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Author Topic: Don't hold your coin on exchange for long time.  (Read 1246 times)
nelsledma
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July 20, 2018, 10:36:28 AM
 #401

This topic has been discussed many times on this forum and in fact everybody is now aware of it that holding coins on exchanges for long time is quite unsafe. We have also experienced several incidents in the past regarding the hacking of exchanges like Mt. Gox.


If you want to be a professional and an efficient trader then do not trade poorly but fuel up yourself which means that get the experience of trading by doing and repeating the process in different situations which will build up your knowledge. With this experience there is no power which can stop you from touching your destination so simply never ever ignore the basic and focus on your process wither for long term o short term.


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mjloulie
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July 20, 2018, 02:14:27 PM
 #402

We have to be aware that keeping your coins in an exchange for a long time is such a bad idea because you might lose your funds by doing that. You will never know when will it be attack by hackers so it not really safe. It would be better to keep it your personal wallet then transfer only on an exchange coins that you wanted to trade.
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July 20, 2018, 03:35:17 PM
 #403

This is true, at least for me. I have tried to hold many times, but I got failed. One of the main reason I noticed is that I held my coins on trading exchanges. It was really hard to hold when I saw my coins were going down, then I sold them and hope I can buy again with low prices... The real situation that I missed lots of chances...
So, if you want to hold, put your coin to offline wallets!
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July 20, 2018, 03:44:14 PM
 #404

agreed , If you don't own the keys of an wallet, do you really own the key in there? One could argue that sure you do, the exchange is obligated to give you the coins when you ask for them. Sure, but obligated by whom?
I mean, in banks, you don't want the keys to the bank yet you feel that the money are YOURS and SAFE. Maybe people tend to think the same about crypto exchanges...But the truth is that the banks are very regulated and insured and there are practices [ good and bad] that have been in place to prevent people or institution from stealing or losing your money.but we cant be sure about exchanges. thank you for bringing up important topic.
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July 20, 2018, 03:51:03 PM
 #405

Thank you for reminding this  for people.I personally use exchanges, and I do think having some coins on them for a short amount of time is relatively safe. I do not recommend leaving your coins on them for extended periods of time though, because you are exposing yourself to a greater risk by having them on the exchange over a prolonged period of time. Even a very short amount of time does still has risk.
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July 20, 2018, 04:25:46 PM
 #406

I really thanks for the informations you've shared to us here in the trading discussion. It was very important for me because the same as you. i've always stored my coins in an exchange site though it was advice by my friends to do that for easy transactions which could be a wrong procedure.
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July 20, 2018, 04:30:08 PM
 #407

This is more than true, if you want to hold a little amount of money (less than $500) into an exchange to take the opportunities to buy some coins, just hold it on strong exchanges like Binance or Bittrex, otherwise, just stick to have it on your wallet
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July 20, 2018, 04:50:10 PM
 #408

This is more than true, if you want to hold a little amount of money (less than $500) into an exchange to take the opportunities to buy some coins, just hold it on strong exchanges like Binance or Bittrex, otherwise, just stick to have it on your wallet

well, sometimes it is very dangerous. we do not know what will be the exchanger. even more so at this time so many burglary exchangers by international hackers out there. well, we have to be careful in that regard.

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July 20, 2018, 05:16:48 PM
 #409

fully agreed with you.  Most importantly, you have no control over your money when it is on an exchange. When your money is sitting on an exchange, you are not in control of your money at all. Isn't the primary reason for the creation and popularity of bitcoin and other cryptocurrencies the fact that they give you the ability to be your own bank? Holding your money up on an exchange completely defeats the purpose of cryptocurrency, the ability to write down your private keys and lock them in a safe, knowing that nobody else can touch your money and you can access your money without having to go through any third-party. Instead, a third-party holds your hard-earned money in their wallet, and if something goes wrong, there is no private key you can use to recover your funds.

 if you plan to hold cryptocurrency for the long haul, don't keep it in an exchange. Get a wallet, run your own node, LEARN about the network of the coin and more details of how it works. The entire purpose of cryptocurrency is to BE YOUR OWN BANK. Don't defeat that purpose by letting a third-party company hold onto your hard-earned money.
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July 20, 2018, 05:33:10 PM
 #410

Yes, it's too risky for you to put too much money on the exchange, it's like a slow-bang bomb that does not know when it will explode.
So you need to be careful in every situation that can happen.

