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Author Topic: Newbies - Read before using exchanges or investing  (Read 381 times)
tbct_mt2
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August 25, 2019, 04:09:48 PM
Last edit: September 24, 2019, 03:35:13 PM by tbct_mt2
Merited by Stedsm (5), Royse777 (5), DdmrDdmr (2), Turk Ace (2), pooya87 (1), wwzsocki (1), Theb (1), Husna QA (1), masulum (1)
 #1

NEWBIES - READ BEFORE USING EXCHANGES OR INVESTING


People say:
"Not your keys, not your bitcoin"
"Not your keys, not your crypto"

This is true not only for bitcoin, but also right for altcoins.

From that, I will give you some points, that will play vital roles to keep you safe in crypto.

[1] Don't store your coins on exchanges for too long. It is the most stupid mistake
[2] Don't use wallets that you don't have full control of wallet's private keys.
[3] Do your own research on your interest coins, to find out about their wallets, and choose best ones in case you buy them and withdraw coins from exchanges
[4] Read tutorials on how to verify wallet (if possible), backup seeds, private keys, wallet backup; and steps to recover wallets
[5] Testing seeds, private keys, wallet backup first, and only deposit money in those wallets when testing results are good
[6] Don't use masternode / shared masternode hosting services
[7] Don't store your coins on mixing service platforms for too long. Withdraw them immediately after mixing process finished
[8] Check KYC requirements on exchanges that you have plans to buy coins on their platforms



[1] Don't store your coins on exchanges for too long. It is the most stupid mistake
Risks of hacks, exchange scam exits. Big exchanges can be hacked, big exchanges can do scam exits. Take care of your coins is better.
At least, if I do research on exchange reputation and its current situation (deposits, especially withdrawals); then I have likely been safe in very short term. You are right that exchanges can turn into scam or can be hacked within seconds, no one knows.
Investigate first, have detailed plans to withdraw after buying coins on exchanges (preparation on wallets on your devices), and set up plans to withdraw, 5 minutes or longer.
BTW, I want to add one more point:
- After buying, it will be safer to withdraw small amount of coins to test withdrawal on that exchange for the coin you just bought.
- If small withdrawals get first confirmation, let's move all rest of your coins.
Depends on how small the withdrawal is. Most exchanges have a minimum and you can't withdraw below that minimum.
Also you will be paying double fees for 2 withdrawals. For example the withdrawal fee is 0.0005 BTC on Binance - more than $5. It is not exactly cheap if you are not dealing with a lot of money.
Their withdrawal limit is 0.002 BTC - more than $20. If it is a small amount the user might not be able to respect these limits to make two withdrawals.
Thanks.
I would like to give explanation: that point focuses on altcoins. Withdrawal fees with altcoins are cheaper.
BTW, you remind me that it is important point that I forgot to write in OP.
Read more:

[2] Don't use wallets that you don't have full control of wallet's private keys
You should read about custodial and non-custodial wallets.
I suggest you to choose non-custodial wallets to have full control of your private keys. No one can steal your bitcoins, ie. if you don't lose your private keys. It means you have to take care of your private keys, and your computer security, nevertheless.
Just a bit of advice for the people and mostly for the newbies out there who still use exchanges as personal wallets and are careless about the safety of their funds...

If you don't want to be a victim of another inside job from exchanges or even having your personal wallets hacked (malware), I highly suggest investing in a hardware wallet. You will sleep better at night.

This is more valid than before as the price is surging...

[3] Do your own research on your interest coins, to find out about their wallets, and choose best ones in case you buy them and withdraw coins from exchanges
This step will help you having good preparation for what you will do next after successfully buying your interest coins.
You will know which wallets to use, where to download, how to install, backup, recover, and testing all those steps on your computers.
How to search?
  • If your interest project already listed on coinmarketcap.com (~ CMC) > Start from CMC to get official website, github, etc. of that project
  • If your interest project has not yet listed on CMC, and you know official website of that project > Start from official website to get other things
  • If your interest project has not yet listed on CMC, and you know official website of that project > Start doing your own research from Google, with higher risks. This is last option you should think of.

