Care of security and don't store your coins on exchanges!

[arnoldrimmer]

Storing your coins in exchange is one of the deadliest mistake you can make, the rate at which exchanges are been hacked is alarming so it's better you store in your personal where only you have access to the private key or offline wallet

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[Roni116]

I prefer a personal wallet to store most of the coins I have and I feel safer, and at the exchange only put a small portion of what I have.

[RealMalatesta]

That is right, we need to be responsible for the safety of our tokens by storing them directly ourselves on any of these external wallet, but there are some people that it makes no difference if they store their coin on exchange or not because even with the external wallet, they still don’t take the issue of security serious, they use weak security that will make it easy for any spamming software to gain access to. The safest one I know for now is still the hardware wallet, as it will be difficult for hacker, spam tool or any other security issue get to it, but it is quite expensive to maintain get and also to maintain.

[alexsandria]

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.

Not really, there are some newbies actually that is already advised to use the best exchanges available in the market today, and to consider, the newbies nowadays are responsible, how can I say that, through my influence on my colleagues, I am pretty sure that I've provided them the basics especially on trading patterns.

[toydoll]

I agree with the author,in recent time, often appear to news about the hacking of exchanges.But I keep money in my stock account on exchange. After all, there are times when you need to urgently buy or sell something,and while you transfer from wallet to exchange-you lose time.

[TGD]

I agree with the author,in recent time, often appear to news about the hacking of exchanges.But I keep money in my stock account on exchange. After all, there are times when you need to urgently buy or sell something,and while you transfer from wallet to exchange-you lose time.

Just choose a secured exchange, it's much practical to hold some in exchanges especially if we really plan to trade, we will spend a lot in transaction fees if we plan to keep it on our wallet.

[toydoll]

I agree with the author,in recent time, often appear to news about the hacking of exchanges.But I keep money in my stock account on exchange. After all, there are times when you need to urgently buy or sell something,and while you transfer from wallet to exchange-you lose time.

Just choose a secured exchange, it's much practical to hold some in exchanges especially if we really plan to trade, we will spend a lot in transaction fees if we plan to keep it on our wallet.

I agree,but how to choose secured exchange?Is there an exchange in which You are 100% sure? Nobody will give guarantees,we will risk.

[ccsang]

You're right, never store your crypto assets on exchanges because even top exchange also have risk of hacked, currently only private wallet like hardware wallet is a best ways to store your crypto assets to prevent hacked, but I think still a lot of investor store their crypto assets on exchange because it's easy to use for daily trading.

[traderethereum]

I agree with the author,in recent time, often appear to news about the hacking of exchanges.But I keep money in my stock account on exchange. After all, there are times when you need to urgently buy or sell something,and while you transfer from wallet to exchange-you lose time.

Just choose a secured exchange, it's much practical to hold some in exchanges especially if we really plan to trade, we will spend a lot in transaction fees if we plan to keep it on our wallet.

That is what we must do if we want to keep the coins in the exchange, so we don't have to afraid if we are getting hacked.
There is many secured exchange we can use and with activate 2fa, email verification and else, we can make sure the account will be secure.
Besides that, the exchange will protect us from hackers, so we don't have to worry.
I still keep some of my coins in many exchanges like poloniex, binance, bittrex, kucoin and else and I always activate 2fa to protect me.

[kiemnhieutien]

It only works for holders, traders must store funds on exchanges for trading, you know, how can you trade while your coin is in your personal wallet. My experience is, only trust high reputation exchanges, do not use API, make strong and complex password, turn on 2FA security and others like confirmation code via mobile phone if available.

[baigreen]

  The problem is that for ordinary investors, this is easy to do. But what to do with traders. If they work every day, they cannot afford to constantly make such transactions. First big commission. The speed of work will generally fall. And there is another problem. Mistaken with regular translations will be too easy. Who needs to withdraw $ 100-1000 can be withdrawn at least every day. But the problem with the conclusion of say $ 100,000 and above.

Of course, the last breaking of the whale makes you wonder.

[bttmember]

You are right and i know its risky online not only the wallets but your information too but with the recent binance wallet hack incident im still wondering how can someone access the passwords and then the private keys of such a big exchange which claims to have strict security, personally i think it is either an insider job or criminal negligence from the binance security team. In either case binance should find the culprits.

[shadowdio]

It is risky to store your big amount of coins on exchanges, and yes no matter how high security is on that exchanges or even top exchanges hackers can hack it, no exchanges that has 100% safe better to store it in hardware wallet.

[Novatech8]

Traders are the ones in real high risks because they have to leave there coins on exchanges for trading anytime ,well since I'm not a trader I think its always a wise choice to withdraw tokens from exchanges

[ryan992]

I never put my coins in the exchange wallet, all my coins I put in wallet, I just put my coins in exchange If I ant to sell it, if not my coin never go out from my wallet. Its digital world everything can be, secury came first.

[ariyzt]

that's right, the best choice to store your coin is on cold wallet like ledger nano , storing on exchange mean you ready to loose your money. if something bad happend on that exchange like being hacked or scam you will loose ur asset for sure, not all exchange give assurance to backup your asset there.

[xOdiumNostrumx]

I am well aware of the recent Binance hack, but Binance is still the only exchange on which I would consider holding part of my funds for the short/mid term. The thing is that with 2FA enabled I still feel that the funds are safer than on some desktop wallet, which can be easily wiped dry if your computer gets compromised. The hardware wallet is the ideal option of course, but its slow adoption of native tokens of less known projects is a big handicap.

[enhu]

This advice has been said over and over yet the need to trade will always win over it. Exchanges had been hacked and the most recent was the binance which I even think is the safest so far. My account wasn't affected but then the fear still there which now users circulate the information about using DEX as its safer. I think the bottom line here is to keep you all to hold not trade.

[Mikell556]

Good advice for newbies. It’s best to keep your coins for a long time on your own wallet.
Trading is also best not on one stock exchange, but to divide your coins into several parts and trade on various stock exchanges, this will save you in case of blocking funds on one of the stock exchanges. It will also be possible to engage in arbitrage of the same trading pair between exchanges.

[semobo]

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.  

Recent security breach on binance can be another example for the people to show even the best exchamges can be hacked so better to hold the funds on wallets when it is not traded on the exchanges so you can comletely avoid hack risks and also you can sleep peacefully.