Why is it bad to leave crypto on exchanges?

[AjithBtc]

I have most of mine on an exchange because I'm getting paid interest. Has there ever been a time when an exchange like Binance for example, steals your funds or gets hacked and people lost money?

I don't think it is a too bad idea to leave our coins on exchanges, but make sure the exchanges have good history and are friendly to their members. Of course, no exchanges are secure enough, all exchanges are possible to be hacked. However, several exchanges want to refund their members' money once there is a hack. I am sure Binance is one of the exchanges that have responsibility if there is a hacking case. So, I think we have no reasons to be so worried about our money. But never put all our money on exchanges, just put the amount of money that we can afford to lose.

Don't find this as a gamble. With gambling users will be suggested to spend what one can afford to lose. An exchange is different, every exchange have got security issues which gets updated often. With this we can have trust over the platform and keep the funds that are being used for trading and not the amount that can be afford to lose. If the plan is for long term holding, then never look for exchange. Find the best wallet and secure the amount, and keep the recovery seed safe.

Binance is most users choice when it comes to exchange services, due to its good history and listing of more trading pairs. With time something advanced in the exchange platform could come or everything could go as DEX.

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[suzanne5223]

I have most of mine on an exchange because I'm getting paid interest. Has there ever been a time when an exchange like Binance for example, steals your funds or gets hacked and people lost money?

I don't think it is a too bad idea to leave our coins on exchanges, but make sure the exchanges have good history and are friendly to their members. Of course, no exchanges are secure enough, all exchanges are possible to be hacked. However, several exchanges want to refund their members' money once there is a hack. I am sure Binance is one of the exchanges that have responsibility if there is a hacking case. So, I think we have no reasons to be so worried about our money. But never put all our money on exchanges, just put the amount of money that we can afford to lose.

Don't find this as a gamble. With gambling users will be suggested to spend what one can afford to lose. An exchange is different, every exchange have got security issues which gets updated often. With this we can have trust over the platform and keep the funds that are being used for trading and not the amount that can be afford to lose. If the plan is for long term holding, then never look for exchange. Find the best wallet and secure the amount, and keep the recovery seed safe.

Binance is most users choice when it comes to exchange services, due to its good history and listing of more trading pairs. With time something advanced in the exchange platform could come or everything could go as DEX.

Yes, there's nothing bad in leaving your cryptocurrency on an exchange that's only if the coin won't be left on the exchange for the long term. No matter how good the exchange's reputation and its previous record were never keep your coin on their platform for the long term because doing so is like gambling in which the chance of winning is always 1%.
I am saying this from experience because some exchange suddenly shutdown and never come back online.

[DoublerHunter]

I have most of mine on an exchange because I'm getting paid interest. Has there ever been a time when an exchange like Binance for example, steals your funds or gets hacked and people lost money?

I don't think it is a too bad idea to leave our coins on exchanges, but make sure the exchanges have good history and are friendly to their members. Of course, no exchanges are secure enough, all exchanges are possible to be hacked. However, several exchanges want to refund their members' money once there is a hack. I am sure Binance is one of the exchanges that have responsibility if there is a hacking case. So, I think we have no reasons to be so worried about our money. But never put all our money on exchanges, just put the amount of money that we can afford to lose.

^ That is correct advice, never put all your money on one exchange.
Binance is a trusted exchange for how many years but still, it is not ideal to store your coin in the long term even though they have a promise of SAFU which means all funds are safe and secure. But yet, this does not give any guarantee, everything on the centralized exchange could be hacked, so probably after trading, pull out your fund and store it on the non custodial wallet which is safe.

[24Kt]

I have most of mine on an exchange because I'm getting paid interest. Has there ever been a time when an exchange like Binance for example, steals your funds or gets hacked and people lost money?

I don't think it is a too bad idea to leave our coins on exchanges, but make sure the exchanges have good history and are friendly to their members. Of course, no exchanges are secure enough, all exchanges are possible to be hacked. However, several exchanges want to refund their members' money once there is a hack. I am sure Binance is one of the exchanges that have responsibility if there is a hacking case. So, I think we have no reasons to be so worried about our money. But never put all our money on exchanges, just put the amount of money that we can afford to lose.

^ That is correct advice, never put all your money on one exchange.
Binance is a trusted exchange for how many years but still, it is not ideal to store your coin in the long term even though they have a promise of SAFU which means all funds are safe and secure. But yet, this does not give any guarantee, everything on the centralized exchange could be hacked, so probably after trading, pull out your fund and store it on the non custodial wallet which is safe.

When it comes to binance, I have high regards that they won't steal from you. Yes, they have SAFU. But as much as possible, don't put all your crypto in one exchange. If you will not be putting your crypto for staking, better store your coins in your own wallet. I understand some are earning interest by staking or by flexible/fixed savings, as I also done that. But once you finished the period, transfer it to your own wallet.

