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

[Netnox]

If you are holding altcoins outside the top-25 list, then there are few options to store them. Not all of them may be supported in hardware wallets. So the users tend to store them in exchange wallets. The problem is that they lose all of their holdings, when the exchanges get closed down, due to hack or some other reason. Also, traders have no option but to store their coins in exchanges.

@Netnox what you have written here just happened with me, I keep telling people not to leave bitcoins in exchanges as it’s very risky but I forgot I had left deeponion at cryptopia. As all will know Cryptopia were hacked and now they have appointed an liquidator who they claim will clear out funds, however I doubt I’ll be able recover my funds. It’s a bitter lesson for me to loose my funds approx ($2600 when deeponion prices were at it’s peak), but I do hope people will not repeat the mistake I made of leaving funds in exchanges.

Very sad to hear about your loss. But at the same time, I don't know why you chose to store Deeponion in Cryptopia. Lite-wallet is available for Deep Onion, and it takes just 50 MB of your disk space. You had the option of storing these coins in your laptop. And if you had done so, then you would have been a happier man now. This option is not available for the vast majority of the altcoins, which ask you to install the full desktop wallet, which can take anywhere from 5 GB to 15 GB of your hard disk space. Examples are Veil and Cardano.

[maxreish]

With the recent hacking issues of Binance and other exchanges, it is really hard to keep your fund in a particular exchange. The thing here is that, I am keeping my enough fund to an exchange because I do altcoins day trades. Last time, when they hacked btc from Binance, I didn't convert my altcoins into btc that is why my balance in an exchange didn't affected at all. Seems like hackers are just really interested on btc.

On the other hand, I would also advice that you can still leave a fund to your  exchange but just a small amount that you can still afford to lose for some unexpected scenarios.

[mannybitcoins]

Most of the theft of cryptocurrency is solely due to the carelessness of the owner. Hacking into the system is much more difficult than the human head.

[79b79aa8d5047da6d3XX]

No reasonable crypto investor should store his/her token on an exchange you dont have the private key to. Its advisable that you store your coin on a wallet you have and control the private key.  Its more safer there

[rdluffy]

Yes, I think most of us lost some funds with a hacked exchaged
I already lost some nanos when Bitgrail was hacked, but not so much coins

I have some coins with exchange right now because I bought some BTC and ETH, I need to withdrawl asap

It's better to do that now instead of regret when some exchange got hacked

[Successmaniac4]

Storing your money on exchanges is never a good idea. It is not safe, you have to withdraw the money into a safe wallet where you have the keys and can be assured of its safety. If the exchange is hacked, you will still have your coins safe in your wallet.

[Hypnosis00]

Storing your money on exchanges is never a good idea. It is not safe, you have to withdraw the money into a safe wallet where you have the keys and can be assured of its safety. If the exchange is hacked, you will still have your coins safe in your wallet.

We are too worried about the hacks that is why never put our coins to an exchange but isn't a hundred percent guarantee that keeping it inside our controlled wallet will keep it safe.  Still a subject to be hack in any moment and of what it happen to hacking issues with the exchanges will possibly be happen into our wallet also.

[sandra_x]

It started wih Mt Gox and the list have been endless so far, exchanges are a bulls-eye for hackers to deploy their resources. It see no exchange is immune to this, so the rule reiterated if that if you do not own the private key, you do not own the coin.

[eidoscore]

storing our asset in crypto exchange is not recomended, even the exchange claimed bigger and safer.
look case in binance, big exchanger like binance are hacked few time ago and learn from this for never store our asset if not for trading near time recomend for withdraw the aset to our personal wallet

[atjiat]

storing our asset in crypto exchange is not recomended, even the exchange claimed bigger and safer.
look case in binance, big exchanger like binance are hacked few time ago and learn from this for never store our asset if not for trading near time recomend for withdraw the aset to our personal wallet

if we do not seriously approach the safety of our funds, then no one else will do it.  Definitely You can not leave all your money on the wallets of the exchanges, since trading exchanges are always at risk.  An example is the recent hacking binance, which is also practically the leader among all trading platforms.

[Grishanya1234]

Of course, you are right about the safety of your funds above all, but you should not forget that wallets are also subjected to hacker attacks and I would advise you to keep some of the funds on the exchanges and some of the funds on your electronic wallet or a cold wallet will be much safer.

[mattadc]

I fully agree with the author of the post.  Because I think that if we do not care about our money, no one will take care of them there are many scammers who are waiting for you to pay and you will carelessly treat your wallet or money.

[voltesbit777]

This advice I think is the nth time here in the forum. But still much appreciated. This is just to remind every crypto trader especially those new comers. Even the most popular exchanges can be hacked. Few weeks ago binance had been hacked. Good thing it was traced early to prevent further loses.

[harsi123]

Now technologies have reached the level that any box can be cracked, but all you need is desire and a powerful computer. So appreciate your wallets and take care of them like no other

[Carreuh]

Indeed, threats can occur anywhere and anytime because the hackers have a variety of ways and tools to hack something they want, so before hacking what we have, it is better to save it in a place that is difficult for them to access  those who store tokens or coins in Kate's exchange exchange are easily detected by hackers and keep them in your personal wallet that feels safe

[Felic43]

I agrees with the author of this post security of our coins is not save on exchanger is better for someone to use external wallet for security purposes.

[Silberman]

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.  

While all of what you are saying is correct many people will never apply that, why? Because they are short term traders which means they are looking at 15 minutes charts or even shorter and any delay can mean the difference between making money and losing it so they are not going to wait for a transaction to confirm to get their coins into the exchange.

[coin-investor]

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.  

You can edit your post and add Binance they are the latest exchange that's been hacked and the hacker got away with 7000 worth of Bitcoin, but compare to other exchanges, they handled it really good, but you are absolutely right exchanges should not be your option when storing your coins.

[Ayiranorea]

In whatever way we keep our funds in wallets hackers try the possible ways to get into and wash it off. This takes place with personal wallets as well with the exchange wallets. More we keep it secure with more security features added is the key for securing funds. Beyond this it is always a good pick to hold funds in offline wallets which is not that easy to get connected for the hackers. Here the desktop on which funds were hold needs to clear without any malware.

[Capt00]

In whatever way we keep our funds in wallets hackers try the possible ways to get into and wash it off. This takes place with personal wallets as well with the exchange wallets. More we keep it secure with more security features added is the key for securing funds. Beyond this it is always a good pick to hold funds in offline wallets which is not that easy to get connected for the hackers. Here the desktop on which funds were hold needs to clear without any malware.

That is their job mate, they probably find ways in order to get something for us no matter how we keep it safe. Though the possibility is quite thin but knowing how smart they are, they can crack our keys someday. We can't find how they do that but as technologies improving, it could be easily for them to wipe off our wallets and leave empty.