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

[Genrix]

According to my experience even Binance isn't that safe. As you see Binance was hacked recently, so next time consequences could be harder than you think.

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[rdewilde]

The hack on Binance has really shown that no exchange is safe or rather centralized exchanges are not safe. No matter the exchange, no matter the technology they aims to use secure the exchange, NONE is safe. The only safe place where users or individuals can store their assets is in their personal wallets.

[DeathProxy]

I wonder why people still store their coins on exchange knowing fully well that no exchange is safe. Even the best exchange gets hacked. The best you can do is to store your coin its a wallet that you have its private key . No one can acess it expects you

[dat.ho12492]

After the 7000 bitcoin case was stolen from binance, I increasingly believed that the exchanger did not have a good security guarantee. although binance provides a "SAFU" guarantee but that is not enough. It is better to save bitcoin assets in the hardware wallet, it is safer and we have full access.

I think you are thinking wrong because you should know that big exchanges are always responsible for ensuring our assets, they don't let us take damage from their mistakes, they will compensate for that loss. In addition, reputable exchanges always set very high security criteria, if they can still be attacked by hackers, I don't think our hard wallet is secure enough to get rid of that problem, and we should remember that storage in hard wallets will not have an insurance policy, loss will be permanent

[joseyphil82]

Some won't believe simply because it hasn't happen to them ,people prefers to learn the hard way ,in the past i was a victim to scam exchanges and I lost few of my coins so a word is enough for the wise

[nreal]

In my opinion it is not so, if you leave your assets in hot wallets, it is not really safe even if you own your private key. As for the large floors like binance, when hacked, they will definitely not let users suffer losses.

[elitemobb]

To some extent, I agree with you as the storage of funds on the stock exchange is not the best option since there are many factors that can happen but no one gives you a guarantee that if you keep the funds in your wallet and simply don’t break it and steal your money I think it’s better to just keep funds on top exchanges and just follow the news and in case of problems just withdraw your funds.

[aemma]

Owing to the fact coins are being saved on exchanges, exchanges have always been a target hackers, no matter how secure the exchange think it is. At least from Binance we have learnt the truth.
Therefore, it is wise to always keep our funds off exchanges to our wallets as no one can really say what will happen next.

[poornamelessme]

Storing coins on an exchange is never a wise move.

The problem that folks run into though is with trading or arbitrage. Then some coins
have to remain on an exchange ... just the way it is. Figure it as a calculated risk.

It's never a good idea to just leave coins sitting around for no reason though or more
than you really need to keep there.

[Wale777]

Exchanges are not meant to hold or save coins, its only for trading, and after trading send to your personal wallet that's fully backed up and you have its private keys. Even icos advice to withdraw coins to external wallet for safety, keeping coins on exchange wallet isn't safe because you're not the one controlling it's dealings and operations

[Nivia1st]

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.  

I've done this long before many hacking problems in exchange. if you want to hold it for a long time, it's better to keep it in a personal wallet. Don't make the wallet the place to hold this coin, because this is a big mistake.

[Ferris419]

Everyone knows about it, but still, we are always doing the mistake! I don't know who trade regularly and at the end trade, he withdraws! Basically, I feel lazy to withdraw my fund every day, it takes a fee every time! But I know enough that exchange can be hacked anytime! To avoid such hacks, we have to withdraw funds after the trade! Even Binance exchange is not safe to store your coins!

[shiming]

This is really important for novices. In the history of encryption, there have been many trading platform theft incidents, at the time of trading. We should choose a highly trusted trading platform and don't put funds on the trading platform.

[vermigerous]

For bitcoins I prepare on storing on electrum on that way I am the one controlling my private key not some coins exchanges who is prone to hacker at any moment. I only store there when I needed to convert my bitcoin to fiat. because there is a possibility that it can be hacked like the other exchanges out there.

[atjiat]

For bitcoins I prepare on storing on electrum on that way I am the one controlling my private key not some coins exchanges who is prone to hacker at any moment. I only store there when I needed to convert my bitcoin to fiat. because there is a possibility that it can be hacked like the other exchanges out there.

Today, many users of cryptocurrencies prefer to sell obscure coins, so that they can then invest the obtained coins into more profitable cryptocurrencies, such as Bitcoin and ethereum.  This way you can minimize your losses and get at least some profit all the time.

[poornamelessme]

Additionally while your assets are on an exchange for trading, always make sure that 2FA is enabled (if possible use GoogleAuth/Authy or SMS and stay away from receiving the 2FA-codes by email as your email-account might get hacked aswell if you're infected with malware). And as soon as you've finished trading, withdraw your funds to your personal wallet.

That's a good point.

Also for newbies take into account the exchange itself. Not that I advocate leaving coins on an exchange, but if we are talking about gemini or coinbase vs something like yobit, or some unknown exchange in a country you can't even pronounce .... well, if you need to leave coins on an exchange to trade, always pick the larger/safer exchange if you can.

[Docbee]

Except for trader i don't see any reason why token should be kept on exchange for any reasons, having your private key make you to have control of your fund.

[Whosdaddy]

This is really important for novices. In the history of encryption, there have been many trading platform theft incidents, at the time of trading. We should choose a highly trusted trading platform and don't put funds on the trading platform.

Oh, you think it is only novice that stores their coin on exchanges? Don’t get it wrong bro, most people that even store their coin on exchanges are fully aware of the risk, but I just can’t seems to understand why they chose to always do so.

Sometimes I wonder if it could be because they so much trust the exchange, or maybe because they get some benefits when they do so, because I am sure that there is no one that doesn’t know that the best place to store ones coin is on an external wallet that can give a private key. Well, I have never store my own coin on any exchange before, not even on Binance that I trust.

[bhabygrim]

Yes I agree with OP if you really care about your money then be responsible enough to take care of it.
You should be the one who is holding your crypto since it is yours.
You already invested in crypto yet you couldn't invest in a good wallet?
A hardware wallet isn't free but at least it would keep all of your crypto safe .

[steveabrahams]

Except for trader i don't see any reason why token should be kept on exchange for any reasons, having your private key make you to have control of your fund.

If you are not trader then it's better to not stored your coins on exchange. A big exchange like binance can get hacked, it's show you that exchanges is not always safe. It's better to stored your coins in your own wallet, please don't be lazy folks. It's for your own safety.