How safe is exchange?

[tokgolich]

Don't put your large digital currency on the exchanges, and keep your wallet safe.

[NJB18]

While most of my holdings are in exchanges as I am a trader. I can say that those coins that you plan to hold long term should be stored outside exchanges. It should be stored in you private wallets where you have full responsibility.

[Lpim01]

Though exchangers owner may say that they are fully secured but it won't meant that we just let our wallet open all the time at their sites.  It seems to be that they are vulnerable for hackers attacks, knowing that they can't take all the responsibility of holding your coins safe all the time. That's why we should take care our own coins,  and we should never let others to have a chance of taking our belongings.

[mullenmanBTC]

Ive personally havent had any problems. That said I feel like Binance is pretty secure whereas cryptopia and kucoin sketch me out. GDAX and the bigger ones are backed by US banks so those are really secure, but you wont be able to get alts on there.

[Ambrosius]

It is never safe to keep your coins in exchange, keep your most of coins in a offline wallet and keep some of coins in exchange for trading purposes. When they got greedy, the exchange could be scam in near time.

[deadmousehat]

I think not safe to hold a lot of coins/tokens for longterm in exchanges.
although hodl coins in some trusted exchanges there is no guarantee your assets will be safe there for a long time

[Bitcoininspace]

The most secure wallet is hardware as Ledger for example. It's very hard to hack compared to online and desktop wallets.

[IrenNTA]

Exchanges are not safe at all, even the top ones. So never hold your money there. Use exchanges only for trading and always withdraw your tokens in you don't plan to trade them any more.

[SergiOLa]

We sometimes need money and we can't simply wait forever. That's why we need exchanges. It's not only for professional traders. once we get on the platforms, we try to make the best decission, to sell or to buy, or maybe, to hold it for longer term.

[btcpara]

ALL Exchanges are targets for hackers, yes, but it is much easier to attack the users of the exchange, who most of the time cannot create secure passwords, and some do not use 2 Factor Authentication. If a user's email is compromised (very easy to socially engineer), it is easy for someone to do a password reset, and if they don't have 2FA activated on their account on the exchange, empty their wallet. Some users have their mobile phones connected to their email, and if someone gets hold of their phone, they can do a password reset, and also get the 2FA code on the phone to empty their account. Some exchanges allow apps to access user wallets on the exchange, so again, if the users phone is compromised, their account could be emptied.

Best Practice


-It is best practice to securely store your crypto in a wallet that you control the private keys for. A hardware wallet makes this very easy to do, and a user would have to have the wallet in their hands to move the coins.

-Apps & web based wallets are convenient, but with convenience comes less control and security, whenever a 3rd party can control your coins they are not 100% secure and can be stolen / frozen / confiscated. Period.

-If you are going to use an app on your phone to store your crypto, again, only use one that is primarily a wallet, and allows you to control your own private keys.

-There is a saying in bitcoin that goes "not your keys, not your bitcoin".

-If you are going to store bitcoin, or you need to spend bitcoin regularly

[cryptoalfs76]

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?

As far  as i know,trading site's for me has its own defense system against scam,and hacking system, because they also protect there  credebility toward the service to the costumer satisfaction,so thats why some exchange trading site need a two password security key to protect your invesment into there website,so for me my deposited  coin is safe in this place ,even im not using a nano ledger wallet,because its to expensive gadget for your investment coin.

[beheddard]

Decentralized exchanges with a hardware wallet are the safest, but that isn't an option for everyone or for all coins. Always do your research before trusting an exchange with your money, and only ever have small amounts that you actively need to trade on them.  Otherwise keep it somewhere that you control the keys.

[worldzuber]

None, is Bullet proof

[Ging]

i agree my friend one should be very cautious where putting his or hers assets personally i neglect new exchanges and go for big ones like bitrex (unfortunately it is close now) binance and to be honest now i am using okex it it very efficient and i advice to use it.

[ronnis.gomes]

I think nothing is totally safe against hackers, so do not rely blindly on the safety of the exchanges

[iqbalrozi]

All exchanges are not good. But there are few exchanges which have a great security, Like Bittrex. But you shouldn't keep your coins on exchanges site. If you are a day trader then you may apply for email verification and 2FA Verification. If you are a holder trader then better is hold your coins in your wallet, Not exchanges site. Good luck.

[cryptotitan]

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?

No,most of these exchanges are not safe because they are being attacked by these hackers,they are very prone to any attacks everyday that is why it isnt recommended to store your valuable coins in exchanges,it is also against most of these exchanges because they wont know when will their secuiry will be compromised by these hackers.

[Sarastiche]

Exchange are not 100% save, do not use exchange site as a means of wallet to store token, leave on the coin to be traded on the exchange platform, I have lost some coin due to and exchange site been hacked, caution must be taken.

[Haley craft]

Most of the time it's safe to put tokens on exchanges, because when you log in to your account, you have Google secondary validation, and people have a hard time cracking your account.
Most exchanges put most of their tokens in a cold wallet, so there's no need to worry about that.

[bamb]

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!