of your wallets. But it is also a good option for people ti have multiple account of wallet depending on its usage, for expale if for holdings daily transactions, and concreting so you could limit and save at the same time.

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September 09, 2017, 05:22:07 PM
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If you are day trading then you actually have no choice but to select a trusted exchange or trading platform. If the coins will not be moved for more than a week, then I suggest you take it out of the exchange.

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September 11, 2017, 02:55:07 PM
 #67

Yeah, that's what I do most of the time.
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September 11, 2017, 03:38:23 PM
 #68

I used 2FA security in trading exchange. I think its safe,but anything can happen in online.so my point of view I tell that for security 2FA is the best.
I also used 2FA security in the exchanger that I make a trading because it can helps us to secure our account in the site and prevent open it by others without our own permission. There are many hackers now who are trying to still our funds in trading site that's why the trading site also offers a 2FA security.
If you do not use 2FA for security your account, in someday hackers will rob all your funds on exchange is possible. Because the trend of the cryptocurrency market has attractives many hackers interested to this field, they know have many newbies here and can give them a lot of money.

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September 11, 2017, 04:09:12 PM
 #69

I know a few people who do that too, but I think it's more luck than anything else. I personly keep thr majority of my coins in cold storage, paper wallets etc and the trading amount on hot wallet. When I finish trading I always withdraw everything from exchange. This way I don't worry and I can choose any exchange I want.
You are no doubt a very smart person as far as I come across. I must advice each and every one to adopt the strategy which you have adopted. You should never keep the Bitcoins which you are holding and the ones with ones you want to do trading. You should keep them totally separate and safe too.

I do see many people hoard their all bitcoins into one wallet type and on the undesirable events, they all get big disappointments. This will also apply the trading exchanges we do trade.
                              Yes. Honestly when it comes to money being involved, you must be having any back up plans or decisions to made, or take some immediate measures for your safety. We cannot really say it for sure if what might gonna happen if you will just let your coins sleep or just let your bitcoin sleep to some exchanges, that is why you have such a nice idea and strategy, hopefully people would also notice this one and apply, because currently this is also my method so that I am at a lesser risk than letting it be.

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September 11, 2017, 04:16:15 PM
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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?

You need to decide how much of your total bitcoin stash you are comfortable losing, and only send that amount to the exchanges, and keep the rest in your own hardwallet.

Also take profits regularly and withdraw profits. That way, the % at risk is lower.

Sadly exchange risk is real - as those who had money in MtGox, Mintpal, Cryptsy, Bitfinex and BTC-E can attest.

The only group that is insured against hacking is Coinbase/GDAX. (Though Gemini might also be insured, I know they are fully licenced by New York State and I think the licence requires reserves to be held).

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September 11, 2017, 04:16:47 PM
 #71

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?
as long as using 2 Factor Authentication I'm sure your wallet will be fine. I have been using 2fa for 2 years and have no problem with my wallet.

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September 11, 2017, 05:12:24 PM
 #72

That is correct. It is very risky to keep your bitcoin in a exchange wallet. Look at btc-e. There are likely a thousand of people losing their money there. HOlding your in an exchange is not good at all. It can go down in any situation. Therefore, even when you have set all of the security, there is nothing can ensure that your balance will be safe there

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September 11, 2017, 05:53:43 PM
 #73

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.

If you experience issue and difficulty in regards to managing a specific wallet in trading you must consider using a singles wallet. Hence, we should also consider that in terms of transaction there are differences and allowed wallets that could help them to experience a better way of transaction, investments and trading in the platform of a multi purpose wallet or even having multiple wallets.

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September 12, 2017, 07:32:47 AM
 #74

>Money loves silence

This is great advice applicable everywhere
Yes, if someone will keep on posting rather boosting about his wealth on all social forums and websites, he better get ready for attacks. You cannot keep bees away from sweets for long once you have shown it to them. So, the lesser you open your mouth the better it is.
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September 12, 2017, 10:47:18 AM
 #75

I know trading in exchange is risky because we are user does not have the private key of the trading account but to minimize the risk i activated 2FA in every exchange, use uniq and privacy email address also activated 2 step verification of the email, keep and bookmarks link of the exchange,dont click any link from third party if you joined in telegram group, and use anti virus on PC/Laptop.
Trading and security are important for every person who invests in crypto currencies. So far as I am familiar with these crypto currencies bit coin is known the most secured i.e. encrypted and easily tradable and exchange able virtual currency. So I will suggest people to invest in bit coins.

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September 12, 2017, 11:23:15 AM
 #76

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?
Trading is all about risk and you should not even go into it without proper knowledge of were and how you coin is going to be kept. we have many exchanger, that has reputable name and they have been in business for long that you can comfortably keep your coins. You should feel free in using any of the following exchanger: poloniex, c-cex, bittrex and livecoin.

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roadbits
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September 12, 2017, 02:54:42 PM
 #77

I know trading in exchange is risky because we are user does not have the private key of the trading account but to minimize the risk i activated 2FA in every exchange, use uniq and privacy email address also activated 2 step verification of the email, keep and bookmarks link of the exchange,dont click any link from third party if you joined in telegram group, and use anti virus on PC/Laptop.
putting full money in exchange site is a big risk, only you keep how much money you want to trade that amount in exchange site and what security you are using to save your account every one must follow this and save your account. last word what you said it is must and should traders follow, use an internet security anti virus to your system. I am using it in my system, but one day my system had a problem, so I used my friend system and opened my local exchange site to transfer some BTC to another account. I am copying my address but while pasting it is showing other address I tried this couple times all time it changed automatically. i suddenly log out and clear my browser history. If i do not notice this, my BTC will go wrong address. This is 100% virus problem in that system. So using anti virus is very safe.
Dart315
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September 12, 2017, 05:32:20 PM
 #78

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?


The only group that is insured against hacking is Coinbase/GDAX. (Though Gemini might also be insured, I know they are fully licenced by New York State and I think the licence requires reserves to be held).

Why so?
MrBitter
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September 12, 2017, 05:48:47 PM
 #79

Keeping your BTC or any other coin on exchanges is very risky cos n there is very little you can do to protect it from any kind of exchange scams like shutting down without any notice,
all you can do is activate 2fa for more security from hackers,
Vikingr
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September 12, 2017, 11:22:47 PM
 #80

>Money loves silence

This is great advice applicable everywhere
Yes, if someone will keep on posting rather boosting about his wealth on all social forums and websites, he better get ready for attacks. You cannot keep bees away from sweets for long once you have shown it to them. So, the lesser you open your mouth the better it is.
I think if you invest your money in Bitcoins and then you start trading, you have to be very much careful as there will be a lot of scammers who will be keeping an eye on your money and will be trying their best to take away your money. There will be no one else but only you who needs to protect his money at the time of trading.

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