Do we need to backup Screenshots balance on exchange?

[lombok]

Hacking cases are still the biggest scourge on any crypto exchange. It doesn't matter whether the exchange is large or small, this incident can have fatal consequences for the exchange and even go bankrupt, even though there are several other factors that cause an exchange to collapse, such as FTX and so on.

The impact of this incident was none other than traders/consumers who saved/had funds in crypto on the exchange and had not yet had time to withdraw the funds. In this incident, the exchange's customers will lose time and materially. The long process of recovering customer funds and the amount of funds returned also does not match what the trader had before. Not to mention the added terms and rules that make it impossible for traders to get their money back.

If this continues to happen, there will be a lot of potential for consumers to lose funds in the future. To avoid something similar we might need to do:

1. Take care of your money, manage it properly and carefully.

What I mean here is that you need to be wise and careful in storing, organizing and managing it. If you trade on an exchange, then when you finish trading, put your money back into your personal wallet (take your crypto out of the exchange and move it to your hardware wallet or mobile wallet)

Do this after finishing trading. Because actually the most dangerous thing is storing money/crypto on an exchange.

2. If you are forced to store your funds or crypto on an exchange, don't forget to take a screenshot of your balance and account. This SS is useful if at any time something bad happens so you already have proof that you have funds there. Usually SS balance is a requirement for claiming recovery money. Sorry about the screenshot, I mean this is to remind us, what is our balance, what crypto do we have on the exchange and the amount.

3. KYC

KYC is now important because usually in the process of recovering funds in cases of collapse or hacking on an exchange, we will be subject to KYC, where the data we input will be checked against each other. If it matches, the fund recovery process will run smoothly. If we do not carry out KYC when registering on an exchange, we will likely have problems when faced with fund recovery requirements.

4. If you choose not to do KYC then do point 1 in a disciplined manner.

If you have some other advice, try sharing it here. And if this post is useful for you, give me merit

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[Zaguru12]

1. Take care of your money, manage it properly and carefully.

What I mean here is that you need to be wise and careful in storing, organizing and managing it. If you trade on an exchange, then when you finish trading, put your money back into your personal wallet (take your crypto out of the exchange and move it to your hardware wallet or mobile wallet)

Do this after finishing trading. Because actually the most dangerous thing is storing money/crypto on an exchange.

Just as you have pointed out the best advice is do not save on exchanges, right there is No secondary advice attached to this except that they have their risks. The first is since it will be harsh or probably just too much of a problem on traders to be withdrawing their funds everyday back to their individual wallets. Personally I think this might even lead to send to a wrong address either by mistakenly typing the wrong one or during copy and paste which would be easier one could fall into the mistake of getting affected with clipboard malware.

So my advice which still Carries its risk will be if you are still trading just everyday then you might have to leave your coins but make sure it is an amount you can lose. But make sure you’re not trading on just a single exchange try to diversify this amount into different exchanges and as such should one faces any hack or shutdown you can get back to the other and withdrawal your funds because it will certainly be hard to have top exchanges shut down same day. But make sure you are taking off your funds on exchanges every time you’re taking a trading break.

2. If you are forced to store your funds or crypto on an exchange, don't forget to take a screenshot of your balance and account. This SS is useful if at any time something bad happens so you already have proof that you have funds there. Usually SS balance is a requirement for claiming recovery money.

If you have some other advice, try sharing it here. And if this post is useful for you, give me merit

I don’t think this will count because no exchange will actually accept screenshots when returning people’s money. Graphics Designers have evolved as technology also evolves there will be multiple of scammers that could design a screenshot perfectly and put in ridiculous amounts there so it will be just a waste of time for them to accept screenshots as proof.

[stompix]

2. If you are forced to store your funds or crypto on an exchange, don't forget to take a screenshot of your balance and account. This SS is useful if at any time something bad happens so you already have proof that you have funds there. Usually SS balance is a requirement for claiming recovery money.

Where do people come up with these random ideas and think it actually is something that matters?

