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Author Topic: Safe Amount to Hold on the Exchanges  (Read 1849 times)
kireinaha
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November 05, 2013, 04:51:13 PM
 #1

Hello All,

I've been trading BTC for some time now but I never keep much at any given time on any of the exchanges... maybe a few hundred bucks here and there. I've heard about "whale" traders, but I wonder how do they keep their assets safe? Are there really people who trade online with tens of thousands (or more?) in their exchange accounts? Seems pretty risky, in the case that one of the sites gets hacked, or the exchange rolls up.

Is there something I'm missing...? Like, does anyone know of a method to trade with assets that are held in a secure, remote wallet? Or is it that 95% of BTC traders are really just messing around, trying to stretch 100 dollars?

Night gathers, and now my bitcoinwisdom watch begins.
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miztaziggy
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November 05, 2013, 08:38:37 PM
 #2

Simple.

Don't risk more than you're willing to lose.
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November 06, 2013, 04:24:58 AM
 #3

Zero.

Bitfloor owes me 1.84915808 BTC.

kireinaha
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November 06, 2013, 06:38:07 PM
 #4

Zero.

Bitfloor owes me 1.84915808 BTC.

What happened to it?

Night gathers, and now my bitcoinwisdom watch begins.
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November 06, 2013, 11:01:05 PM
 #5

http://bitcoinmagazine.com/2139/bitfloor-hacked-250000-missing/

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November 07, 2013, 12:54:14 AM
 #6

Simple.

Don't risk more than you're willing to lose.

This. If the past tells us anything, its that bitcoins are only truly safe in a dead/cold wallet stored properly.
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November 08, 2013, 08:28:27 PM
 #7

i have newer more than 1 BTC on an exchange if i trade large amounts i get them of the exchange as fast as possible after the trade
Izerian
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November 09, 2013, 05:15:51 AM
 #8

get them of the exchange as fast as possible after the trade

This right here
balanghai
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November 09, 2013, 05:38:08 AM
 #9

I had BTC0.6 max, and that is all I leave, most of the time after profit, I withdraw it to my wallet right away.

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November 09, 2013, 05:43:16 AM
 #10

I just deposit whatever amount i need to trade and trade it ASAP. After trading, i immediately move it back to my own wallet.

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November 09, 2013, 03:14:42 PM
 #11

The bare minimum. Also, once you're done trading, you ought to withdraw it to a safe location as soon as possible. Yes, it's hasslesome and might be outright unfeasible for people like margin traders, but otherwise you're risking it all.

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November 12, 2013, 10:12:33 AM
 #12

I had BTC0.6 max, and that is all I leave, most of the time after profit, I withdraw it to my wallet right away.

same here,   Grin

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November 13, 2013, 02:08:52 AM
 #13

What about Fiat, do you leave large sums at the exchanges for a long time. Especially sitting on limit orders or waiting for the next dip to buy in.
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November 14, 2013, 12:55:23 PM
 #14

Safety is a good question.
I have lost Bitcoins on my own hard-drive and at Bitmarket.Eu exchange. I would suggest cold storage in a bank vault or something similar for large amounts of Bitcoins, smaller amounts maybe a £100 fire safe hidden under the floor boards. Keep what you can afford to loose on the exchanges in cash for quick trading profits. This might be $0 for some or $1m for others. For me it is £100-£1500.

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November 14, 2013, 02:02:38 PM
 #15

None, they just get hacked and closed down for no reason...

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lucaspm98
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November 14, 2013, 02:35:14 PM
 #16

Theres been so many hacks/shutdowns that I would keep as little as possible anywhere except a safe wallet. The tried and true saying is to never put more in then you're willing to lose.
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November 14, 2013, 09:50:45 PM
 #17

The best solution is to keep them in your wallet and
if you want to trade keep on the exchanges only what you must.
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November 15, 2013, 03:00:36 AM
 #18

What do you guys think of blockchain.info? I currently use it as a go to wallet but the input.io fiasco has me rethinking any online wallets regardless if they are an exchange or not!


Im considering a migration to Electrum. Tho i hear armory has some good reviews, not sure if i would use all its features. Just need simple and secure.


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MicroGuy
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November 15, 2013, 03:03:10 AM
 #19

The best solution is to keep them in your wallet and
if you want to trade keep on the exchanges only what you must.


I think this ^^^^^^ is a good suggestion.

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November 15, 2013, 05:34:06 AM
 #20

Yeah I keep them in wallet pretty much all of time, keep it in the exchange as little as possible.

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