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Author Topic: Care of security and don't store your coins on exchanges!  (Read 1362 times)
chenille
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May 06, 2019, 10:36:55 PM
Merited by tk808 (2)
 #1

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 All users that had withdrawn the fund before were safe because they stored their coins in their own wallets.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


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May 06, 2019, 10:57:26 PM
 #2

This is good advice, and i think no one should hold a lot of coins on exchanges, but some traders hold some of their coins on exchanges because they want to trade and will take sometime to get coin on exchanges before trade, but always better withdraw after finish trade, and hold only a small amount.

 
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May 07, 2019, 03:36:12 AM
 #3

Very well said, newbies should read this tip because most that they do is to trust their funds to the exchange that they use. They are very much confident that exchange is legit, okay we're already there with their legitimacy but its about their internal security.

And most of the systems doesn't have its own perfection, anything can happen and unexpected incident might come. Although there are exchanges that are making their security stronger but do it and serve it as an etiquette that you should hold your funds by holding your private keys.

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May 07, 2019, 03:40:57 AM
 #4

thats right, people should care about the security and do not store their coins on exchange
because exchange is the first target from hackers
and for me a hardware wallet is the best place to store our crypto assets my friend
regards

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May 07, 2019, 03:44:15 AM
 #5

Quadriga can be another example of it. The man was died but all the balance held in the cold wallet also gone unrecoverable forever. That's why it's better to always use self wallet to store your coin,of course no web wallet to trust. They are also the same.

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May 07, 2019, 04:02:02 AM
 #6

It should already be common sense that you dont store any valueable thing anywhere without being the owner of the "store". Noone would give all of his money to complete strangers and hope that they manage it, so noone should do this with his coins, too.

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May 07, 2019, 05:10:50 AM
 #7

Of cause the best practice to control your crypto by yourself and keep it in cold wallet or Ledger\Trezor. Exchange can freeze your funds without any reason, even don't explain to you what happened.
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May 08, 2019, 09:39:39 AM
 #8

It should already be common sense that you dont store any valueable thing anywhere without being the owner of the "store". Noone would give all of his money to complete strangers and hope that they manage it, so noone should do this with his coins, too.
But it has been happening for a long time and specially day traders are doing this. Recently Binance hot hacked and 7000 BTC was hacked. Aren't all of this are customers BTC, from which most of these are from day traders.

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May 08, 2019, 10:00:15 AM
 #9

people will never learn, their greed and laziness will always get the better of them and they will end up storing their coins on exchanges and sooner or later they lose all of them in a blinking of an eye.
we have had dozens of cases of exchanges being hacked or simply scamming their users and running away. MTGox, Cryptsy, Btter, Bittrex, Bitfinex, ... and now Binance.
and in most of these case the first mistake people made was to trust the exchange just because it had a large volume and was "popular".

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May 08, 2019, 10:17:12 AM
 #10

Of cause the best practice to control your crypto by yourself and keep it in cold wallet or Ledger\Trezor. Exchange can freeze your funds without any reason, even don't explain to you what happened.
Only left some fund in exchanges if we really plan to trade, exchanges are not made to hold our funds in their, better investment in having trezor for security, no matter how we trust exchanges there  are really prone to hackers and invalid activities.


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May 08, 2019, 10:18:06 AM
 #11

Yes, that's a good suggestion because if you save in stock, it can disappear at any time with great risk, first trade or long-term investment, if you want to trade for me it doesn't matter because all the money you have will be controlled every day but if Long-term investments will be good for storing in hardware wallets and always kept away from internet connections so they are not easily hacked by hackers.
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May 08, 2019, 10:34:07 AM
 #12

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



And we need to protect and care for our private wallet too
Because once hacked, it leaves you vulnerable too

So avoid phishing links, avoid spamming friends too
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May 08, 2019, 10:42:17 AM
 #13

It should already be common sense that you dont store any valueable thing anywhere without being the owner of the "store". Noone would give all of his money to complete strangers and hope that they manage it, so noone should do this with his coins, too.
I agree with you, but one still need to make use of the exchanges services sometimes, take for example traders that are using their coins for trading, there is no other 2 ways about it than to store their coin on these exchange wallet, because it will be unwise for them to keep transferring coins from time to time because of the fees they will keep paying for doing so.

The only option would be for us to leave our coin on the exchange, but if one is to do this, it has to be on very reliable exchanges that one can really guarantee that there security is strong and would be difficult for hackers to hack them like Binance.


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May 08, 2019, 10:52:04 AM
 #14

It is a common advice in cryptosphere to hold and store your token and coins in an address that you  hold the private key.  Without private key, you won't be saying it is yours especially when you store it in an exchange.  There are several guidelines on how to secure your token and coins and how to secure  your wallet that is holding your coins in this forum  You can find it here :

HOWTO: create a 100% secure wallet
[SECURITY | GUIDE] How to protect your wallets and private keys

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May 08, 2019, 11:05:07 AM
 #15

It should already be common sense that you dont store any valueable thing anywhere without being the owner of the "store". Noone would give all of his money to complete strangers and hope that they manage it, so noone should do this with his coins, too.
I agree with you, but one still need to make use of the exchanges services sometimes, take for example traders that are using their coins for trading, there is no other 2 ways about it than to store their coin on these exchange wallet, because it will be unwise for them to keep transferring coins from time to time because of the fees they will keep paying for doing so.

The only option would be for us to leave our coin on the exchange, but if one is to do this, it has to be on very reliable exchanges that one can really guarantee that there security is strong and would be difficult for hackers to hack them like Binance.
This option I think applies more to traders who are active than holders for the long term because of the costs incurred when repeated transfers from wallet to wallet.
Regarding to security of an exchange, even a reliable with high security system like binance still got hacked and 7000 btc were stolen though user funds are safe. News here : https://www.ccn.com/hackers-steal-7000-btc-binance
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May 08, 2019, 03:43:10 PM
 #16

~snip~

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


This is what I am telling to my crypto mates. That they should store their money or crypto in their own wallet along with their private keys to have assurance that they are the only one who can manage and control. Exchange hackings are very on trend right now so better be safe from it.

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May 08, 2019, 03:53:52 PM
 #17

I never did this. because storing coins in exchange is one of the mistakes. there have been many cases of hacking and it should be a lesson for us today. there may be lots of exchanges that have good security, but that is not enough to make us believe. it's better to hold coins in a personal wallet because it's much safer.

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May 08, 2019, 03:59:36 PM
 #18

Using an exchange as a pseudo-wallet is not a good idea, but if you're invested in 20 different coins, it may not be practical to keep up with that many different clients.

Also, if no one kept funds on exchanges, the order books would be empty; without a counterparty storing funds on the exchange, you'd never be able to buy or sell.
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May 08, 2019, 04:07:04 PM
 #19

You are right !! No one exchange can guarantee complete security. Blokchain is at the heart of cryptocurrencies. It was created to be resistant to cyber attacks. And it is stable, but only until it falls into the hands of an inexperienced user. If you decide to work with a cryptocurrency, you must follow the basic principles of its use. Your coins are safe while you keep them in your personal wallet, and your private key is far from prying eyes.
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May 08, 2019, 04:11:06 PM
 #20

This is one of the primary thing need to be know by an crypto user.Exchanges were made for exchanging our cryptos into another cryptos and wallets were made for storing the cryptos.

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