SS of your balance in court without anything backing it? Every judge will just order 100 copies of it and offer it as TP to the jury.
You will need to authenticate this before it is accepted as proof, how would do you it?

You have on any exchange the option of downloading a complete statement of your account, why bother with screenshots?
For example:
https://www.binance.com/en/support/faq/how-to-use-binance-account-statements-e12bc83ec9ba4e96a076d2b4a4419182

And if this post is useful for you, give me merit

&##&^&^ !

[rat03gopoh]

2. If you are forced to store your funds or crypto on an exchange, don't forget to take a screenshot of your balance and account. This SS is useful if at any time something bad happens so you already have proof that you have funds there. Usually SS balance is a requirement for claiming recovery money.

Let me give you tips on how you can look like you're a rich trader who has a lot of balance.
Right click on your balance bar (web version), then select "inspect", change your balance number to infinity as you want and then, take some screenshots of it.
Now the question is, are screenshots valid evidence in your opinion?

[tbct_mt2]

Screenshots are useless because it can be faked with Photoshop and other softwares.

Exchanges will not accept your screenshots. Governments won't accept screenshots as part of your tax documents.

Exporting your trading history is better but exchanges can have their policies to limit maximum time for you to view your trading data  which you can export it in pdf or excel file. On Binance, they limit it to last one year only. Other exchanges can allow you to export longer trading data like two years or more.

Because you are worrying about data loss, you can export it each month, each quarter or each six months.

[Wexnident]

~

Screenshots? Really? There are TX hashes, Balance statements, and other similar stuff and the one thing you had to make a point was Screenshots of your balance? Seriously? Is this your first day on the internet or something? Heck even if someone doesn't really use the internet that much they'd pretty much know not to trust screenshots.

And I wonder who the hell falls for those scams where they have XXXX amount in their wallet and talk to them to know how. Guess OP is one.

[Oshosondy]

2. If you are forced to store your funds or crypto on an exchange, don't forget to take a screenshot of your balance and account. This SS is useful if at any time something bad happens so you already have proof that you have funds there. Usually SS balance is a requirement for claiming recovery money.

Who is going to force you not to withdraw your funds on exchanges? I am not getting that or you are wrong.

Also that you can download the statement of account on the exchange that you are using which stompix also talked about. If you are a trader, it will not be easy to continue to screen shot your balance on an exchange. That can not be convenient for people like me that is using several exchanges. If an exchange is hacked, that will bring inconvenience if you have money on that exchange if the exchange stop to function during that time.

I have small amount of money on exchanges but I am using several exchanges for it. Instead of having $500 to trade on an exchange, I prefer to use $100 on 5 exchanges or more exchanges so that the money can reduce. That is how I am doing it if I want to leave my coins on exchanges, it would be the amount of money that I can afford to lose. But nobody is forcing me to leave money on an exchange, that is my own choice to make.

[jeraldskie11]

Sometimes taking a screenshot of your funds helps but for me it is not efficient because it wastes time if you keep taking screenshots when you transfer funds. You can see in your transaction history what happened in your account but it is not retrievable as long as the funds have been transferred to the hacker's account. The best thing to do is to improve the security of your account, activate 2fa so that in case the hacker gets your login details, he can't open it.
Screenshot can usually be used if there is a problem in the system that affects your account or an inside job. The best thing to do is to choose a trusted exchange, do a research.

[Coin_trader]

2. If you are forced to store your funds or crypto on an exchange, don't forget to take a screenshot of your balance and account. This SS is useful if at any time something bad happens so you already have proof that you have funds there. Usually SS balance is a requirement for claiming recovery money.

There’s an email notification available as proof to your balance since every deposit and withdrawal has a email notification for it. Email receipt is more admissible than screenshots of your balance since it’s an official receipt coming from the exchange itself instead of screenshots which you personally capture.

You mention already that we should not store our funds on our exchange so there’s no need to do this screenshot thing normally but it’s not wrong to do this too as safety precautions. Remember that exchange can deny your screenshot if they deliberately remove your balance for unknown reason. Also only scammy exchange steal balance from its customer so make sure to use only reputable exchange to minimize risk of experiencing that scenario.