Benefits:
It will save your time. The more time you save after buying coins on exchanges, the more security and less risks you will have, because you can move your coins from exchanges to wallets under your control after a few minutes.

[4] Read tutorials on how to verify wallet (if possible), backup seeds, private keys, wallet backup; and steps to recover wallets
Using non-custodial wallets don't mean that you are totally safe, because it depends on your computer security, and wallets you download are official, and zero-threats/malwares or not.
Reading how to verify wallet (to check it is official or not) is very important and vital. Doing this before using that wallet for transactions.
Appreciated help from @DdmrDdmr to remind that verify wallet quality and functions is important to, in case wallet has poor quality, and bad functional operation, you don't lose your money.

Read more:


[5] Testing seeds, private keys, wallet backup first, and only deposit money in those wallets when testing results are good
After verifying wallets (if that feature is available), and installing wallet on your devices, and doing back ups (in the [4] step). Now, it is time to test those backups on same devices or on other devices.
Checking all of those backups to make sure that in case your devices broken technically, you will be able to recover your wallets (there is no mispelling on seeds, private keys, etc.)
Good practice is to turn off your internet connection when testing. Even its desktop or in mobile devices.
2. Turn off internet connection while generating your Bitcoin address

It’s also possible to create a vanity address when your internet connection is active, but for security reasons no internet connection is recommended. It would be even safer if you run the program on a computer that was never connected to the internet, but you can decide for yourself which security level is sufficient. It's always recommend to prefer high security standards to avoid any problems resulted by hacks because it's always possible that your device is compromised.
If you want maximal security you can generate your vanity address via split-key.
Read more:

[6] Don't use masternode / shared masternode hosting services
It is nearly the same as storing coins on exchanges for too long; and you don't have control of your money.
Read more:
  • GINcoin: Shutdown their masternode hosting service, without announcement in their ANN thread or on their website. They only announced it in their Discord.

[7] Don't store your coins on mixing service platforms for too long. Withdraw them immediately after mixing process finished
It is nearly the same as storing coins on exchanges for too long.
Read more:

[8] Check KYC requirements on exchanges that you have plans to buy coins on their platforms
This step is another must-do thing. It is ridiculous that your original aim to create accounts on exchanges is to buy your interested coins, and withdraw them to store in wallets you have control on private keys; but at the end you are unable to withdraw due to failed KYC.

It ensures that if you don't want to do KYC, you will not create account, and send your funds (bitcoin, fiats, whatever) to those exchanges; then you will have to mandatory do KYCs (that what you never want to do at starts).

In addition, it also ensure that on exchanges that KYC is mandatory to be able to withdraw money, you have to successfuly do KYC verification first, before send your fund to your accounts on those exchanges.
Sometimes, I saw people complain that they failed to do KYC verifications. There are some reasons:
  • ID cards, photos, ie. blurred
  • Their nations in which they live listed in exclusive nations of exchanges

 
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August 25, 2019, 05:00:39 PM
Merited by tbct_mt2 (1)
 #2

[3] Do your own research on your interest coins, to find out about their wallets, and choose best ones in case you buy them and withdraw coins from exchanges
Best thing is always going the official website of the interest coin, they have always their official wallet or recommended wallet/s.

[5] Testing seeds, private keys, wallet backup first, and only deposit money in those wallets when testing results are good
Good practice is to turn off your internet connection when testing. Even its desktop or in mobile devices.

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August 25, 2019, 06:38:43 PM
Merited by tbct_mt2 (1)
 #3

Here is one of the most recent examples of why storing all your cryptocurrencies in an exchange is not a good idea for your money. I think we all know by now what had happened to QuadrigaCX and how it had devastated a lot of investors from their exchange. It was not due to a hack nor a system malfuction but the simple reason of the owner dying whom they stated is the only one who have access to their cold wallets. Not unless you are into day trading it's really a good practice sending the cryptocurrencies you own to wallets you have full control with, there's really no reason why you need to hodl those coins on an exchange for too long when you can create crypto portfolios on third party apps or even in Excel/Spreadsheet.