[Abiky]

there is no wrong-flowering platform, and avoid virtual risks, because basically crime is everywhere,
it would be nice if you put your money in a local bank for locking, because even though banks often make losses but there is a guarantee of safe funds when there is a bank robbery etc., in contrast to crypto when the exchange is hacked, it is unlikely that the funds will return.  like MK4 said, we must be good at controlling the risks that exist and we will face

That's because funds stored banks across some (if not all) countries are insured. The same cannot be said about crypto exchanges. There must be some kind of law that would hold centralized exchanges accountable for the loss of funds due to hacks, theft, and other undesired situations. Otherwise, who's going to respond when you lose all of your hard-earned money on a crypto exchange? As long as there's no protection in place, most traders will be reluctant to leave vast amounts of crypto in an exchange.

Crypto/Blockchain tech is becoming more popular each day so there's hope regulations will tighten in order to legitimize the industry as much as possible. Who knows if the level of criminal threats on the crypto space is reduced by a minimum sometime in the future? Just my thoughts

[South Park]

I have most of mine on an exchange because I'm getting paid interest. Has there ever been a time when an exchange like Binance for example, steals your funds or gets hacked and people lost money?

I don't think it is a too bad idea to leave our coins on exchanges, but make sure the exchanges have good history and are friendly to their members. Of course, no exchanges are secure enough, all exchanges are possible to be hacked. However, several exchanges want to refund their members' money once there is a hack. I am sure Binance is one of the exchanges that have responsibility if there is a hacking case. So, I think we have no reasons to be so worried about our money. But never put all our money on exchanges, just put the amount of money that we can afford to lose.

^ That is correct advice, never put all your money on one exchange.
Binance is a trusted exchange for how many years but still, it is not ideal to store your coin in the long term even though they have a promise of SAFU which means all funds are safe and secure. But yet, this does not give any guarantee, everything on the centralized exchange could be hacked, so probably after trading, pull out your fund and store it on the non custodial wallet which is safe.

Investors can easily do something like this but this is way more difficult for traders, because as we know one of the deciding factors when it comes to making profits or not on the shortest times frames is speed, so if they get their coins out of the exchange and they happen to receive a signal during the time their coins are not in the exchange by the time they make a transaction, get a confirmation and their funds are reflected in the exchange then most likely the trading opportunity is over, so they do not have too much of a choice and traders will leave their coins at the exchange.

[Issa56]

If you plan to sell or exchange your coins over the next few years, experience shows that storing coins in a cryptocurrency exchange account is no different from storing them in a wallet. And in many ways it's even more convenient.

You didn't get the point, the reason why you shouldn't leave your coins in exchanges because you can't know the exchanges is still operated or not in the future. If you have leave your coins on an exchanges which never got hacked until now, you're lucky since every year there's always an hack incident. I would rather spend some satoshis and times to secured my coins fully 100% on my wallet rather than leave them on exchanges to save some fees.

you can gain interest on reliable defi platform if you make research well enough.

That's a same case like leaving your coins to centralized party.

The worst place to keep your coin is on exchange wallet address, you might be enjoying interest but just know that your funds is not safe there incase if anything happens to the exchange then their is no assurance that you are getting back your funds, we have heard about different exchange hack that have been happening and people are losing their money which I believe there are still more hack which will happen and you leaving coin on an exchange then your coin is definitely at risk because you can lose them.

[Nrcewker]

I have most of mine on an exchange because I'm getting paid interest. Has there ever been a time when an exchange like Binance for example, steals your funds or gets hacked and people lost money?

It’s always safe to hold Bitcoins personally in a hardware wallet.
Still if you want to risk your BTC for some penny interest then surely you can go for Exchanges.
Not exactly Binance but yes other exchanges have a pretty bad reputation for hacking and stealing of user’s funds.
Moreover many exchanges without any prior warning can anytime freeze your account with funds. So be careful from that also.
At last I would conclude that, keeping Bitcoins in exchanges are risky, as you are not the only person who has access to the funds and therefore you are compromising your money in this case.

[jhonjhon]

You should be careful so that you do not end up in a situation like this. I recommend that you watch the Binance Hack story so that you are aware and your funds are safe. This will also help in the recovery and protection of your account.

 Steps to keep your Binance account Safe and Secure:
1. Don’t keep extra funds on an exchange
2. Secure your email account
3. Backup Key while setting up 2FA
4. Whitelist address
5. Anti-phishing Code
6. Device management
7. Binance API key Security

Ref. https://coinsutra.com/binance-account-hacked-secure-binance-account/?msclkid=85ee8c8bc7ac11ec82b9b1b104558e0a

[Kelvinid]

I have most of mine on an exchange because I'm getting paid interest. Has there ever been a time when an exchange like Binance for example, steals your funds or gets hacked and people lost money?

You have nothing to worried about your funds if you are doing the right thing and if there are no suspicious activities that might be caught their attention. Binance and some exchanges will take action and possibly freeze your account if you violate their rules and that is why we should be aware of what we're doing and must abide by the rules of the exchange otherwise.