[Cryptomultiplier]

Screenshots of important transactions is good because it is an evidence that is just some clicks away and don't require much explanation.
Depending on the frequency of how you trade, I think keeping a screenshot of all transactions is being too extreme and might make you become or look obsessed.

I also think that unless you reside in a country where Crypto currency is allowed and no strict rules or restrictions against it, then rather unnecessary to have a screenshot of proof when email or text notifications and history of transactions exist as options to maintain proper record of transactions on an exchange.

[Queentoshi]

2. If you are forced to store your funds or crypto on an exchange, don't forget to take a screenshot of your balance and account. This SS is useful if at any time something bad happens so you already have proof that you have funds there. Usually SS balance is a requirement for claiming recovery money.

We need to understand how sensitive a screenshot of our baance and account can be. If you take screenshots of your balance, you have to very careful with who sees that screenshot because it can attract the unnecessary attention that you do not need. Imagine someone seeing how much cryptocurrency you have in your bitcoin wallet, that will immediately put you in danger and set you as a target. Keep the screenshots you take of your balance and account a secret.

[DVlog]

2. If you are forced to store your funds or crypto on an exchange, don't forget to take a screenshot of your balance and account. This SS is useful if at any time something bad happens so you already have proof that you have funds there. Usually SS balance is a requirement for claiming recovery money.

Anyone can change their account balance with the inspect element tools and take a screenshot. Do you think this will be a valid document to submit to the court if you can manage to file a case? Why don't you use dex instead. If any exploit happens your on-chain data will still be there. I have never heard of any case study where they accepted screenshots to claim recovery money.

And if this post is useful for you, give me merit

In the past few days some members have been begging for merits at the end of their post! Why is merit so important for them! Begging merits is not allowed and higher-ranking members will avoid your post because of the comments you have made.

[Stalker22]

Screenshots of important transactions is good because it is an evidence that is just some clicks away and don't require much explanation.
~

No, they are not! Screenshots of important transactions can be helpful, but only to you and to people who take your word for it. They should absolutely not be used to prove anything. Especially not important transactions or account balances, as they can easily be manipulated, altered or taken out of context, making them unreliable as evidence.

[Issa56]

2. If you are forced to store your funds or crypto on an exchange, don't forget to take a screenshot of your balance and account. This SS is useful if at any time something bad happens so you already have proof that you have funds there. Usually SS balance is a requirement for claiming recovery money.

Who is going to force you to leave your funds on a crypto exchange? And how are you going to be forced to leave your coin on exchange? I don't think anyone can force you to leave your funds on exchange, only if you choose to leave your funds on exchange. If an exchange is compromised, do you think the exchange will contact all their customers for proof? Or even if you send proof to them about the amount you are having on the exchange, do you think they are even going to listen to you? Screenshot is not a proof, the best thing to do is don't leave your funds on exchange.

And if this post is useful for you, give me merit

Maybe no one will find the post useful, so you won't be receiving any merit. You won't get any merit because you already made it obvious that you created the thread just because of merit, which I am sure you won't get. Even if some people have the intention to merit you, this last comment you make will discourage everyone from giving you merit.

[pixie85]

KYC is now important because usually in the process of recovering funds in cases of collapse or hacking on an exchange, we will be subject to KYC, where the data we input will be checked against each other. If it matches, the fund recovery process will run smoothly. If we do not carry out KYC when registering on an exchange, we will likely have problems when faced with fund recovery requirements.

KYC goes against the principles of bitcoin. There shouldn't be any problems if you didn't undergo KYC because you're supposed to provide basic information like your full name, email address and often a phone number. This, along with your country of origin known to the exchange through your IP is enough to confirm that you were the owner of the account.
I'd say that rule number one for everyone should be to move your coins out of exchanges if you're not planning to sell for at least a few days, but people are often too lazy to do it.