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August 26, 2019, 01:26:59 AM
Last edit: August 26, 2019, 02:03:36 AM by tbct_mt2
 #4

Best thing is always going the official website of the interest coin, they have always their official wallet or recommended wallet/s.
Sorry. I wrote it in another thread, and forgot to wrote about that step in this thread.
SUMMARY
[1] Check for updates from official website (can check from wallet first, then re-check on official website)
[2] Always type site address to visit it: electrum.org
[3] Verify ThomasV's GPG signatures before installing new wallet versions
[4] Do all these three steps before doing bitcoin transactions in your newly updated wallet.
Quote
Good practice is to turn off your internet connection when testing. Even its desktop or in mobile devices.
Yeap, it's great.

 
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August 26, 2019, 03:38:58 AM
 #5

Quote
[1] Don't store your coins on exchanges for too long. It is the most stupid mistake

i just want to add something to this point. part of the risk is not a matter of length of time, it is the matter of storing coins on exchanges. in other words when you are depositing your coins on an exchange even for a single second, as soon as that deposit is confirmed you are at risk of losing your money. the exchange can scam you that very instant.
which is why if you want to start trading, you should also consider this risk among other risks involving trading.

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August 26, 2019, 04:07:22 AM
 #6

i just want to add something to this point. part of the risk is not a matter of length of time, it is the matter of storing coins on exchanges. in other words when you are depositing your coins on an exchange even for a single second, as soon as that deposit is confirmed you are at risk of losing your money. the exchange can scam you that very instant.
which is why if you want to start trading, you should also consider this risk among other risks involving trading.
Exactly! At least, if I do research on exchange reputation and its current situation (deposits, especially withdrawals); then I have likely been safe in very short term. You are right that exchanges can turn into scam or can be hacked within seconds, no one knows.
Investigate first, have detailed plans to withdraw after buying coins on exchanges (preparation on wallets on your devices), and set up plans to withdraw, 5 minutes or longer.
BTW, I want to add one more point:
- After buying, it will be safer to withdraw small amount of coins to test withdrawal on that exchange for the coin you just bought.
- If small withdrawals get first confirmation, let's move all rest of your coins.

 
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August 26, 2019, 05:06:51 AM
 #7

[7] Don't store your coins on mixing service platforms for too long. Withdraw them immediately after mixing process finished
It is nearly the same as storing coins on exchanges for too long.
Read more:
BitBlender: scam exit
Bestmixer.io: suddenly shutdown by Dutch FIOD.
can we actually say exit scam on BitBlender? they did give users a few days to withdraw, didn't they?
and BestMixer.io had no feature on storing coins (cmiiw), they mixed and only delayed sending out coins
but I do agree, if the mixer allows storing coins, best to withdraw it within a few days

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August 26, 2019, 07:21:41 AM
Last edit: August 26, 2019, 07:40:46 AM by Otta
 #8

[1] Don't store your coins on exchanges for too long. It is the most stupid mistake
This is right on point as new scams crop up, and even old ones resurge most times there are risks pertaining to a spoofing attempt to steal private crytographic keys, fake wallet set up to trick users. And many times when things look good and you then think it's safe simply because the exchange is probably a good one, don't forget that they can also be victims of hacks which has happened so many times. As a newbie like myself this is something I've learnt not to do in my few days of reading the on the forum.

There is something to watch out for at every turn and so carefulness comes in.
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August 26, 2019, 09:17:30 AM
 #9

<…> [4] Read tutorials on how to verify wallet (if possible), backup seeds, private keys, wallet backup; and steps to recover wallets
This is important to verify. I’ve just come across a case on my local board of a person using an android wallet called “Bitcoin Wallet”. The app now crashes every time he tries to use it, and only (fortunately) allows him to create a backup. He’s tried all sorts of things to get it working, but still cannot (and is wishing to dump the wallet once he gets access to his funds).

