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Author Topic: Trading and security  (Read 2125 times)
Yutikas_11920
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September 07, 2017, 10:21:23 AM
 #41

You should understand that everything in life is a risk and you should calculate your risk before venturing into something in liquid. Traditionally offline wallets is the most save wallets and I will advise you to take the security of you investment very serious as most of these exchangers trading platform are scammer. You should keep at least 90℅ of your risk capital on offline wallet.

Well, risk is something we will never get rid of all the things done, because risk is indeed the absolute challenge that exists in every thing related to the economy. So we can only minimize a risk and will never be able to eliminate it, the more we growled to get rid of it the closer we are to defeat. Wallet offline or online does have a difference, but one thing you should know that it all depends on how you choose and create a double security. Because most will not be separated from us.
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September 07, 2017, 10:59:50 AM
 #42

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?

For those advising to keep funds out of exchange sites, knows what they are saying and the issue of BTC-e comes to mind where the amount you can get for now is 55% of your fund for someone having the amount you have there, its definitely loss of sizeable amount of investment which the balance might not be available again and even if it does, not at the right time. For me, the past is a fundamental lesson that should shape our decision not to fall in the same situation those that have gone before us have witnessed. Just keep it where you can control it.
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September 07, 2017, 03:23:53 PM
 #43

unless you trade your entire 5 figure sum, no, it's not possible

your best bet would be to keep 80% in a hard wallet and trade the rest 20% with margin/leverage
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September 07, 2017, 04:31:52 PM
 #44

That's what I do, not in the same percentages, but yeah - it gives my some security and a substantial trading collateral.
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September 07, 2017, 04:41:18 PM
 #45

if u want to hold bitcoin for a few yrs it's better to keep a bitcoin on the hard wallet or paper wallet because you hold your private key. but if you are bitcoin trader you want more bitcoin you better exchanger put your bitcoin. anytime you buy altcoin remember when the altcoin price increases 90% is twice your bitcoin number.
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September 07, 2017, 04:41:27 PM
 #46

So i watched one of those videos on youtube where someone mentioned to not keep your coins on bittrex and keep it in your own wallet.  Do most bittrex users do it this way or not?  He says when you are ready to buy or sell a coin, then send the coin to bittrex.


However if thats the case, wouldnt you need to download 10s of wallets if you plan on trading at least 10+ coins?  The other thing is if you do this, wouldnt you need to pay those sending fees like bitcoin to do this?  So in other words, keeping a lot of btc or altcoins in your bittrex wallet is not secure?  I had thought with a bittrex account, you dont even need wallets anymore etc...




You just need to look at the history of crypto exchanges (Mt. Gox, Cryptsy, Bitfinex, BTC-e) to realise that there is a significant risk holding your coins on an exchange. In general, the rule is if you don't own the private key you don't own the coin. If you trade then the exchange getting hacked, shut down or going bankrupt is an additional risk you have to take on top of the risk in trading.

Depending on what coins you own there are several multi-coin wallets available.


If you look at the balance sheet in a company’s annual report, you may notice some interesting entries listed among its assets. “Trading securities” or “trading account assets” are a special class of investments -- including stocks and bonds -- and are treated quite differently than most other assets a company holds. In fact, U.S. accounting rules require companies to classify the intent at acquisition of any stocks or bonds to accurately value them for accounting and tax purposes.
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September 07, 2017, 04:47:50 PM
 #47

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 think if you are a trader, and you operate on large trading floors, you do not need to worry about security. Because they always make sure you are safe about security issues, however, you also need to do everything right according to their needs.

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September 07, 2017, 04:48:49 PM
 #48

I have never experienced a problem with my wallet security (not wallet paper).
as long as you use 2fa in my opinion, your account / your wallet will be fine.

Tell that to all the people that lost coin at the exchanges and wallet sites that got hacked. I lost quite a lot (to me) at Cryptsy, a little dust at Inputs.io and got lucky that there was nothing in my Mt. Gox or BTC-e accounts.


A way bigger threat are actually the exchanges itself. You can use a strong password, 2FA etc etc. but all this doesn't matter when the operators of the exchanges itself are robbing you ... and you can't do anything about that, when you are a regular trader.

Can you explain in more detail how the operators of the exchanges are "robbing" you? If you're talking about the fees, then guess what: exchanges are also businesses, which are put up to make profit. You expect a company to spend thousands and thousands of dollars for their website and the huge database, employees, etc and put up their site without fees? Come on now.

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September 07, 2017, 05:14:58 PM
 #49

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 think if you are a trader, and you operate on large trading floors, you do not need to worry about security. Because they always make sure you are safe about security issues, however, you also need to do everything right according to their needs.
Totally agree. make sure that you do not to reveal the information, always install the mail sign in trading floor in 2FA mode, carefully kept mail accounts, the ID in the trading floor always in 2FA.


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September 07, 2017, 05:22:07 PM
 #50

I have never experienced a problem with my wallet security (not wallet paper).
as long as you use 2fa in my opinion, your account / your wallet will be fine.

Tell that to all the people that lost coin at the exchanges and wallet sites that got hacked. I lost quite a lot (to me) at Cryptsy, a little dust at Inputs.io and got lucky that there was nothing in my Mt. Gox or BTC-e accounts.


A way bigger threat are actually the exchanges itself. You can use a strong password, 2FA etc etc. but all this doesn't matter when the operators of the exchanges itself are robbing you ... and you can't do anything about that, when you are a regular trader.

Can you explain in more detail how the operators of the exchanges are "robbing" you? If you're talking about the fees, then guess what: exchanges are also businesses, which are put up to make profit. You expect a company to spend thousands and thousands of dollars for their website and the huge database, employees, etc and put up their site without fees? Come on now.