But if you are using non-trusted exchanges, chances are;
 -lock your account
 -steals your money

[AicecreaME]

I have most of mine on an exchange because I'm getting paid interest. Has there ever been a time when an exchange like Binance for example, steals your funds or gets hacked and people lost money?

 I think it is safe and has more advantage if you store it in a most reputable exchange like binance and houbi or kucoin you know that there is a lot of new exchange and it is a big problem if you store it in new exchange because you dont know if the particular exchange is scam or not, so i suggest to store on proven and tested exchange. Storing your crypto on exchange for interest is good idea keep storing and goodluck.

Nope, not at all.

Exchanges will never be a good safe place to store your cryptocurrency, because there are times that they've been hacked, but luckily hackers returned the funds or leave the stolen funds to a certain wallet that can't be open by other people and will be forever sleeping there. Hardware wallets are the safest haven for your cryptocurrency, because you're the one who holds the key to unlock it. It might be a little expensive but worth the price to secure your future.

[Crypto Library]

I have most of mine on an exchange because I'm getting paid interest. Has there ever been a time when an exchange like Binance for example, steals your funds or gets hacked and people lost money?

I think this is not that much bad to store crypto on exchangers. Now the question is which exchanger you have use for store your Coins , if you use the non-reputable and scam exchanger for store Then it must be risky. There are a lot of new scam exchangers out there now that attract people with lots of lucrative offers, but eventually scam. In this case, you have to be careful while selecting the exchanger.

[merekamo]

So far I have never experienced the theft of assets in the exchange or storing all assets on the exchange. I think it's very risky, also not the right decision. This is because at any time they can freeze your assets in most cases. I prefer to use only when I need/trade. whatever the reason I prefer to be safe by not leaving assets on an exchange.

[Altryist]

I think it is safe and has more advantage if you store it in a most reputable exchange like binance and houbi or kucoin you know that there is a lot of new exchange and it is a big problem if you store it in new exchange because you dont know if the particular exchange is scam or not, so i suggest to store on proven and tested exchange. Storing your crypto on exchange for interest is good idea keep storing and goodluck.

Keeping your crypto on an exchange is not the best idea, even as you say on top exchanges - it is not safe. Look on YouTube, or read articles, how many cases were there when everything was stolen from the exchange, to the last token. They don't steal from all users, but if there are such cases, then this means that you are already putting your coins at risk. And who needs additional risks?

[|MINER|]

I don't think it would be too risky for someone to store crypto using the right exchanger. There are many good exchangers who promise that if their exchanger is hacked and their funds are stolen then they will be backed up. Many good exchangers now have this promise. Also, if you want to store a large amount of funds for a long time, I think it would be better to use a hardware wallet.

[lablab03]

It's a actually not bad  in my personal opinion especially if you're using an exchange that has good security and very trusted also and well known of course, coz on that case you can assure that your money is in a safe place.
But like what other said that Not your key is not your coins, well my answer for that is don't store your money for long time and stop using it as a main wallet, i mean just put what amount you want to trade then dump your profits immediately to prevent bad situations.

[Asiska02]

Storing money in an exchange is actually enticing and great, it attracts much interest when stakes or marketed. But the guarantee of safety of your money is not 100% assured as they can be hacked and funds will be stolen. Any wallet for saving funds that you don’t have full access or control of it, which you can send or receive money, then its not your coin yet. The best way is to use an hardware wallet with your private keys with you.

[7788bitcoin]

You have nothing to worried about your funds if you are doing the right thing and if there are no suspicious activities that might be caught their attention. Binance and some exchanges will take action and possibly freeze your account if you violate their rules and that is why we should be aware of what we're doing and must abide by the rules of the exchange otherwise.

Hope you have heard about a major hack in Binance a few years back and you still think that it is a safe bet to store your coins in exchanges. We have seen many instances where exchanges are hacked left and right and there are exchanges that cease to exist after a while or after a major hack and if people cannot understand the basic things then it is their choice.

[tazmantasik]

You have nothing to worried about your funds if you are doing the right thing and if there are no suspicious activities that might be caught their attention. Binance and some exchanges will take action and possibly freeze your account if you violate their rules and that is why we should be aware of what we're doing and must abide by the rules of the exchange otherwise.

Hope you have heard about a major hack in Binance a few years back and you still think that it is a safe bet to store your coins in exchanges. We have seen many instances where exchanges are hacked left and right and there are exchanges that cease to exist after a while or after a major hack and if people cannot understand the basic things then it is their choice.

Binance really trusted exchange with major hacked cases last several years but keep exist and wake up until right now, before have Kucoin got hack but still safe member fund without have to close their exchange website. I think if save assets on both exchange above I think not have to worry with our fund loss, but if want save for several years later I think use hardware wallet is most recommended with your fund, not really worry what ever happening on exchange market because your assets really most safety for long term.

[glendall]

I think keeping assets on the exchange has a lot of problems from banned  accounts to frequent exchange hacks.
so in my opinion saving too large of funds on the exchange is not good, it's better to store it on hardware equipped with 2fa or some kind of protection, and without connecting to a 3rd party wallet or other