How safe is exchange?

[Kevin77]

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

Whether they store the private key in their database or not, is not really much of a concern since obviously they do.
But the fact that you can never have access to it unless they want to change to a decentralized exchange completely is what is important to note here.

Without any doubts, security wise, some exchanges are better than the others, but if you are thinking about having full control of your wallet or funds, then it is something you cannot get. This is simply more like having an online wallet.

[ufalo3]

Do not keep coins on any exchange wallet as we all hear regularly about hackers’ attacks. Use better the desktop version. Additionally make all operations in only the most reliable exchanges like Bittrex.

[regsintered]

No trading platform is 100% safe. Hacker can do everything. The large flooring like poloniex, bitttrex have the best security today and that would be the better choice

[kambaralikhan]

Exchanges are not the safe place to keep your tokens and coins at. Exchanges can be hacked. Always place your cryptocurrencies in wallets. Wallets can not be easily hacked but be very careful with the private keys of wallet. Make multiple copies of it and keep them in different secure places.

[rickadone]

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?

If you want to trade on an exchange, use only the coins you can afford to lose on the exchange in the event of any hacking or scamming. This is because, most exchanges are centralized and you do not have access to your private keys, which makes you not to have full control over your funds. If anything happens to the exchange, then your funds are gone, as simple as that. Probably exchanging with your friends/colleagues/neighbors could be a quick solution here for avoiding exchanges.

[Fangang4]

It's safe to some extent,  depending on the platform

[SportsbookBettor]

Exchanges are not the safe place to keep your tokens and coins at. Exchanges can be hacked. Always place your cryptocurrencies in wallets. Wallets can not be easily hacked but be very careful with the private keys of wallet. Make multiple copies of it and keep them in different secure places.

That's why we don't need to put much money on exchange site to avoid this. Only put bitcoins or altcoins that are for selling purposes only. If you have bought coins or you invest in bitcoin or altcoins. You must transfer it quickly to your own wallet where you hold your own private keys and yes make sure you take care of your keys.

[Freezingel]

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?

I think the private key for each coin is safe because it is held by the owner or staff of the exchange itself. What's not safe is our account, especially if we don't use 2fa. I have the experience of receiving email someone tried to open my account, don't know where he got the information but Fortunately i have 2fa on so he couldn't break in.

[Pamadar]

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?

I think the private key for each coin is safe because it is held by the owner or staff of the exchange itself. What's not safe is our account, especially if we don't use 2fa. I have the experience of receiving email someone tried to open my account, don't know where he got the information but Fortunately i have 2fa on so he couldn't break in.

that's right in any how we are the one who's also needed to create extra security with our accounts, exchange also have some risk but those who are
in the business for quite a long time already established or already made some extra measure in terms of security but then us, who's users are in need
of doing our protection too.

[rcoins0720]

you can google MT.Gox   and then research on ledgerwallet but if u want to trade cryptocurrencies ,mostly you can't avoid touching exchanges no matter how unsafe they are

agree exchange sites like ether delta not be make it is a threat to all users right.. and besides what would they valid reason if in every transaction made we pay the fee right?
I think it is also a good business hahahaha to have a exchanger . I will be contented if i have one and it also helps the coins and other crypto to rise their prices
reputation is the bet for any threats or wrong doing they will do I think it is secure to data bases with much more secure and fast calculating machines that is to hack

[Albertartur]

never keep your coins or token on the exchanges because exchanges can be hacked at any time  but not  the wallets it is not easy to hack wallets.

[sunno330]

never keep your coins or token on the exchanges because exchanges can be hacked at any time  but not  the wallets it is not easy to hack wallets.

How to hack? If you deposit token and sell quickly By ETH or BTC. Then there are no chance to hack. So its cool. and need more about secure and trusted exchange site.

[feelideb]

It has been said on this forum over and over again that leaving your coin on the exchange and as a matter of fact anywhere indeed where you do not have a private key is not safe. Be it third party wallet or online wallet. Save your coin on wallet where you are in control of your private key.

[Gosha.day]

Keep your own passwords
Remember to set Google verification

[wenxop]

the advisable thing is that you keep the coins that you do not use in an external wallet and that you only have in the exchange the currencies that you use for trading since in the exchenge you do not have control of the private keys and in some case of hacking could take many risks , it is better to go for sure

[wayaneka]

All centralized exchange keep private key of all user so actually not really safe to put money in that exchange, but to minimize the risk use minimum 2 different exchange only for trading, and for long term hodl put all coin in personal wallet that we own by self the private key. And other important thing use all security feature in all exchange like 2 step verification, use private email address and always login from bookmark link to avoid phising site.

[ipanks]

I think every exchange is safe as long as we can obey the rule and we need to secure our account, for example, we need to activate 2fa for our account, send verification to deposit and withdraw the coin, increase our level, and else. with doing this, I think we don't have any problem from the attacker although this is not guaranteed to make sure our account is always safe, at least, we can minimize and prevent our account from the attacker.

[PatM14]

its best to take your coins off of the exchange

[kyle0671]

Why push your luck?  These exchanges are some of the largest targets for attacks and are also an open door for internal affairs.  I'd keep any large sums of coins off of exchanges.  It's a no brainer.

[patrickj]

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 don't have private key like myetherwallet but it has google authenticator for double security of your account. While enabling it you should save the 2fa code in case you lost your phone, it can be recovered.