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July 23, 2018, 08:31:00 AM
 #411

This is one of the best advises that you can give any one in the crypto industry. Holding many tokens on the exchange without trading it (buying or selling) prices to come with a bigger risk. Its less riskier to have your tokens in your wallet that you control the private keys
Yes, if you do not trade regularly, keeping the coin on the Exchange is unreasonable because the risk is huge when Exchange is targeted by hackers around the world. It is therefore important to preserve the coin carefully and more efficiently to ensure that coins are safe.
That is right because we can have a possible threat of the wallet getting hacked by the hackers. To be on a safe side, one should be aware that holding coins on exchange for long might cost him/her the whole wallet. Also one looses control over the funds if coins are held on exchange.

We have had so many incidents of wallets being hacked in the past. Dealing in the market requires the trick to reduce the risk in business.
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July 23, 2018, 08:48:15 AM
 #412

agreed that's why i would say decentralized exchanges are future


Because of the coin, these prices have not yet risen even if you hold a coin long because it's a great chance to fall as much as shitcoins as you think the price will increase in the future.

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July 25, 2018, 07:16:28 AM
 #413

Most of the exchange have risked so I think it is better to not hold you any coin for a long time in one exchanger. When which exchange will be hack no one can say so it is very safe to put your coin in different exchange. You can check Bittrex Exchange because it is still now very safe because I use it around 3 years ago and you can use binance it also still now very safe.

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July 25, 2018, 10:06:19 AM
 #414

If you're thinking on hodling a coin long-term then use cold wallet,
Cold storage in the context of Bitcoin refers to keeping a reserve of Bitcoins offline.(BitcoinWiki)
for safety precaution.
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July 25, 2018, 10:25:06 AM
 #415

Ofcourse if you store your money on some useless exchangeres or a new ones with poor security system, you will get hacked in no time. But if you take a look on a big ones, that exists for a long long time, they were never hacked and people still hold their coins or money there.

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July 25, 2018, 10:30:26 AM
 #416

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.

Actually thanks for this your good advise bro,thats dont put  all our coins in the exchange market because  mostly of the exchange now been a victim of hacked and people loss there capital because of hacking system,otherwise,i must hold only my crypto coins in my MEW wallet only even though its not must safe compared to Nano Ledger or trezor edge portable wallet.

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July 26, 2018, 07:21:38 AM
 #417

We have to be aware that keeping your coins in an exchange for a long time is such a bad idea because you might lose your funds by doing that. You will never know when will it be attack by hackers so it not really safe. It would be better to keep it your personal wallet then transfer only on an exchange coins that you wanted to trade.
I don’t think so that you will find any such investor who is busy in holding of the coins for longer time and that he puts his coin on exchange rather than that of the putting those coins in his own wallet.

You are being the owner of your coins need to take care of them and that you need to keep them safe in all the possible ways so that no one else can steal those coins. Keep them in your wallet and do not share the private key with anyone.

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August 13, 2018, 08:01:30 AM
 #418

I agree ., be careful always in terms of trading because many hackers in crypto world.. To be m0re safe do an0ther wallet that only connect to exchanger n0t your own wallet.
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October 18, 2018, 03:17:55 AM
 #419

I did day trading so all my coins i keep on the exchange, and only used crypto exchange that has good reputation and they operated acouple years already without any bad issue. Bittrex, Poloniex, and HitBTC is old exchange that never get any issue of hack.

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October 18, 2018, 04:21:44 AM
 #420

This topic has been discussed many times on this forum and in fact everybody is now aware of it that holding coins on exchanges for long time is quite unsafe. We have also experienced several incidents in the past regarding the hacking of exchanges like Mt. Gox.


Yeah that time still made an impression, because it made the price of bitcoin fall deeply, and made many users lose and bankrupt. we don't want that to happen again. so just in case don't keep all of your assets in one exchange, save in several places, and don't save for a long time

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