Where do bittrex users keep their bitcoins/altcoins?

[jerry0]

I'm thinking about trading mostly altcoins.  But of course you need bitcoins to trade altcoins.   However i read that most people do not keep their bitcoin/altcoin in their bittrex account.  Is this true or false?  I heard accounts have been hacked and some people say to keep the coins in your wallet.  The issue of course with this would be you have to download a ton of wallets if you trade 10+ different altcoins etc.


So to those of you that trade bticoin and altcoins, do you just keep your bitcoins and altcoins in your bittrex account? 


What about you who trade mostly bitcoin and say ETH and Litecoin only?  I assume you just keep it in your own wallet like electrum?  So whenever you are going to do a trade, then you send the coin to your bittrex?  The issue is if you do this, well you have to pay a fee everytime you send if you want the funds to be there quickly.  So if thats the case, shouldn't you just keep your bitcoin/altcoins in your bittrex account if you plan to trade a lot?


I believe other coins like litecoin there is a very tiny fee when sending and sending is pretty quick?  However with bitcoin, if you dont put a decent fee, it could be very slow right?


Then again, i cant imagine someone downloading 10+ or more wallets on their computer to trade altcoins.  I mean do people really download wallets like funfair wallet for example if they want to buy this coin as oppose to just keeping it in their bittrex account since its more simpler?

[Cicada1033]

The best advice anyone will give you is to always store your coins in our own wallet and not leae them on the exchange. Leave them on the exchange these coins are technically not yours. Imagine having 50$ in a bankaccount. They say they store it for you and you can get it anytime you want. But history has shown that banks go bankrupt from time to time and if that happens you won't see your money ever again.

Of couse if you only deal with small amounts and you have a lot of transactions it makes no sense to move them to your wallet every time. You personally have to set up a rule how long you will leave your coins on the exchange. For me as a long term investor I just use the exchanges as the middlesman just like they should be used.

[TryNinja]

If you can, hold each one of your coins in a wallet you fully control.

Bitcoin, Litecoin, Ethereum and all other major coins SHOULD be held by you. Never leave them in any exchange if you are holding a big amount and isn't going to day trade a lot.

In my case, if I'm going to trade random coins that requires me to download unknwon and not trusted softwares, then I just leave them in the exchange. While those that are supported by an all-in-one wallet such as Eden or Exodus are stored by me.

It all comes down to how much you want to risk.

[pinkflower]

Use a light wallet for whatever coin if its available. Use the Jaxx wallet, Exodus wallet and Coinomi. Those three are the most trusted multicoin wallets by the community as of today. There might be others but those three are the best for me. But be careful with Jaxx, your seeds are not encrypted by your pass key, so be sure to have your PC or mobile device secure or store your Jaxx files in a USB.

If you have no other choice, download the blockchain.

[timerland]

Personally i keep all major coins off site because if anything happens, then i still have access to these coins and i don't have to depend on bittrex to do their job correctly. The amount of time that i hold my btc/eth/any erc20 token on bittrex is minimal.

However, if it is some coin that only got recently released and there are no light wallets available for it, i tend to just keep it all on bittrex.

It's risky, but it saves time and i don't have that much anyways. Do whatever you like but regard whatever you store on bittrex as gone so you don't get disappointed if anything happens to the coins. You don't hold the coins if you don't have the keys to the address.

[Kyraishi]

I'm thinking about trading mostly altcoins.  But of course you need bitcoins to trade altcoins.   However i read that most people do not keep their bitcoin/altcoin in their bittrex account.  Is this true or false?  I heard accounts have been hacked and some people say to keep the coins in your wallet.  The issue of course with this would be you have to download a ton of wallets if you trade 10+ different altcoins etc.


So to those of you that trade bticoin and altcoins, do you just keep your bitcoins and altcoins in your bittrex account? 


What about you who trade mostly bitcoin and say ETH and Litecoin only?  I assume you just keep it in your own wallet like electrum?  So whenever you are going to do a trade, then you send the coin to your bittrex?  The issue is if you do this, well you have to pay a fee everytime you send if you want the funds to be there quickly.  So if thats the case, shouldn't you just keep your bitcoin/altcoins in your bittrex account if you plan to trade a lot?


