How safe is exchange?

[giagge]

It would be nice to have decentralized exchanges, and if it were not possible to have the possibility to have the private key at the time of creating the wallet .

[jaocoincrypto18]

Hi,

Every exchange adding a new btc, eth, token address on the exchange website.
I think they need some private key to set the transaction on this websites.

So is this private key stored in a normal database?
And is this safe?

For me exchanges are not 100% safe in which anytime their website cannot be open anymore. There are lot of exchanges that are being compromised these days in which most of these exchanges are famous like Etherdelta and Parity therefore to ensure the safety of our coins we should only deposit coins that only for trade and coins for the long term should stay in our personal wallet or use the offline wallet like Nano ledger which is a hard wallet in which the most trusted off line wallet.

[ice098]

It would be nice to have decentralized exchanges, and if it were not possible to have the possibility to have the private key at the time of creating the wallet .

For me im 80% sure that exhange are very safe because it is the only thing that you're sure that your money is secure. Also when you exchange your coin its automatically operate in higher level of security. Although there some of them are suspicious so i suggest to you to trust only to those exchanger that on the top.

[Fizpok]

Any exchange is not safe. If you use this assumption, then YOU are safe, as you took measures. Otherwise... sorry. It doesn't mater how reliable exchanges are: you should assume no safety. Or in an unlikely event of a failure you will not be ready.

[bitkanu]

It would be nice to have decentralized exchanges, and if it were not possible to have the possibility to have the private key at the time of creating the wallet .

For me im 80% sure that exhange are very safe because it is the only thing that you're sure that your money is secure. Also when you exchange your coin its automatically operate in higher level of security. Although there some of them are suspicious so i suggest to you to trust only to those exchanger that on the top.

Are you really sure? There's so many exchanges that turned out to be scam out there and you can easily say that 80% of all those exchanges are very safe, then the safety and security of using hardware wallet might be 8000% for you.

Just my advice guys, whether it's decentralised exchanges or centralised ones, keep in mind that when your money isn't in your hand, it can be assumed that it's not safely secured.

[SoliDCoiNs]

Hey guys!

    - How safe is gate.io?
They have just listed my precious gem - Lympo - and I just wanted to know if its cool and safe or is it all yobit 'goes in, not out'
Cause they are listed on idex https://idex.market/eth/lym but its just 502s all day long..

Any feedback much appreciated because I'm really worried about the LYM tokens right now, invested big time, don't wanna burn down!

[sunno330]

Hi,

Every exchange adding a new btc, eth, token address on the exchange website.
I think they need some private key to set the transaction on this websites.

So is this private key stored in a normal database?
And is this safe?

You should not import private key to any site. It is so risky. Some exchange site wants private key such as Etherdelta, Forkdelta, IDEX etc.
You can use other wallets which are not store our private key. Such as Bittrex, binance, poloniex etc. All time make safe yourself.

[semobo]

Exchanges are not safe place to store our coins and tokens we need to move it to the wallets if we want our funds to be secured.
But exchanges also has 2FA security which can save us from small hack attacks but it will be no use if that whole exchange get hacked.

[Lampaster]

Yes I know.
But do they store the private key in a normal database?

They can not store coins in a closed mode. Each coin user must have access to their coins 24/7. If hackers gain access to the database they are accounts on their behalf make a withdrawal of coins bypassing the protection and authorization. We are always at risk. But that's life. Without this, it is impossible to trade.

[ccsang]

Exchanges are not safe place to store our coins and tokens we need to move it to the wallets if we want our funds to be secured.
But exchanges also has 2FA security which can save us from small hack attacks but it will be no use if that whole exchange get hacked.

Most of the exchange is safe but for long term it's not suitable to store our investment token, even exchange 99% is safe but still have 1% risk get hacked, better transfer to own private wallet (recommend hardware wallet)

[Kryten12]

Unless you want to trade multiple times a week in and our of different coins or in and out of FIAT then you should never trust your funds left on an exchange and always keep them in your own wallets.

[engesi]

You should try to avoid trading on small exchanges. Well-known exchanges such as Bittrex, Binance, OKcoin, these exchanges have a lot of people to play on them, you can rest assured that your funds in these Exchange.

[etin06]

Hi,

Every exchange adding a new btc, eth, token address on the exchange website.
I think they need some private key to set the transaction on this websites.
Exchange is not safe. If you have money in exchange they are not yours they belong to the exchange it comes yours when you withdraw it to your wallet.

So is this private key stored in a normal database?
And is this safe?

[Rotsor]

They are relatively safe. Relatively mean that you can trade on exchanges and make money from your trading and as long as you do not leave your coins in the exchanges when you are done then you are safe. Using exchanges as a means of storage for your coins is not advisable and you are more likely to lose your coins on exchanges than in wallets which you own the private keys to.

[wuvdoll]

Many exchange operate different level of security checks and balances! You may not be able to really verify their claim, which mean you have to trust them blindly! I will advice anyone keeping all their funding on exchange to think twice. Don't put the fund you can't afford to lose on any exchange!

No matter what, no exchange should be considered safe as long as they are centralized and the most important thing is to never leave your assets in them unless you have intention of trading them if you do not want to end up being screwed like the days of MtGox and the likes. The thing is that they may promise to be using a high level of security, but does this really guarantee anything much except to be at the mercy of the exchanges not having a loop hole and make them vulnerable to being hacked ? I doubt .

[fadlyzuld]

Yesterday i have setup f2a for my email, i suggest you should be setup verify mobile phone on exchange, when you or some one login your account, need send code verify to mobile phone and f2a on app, similar to your email, one case you will be lost is exchange announces they got hack =))

[krigger]

They are safe to trade with if that is what you are asking. What ever move you make regarding your trading on any exchange is your responsibility and they will give you your coins when you need it. It is important to know that exchanges are not wallets and should not be substituted and used as a wallet for the storage of your coins, saving your coins there can be risky.

[Olgdanil]

It depends on which exchange, if the exchange is decentralized (for example, as an IDEX), then you bind your wallet with your key to it. If the exchange is not decentralized, then you use their wallets and the keys are kept by them and you risk them naturally, so if you plan not to trade coins for a long time, it is better to take them out of the stock exchange to your purses.

[Supercrypt]

Hi,

Every exchange adding a new btc, eth, token address on the exchange website.
I think they need some private key to set the transaction on this websites.

So is this private key stored in a normal database?
And is this safe?

For me exchanges are not 100% safe in which anytime their website cannot be open anymore. There are lot of exchanges that are being compromised these days in which most of these exchanges are famous like Etherdelta and Parity therefore to ensure the safety of our coins we should only deposit coins that only for trade and coins for the long term should stay in our personal wallet or use the offline wallet like Nano ledger which is a hard wallet in which the most trusted off line wallet.

They can never be, as the only thing that is the safest is your cold wallet as long as your private key is intact. Exchanges are centralized and in that case, anything happening to the exchange negatively is definitely going to be affecting the users’ fund. The reason it has been clamored not to leave long term assets on exchanges is basically because of this and I believe by now, this is one principle everyone should have imbibed.

[ipanks]

I am sure that the exchange will use everything to protect their site and their member because they want to give something to their member. and if there is any problem related to their site, they will do whatever it takes to give protection from the attackers. besides that, they will announce if they are finished to solve the problem or give any information related to their sites.