Don't feel comfortable with crypto exchange

[boyptc]

Everybody needs to fear crypto exchange without waiting for people to preach exchange is not good for storing bitcoin.   Remitano exchange is where I do buy bitcoin and sell bitcoin.  Sometimes it is very difficult to have access with this wallet to sell or buy bitcoin,  at times it takes 24hrs before one can logging this exchange. Just imagine exchange like this have some network issues like this and never gets back to normal again. This should be enough reason why people shouldn't store  bitcoin on exchange wallet.

I don't use remitano and never had.

But isn't that already a red flag if by just logging in will take you up to 24 hours? That's crazy to think honestly! When I was too naive before and keeping a huge portion of my holdings on an exchange, I was really confident with them before not until I have started to have intermittent access on their website.

Like the cloudflare issue, it made me scared at all and that made me pull out my funds quickly when they're back after the maintenance.

[Crypt0Gore]

I never knew that Remitano has a crypto wallet, the last time I used the platform it's just the website only, the service they provide can't be compared to crypto exchange, to me it's just a p2p platform and the performance and users reviews are worse, what makes you use their wallet for storing assets? This is wrong.

Not your keys Not your wallet, always remember this warning.

[Peanutswar]

Seek a crypto exchange which is already a reputable one to prevent losing your assets plus losing your credentials or information with their fake KYC, most people are using the binance so why not stick with it, also don't store your assets in an exchange because you don't have the full authorization in terms something happen to their system at least if you have your own wallet you can make easily cashout your funds without any verification needed like freezing of the accounts. Electrum has their own mobile application if you don't have a funds yet to buy a hardware wallet or a pc.

[Russlenat]

Everybody needs to fear crypto exchange without waiting for people to preach exchange is not good for storing bitcoin.   Remitano exchange is where I do buy bitcoin and sell bitcoin.  Sometimes it is very difficult to have access with this wallet to sell or buy bitcoin,  at times it takes 24hrs before one can logging this exchange. Just imagine exchange like this have some network issues like this and never gets back to normal again. This should be enough reason why people shouldn't store  bitcoin on exchange wallet.

Well, most of the issues have been resolved though, but if you want to get rid of those, stay off from centralized exchanges and have your own hardware wallet, that way you will have less worries as you are in full control of your own bank. Remember that even old and reputable exchanges are never free from issues, so you can never expect for CEX to be mostly good for bitcoin storage.

[Issa56]

Everybody needs to fear crypto exchange without waiting for people to preach exchange is not good for storing bitcoin.   Remitano exchange is where I do buy bitcoin and sell bitcoin.  Sometimes it is very difficult to have access with this wallet to sell or buy bitcoin,  at times it takes 24hrs before one can logging this exchange. Just imagine exchange like this have some network issues like this and never gets back to normal again. This should be enough reason why people shouldn't store  bitcoin on exchange wallet.

Seriously I haven't heard about the exchange before this is my first time. It takes 24 hours before you can login to the exchange sometimes and you keep on using it? I can't even use P2P on the exchange, I think you should get a reputable exchange and start making use of their P2P and don't trust a site that will take 24 hour's before you can access sometimes.

Anybody that leaves bitcoin on exchange is just risking their money, if you leave your coin on exchange, just assume the coin is not yours, the bitcoin is not your own and anything can happen to it at any moment.

[Taskford]

Everybody needs to fear crypto exchange without waiting for people to preach exchange is not good for storing bitcoin.   Remitano exchange is where I do buy bitcoin and sell bitcoin.  Sometimes it is very difficult to have access with this wallet to sell or buy bitcoin,  at times it takes 24hrs before one can logging this exchange. Just imagine exchange like this have some network issues like this and never gets back to normal again. This should be enough reason why people shouldn't store  bitcoin on exchange wallet.

Sometimes people over reacting on some situation happen to other exchange if you live in fear then you might afraid do trades even on reputable exchange. Maybe the right thing to do is not to afraid but rather to be aware of possible risk of getting scam due to some any possible incident to come. Just trade on exchange but never think about making this as our personal wallet to hold our money for long time.

[freedomgo]

Everybody needs to fear crypto exchange without waiting for people to preach exchange is not good for storing bitcoin.   Remitano exchange is where I do buy bitcoin and sell bitcoin.  Sometimes it is very difficult to have access with this wallet to sell or buy bitcoin,  at times it takes 24hrs before one can logging this exchange. Just imagine exchange like this have some network issues like this and never gets back to normal again. This should be enough reason why people shouldn't store  bitcoin on exchange wallet.

It is always known and even more encouraged for newbies to never trust crypto exchanges as they can never be reliable in the long run. Although issues might be resolved after days or weeks, but after that, surely another issue will arise that creates another problem for the user. This will continue to happen with crypto exchanges. But if you have your own non-custodial wallet, you will have the sole control of your coins, when to keep them more or withdraw. So you won’t face undesirable problems that most crypto exchanges encountered.