[Hamza2424]

Hmm.. That's a good point OP, well I've never thought of it as never encountered any accident like that, as well buddy there is always a record of total assets in your mail, as whenever we deposit and withdraw as a record platform provides the mail record. So whether taking a screenshot or not does hold any weight. I'm not sure about how the FTX refunded the users. For those who hold a lot of money, it does matter because they prefer going with custodial wallets, trading, and finance because they really can bear the fees. Screenshots are not gonna help in any case because there can be edited versions possibly better to keep your email safe.

Proper management is required while holding the funds and it is never recommended to hold the funds on the exchanges for long terms, because they don't offer any sort of insurance to your funds any any case of hacking, so better to deal with your own choice self custody always.

[usekevin]

Sometimes taking a screenshot of your funds helps but for me it is not efficient because it wastes time if you keep taking screenshots when you transfer funds. You can see in your transaction history what happened in your account but it is not retrievable as long as the funds have been transferred to the hacker's account. The best thing to do is to improve the security of your account, activate 2fa so that in case the hacker gets your login details, he can't open it.
Screenshot can usually be used if there is a problem in the system that affects your account or an inside job. The best thing to do is to choose a trusted exchange, do a research.

The screenshot of the balance in the exchanges will help you to understand the variation in the price.Because based on the various screenshot,you can understand the price change of the particular coin.So if you forgot also this screenshot will help you find.For the transaction it’s very easy to find by seeing the transaction history of your wallet.The security of the wallet is most of the time important one,because easy to hack by some people.Adding of the 2FA was the important in the exchange to safeguard your wallet.

[Hamphser]

If you have some other advice, try sharing it here. And if this post is useful for you, give me merit

Sorry for off topic but this one would really be resulting for you not to get any merit because it turns out that you are really begging for it or trying to be forceful.
Let the community members decide whether its helpful or something that worth to be merited on, or else if they do saw that you are really asking for it then
you would definitely be getting the opposite one on which something like this.

Going back into the topic on which taking up some screenshots for it to be acting as a proof? No it isnt really that a bad idea as long those images are really that safe.
Although its a bit hassle considering that you would really be actively changing it basing up on the new balance that you do have. If you could be able to bare
up such hassle then it would really be just that depending on you as long you do believe that this is something that would really be relevant on doing so.

[lombok]

So my advice which still Carries its risk will be if you are still trading just everyday then you might have to leave your coins but make sure it is an amount you can lose. But make sure you’re not trading on just a single exchange try to diversify this amount into different exchanges and as such should one faces any hack or shutdown you can get back to the other and withdrawal your funds because it will certainly be hard to have top exchanges shut down same day. But make sure you are taking off your funds on exchanges every time you’re taking a trading break.

Right. If we trade daily, maybe we only save funds on the exchange for capital funds that we are willing to lose. If you make a profit, immediately transfer it to your wallet. Because we will never know, bad events will appear suddenly and on any exchange.

I don’t think this will count because no exchange will actually accept screenshots when returning people’s money. Graphics Designers have evolved as technology also evolves there will be multiple of scammers that could design a screenshot perfectly and put in ridiculous amounts there so it will be just a waste of time for them to accept screenshots as proof.

Sorry about the screenshot, I mean this is to remind us, what is our balance, what crypto do we have on the exchange and the amount. #edited

You have on any exchange the option of downloading a complete statement of your account, why bother with screenshots?
For example:
https://www.binance.com/en/support/faq/how-to-use-binance-account-statements-e12bc83ec9ba4e96a076d2b4a4419182

Thank you for your input. Does every exchange provide something similar that can download account statements other than Binance?

To download the account statement as you said, can I include it in my thread above? Thank You

[Wiwo]

Exchange are most vulnerable targets of hackers since they spend the whole life looking for possible back doors to attack the exchange volt and steal funds that belong to traders and exchange together so for that for a trader to be on the safer side,  he next to make adequate plans on how to protect his balance and how much balance he does maintain on the exchange at each point.

This is very important because exchange as a third-party service provider is not a good storage for your coins be it bitcoin or any other coins,  so it best you make efforts to take off your money for exchange once you have accumulated a substantial amount of balance.