The thing is, the wallet does not seem to provide a menu accessible way to see or export his private keys, and is therefore stuck. I’ve located a thread where some members point to developments that allow you to export the private keys from the backup through third-party open source software. Risky as it could turn out to be, it seems that he has no other alternative than to give it a go, since apparently there is no built-in way to see them (and the App crashes constantly).

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August 26, 2019, 12:31:47 PM
Last edit: September 03, 2019, 01:51:33 PM by Sohyun Park
 #10

One more recent thing that is going on is if you sent 1 eth you will get 'x' amount of BTC in your account kind of scam. Even In such cases kindly do not invest if you are not assured about getting funds later. I would say do not step on such news just because of greed.

Example of such cases:
https://bitcointalk.org/index.php?topic=5173887.msg52105798#msg52105798

The point is do not invest your funds with zero knowledge. Invest time in reaching end to end info before you invest in anything.

Basically, do not fall for fake investment plans and lose your hard earned funds.

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August 26, 2019, 12:39:03 PM
 #11

If you decide to keep investing,
Always de-authorized any online wallet do you used !

My friend forget to de-authorized the blockchain wallet eventhough he accessed through his personal laptop at home.
The fact is the hacker still able to stole it
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August 27, 2019, 08:41:30 AM
Last edit: August 27, 2019, 08:58:39 AM by tbct_mt2
 #12

OP updated with the point [8], please check and let me know if you have something to contribute and improve my thread.
[8] Check KYC requirements on exchanges that you have plans to buy coins on their platforms
This step is another must-do thing. This step is another must-do thing. It is ridiculous that your original aim to create accounts on exchanges is to buy your interested coins, and withdraw them to store in wallets you have control on private keys; but at the end you are unable to withdraw due to failed KYC.

It ensures that if you don't want to do KYC, you will not create account, and send your funds (bitcoin, fiats, whatever) to those exchanges; then you will have to mandatory do KYCs (that what you never want to do at starts).

In addition, it also ensure that on exchanges that KYC is mandatory to be able to withdraw money, you have to successfuly do KYC verification first, before send your fund to your accounts on those exchanges.
Sometimes, I saw people complain that they failed to do KYC verifications. There are some reasons:
  • ID cards, photos, ie. blurred
  • Their nations in which they live listed in exclusive nations of exchanges

 
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August 27, 2019, 09:25:25 AM
Merited by tbct_mt2 (1)
 #13

BTW, I want to add one more point:
- After buying, it will be safer to withdraw small amount of coins to test withdrawal on that exchange for the coin you just bought.
Depends on how small the withdrawal is. Most exchanges have a minimum and you can't withdraw below that minimum.
Also you will be paying double fees for 2 withdrawals. For example the withdrawal fee is 0.0005 BTC on Binance - more than $5. It is not exactly cheap if you are not dealing with a lot of money.
Their withdrawal limit is 0.002 BTC - more than $20. If it is a small amount the user might not be able to respect these limits to make two withdrawals.

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August 27, 2019, 09:31:49 AM
 #14

Depends on how small the withdrawal is. Most exchanges have a minimum and you can't withdraw below that minimum.
Also you will be paying double fees for 2 withdrawals. For example the withdrawal fee is 0.0005 BTC on Binance - more than $5. It is not exactly cheap if you are not dealing with a lot of money.
Their withdrawal limit is 0.002 BTC - more than $20. If it is a small amount the user might not be able to respect these limits to make two withdrawals.
Thanks.
I would like to give explanation: that point focuses on altcoins. Withdrawal fees with altcoins are cheaper.
BTW, you remind me that it is important point that I forgot to write in OP.

 
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August 27, 2019, 10:59:42 AM
 #15

[1] Don't store your coins on exchanges for too long. It is the most stupid mistake

Rather, we should not keep our coins on exchanges only. We should create a cold wallet and store our coins there. We will have full control of our wallet.

[2] Don't use wallets that you don't have full control of wallet's private keys.

We can use hardware wallets where you will have access to your private keys. It is safe, unless you loose it.

