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Author Topic: Don't hold your coin on exchange for long time.  (Read 1184 times)
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May 26, 2018, 06:29:19 PM
 #21

This is a good and valuable advice, which is used by many participants of this forum, we must think about the safety of their money.
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May 26, 2018, 06:31:58 PM
 #22

Yes I agree with you now days hack someone personal and private things is common so your money not safe everywhere
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May 26, 2018, 06:46:17 PM
 #23

If you wish to hold some coin then use exchange only for during exchange. Just exchange your coin and transfer on your personal wallet that you have controlled. Specially you can use hardware wallet.
Because many exchange hacked buy hacker. Many people loss their capital by hack.
So please don't hold your coin on exchange for long time.

Common thing and this had been said for hundred times already which you should not store coins which you cant afford to lose on exchangers and as we have seen on the past on the incidents of hacking then we already aware that they might lose anytime. People do knows that but trading with active transfers would really kill you at the fee and the delay specially when you are doing active trades. Transferring times will affect your accuracy when you do make orders due to waiting time. It do have some disadvantages too but when it comes to safety then this would been always suggested.

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May 26, 2018, 07:34:08 PM
 #24

Yes, your point of view is just accurate. Many people are too lazy to withdraw their HOLD coin to their Main Wallet. Sometimes I feel, if I can then I will make a billboard or visit card by written "Don't hold your Coin in exchanges for a long time" and I will give them all crypto traders who are new in this crypto platform   Grin

Holding coins in exchange are not safe, anytime can hack like Binance and Etheredelta got hacked last year and a massive amount of money has taken. So, If you are not a regular trader, then you should withdraw your tokens from Exca=hnage to main wallet or hardware wallet. Hardware wallet is the safest ever, Good Luck For Everyone.


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May 26, 2018, 08:00:06 PM
 #25

So please don't hold your coin on exchange for long time.

People do not leave their money in the exchange because they like the exchange, they leave their money in the exchange because in case of a dump the coin, they can sell immediately. if we did not have a big volatile market, I believe that few people would keep the coin on the exchange. Unfortunately people will always keep their coins in the exchange because of the reason I said and it is up to the exchange to increase their security so that the funds of their clients are not stolen

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May 26, 2018, 08:12:07 PM
 #26

Even though exchanged are not hacked, it is always not safe to keep coins in exchanges because their policies may change, delisting etc. and you may not be aware of that which will end up with a loss for you.

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May 26, 2018, 08:44:03 PM
 #27

How i wish most traders will understand this. This is what have rendered so many investors to zero. You do be surprised to know that some of the exchange owners are the one secreting conducting the hack just to still the coins of his users. The human mind is deceptive and can be suprising at times. So its better to take away your coins from there and secure it safely to prevent stories that touches the heart.

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May 27, 2018, 02:46:20 PM
 #28

If you wish to hold some coin then use exchange only for during exchange. Just exchange your coin and transfer on your personal wallet that you have controlled. Specially you can use hardware wallet.
Because many exchange hacked buy hacker. Many people loss their capital by hack.
So please don't hold your coin on exchange for long time.

I agree with you its better to hold our coins in our personal wallet if this coin is a long term coin like top 5 coin in the market. Like no matter what happen bull run or bearish this coin will surely recover something like that. But if you're a day trader who depend on small profit but instant profit its better to put some of your funds on exchanges so that if there is a price spike you can sell and buy later at dip. I think any exchanges can be hack anytime just use the most trusted one to minimize the risk.

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May 27, 2018, 03:19:58 PM
 #29

short time trader and day trader can hold but i suggest if you hold long time must send your personal hardware wallet
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May 27, 2018, 03:24:22 PM
 #30

Use 2FA and don't use bots or give access to anything to your exchange.
If you wanna use a bot, make a separate account for it.