Most of the so called hacks of exchanges that went bust are suspected of being inside jobs. Look up the ones I mentioned above. If the owner or employees are going to abscond with your coin then using 2FA isn't going to help you.

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September 08, 2017, 05:41:55 AM
 #51

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 think if you are a trader, and you operate on large trading floors, you do not need to worry about security. Because they always make sure you are safe about security issues, however, you also need to do everything right according to their needs.
Totally agree. make sure that you do not to reveal the information, always install the mail sign in trading floor in 2FA mode, carefully kept mail accounts, the ID in the trading floor always in 2FA.




That's the most important i think. 2fa helps secure your coins for any transaction so it's essential that you activate that gor safety. Though i don't have that much btcs in my wallet and i don't think anyone would consider hacking my wallet but it's never a bad idea to be sure

 
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September 08, 2017, 07:45:24 AM
 #52

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.

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September 08, 2017, 11:39:14 AM
 #53

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 can keep it like that unless and until you are doing the exchange over trusted exchanger site. Storing your coins in the multi wallet like storj and waves is also another good option and is preferred one off course. With Multi wallet you will have options to hold private keys and with that kinda money I believe I will prefer the wallet only. Trades can be done easily as it takes half an hour sometimes more if you have paid low fees for transferring funds from wallet to exchanger. We can tolerate that one without compromising our money.
Security is one of the major concerns of all the holders, especially when it comes to digital world. I keep my bitcoins in two wallets but I have met a guy who has no wallet and keeps his coins on one exchange site. Still, he hasn't lost a single digit from his amount.
He must be clever with his passwords and keys.
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September 08, 2017, 01:20:25 PM
 #54

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.
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September 08, 2017, 04:22:40 PM
 #55

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
>Money loves silence

This is great advice applicable everywhere
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September 08, 2017, 06:05:32 PM
 #56

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 can keep it like that unless and until you are doing the exchange over trusted exchanger site. Storing your coins in the multi wallet like storj and waves is also another good option and is preferred one off course. With Multi wallet you will have options to hold private keys and with that kinda money I believe I will prefer the wallet only. Trades can be done easily as it takes half an hour sometimes more if you have paid low fees for transferring funds from wallet to exchanger. We can tolerate that one without compromising our money.
Security is one of the major concerns of all the holders, especially when it comes to digital world. I keep my bitcoins in two wallets but I have met a guy who has no wallet and keeps his coins on one exchange site. Still, he hasn't lost a single digit from his amount.
He must be clever with his passwords and keys.
Maybe he is a day trader and he need uses Bitcoin for trades everyday.
Example my master teaches me knowledge in trade crypto, he never use could or desktop wallet can keep private key for store his Bitcoin, even exchange has annouce about the risk lost Bitcoin in HardFork. Grin



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Wipro
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September 08, 2017, 06:15:18 PM
 #57

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 can keep it like that unless and until you are doing the exchange over trusted exchanger site. Storing your coins in the multi wallet like storj and waves is also another good option and is preferred one off course. With Multi wallet you will have options to hold private keys and with that kinda money I believe I will prefer the wallet only. Trades can be done easily as it takes half an hour sometimes more if you have paid low fees for transferring funds from wallet to exchanger. We can tolerate that one without compromising our money.
Security is one of the major concerns of all the holders, especially when it comes to digital world. I keep my bitcoins in two wallets but I have met a guy who has no wallet and keeps his coins on one exchange site. Still, he hasn't lost a single digit from his amount.
He must be clever with his passwords and keys.
Maybe he is a day trader and he need uses Bitcoin for trades everyday.
Example my master teaches me knowledge in trade crypto, he never use could or desktop wallet can keep private key for store his Bitcoin, even exchange has annouce about the risk lost Bitcoin in HardFork. Grin

There is no comparision behind the hardfork and the private key usage. Private key can be safe using desktop wallet also but hork fork cannot be controlled by us. Check with your master clearly about that. If you are regular trader in any reputed btc exchange you just need to set up the trade value and limit in your merchant account continuously whenever the price changes.
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September 08, 2017, 06:33:57 PM
 #58

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
>Money loves silence

This is great advice applicable everywhere

Indeed, wealthy people never really brag about their money, whereas the average person always thinks they are rich compared to others.
lixer
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September 08, 2017, 08:14:29 PM
 #59

I have never experienced a problem with my wallet security (not wallet paper).
as long as you use 2fa in my opinion, your account / your wallet will be fine.

Tell that to all the people that lost coin at the exchanges and wallet sites that got hacked. I lost quite a lot (to me) at Cryptsy, a little dust at Inputs.io and got lucky that there was nothing in my Mt. Gox or BTC-e accounts.


A way bigger threat are actually the exchanges itself. You can use a strong password, 2FA etc etc. but all this doesn't matter when the operators of the exchanges itself are robbing you ... and you can't do anything about that, when you are a regular trader.

Can you explain in more detail how the operators of the exchanges are "robbing" you? If you're talking about the fees, then guess what: exchanges are also businesses, which are put up to make profit. You expect a company to spend thousands and thousands of dollars for their website and the huge database, employees, etc and put up their site without fees? Come on now.

Most of the so called hacks of exchanges that went bust are suspected of being inside jobs. Look up the ones I mentioned above. If the owner or employees are going to abscond with your coin then using 2FA isn't going to help you.

Most of the time the attack is from inside, if people do great hacks then most probably they have assistance of the employees who are working for the company being attacked. The best way to stay safe is to not trust anyone with anything.

Painbird
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September 09, 2017, 12:33:58 AM
 #60

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.

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