Coins kept in exchange, are they safe?

[serejandmyself]

I guess that any centralized exchange is in risk to get hacked. There was a couple of times when big exchanges were hacked and it gave impact to the BTC price much. Maybe anybody remembers MtGox. The market recovered too long, about two years.

[angrybirdy]

I feel keeping our coins in exchanges, mininize the risk of loosing our coins to wallet hackers.

exchanges are not for keeping your coins, there is no people who suggest to anyone to hold their coins in an exchanges. if you are doing trading, its fine, but using an exchange as wallet to store your altcoins, its very risky thing to do.

[Seriousbizz]

to the best of my knowledge, I think that coins kept in exchanges are very much safe. To me it feels almost the same with storing them up in your personal wallets. Any of them could be hacked, and as long as you keep them safe on your part, none of your coins could be easily stolen.

[atamism]

Yes. It was safer that storing your wallet on MEW. Exchange has google authentication and there is no way for hackers to open your account without the code. There are exchange that sent email confirmation with a code before transferring funds. Without that code, the hackers won't be able to do anything on your account. They can just stare and look at your remaining balance.  

[Kurokyy]

I feel keeping our coins in exchanges, mininize the risk of loosing our coins to wallet hackers.

In my own opinion, coins in exchange are safe depending on its reputation, there are issues where some other markets are being hacked and that's how you will avoid unsafe exchangers.

[CKdexter]

Coins keep in exchange are not safe in my opinion. Because we have seen lot of time so many exchange has been hacked. So don't hold your coin on exchange and try to keep on your own wallet 

[befriendmywater]

I feel keeping our coins in exchanges, mininize the risk of loosing our coins to wallet hackers.

If you are worried about hackers, you can buy yourself a hard purse to stock up the altcoins that are sure they will not be lost. But you need to spend $ 150 to get that security.

[f12345]

I would say Coinbase is the only insured exchange. Although Binance has proven itself to be safe through guardrails they implemented to catch abnormal activity. We  saw sys abnormal activity and hiw their safu mechanism responded in timely manner.
July 3rd at 8:44 PM UTC
The price of SYS shoots up to from 0.0004 BTC to 96 BTC.
July 3rd at ~9:00 PM UTC
Binance shuts down the exchange for unscheduled maintenance.
July 3rd ~ 11:00 PM UTC
Binance resets all API keys as a security precaution.
July 4th ~ 12:00 AM UTC
Binance re-enables API key creation.
July 4th ~ 4:00 AM UTC
Binance completes system maintenance.
July 4th ~ 6:00 AM UTC
These are pretty fast response times for attack that was very well thought out.
Safest way is cold storage hw wallet but binance is not bad either..

[vederfreds]

I would say they are somewhat safe in the major exchanges.  I also do not send anything I'm not ready to lose which makes large trades difficult.  You need to be careful and trust nothing in this game.  I have had Huobi coin try some bs with me and they seized my money and that's a #3 exchange.

[lancer10]

I feel keeping our coins in exchanges, mininize the risk of loosing our coins to wallet hackers.

They are but not really as safe as we might think or want to believe. That is why a lot of people are saying that if you want to really store your coins in a safe wallet, avoid having them in exchanges. Of course, the primary choice would be the hard wallets. However, if you are a trader, you need to have them kept in exchanges in order to avoid constant sending which may cost you a lot.

I don't think there is such a thing as absolute safety in the modern world with all these smart people and hackers and great technologies to break the accounts and steal everything. We need to be ready for anything. And take precautions to safeguard our assets.

[Stella27]

IVE HEARD that some exchanges are not safe to store your tokens in there, but unless you enable some security features like 2fa factor. having this additional security measures makes you think that your assets are safe and secure.

[uwouw0]

Keeping it on an exchange is even more risky than in your wallet. I don't think it is a good thing to keep your tokens on an exchange. Once you are done transacting on the exchange, it is best to withdraw and keep in your wallet.

[a_no_nim_news]

Store cryptocurrency is not safe anywhere, even on the stock exchange, in any case there are hackers able to hack your wallet and take away the money.

[abake]

Keeping your crypto assets on exchanges is highly risky comparatively. Private wallets are safe. You don't get hacked easily unless you are giving out your private key, or mnemonic phrase or keystore. Also for safety, I will strongly advise when using decentralized exchanges, use web3 browsers like metamask to be safe. So definitely, exchanges are more prone to hack, and not personal wallets as you think. Hope that helps. My humble opinion.

[XLadyX]

Just today Mercatox said they were hacked and coins in hot wallet were stolen.

Yesterday, "Tech Bureau Corp. announced that its cryptocurrency exchange, Zaif, was subject of a major hack resulting in millions of dollars worth of cryptocurrencies stolen" - https://cryptocoin.news/news/another-cryptocurrency-exchange-hacked-20380/

These all goes to show how unsecure some exchanges are. As for me, I prefer to store my currencies in a wallet I have the PK to. That's only when I can sleep easy.

[repear7]

There is no perfect place to save money. Indeed crypto currency wallets can also be susceptible to hacking. But I am sure that saving on exchangers is not necessarily 100% safe. If you keep the coin for the long term then you should keep it in the wallet. I suggest that you save the exchanger only for a temporary time. For example when you wait until the coin is sold or wait for the trading cycle. In my opinion, the wallet is still a safe storage place for crypto currencies when you apply all security procedures properly. That is a bit of my idea.

[jayendo]

I feel keeping our coins in exchanges, mininize the risk of loosing our coins to wallet hackers.

Always a risk. But if you choose the wallet that is sufficiently protected and scatter your funds on several of the same protected wallets, then the risk of losing your money will be reduced to absolute zero and no hackers will steal your funds

[manojpatelme]

Bad idea. Do you know that almost every exchange has been hacked in the past? Even the biggest one like Bitfinex and Bitstamp have been hacked some time ago. It is not safe to keep your coins in an exchange. Why did you think it minimizes the risk of losing your coins to hackers?

If you don't feel confident keeping your own coin, the solution isn't to trust somebody else (exchange) to do it for you. You should learn how to secure your coin yourself. It's not that hard really, you can start learning from here https://bitcoin.org/en/secure-your-wallet

I fully agreed with you, wallets are much safer then any exchanges , atleast we hold our privetkeys and untill we do any mistake by ourself it's very difficult to hack any wallet having privet keys.Using different different wallet and in different exchanges if you want to trade also minimise the risk of becoming totally empty when we kept our all money in single place and got hacked.

[btcjoin14]

I would say they are somewhat safe in the major exchanges.  I also do not send anything I'm not ready to lose which makes large trades difficult.  You need to be careful and trust nothing in this game.  I have had Huobi coin try some bs with me and they seized my money and that's a #3 exchange.

If the coins are on an exchange then it is only a little safe. There is not much that you could do if something awful happened.

[Omooba098]

Coins kept in exchange to me are not safe due to the fact that if wish to trade the coin in another exchange site it will be difficult to withdraw or they will charge you withdrawal fee.