I believe other coins like litecoin there is a very tiny fee when sending and sending is pretty quick?  However with bitcoin, if you dont put a decent fee, it could be very slow right?


Then again, i cant imagine someone downloading 10+ or more wallets on their computer to trade altcoins.  I mean do people really download wallets like funfair wallet for example if they want to buy this coin as oppose to just keeping it in their bittrex account since its more simpler?

The syncing process for the altcoin wallets is going to be a hassle if you are trading multiple coins on bittrex. Personally i like to keep as much as i can under my own management which means that i do download all the desktop clients or at least use the official web wallet.

I mean the risk of bittrex getting hacked is miniscule, so is the risk of them pulling a runner.

But it is enough i think to prompt everyone to withdraw their tokens/altcoins whenever possible from bittrex to an address that you actually OWN.

[jerry0]

Well if you plan to trade say at least 1 time a week or maybe even more, then wouldn't just keeping all your coins on bittrex be fine though?


Also im curious but why do i hear cases of bittrex accounts getting hacked then?  I mean did they download something?  I watched a few youtube videos and people mentioned the hacker even got through their 2FA etc.


So i figure if u use bittrex, well you can keep all coins you buy there and not have to download every single wallet etc.

[timerland]

Well if you plan to trade say at least 1 time a week or maybe even more, then wouldn't just keeping all your coins on bittrex be fine though?


Also im curious but why do i hear cases of bittrex accounts getting hacked then?  I mean did they download something?  I watched a few youtube videos and people mentioned the hacker even got through their 2FA etc.


So i figure if u use bittrex, well you can keep all coins you buy there and not have to download every single wallet etc.

It's all about risk, mate. Even if you trade 1 time a week doesn't mean that bittrex could get hacked, or even your account get hacked. If you are fine with taking this risk for the convenience of being able to trade without having to wait for confirmations then go for it.

As for the people getting hacked even though they've got 2fa on: 2fa isn't perfectly secure. Nothing is.

It could be possible that some of these things are insider jobs, and that's another thing about storing money on an exchange. You have to trust them fully.

[jerry0]

Well if someone invests in 25 different coins.  Are they really going to download all these wallets on their computer?  If you use btc, eth and ltc, i understand you getting a wallet.  But this would seem ridiculous if you download so many wallets on your computer for a coin that say is 10 cents?  But do even coins that are 10 cents have their own wallet?  However the other thing is how do you know those wallets are secure etc?


I had thought the benefit of bittrex was you didnt need to download any wallets anymore?

[TryNinja]

Well if someone invests in 25 different coins.  Are they really going to download all these wallets on their computer?  If you use btc, eth and ltc, i understand you getting a wallet.  But this would seem ridiculous if you download so many wallets on your computer for a coin that say is 10 cents?  But do even coins that are 10 cents have their own wallet?  However the other thing is how do you know those wallets are secure etc?


I had thought the benefit of bittrex was you didnt need to download any wallets anymore?

No. The "benefit" of Bittex or any exchange is trading your coins for others. If you want to use an exchange as your wallet, you are just dumb. Research what happened with MtGox or Bitfinex last year. Tip: a lot of people lost money.

Here is a quick link for you: http://cryptorials.io/5-biggest-bitcoin-exchange-hacks/

[gentlemand]

The primary problem that seems to have been going around is phishing sites. There've been multiple examples of this recently. If you are on a phishing site and you don't know it then your 2FA will be useless because the attacker can copy it live.

If you're using Authenticator or similar and going straight to the site within your address bar then most of the problems are dealt with right there.

[1Referee]

If you are on a phishing site and you don't know it then your 2FA will be useless because the attacker can copy it live.

Why is it always noobs that fall for phising sites? It may sound harsh, but if you fall for a phising site till the extent of you inserting your password and such, you are in fact a noob. I always manually type whatever site I am about to visit, and not use Google's search engine where it shows a link that people then click on (Google is known for displaying phising sites that pay for advertising). Before pressing enter, I make sure I double check the URL bar to see whether or not I really typed the correct web address. I have become far more paranoid than ever before due to the global attack on everyone holding crypto, because that's what a lot of the last year's malware garbage is searching for.