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

[lobat999]

This is no longer a new thing and I believe that everyone should know this by now. Exchanges are not really safe, and you should not keep your coins there except for coins that you are trading with. I have always thought that Binance is more safe than most other exchanges we have right now but I’m surprised that their site got hacked recently and they lost about 7000 Bitcoins.

The only exchange I’m sure that such has never happened to is Coinbase. But still that doesn’t mean anyone should trust them, it’s better to keep your coins in your wallet and have the private keys to yourself.

If I'm not wrong, there could be a high possibility that well known exchanges  such as Coinbase may have experienced some kind of intrusions before but most of them chose not to made it public since they are afraid of repercussions and other negative impact that might affect their business as a whole. So in principle, assets stored in exchanges are in a constant risks that needs to be addressed accordingly and everybody should be aware of that! Imho.

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[ZloiRediska]

I do not understand how you can store your coins on exchanges. This is crazy. I understand traders - they trade on exchanges. But there are people who just keep their coins for years on exchanges. It's very dangerous

[UniversityCoin]

All experienced people keep their money only in their wallets. On the stock exchange you can store only small amounts involved in the trade. Also try to divide your money allocated for trading and place it on several exchanges. So you yourself insure against the loss of all trading money in case the exchange closes.

[dataispower]

The bulk of my crypto holdings is on my hardware wallet, especially those I'm holding for long term purpose. Anyone still relying on exchanges to store digital assets should have a rethink. Yeah, I have my coins on exchanges because I'm a  trader, but I take precautions too. I wish more and more exchanges should have support for linking hardware personal wallets, I'm talking about decentralized exchanges here.

[Bitkoyns]

if you want to store a coins then dont go for storing it to an exchange because they had a control to your coins and anytime they can delist it. If you are planning to hold it then you better to look for a personal wallet specially those wallet that you had the private key.

[psycox]

Maybe this is some kind of trauma because some time ago there was news of losing assets in Cryptopia or just a recommendation to keep assets in the wallet because of security factors.
I am still saved funds on the exchange for trading purposes and then if the target is reached, I will transfer assets to the wallet

[Golftech]

I do not understand how you can store your coins on exchanges. This is crazy. I understand traders - they trade on exchanges. But there are people who just keep their coins for years on exchanges. It's very dangerous

For traders who knew how to handle the risk of keeping assets inside exchange, they able to continue storing their assets, trusting the exchange and
really leaning with the securities knowing that in any how the site can be hacked, there's big difference between traders who unknowingly storing their
coins as they don't have any idea if hacked happened they will simply regrets their decisions.

[Terrmit]

I do not think that this is the main problem. Danger can poster anywhere in the cryptocurrency world. So 10 times check on which sites you visit and check your devices for viruses.

[SlickMoTwoToe]

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.  

Definitely agree with this many people store their coin in some exchange their reason is exchange is the safest where they can store their money because of the high security that they are referring and here we go the best exchange before got hack and can't recover and the result is they will closed it and the funds of the traders was force hold because of that hacking incident, i'm one of the people who store coin in exchange because my friend recommend it, it was very wrong on trusting I should kept it on a ledger.

[Xclusive5]

The truth is that no one is safe from hack in crypto, even those that use wallet that they own private key still get hacked. At this point I don't support storing funds on exchanges but no wallet is safe from hackers.

[bastian466]

Security depends on each of us, the private key can be hacked if you are not careful about guarding and using it, I am a trader of course I believe in the exchange market because if you want to pull I use two steps of approval

[airdropan]

good advice, and yes store your money or coins on exchange mean you ready to loose them. why? you should know if there is no system that can 100% safe from hacking / virus or scamming. all you asset is your own responsibilities

[forexandcryptoauditor]

Exchanges or wallets, news are coming from everywhere and very often about hacking and getting cryptocurrencies stolen. I think its time to apply diversification on exchanges and wallets also. Keeping our investment in different exchanges and walltes can at least minimize the losses. But managing different echanges and wallets is not so feasible option. We have to do it anyhow.
Another well known solution is to store in hardware wallets. If our investment is worth more than the price of harware wallet, this is the best solution.
Few days ago, I just came across one of the new project called Inzura which is with new concept of "Insurance of cryptocurrencies".
I think we need more such concepts in the market to avoid the situation along with regulations.

[emberbekas]

The truth is that no one is safe from hack in crypto, even those that use wallet that they own private key still get hacked. At this point I don't support storing funds on exchanges but no wallet is safe from hackers.

Yes, nothing is risk free. Saving in our own wallet can indeed be hacked too, but we are the person who must be responsible for our own property. Whereas if we store it in exchange, we entrust the security of our assets to other parties. And exchange is more vulnerable to hack attempts. That is why it would be better to store our money on a place where we are the only person who have full control over it.

[Script3d]

I'd say thanks to the cryptopia hack it taught me a lesson to not store coins at exchange, i don't usually follow the warnings until i experience it, lucky the coins i have there isn't worth that much, i hope exchange will give the private keys to the users, DEX needs to be improved alot to be able to compete with centralized exchange.

[Successmaniac4]

Storing Cryptocurrency on exchanges is not very safe. Exchanges can be hacked at any time and at other times too your coins can just be stolen within a twinkle of an eye. The best way to store cryptocurrencies will be in wallets and not on exchanges.

[hummer113]

I already 2 times was losing some funds, the last time on Cryptopia, good thing there was about 15-20 % of all my funds, but I was still upset. Now only deposit > trade > withdrawal.

[Jackrodwell]

Do what is right at every time,we all know that no platform is that save,but every crypto user has to do their part by withdrawing their valuable coin from exchange to personal wallet to avoid losses if hacked.

[Impaler]

I agree with you. Exchanges are not safest place to store you asset. Cause in past and ebmven in present tim we saw many hacks related to exchange fund and most of them are not good for people. Cause not all exchange pay the hacks. If you store a coin in a big exchange like binance or even huobi or okex , there is a chance that you will get back your asset even if any kind of hack happen to the exchange or even in wallet. But most of the time when smaller or even medium size exchange got hacked it's hard for them to pay back. So always be careful with your asset. If you are a regular trader then it's fine to have some coins in exchange but if you want to store or hold something then better code a hardware or even a good wallet for you asset.

[Huntler1993]

As simple as that just don't trust any platform and deposit your fortunes over there. Withdraw your monies and keep them in a private wallet of which you have total control and less risk from any hack.