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Author Topic: Care of security and don't store your coins on exchanges!  (Read 1488 times)
ije07
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May 28, 2019, 11:52:06 PM
 #201

I only keep it on the exchanger when I intend to sell it and that means I don't keep it long because usually I will sell fast
I put it in my coin on an exchanger only when I have seen that the coins I have are worth selling, don't put them in and keep them there and wait until the price is good because it's very risky

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waynechong1995
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May 29, 2019, 01:01:40 AM
 #202

Hmm depends on exchanges I believe, good reputations on like binance have emergency funds stored to handle such odd hacking cases for compensations, imagine a bull market where transactions are slow, you will have problems with deposits and for an active trader it's disastrous. Having your own private key is definitely best, maybe when you aren't going to trade

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May 29, 2019, 02:03:22 AM
 #203

It is high time caring about our own coins amidst the repeated incidents of the hacking of crypto exchanges. Even so called highly secured and protected crypto exchanges have been hacked. So it will be a wise idea to take care of our coins. We can store them in our own ethereum wallets. We can move them to exchanges whenever we want.

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May 29, 2019, 02:14:14 AM
 #204

Yes thank you for your advice worth millions of rupees. We have witnessed many exchanges hacked, and we cannot guarantee other crypto exchanges cannot be hacked. So it is essential to look after our own coins and save them. I think one of the best ways to save your coins is store them in your ethereum wallet. If you wish you can move them to exchanges for trading.

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May 29, 2019, 02:38:53 AM
 #205

It is high time caring about our own coins amidst the repeated incidents of the hacking of crypto exchanges. Even so called highly secured and protected crypto exchanges have been hacked. So it will be a wise idea to take care of our coins. We can store them in our own ethereum wallets. We can move them to exchanges whenever we want.
That's step will lessen the chance of being hacked, have your own wallet and if it's needed to trade then you can transfer anytime and deal with any
exchange, instead of storing your coins and have some fear each day you read hacking incidents, best practice to have your own storage/wallet.
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May 29, 2019, 02:48:27 AM
 #206

If you want to increase easily the security of your coins you can do it by a simple step. Just withdraw your coins from the exchange to a personal safe wallet where you have the private keys. In case if the exchange gets hacked your funds are safu. Never store more in exchanges than you actually need for buying other coins.
A crypto hack can also happen to big exchanges, like it happended to Cryptopia, a big exchange from new zealand where huge amounts of crypto funds were stolen from people that had their coins stored on the exchange when the hack happend. All users that had withdrawn the fund before were safe because they stored their coins in their own wallets.
Even big exchanges are no guarantee that they can't be hacked, so better be safe and store your coins yourself.

Storing your coins safely will prevent your coins from getting hacked and you won't lose your crypto by exchange hacks.  Smiley



That's a nice advise of you Sir, I remembered some of the old member here said that if you want your coins be safe, you must have your own ledger where you can store you coins in there, though you need to buy em first. But if you don't have money you can use other option wallet were MEW or Electrum are useful on this matter. Probably, We can store in a while our coins in the exchange as long as the platform are really strong and established here for a years, just like Bittrex, binance kucoin and more.
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May 30, 2019, 12:25:19 PM
 #207

To be afraid of everything and miss the possible profit, this is the main mistake in the crypto market. You have to take any chance, even if he is grazing with the loss of most of your funds.

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June 05, 2019, 06:42:30 AM
 #208

Is binance still the most safe exchange to keep coins in?  I would say coinbase is probably number 1 is? 



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June 05, 2019, 06:47:29 AM
 #209

Is binance still the most safe exchange to keep coins in?  I would say coinbase is probably number 1 is?  
Big exchanges don't mean that they won't be attacked despite of how good their security methods are. Attackers spend most (or all) of their time to find methods to attack exchanges and steal money. Even big exchanges, themselves, won't be able to guarentee assests of their customers. In reality, crypto investors whom store their assests direcly on exchanges should know that besides security methods provided by exchanges; they should (have to) secure their accounts, their assets themselves:
- Strong passwords;
- Activate 2-factor authentication for their exchange accounts;
- Activate 2-factor authentication for their emails that used to register exchange accounts;
- Avoid or minimize cases when they use mobile devices to trade or log in their accounts;
- Have as healty habits on Internet space as possible;
- Allocate funds to secure their devices with AV softwares.
I meant doing this will help investors to build two-layered security for their accounts and their assets.
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