For the love of... don't keep your coins on exchanges

[cryptothief]

Always sage advice, having control of your own private keys is essential to minimise the risk of hacking. At least you can do everything to protect your own investment and not rely on an exchange to keep it safe. I tend to keep some of mine on exchanges for quick trades, but the majority are tucked away on cold wallets. I don't personally have an account on Bithumb, but $31 million was a good sized haul for the hackers.

[Open4lies]

Do you love DOGE coins? It is risky to store cryptos on exchange floors, and you can easily lose the number of cryptos you have. So if you shop on exchange floors on a long-term investment then store at hardware wallets such as Trezor and Ledge Nano S.

[tomahawk9]

Again we saw an exchange got hacked. There would be nothing to hack there if people didn't keep their coins on exchanges! For the love of Dog (lol), don't keep your coins on exchanges, start practicing safety, this is your investment we are talking about!

The thing is that cryptocurrency newcomers, and the majorty of people in the cryptosphere, find exchanges (and even web wallets) way more user-friendly than hardware/desktop wallets.

And it's obvious (at least for most of us since we've been in the cryptosphere for quite a while now) that exchanges aren't safe, but let's be honest, how many people actually care about safety nowadays? all they want to do is invest and make money, that's what the majority wants to do, and most people don't even keep up to date with cryptocurrency news so I doubt they'll ever know the consequences of keeping ALL your coins in a exchange.

[Coltpython]

I don't know why people are so stubborn. Keep your coins safe and away from exchanges. If you are not trading then there is no reason why you should leave your coins hanging in the exchange knowing fully well that exchanges are major targets of hackers

[Yakamoto]

I don't know why people are so stubborn. Keep your coins safe and away from exchanges. If you are not trading then there is no reason why you should leave your coins hanging in the exchange knowing fully well that exchanges are major targets of hackers

The rational for the argument is typically something along the lines of wanting to have the coins in the exchange so that they're able to make use of the market swings and don't get caught waiting on a transaction to go through while the market rises/crashes. It makes sense in a way, but it's not very intelligent when you consider the risks involved, as we have seen recently.

[PrudnikovLS]

Of course, it is better to store cryptocurrency assets on official wallets or cold wallets. But there are situations that some platforms are not very convenient and secure wallets, so people are forced to store part of their assets on the exchanges.

[Julunguul]

yes bad news that keeps coming like this really makes the price of BTC is also getting worse, but if there is no balance in our exchange account, how will trading still running? how will the volume rise if there is not something to trade?

more people are actually saving their coins / tokens on exchange in order to instant sell, but if all accounts have no balance so, the volume are dead. and also those exchange wouldn't be interesting.

[btccashacc]

This is why i don't keep my coins on the exchange just spendable amount. However we can't avoid storing our money out there since we're doing trading we might cashout all the money once we got profit but as a day trader moving those coins and send back to exchange everyday it'll be charged a lot, so the only way is using decentralized exchange.

[Usui-Kun]

It is difficult to sell if a quick pump happens and you alts are still on some other wallet, but the risk of letting your coins sit in an exchange js still far more dangerous than just being late to a pump.

[kingvirtus09]

I really don't rely on exchanges, I keep my funds on myetherwallet and hardware wallet- You must know that there are several DDOS attack on exchanges- We need alot of exchanges that will fund our crypto coins.

[jmigdlc99]

Again we saw an exchange got hacked. There would be nothing to hack there if people didn't keep their coins on exchanges! For the love of Dog (lol), don't keep your coins on exchanges, start practicing safety, this is your investment we are talking about!

What exchange are you talking about? If you are referring to Poloniex, and this probably applies to any other exchange, all you have to do is comply with the rules (sadly, rules like KYC) that they stipulate. As long as you follow these, keep your account active, then you should have less reason to fear exchanges.

Personally, i am KYC-ed on all of the exchanges i have my money on. My portfolio is spread across 3 big exchanges and has been for a year now. No problems here.

[ekdahlswart]

But for trader it will make more easier when doing daily trading. I hope that in the future there is Exchange site which that which has a security system such as online wallet.

[mr_smith99]

I think that all traders should know that leaving the currency on the exchanges is quite dangerous.

[Eureka_07]

Again we saw an exchange got hacked. There would be nothing to hack there if people didn't keep their coins on exchanges! For the love of Dog (lol), don't keep your coins on exchanges, start practicing safety, this is your investment we are talking about!

That's right don't keep yoir bitcoins in an exchange. Hackers found a way into attacking your money in an exchange. You should be more careful and wise to not let your money stay in the exchanges.

[kier010]

i never put my coins in exchanged sites but sometimes i leave some of my coins but not much only the amount i can afford to lose. there are many exchange got hack this will be a lesson to them to never put coins in exchange site. if possible make multiple wallets to separate your coin in case it get hot the others are safe.

[pickledmuffin]

Again we saw an exchange got hacked. There would be nothing to hack there if people didn't keep their coins on exchanges! For the love of Dog (lol), don't keep your coins on exchanges, start practicing safety, this is your investment we are talking about!

I think it comes down to a combination of laziness and people trusting the exchange too much, maybe wowed by its slick interface.

Sometimes it takes a lot of time to get all your coins out and into seperate wallets, so it's just easier to leave them in there, thinking it will not happen to that exchange.

[keycellko]

Id have to agree with this. It is not safe to keep coins in exchanges. A lot of hacking has happened i hope this will open the eyes of everyone. Keep your coins in hardware wallets or cold storage to keep it safe. I don't think the hacking will stop. They will keep trying until they get all.

[iamMhew]

Again we saw an exchange got hacked. There would be nothing to hack there if people didn't keep their coins on exchanges! For the love of Dog (lol), don't keep your coins on exchanges, start practicing safety, this is your investment we are talking about!

How to, not to keep your coins in exchange if you are selling or buying coins on it. Ofcourse for you to get good profits you need to stay your coins on the exchange and do day trading, we cannot predict when the hacker came to hack the exchange, meaning the exchange didnt have a good security because they got hack. And traders suffer that fault from exchange.

[annicketucufaw]

Again we saw an exchange got hacked. There would be nothing to hack there if people didn't keep their coins on exchanges! For the love of Dog (lol), don't keep your coins on exchanges, start practicing safety, this is your investment we are talking about!

I am thankful that there are post like this to raise awareness to new traders just like me. I know that there will be more transaction fees if we are going to transfer back the money to our wallets then transfer it again to exchange if we are going to trade again, better to have additional transaction fee than lose all your coins/invest in an exchange because of this shit security. We can never know if this is an inside job or what but I think this is the only best way we can do to keep our tokens safe.

[cryptogeek101]

Again we saw an exchange got hacked. There would be nothing to hack there if people didn't keep their coins on exchanges! For the love of Dog (lol), don't keep your coins on exchanges, start practicing safety, this is your investment we are talking about!

I think your suggestion is quite right, not keeping your coins in an exchange is a very good idea because hackers get interested when they know that there is many so much money in store in an exchange. So we should try not to keep our coins in exchange instead we should keep them in safe wallets.