If you wanna trade and you have 2fa on your exchange and
you also have 2fa on your email and
you didn't give any access to bots or anything, you should be fine if you don't trade big amounts depending on your portfolio.
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May 27, 2018, 03:35:53 PM
 #31

exactly, holding coins on exchange is more risk than holding on your own wallet like erc20 or ledger. because, the cryto exchange always is prefer goal of hackers. There is million and trillion dollar on exchange, and its also lack of protection than the exchange.
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May 27, 2018, 03:36:34 PM
 #32

If you wish to hold some coin then use exchange only for during exchange. Just exchange your coin and transfer on your personal wallet that you have controlled. Specially you can use hardware wallet.
Because many exchange hacked buy hacker. Many people loss their capital by hack.
So please don't hold your coin on exchange for long time.
I second you because when you transfer your coins to the personal wallet you basically minimize the risk of being hacked, because in the exchanges there are a lot of Users, Transactions that shows high risk of being attacked by Cyber criminals.
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May 27, 2018, 03:42:42 PM
 #33

Don't hold all of your coins on exchange, never ever. You should have enough on exchange for your activities, but never more then that. When I make some profit I exchange part of it, sometimes I return myself on starting amount, I never trade with more then I can afford to lose, and that's old gold rule, who forgets it pays sooner or later for that. Last year we didn't see exchange crash, it was case with exchange sites before, but looks like most of them are taking more care this days, they have better security, more protection, but its better to feel safe then to regret later, so keep your money safe on a safe place, that's a wallet, hardware, keeping money on exchange is always a risk, so be careful whom you trust.


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May 27, 2018, 07:12:45 PM
 #34

If you wish to hold some coin then use exchange only for during exchange. Just exchange your coin and transfer on your personal wallet that you have controlled. Specially you can use hardware wallet.
Because many exchange hacked buy hacker. Many people loss their capital by hack.
So please don't hold your coin on exchange for long time.
I agree with you, but it is not entirely. It is difficult to do this during active trading. Especially when the coins are in endless circulation on the stock exchange.

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May 27, 2018, 07:23:44 PM
 #35

This is more than true, i have lost a lot of money on HitBTC because of holding my tokens in there, they did not wanted me to withdraw the money from there, and that is the main reason of why i lost a lot.
Just follow those advices guys, don't hold any token/coin in an exchange.
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May 27, 2018, 08:19:30 PM
 #36

If you wish to hold some coin then use exchange only for during exchange. Just exchange your coin and transfer on your personal wallet that you have controlled. Specially you can use hardware wallet.
Because many exchange hacked buy hacker. Many people loss their capital by hack.
So please don't hold your coin on exchange for long time.

For me, storing on their respective wallets are more safe and secure than just putting it on exchanges for a very long time. As of now, there are some few exchanges that are being targeted by hackers, so for me, it is not good to store all of our coins and tokens in the long run. If you choose to be a long-term trader, it’s highly recommended that you should put them in its respective wallet. As for day traders, there’s a reason why you should keep them in the exchanges for yout continuous daily trading which is indeed a high risk. Just my two satoshis.
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May 27, 2018, 08:39:53 PM
 #37

Maybe your idea is very useful for people who want to invest long term. But not suitable for day traders, because most daily traders only hold the coins in a matter of days the longest and the fastest in just minutes.

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May 27, 2018, 09:04:25 PM
 #38

If you wish to hold some coin then use exchange only for during exchange. Just exchange your coin and transfer on your personal wallet that you have controlled. Specially you can use hardware wallet.
Because many exchange hacked buy hacker. Many people loss their capital by hack.
So please don't hold your coin on exchange for long time.
It is useful to hold a little amount of crypto coins on exchanges, especially for frequent trading, that's why people do it. And some of people are just lazy to install and get to know with hardware wallets, well they regret it later.  Smiley

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May 27, 2018, 09:08:28 PM
 #39

If you wish to hold some coin then use exchange only for during exchange. Just exchange your coin and transfer on your personal wallet that you have controlled. Specially you can use hardware wallet.
Because many exchange hacked buy hacker. Many people loss their capital by hack.
So please don't hold your coin on exchange for long time.
Yes, keeping your crypto on the exchange for too long is one thing that increases your risk for crypto. Sometimes hackers can hack and execute transactions with them. And maybe the exchange managers can create a plot to take over all the crypto on exchange,

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May 27, 2018, 10:42:37 PM
 #40

If you wish to hold some coin then use exchange only for during exchange. Just exchange your coin and transfer on your personal wallet that you have controlled. Specially you can use hardware wallet.
Because many exchange hacked buy hacker. Many people loss their capital by hack.
So please don't hold your coin on exchange for long time.
I agree with you, but it is not entirely. It is difficult to do this during active trading. Especially when the coins are in endless circulation on the stock exchange.
If we are safe and take care of our wallets, we will protect them with programs like metamas ... etc. So our wallet will be safer and we will hold it for a longer time than it is now. Many people have won in the Crypto market because of patience, so hold on as long as possible if you are patient enough.
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