How safe is exchange?

[nokat]

There has been the issue of exchange sites being hacked. This puts fears in investors and some bounty hunters as to continue with the trading system on what.

[goodman4hire]

I think your more at risk of having the exchange change rules mid stream and rip you off that way vs having a hacker break through the cod and algorithms.  I have had Huobi rip me off in this way. 

[fuer44]

secure
I even sold a token and kept it in the exchange because the transaction was quite long, so I didn't have to withdraw it to my wallet account. after the morning I checked, everything was fine and did not disappear at all.

[Psalms23]

I think it is safe to leave your coins at exchanges because if it is not then no one would dare deposit and trade there. The advise is that if you hold longer, just get your coins out because you cant know if anything happens the exchanges suddenly quit you are going to lose your money.

[jayendo]

For me, the exchange is a chance to earn and store money without any fear of losing money. The exchange is fully responsible for my funds

[Accts4u2]

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?

Exchanges are safe enough for you to carry out your trading activities but not safe enough for you to use them as a wallet to store your coins. You are more at risk of losing your coins if you leave them in an exchange than if you have them in your own personal wallet. The fact is that if you do not control the private keys to the wallet then you do not control your coins.

[SmartIphone]

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?

Exchanges are safe enough for you to carry out your trading activities but not safe enough for you to use them as a wallet to store your coins. You are more at risk of losing your coins if you leave them in an exchange than if you have them in your own personal wallet. The fact is that if you do not control the private keys to the wallet then you do not control your coins.

If you want to hold them for a mid-long term then wallet is the only logical option as the money will be stored in your wallet and only you have access to it and only you control it.
Storing the crypto currencies into the exchanges has many pros and many cons, if you are a daily/weekly/monthly trader then exchange should be fine but should take care always.

[ecmnesiacrypto]

I don't save coins in exchange because it's dangerous. I prefer to save coins in a personal wallet because I save a PIN without having to know someone else. Storing in the exchange is potentially affected by hacking.

[jonhn772]

I don't think that every exchange is safe for store our coins. But there have some exchange with very high security. But still I didn't like to store my coins at exchange.

[Benladeng]

Those large trading platforms will not store the private key in the normal database, and I can tell you with certainty that the current cryptocurrency platform is not absolutely secure!

[pinkliar]

Those large trading platforms will not store the private key in the normal database, and I can tell you with certainty that the current cryptocurrency platform is not absolutely secure!

That is the reason why we need to take care our account and don't stay your coin in exchange. As long as you want to hold your coin put in on the wallet that can secure your coin.

[Supremacy2]

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?

To be sincere, exchanges are not safe to leave your Money on them. Many things had happened about missing of funds(coins) on different exchanges, that's why is safer to leave your funds on personal wallets and secure it with G.A. my thought

[Chichitalent]

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?

Exchanges are not really safe, that's why it's good to keep what you can afford lose on exchanges and make use of personal wallets mostly.

[olyamart2017]

Generally, the private keys are kept by the exchanges stuffs or managers, there are risks that the exchanges will take away your coins, but I think some big exchange will not do that since they can make great profit to keep the exchange safe, instead of taking the coins away for a short time profit.

I agree with you. for example, take a stock exchange binance that very much values its reputation in particular security. and recently it was hacked twice, but it was not possible for the scammers to steal (as far as I know) and they will compensate them in case they steal. by itself on stock exchanges garbage and catch nothing

[jjeeppeerrxx]

Rule is to leave only the coins you are trading with on the exchange, anything long term should be put into a proper wallet off the exchanges.

They can shut down any time and all your coins will be lost!

I agree with your statement Sir, there are couple of exchange sites who scammed their users withdraw all the tokens and shutdown the site and take away all the money.

The question is this: How to determine a legitimate and longterm exchange site?

Second: Do exchanges need to register for legalities to consider as legitimate and we can sure they will not scam people?

[lksufrr]

Their private key is stored in a normal database I suppose. But yes, you should use exchanges only for trading. They are not supposed to keep you coins. So be careful and keep your coins in wallet.

[maunbot]

never hold a coin in exchange or you will lose it, currently exchange is very easy to hack, be careful, to hold the coin must be in the wallet

[sukoyomi]

depending on where you exchange. My advice is if you want to trade and trade on the exchange, then you must use a well-known exchange, or at least you can see it in Coinmarketcap.

[trobbert]

It depends on exchange. Some of them are safier and anothers aren't. At the same time Mt.Gox was the biggest exchange and it was hacked.
Also I heard that big exchanges attract more hackers.

[KingOfWinterfell01]

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?

There are definitely a lot of safety precautions these exchanges take in order to secure everyone's bitcoins, eths, and tokens. They would be immediately shutdown if they didn't, anyway. But I personally would pick the ones who are already known in the internet and not some shady exchange that no one stores on.