freebird (OP)
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Merit: 250
Freedom through Cryptocurrency!
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November 12, 2013, 01:39:19 AM |
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Hello fellow bitcoiners,
I've been trading bitcoin since April and am in at an average price of about $120 per coin. I've been reading this forum occasionally over the past few months but never had any reason to register to ask a question or enter into discussions. Now, since my investment has gone up in value so much already -- and I expect it to keep going up a LOT more in the coming months -- I'm getting more serious about making sure to protect my coins from possible theft or disappearance in shady online exchanges. I would appreciate some advice on this issue.
I currently hold coins on Bitstamp, Mt. Gox, BTC-E, and Coinbase. I've been gradually removing my coins from Gox, since they've had so many problems and I have a feeling that company could be shut down sooner or later, and everyone might end up losing all their coins that are there. My last withdrawal of a couple coins took more than a day and I had to open a support ticket before it actually went through. I've seen the horror stories in the Service Discussion forum of people's BTC withdrawals from Gox taking days and days. I wonder if at some point they might just stop processing any withdrawals, even coins?
I also want to remove most of my coins from BTC-E because it seems kind of sketchy (based in Russia, poor customer support, reports of people's coins randomly disappearing, etc.). I like it for trading, but it might be too risky to hold a lot of coins there.
Coinbase seems like the most legitimate operation by far (backed by millions in venture capital, America-based), but it's not really meant for trading. I only keep coins there that I want to just hold, not actively trade. So I'm trying to figure out where to put the rest of my Gox coins and BTC-E coins, in some place other than Bitstamp that's good for active trading -- since I don't want to hold all my coins for trading in just one exchange.
Does anybody have any thoughts on Bitfinex? What about Coinsetter? Any other good options? I figure the safest thing is to split most of my trading coins between Bitstamp and another reputable exchange (relatively speaking).
Looking forward to your replies. Thanks!
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