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

[rockyfeller]

I followed some of this thread and it really matters for us people in crypto space we need to avoid storing our crypto coins on exchanges better get a hardware wallet that will keep your coins safe.

[leonidas89]

The amount or stories of hacks and thefts of funds is staggering in the space. I'd say ALWAYS get a hardware wallet, its the inky way to have complete peace of mind!

[askmecrypto]

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!

If you are heavily invested in crypto, its always better to invest in a hardware wallet and use it for storing your coins. I personally prefer Ledger, however, Trezor works great too. Choice is yours, invest wisely, keep your coins, private keys safe. Never trust an exchange just because its big. Hacks happen on big exchanges.

[aldrin6697]

For the love of your hard earned money you should not keep it in exchanges in the reason that they cant guarantee security of your account you entrust to them.

[Lagduf]

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!

This is our fund and this is our choice but remember they can't do anything if they are not sending their coin to the exchange site. But to secure our amounts after used it to trade and it may better to send back them all fo the our private wallet again. I guess this should become an obligation for everyone

[paramex]

in my opinion, if it is better to keep the cryptocurrency assets in the official wallet or cool wallet. But there are situations where some platforms are not very convenient and secure, so people are forced to keep some of their assets on the exchange and If you do not trade then there is no reason why you should leave your coins hanging on the stock knowing fully well that the exchange is the target main hacker.

[marufnang]

I think it's OK to put our coins in exchange, as long as we could keep an eye on it every time.
But if we can't then it better to safe our coins in our personal wallet.

[Cryptoguru274]

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!

Very amazing advice you have here, keeping your coins in an exchange is not very safe practise because many exchanges are potential targets of hackers. I think it's very necessary to keep your coins in a private and well protected wallets.

[Leah38]

Good day. Been using Etherdelta by the time it was hacked luckily there's a withdrawal option to withdraw funds even if you're can't open the site. I was able to secure some of my precious altcoins. I don't leave my coins there again. Been using Idex now due to coins gets listed there fast just after ICO. But since the news of another hacking, I decided to withdraw my coins there too. Better keep in my wallet for the meantime since trading is a little bit slow due to the downtrend of ETH and BTC. It would be painful to lose hard earned coins.

[crzy]

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!

This is the risk mate, how can you trade if you don't have the coin on the exchanges. Its true that's exchanges nowadays are not safe because of the current hacking issues, But I think if its a big exchange I still your funds are still safe with them. Don't just put everything in the exchanges learn to secure some profit and again trust on the exchanges you are using, they will get even better soon.

[antsam]

I support your statement, do not store your coins in exchange, place all assets owned in the wallet safe and only you have access. Who wants all his assets taken by irresponsible people and lost everything

[yazher]

yeah you're probably right but most investors who keep their coins on exchanges they using a big Volume of coins of course to make a big profit and that's the hardest thing to do because they are keeping there a big amount of money.

[leviathon]

No matter how many times this is said or posted on this forum most of the people are still not going to follow this advice. They are just too lazy to download the official wallets of the respective coins and withdraw to it. Also the wallets taking time to sync and the exchanges charging heavy withdrawal fees are reasons why many people avoid withdrawing their coins into their own wallets.

[terrific]

People never learn of keeping off their funds on exchanges. They are thinking that the security of that exchange shall be enough to protect their funds.
But once these hackers started to go through the backdoor, all of these funds where off and gone through their pocket.
It's not bad to put a small amount to an exchange so you won't be itching the small transfer fees but make sure that it is acceptable if its lost.

I don't know why people keeps on doing this although there are many warnings what will happen on doing such and also there are many example that they lost their funds. Exchanges is not liable if ever your funds are lost. They told you to not do so because it still have vulnerabilities.

There are reasons behind it, they want to stay it on exchanges so whenever they want to day trade there's no need to send from their wallets to exchange.
They can also be irritated with the fees so instead of keeping it to the wallet and transfer it from time to time, they just let it stay.
And the last thing is they are trusting the exchange that much although we have reminded them all that don't let your coins stay to an exchange, it's very dangerous and not recommended.

[marks1976]

No matter how many times this is said or posted on this forum most of the people are still not going to follow this advice. They are just too lazy to download the official wallets of the respective coins and withdraw to it. Also the wallets taking time to sync and the exchanges charging heavy withdrawal fees are reasons why many people avoid withdrawing their coins into their own wallets.

I've encounter so many people that thinks saving up their coin in the exchange site as the most convenient way, they said that you can trade it an instant. But when something bad happened like what happened to Mt.Gox people will start screaming and want their right to the asset back.
Just for the sake of security they gladly giving away the security they have, kinda really absurd.

[elemosho.crypto]

I think who have alternative option to keep coins somewhere safe, will not keep their investment in any exchange now onward. It is being unsafe day by day. And people are loosing their money and in future it will be a big issue for the traders if safety for exchange is not assured.

[Semen89]

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!

On exchanges you can keep your coins and money in small quantities, as anything can happen and you can lose everything, so be careful.

[AndrewBrown]

This cannot be stressed enough, a lot of people seem to use exchanges to save their coins instead of putting these coins in their wallets, they do not understand that this is very risky and they run a higher risk of losing their coins if they store it in an exchange instead of a wallet, if the exchange gets hacked, you can lose all of your coins

[Bitman73]

A reason people do this is because of when they trade quite regularly the withdrawal/deposit fees can be quite high and eat into your profits - i think that's what makes a lot of people just keep their coins on exchanges.

Though as a rule of thumb, personally i'd only ever keep an amount on a large well known exchange. Even that's not a guarantee, Mt. Gox anyone?

[Omega Weapon]

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.

The problem with this is that cryptocurrencies give all the power back to the people, which means that we are 100% responsible for our own security and people are too used to rely on others to do that job for them and then they are surprised it is impossible to recover their money unlike what banks can do if you get hacked, so people need to inform themselves better about the ideology behind cryptocurrencies before they invest.