[7] Don't store your coins on mixing service platforms for too long. Withdraw them immediately after mixing process finished

I didn't understand this point. What is mixing service platforms?

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August 27, 2019, 11:22:40 AM
 #16

<...> I didn't understand this point. What is mixing service platforms? <...>
Take a look at these threads:

What is Bitcoin Mixer?
List Bitcoin Mixers Bitcoin Tumblers Websites

A Mixer basically has the goal of disassociating even further your crypto assets from you (primarily BTC, but there are others available such for ETH for example). They use various techniques, but the at the core they attempt to break any connection between your addresses that send coins over to the service, and the addresses you receive the coins back on. A couple have been seized over the past year or so, and there’s a well known one that has been offline or non-accesible for some hours now (502 - bad gateway) ...

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August 27, 2019, 11:24:24 AM
 #17


[7] Don't store your coins on mixing service platforms for too long. Withdraw them immediately after mixing process finished
I didn't understand this point. What is mixing service platforms?

Mixing service are platform used for mixing coins (most especially bitcoin) to make them untraceable. For more detail information read below.
Bitcoin tumbling (mixing) involves the usage of a third party service to break the connection between a wallet address sending coins and the addresses receiving coins. So if a person does not wish the whole world to know from where they got their coins, and/or to which addresses the Bitcoins are sent, then tumbling is the way to go. A provider of Bitcoin tumbling service is referred to as Bitcoin tumbler.

Coin mixing will provide you with a certain amount of privacy, by mixing your coins with other coins previously sent or in their reserve and sending different coins to the address you specify. When looking at the blockchain, one will be able to see you sent your coins to a wallet. And that someone sent coins to the wallet you want them sent, there will be no connection between your wallet address and the one where you want your crypto delivered.

edit: @DdmrDdmr beat me to it  Shocked

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August 28, 2019, 02:40:04 AM
 #18

Take a look at these threads:

What is Bitcoin Mixer?
List Bitcoin Mixers Bitcoin Tumblers Websites

A Mixer basically has the goal of disassociating even further your crypto assets from you (primarily BTC, but there are others available such for ETH for example). They use various techniques, but the at the core they attempt to break any connection between your addresses that send coins over to the service, and the addresses you receive the coins back on. A couple have been seized over the past year or so, and there’s a well known one that has been offline or non-accesible for some hours now (502 - bad gateway) ...

Mixing service are platform used for mixing coins (most especially bitcoin) to make them untraceable. For more detail information read below.

Bitcoin tumbling (mixing) involves the usage of a third party service to break the connection between a wallet address sending coins and the addresses receiving coins. So if a person does not wish the whole world to know from where they got their coins, and/or to which addresses the Bitcoins are sent, then tumbling is the way to go. A provider of Bitcoin tumbling service is referred to as Bitcoin tumbler.

Coin mixing will provide you with a certain amount of privacy, by mixing your coins with other coins previously sent or in their reserve and sending different coins to the address you specify. When looking at the blockchain, one will be able to see you sent your coins to a wallet. And that someone sent coins to the wallet you want them sent, there will be no connection between your wallet address and the one where you want your crypto delivered.

Thank you @DdmrDdmr and @CryptopreneurBrainboss! Now I understood about Coin Mixing. Smiley

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September 01, 2019, 10:53:01 PM
 #19

I still read newbies not doing research about an exchange and the newbie only mention that he/she is interested to invest in the because it is interesting and I only advise not to invest in it instead do a research about it and you'll surely can decide if it is worth it to invest or not. Do research is number 3 in your list and it's important that we must do it just like the rest of it.

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September 02, 2019, 09:48:09 PM
 #20

Another thing to always do is always make a test deposit first. Then your larger deposit afterwards. You should probably make a test withdraw from the exchange. This can be bothersome though if they withdraw fee is high. If you dealing in a large amount of crypto then you definitely should do a test withdraw. Always check your address and the address you sending to. This is also another reason you should make a test deposit/withdraw. So you deposited.withdrew to the same address again twice in a row and the chance of making the same mistake twice is little.
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