[qwertyup23]

Everybody needs to fear crypto exchange without waiting for people to preach exchange is not good for storing bitcoin.   Remitano exchange is where I do buy bitcoin and sell bitcoin.  Sometimes it is very difficult to have access with this wallet to sell or buy bitcoin,  at times it takes 24hrs before one can logging this exchange. Just imagine exchange like this have some network issues like this and never gets back to normal again. This should be enough reason why people shouldn't store  bitcoin on exchange wallet.

It seems like there are numerous posts about exchanges nowadays convincing people not to store BTCs inside them. While this is indeed the best way in order to secure your cryptocurrencies, you can still use an exchange if you want to conveniently transfer from one wallet to another.

Like what I also mentioned in similar posts like these, I am guilty of the fact that majority of my BTCs are inside an exchange. It is like there is a hanging sword of Damocles above my head with this kind of strategy and I just hope that our local exchange (coins.ph) is not going to be hacked anytime soon.

Again, if you temporarily do not have a hardware wallet, transfer your cryptocurrencies to a trusted exchange for the meantime.

[mvdheuvel1983]

There is someone reading this post who still thinks that nothing can happen to coins and will go on to leave them in CEX despite the numerous cautions on this forum and in other places.
I learned the hard way when I lost access to my account on one of the CEX and had to go back and forth with the service agents to restore access.
As soon as I did, I quickly downloaded electrum wallet and moved my coins leaving only a small amount for transactions.
If you are a newbie, listen to the brilliant advice you receive here and move your coins out now.

[GreatArkansas]

(...)
This should be enough reason why people shouldn't store  bitcoin on exchange wallet.

In short, don't treat cryptocurrency exchanges as personal wallets, this is what a lot of people practice right now.
They also have reasons why they are doing it, best example is easy to access and convenient, because by just need an email address only.
And the worst part is they don't know the down side or negative effect when using exchange for what they want, there's a change that they will lose their cryptocurrency.

[moneystery]

Everybody needs to fear crypto exchange without waiting for people to preach exchange is not good for storing bitcoin.   Remitano exchange is where I do buy bitcoin and sell bitcoin.  Sometimes it is very difficult to have access with this wallet to sell or buy bitcoin,  at times it takes 24hrs before one can logging this exchange. Just imagine exchange like this have some network issues like this and never gets back to normal again. This should be enough reason why people shouldn't store  bitcoin on exchange wallet.

this is the first time I hear about remitano, is this exchange only available in your country? that's the reason you use it?  To avoid the worst-case scenario, I suggest you use a more reliable P2P platform, CEX doesn't have real liquidity, they use and transfer users' money as they please.

[Questat]

Everybody needs to fear crypto exchange without waiting for people to preach exchange is not good for storing bitcoin.   Remitano exchange is where I do buy bitcoin and sell bitcoin.  Sometimes it is very difficult to have access with this wallet to sell or buy bitcoin,  at times it takes 24hrs before one can logging this exchange. Just imagine exchange like this have some network issues like this and never gets back to normal again. This should be enough reason why people shouldn't store  bitcoin on exchange wallet.

I choose crypto exchanges based on their,
 -performance
 - transaction fees
 - speed of confirmation

Based on your experience, waiting for 24 hours just to log in or do anything is something wary. I can really afford to give trust in that exchange even though many people will say it was good and reliable because that long delays will something tells us differently and doubts. I'd rather choose other exchanges than stay with that one as we are not wasting our time waiting but we also loss confidence.
 

[Oluwa-btc]

There's a little bit of exaggeration from the OP, 24hours I will not agree to not even an hour, that's a a direct dig at the exchange.
I turned hardcore completely after reading and getting full knowledge of the damages using exchnages for longer periods did cause users who trusted the exchnages, but this i won't agree to, Remitano has no such flaw as OP said, I'll agree on the Know your customer aspect and verification of Remitano profile but ask me if I have witnessed such prolonged difficulty to log and get access in I'll say NO!

The exchnage is widely used by Africans and should I say Nigerians Champions the usage of the exchnage for daily Bitcoin buys and sales.

But true that, We shouldn't be confident and reliant on exchange. The warnings are everywhere, those who put them trust on exchnages will suffer the repercussions.

[KingsDen]

Everybody needs to fear crypto exchange without waiting for people to preach exchange is not good for storing bitcoin.   Remitano exchange is where I do buy bitcoin and sell bitcoin.  Sometimes it is very difficult to have access with this wallet to sell or buy bitcoin,  at times it takes 24hrs before one can logging this exchange. Just imagine exchange like this have some network issues like this and never gets back to normal again. This should be enough reason why people shouldn't store  bitcoin on exchange wallet.

