How safe is exchange?

[AA_Bitcoin]

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?

[5ensei]

It is safe for whales who don't care much if they lose their coins. 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!

[AA_Bitcoin]

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

[ugt]

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

[Muhammad Muneeb]

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

[pigheadbig]

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.

[bitorama]

don't keep a lot of coins in exchanges

[kandholabhavna]

These private keys are handled by staff and key member of the exchanges. However I do not trust keeping my coins at any exchange as there is always a slight risk of loosing the coins that you keep in the exchanges.

[A.Chanaka Bandara]

Exchange use to buy and sell coins.If we purched coins send it in wallet. keeping coins in exchange wallet may be risk.
Because exchange may be hacking attact.

[anzach87]

not safe you have a lot of risk especially  from hack attack

[publicjud]

Exchanges were never safe. It's pretty high risk to stora at any exchange big amount of money. It could be closed/hacked/scammed any time. The absent of hacks in past is not a good reason to store your funds there.

[DibiaVxosis]

I think exchange is safe. They have making money from own money, so they have spend lots of money to update their system. I think our coin is safe in their wallets.

[Icaxx]

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.

Yes. More profitable is keeping the exchange alive then just run with coin belong to its user. So choose exchange also important.
Dont just user exchanger service that has no popularity.

[DAVETUN]

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?

Yes the private key are sfe but the exchange site are prone to hackers,reason why you are advice not to use exchangeas a means of wallet.

[blockchainmarketus]

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

what exchange do you mean? Etherdelta and idex have private key on your own. I think they are safe, I used them both for trading eth token, It is automated exchangers. The worst at etherdelta is that the price is low at the token lauch at first week, I don't know why, I bought tokens from ICO, when traded in etherdelta the price is under the ico price. May be some bounty hunters or hackers dump the tokens.

[Ayaancool]

It’s not safe to keep your holding on exchanges for long time even exchanges don’t recommend that most of the time I keep tokens in etherdelta because i will be holding private key of the account . But it is almost similar to keeping it in myetherwallet and sending to exchanges but bit easy and bit faster

[Turkish88]

Only local wallet can guarantee for your coins safety.
But you must be carefull, because your computer can be hacked also. Keep your private keys offline

[Acguy]

Safe to an extent but do know they don't have to pay you back.

[Blakscorpion]

An exchange is a server that will store your informations. So your coins and your private keys of the site will be stored on this site.

If the site is hacked or down, or stopped, you'll loose everything on it. It's different from a wallet, that allows you to use an interface between your computer and the blockchain, but the wallet doesn't store your information, it's just an interface.

[tiggytomb]

Exchanges shouldn't be trusted as a long term storage solution for your coins just in case, are they safe from being hacked and funds stolen? they are targets and because of this many of the larger ones will have very good security in place and a process for backing up funds in cold storage etc so although there is a chance I would be shocked if they were hacked easily.