Sibicrypto (OP)
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June 05, 2018, 11:09:48 AM |
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ahmedbrown
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June 05, 2018, 11:33:54 AM |
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Quite informative article, before now I had been hearing from people keeping coins in an exchange is very risky but don't really understand the reason behind it. Reading this article have gave me insightful information on why is not advisable keeping cryptocoins in an exchange. |
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Script3d
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June 05, 2018, 12:00:54 PM |
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Quite informative article, before now I had been hearing from people keeping coins in an exchange is very risky but don't really understand the reason behind it. Reading this article have gave me insightful information on why is not advisable keeping cryptocoins in an exchange. you dont need to deal with the hassle sending your tokens to the exchange if you keep it on exchange. watch them cry if the exchange get's hacked they will blame the exchange. |
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Semleho
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June 05, 2018, 12:13:54 PM |
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Quite informative article, before now I had been hearing from people keeping coins in an exchange is very risky but don't really understand the reason behind it. Reading this article have gave me insightful information on why is not advisable keeping cryptocoins in an exchange. you dont need to deal with the hassle sending your tokens to the exchange if you keep it on exchange. watch them cry if the exchange get's hacked they will blame the exchange. Yeah right what you said .. I am here just reading and understanding of the article. . . thank you .. |
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ruski
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June 05, 2018, 12:24:15 PM |
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Of course it is always risky to leave your coins or tokens in any exchange or online wallet you dont have access to its private keys, in this case, you aren't really owning those coins and you can lose them anytime for whatever reason (scam, hack..). Use the wallet which you have access to the private keys.
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fabskie21
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June 05, 2018, 12:44:59 PM |
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As for me, I only keep a not so big amount in exchanges that i regularly trade to minimize the risk if in case something uncertain happens. Its much better also to do trading at renowned exchanges like binance or kucoin; much safer than trying out new exchanges.
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charlotte04
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June 05, 2018, 12:48:05 PM |
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We know that, but for sure we need to take those risk. Sometimes having a FIAT is more secure than having any tokens at all. |
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iagyei259
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June 05, 2018, 12:50:03 PM |
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While I keep my major coins on hardwallet, but the token needed to trade on daily is kept on an exchange so that the deposits and withdrawal fees will be minimize
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Lakshitha1977
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June 05, 2018, 02:22:10 PM |
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This is getting really bad and only solution is using a Hardware wallet, MEW is highly vulnerable for phishing attacks and DNS attacks, Exchangers either get hacked or they take a fee (CEX.io recently announced a fee structure) for keeping the wallet.
Using Metamask can reduce the vulnerability of MEW in to some extent, but it seems like this is the age of Hardware wallets. until hacker find a way to hack them too...
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syaripudin
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June 05, 2018, 02:31:04 PM |
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yes, of course it will have the risk of losing the token we store on the exchange wallet site. because of course if we save on the wallet exchange site it could happen that a hacker can do anytime because the site will be online at any time. so we recommend you use the hardware wallet to store the tokens you have. |
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bitcub
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June 05, 2018, 02:33:44 PM |
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I always heard horror stories from missing coins in Yobit, frozen accounts from Poloniex and Bittrex. But sometimes I need to trade. So what I did is I distribute my crypto savings in different exchange site to lessen the risk. So I have account in Yobit, C-CEX, Poloniex, Bittrex, Binance, Kucoin and HitBTC. |
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gjtnwls1
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June 05, 2018, 02:37:58 PM |
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Thank you for the information. I already know that keeping tokens on an exchange wallet is not safe since it is online wallet. I guess I am lazy to move them. I should move them before bad thing happen.
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nambunamba
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June 05, 2018, 02:41:41 PM |
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Just keep it on ledger or MEW. I know MEW been hacked lately but cant think any wallet that are good. maybe wallet such as waves, eidoo or cardano( to be launched i believe) would be good option other than mew. but i do think sometimes its good to store the coin on trading site , as long as trading site are good and have good security that its good enough i think. |
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paul00
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June 05, 2018, 02:47:10 PM |
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I did it because someone already warns me about what will happen to your token if you are not that active on your exchange website because sometimes exchange might down and before anything gone wrong you should take it out into your hardware wallet or in prefer website like myetherwallet. Just return it into exchange if you already want to sell it the fee's is just very minimal unlike the risk when you store it in exchange.
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bitfocus
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June 05, 2018, 02:57:39 PM |
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well, this a very common practice and hardcore investors never put their whole investment in one thing or Item.
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warning_btc
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June 05, 2018, 03:08:38 PM |
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If exchange being hacked we lose all our coins, but keeping on exchange give us opportunity sell fast when going pump and opportunity keep many different coins in one place
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surfinonmyownwavebaby
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June 05, 2018, 03:25:19 PM |
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Yup keeping any funds on an exchange is risky if you are not trading it right away. Recently another smaller exchange called BitGrail had to close due to the XRB (Nano) hack that occurred. A good reminder to always protect ourselves in case any exchanges goes insolvent.
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okissabam
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June 05, 2018, 03:27:30 PM |
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Very informative article however there are still a lot of people who keeps their coins and tokens mostly on exchanges rather than putting them in a safe hardware wallet or offline wallet even though it is very risky to do that.
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boserobot
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June 05, 2018, 03:38:42 PM |
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Your keys your coin. Not your keys not your coin.
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LFC_Bitcoin
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June 05, 2018, 03:40:38 PM |
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I should hope that everybody here knows the risks of keeping precious bitcoin’s (medium to long term) on an exchange. Obviously when you’re selling though your coins will be exposed to the exchange which comes with other online risks.
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