Op, your story about Remitano is exergeratted. How can an exchange take upto 24hrs before one could login?
I suggest you should update your remitano app, that is the only reason you are having the bug that is delaying your login process.
Everyone knows that it is not nice to feel comfortable with exchanges. It is not even nice to feel comfortable with anything you don't have control over. This industry is full of risks and that is why we all need to be careful everytime.

[Cyber_Alien]

I usually tell people that no matter how good an exchange appears to be, they should not be trusted with your asset. It's extremely dangerous because anything can happen and they can be compromised at any time. Keep your asset in a non-custodian wallet at all times; if you need money, simply withdraw the required amount to the exchange. I've never heard of the Remitano exchange; in terms of security and popularity, I'd recommend Binance or Coinbase.

[Nwada001]

Everybody needs to fear crypto exchange without waiting for people to preach exchange is not good for storing bitcoin.   Remitano exchange is where I do buy bitcoin and sell bitcoin.  Sometimes it is very difficult to have access with this wallet to sell or buy bitcoin,  at times it takes 24hrs before one can logging this exchange. Just imagine exchange like this have some network issues like this and never gets back to normal again. This should be enough reason why people shouldn't store  bitcoin on exchange wallet.

Unless this is a new development if not I have never seen such before back in my time of making use of the exchange.
I used platform, to me it's not equal to an exchange, since 2018 I make use of it for my small crypto transaction eth, USDT, BTC that was the fastest means I know back then to sell my crypto to my local currency

Before I later come across Luno which I make use of back then and now lots of means to exchange and buy crypto has been at my reach.
The only issue I always have with them was, in each of your
 deposit they charge you some percentage out of what you deposit or they have an actual amount worth of the exact crypto which you are depositing the usually remove before they will all the rest to enter your main balance. Remitano is just some P2P kind of a thing which is for Africa countries mainly for Nigerians.
With all the fee they charge I wonder what drag you there to use it as a sort of wallet for holding your crypto. And before you can be able to hold some above some certain amount there you need to do KYC verification which is what one should not do, for privacy and security reasons.
 

[ScamViruS]

I don't know about this exchange, so I don't know how you came to know about this exchange. Storing funds on any exchange is risky no matter how trustworthy the exchange is. Because in the recent times we have seen how a big exchange has done drama with customers' funds and in the end they have shown themselves to be insolvent. But at the end of the day all the losses have to be borne by the customers. So keeping funds in your private wallet is safer than storing them on an exchange. Because all exchanges look good until the inside information comes out.

[Z390]

Remitano is not a recognized crypto exchange, a low-rated crypto exchange like Bitglobal is x10 better than Remitano, why are you even using the platform? I know they have Fiat to crypto through P2P but this is nothing new in the crypto space anymore because big reliable exchange like Binance offers this service. Luno is even way better as this was the platform I used to purchase my first ever BTC in 2018, but since Binance offers a bit better service I abandoned Luno for Binance exchange.

[Erumo]

If you feel uncomfortable with something - change it. We live in a world full alternatives. Cryptocurrency world is flooded with exchanges, I might say that we have exchanges in excess. That is why exchanges must fight for customers, not customers must suffer or feel uncomfortable.

Remitano - does not look like a very popular exchange. I would not be brave enough not only to hold funds there, but even to deposit there. I've checked it on cmc, and Remitano does not inspire confidence with their volumes. If it gets a lot of deposit, I would not be surprised if it gets hacked all of a sudden and we see a static picture under maintenance on index page.

Dont hold funds there or anywhere else. Deposit, trade, withdraw. Its either that way, or prepare to say goodbye to your funds.

[Coin_trader]

Remitano is not a recognized crypto exchange, a low-rated crypto exchange like Bitglobal is x10 better than Remitano, why are you even using the platform? I know they have Fiat to crypto through P2P but this is nothing new in the crypto space anymore because big reliable exchange like Binance offers this service. Luno is even way better as this was the platform I used to purchase my first ever BTC in 2018, but since Binance offers a bit better service I abandoned Luno for Binance exchange.

Remitano is already on the crypto exchange industry since 2015 without any major issue occur with their service such as hack that turns into loss of their user. Remitano is one of the pioneer crypto exchange here in our country when Binance is still not established. Maybe you are just not familiar because you are from country that doesn’t support Remitano during the early days of crypto but I assure you that Remitano is more trusted than Bitglobal based on my long experience in crypto since 2015.

Bitglobal is the new exchange introduced by Bithumb last 2019. Looking on the duration of their continuous service and issue involved, Remitano is still ahead.They just didn’t improved much their functionality but they are not a mediocre exchange.