Is It Safe To Leave Your Tokens On An Exchange

[PRIBO247]

A friend of mine once told me that exchanges is the safest place to leave one's tokens because if the exchange is hacked and tokens stolen, those tokens that were stolen will be refunded to their owners by the exchange. So I ask the more experienced ones amongst us to share their experience with exchanges and to share if this claim by my friend is true.

[Aristos]

I don't think many are holding this claim because what I usually read previously was that token isn't safe to leave in exchanger. If exchange is hack and the fund was stolen what something you can get from them. I think it is better to let your twoken be in your wallet if you plan to hodl it for the long term. Better to put it (your token) in an exchange if you are decided to sell. Being wise by taking care your fund if the best one than trusting to an unsure idea and regret later.

[twothumbs]

I think if you leave your tokens in the short time, then it will okay unless you want to leave for a long time like for example, more than three years. But it depends on the exchange itself, how that exchange can give security to their member, so we don't have to afraid to get hacked. I still leave some coin in the binance, bittrex, poloniex and I activate 2FA to secure my account.

[PRIBO247]

I think if you leave your tokens in the short time, then it will okay unless you want to leave for a long time like for example, more than three years. But it depends on the exchange itself, how that exchange can give security to their member, so we don't have to afraid to get hacked. I still leave some coin in the binance, bittrex, poloniex and I activate 2FA to secure my account.

Thank you for this. I had a friend complain to me recently that someone hacked his account on the exchange despite having 2FA. So who knows how secure even this 2FA is?

[Collinberg]

I believe that exchanges are the most secure place to keep your tokens but it depends on the exchange, exchanges like Binance and Bitfinex are safe because they has a history of refunding people if their exchange is hacked.

[bettyhill]

I don't really leave my tokens on exchange wallet. I only keep them there when I plan to sell immediately. But on long term basis, I don't store tokens on exchange wallets.

[dragononcrypto]

It's very rare you'll get a refund if you get hacked and you are to blame, for example having no 2fa or good security procedure.
Either way, you don't own the funds, and if the exchange goes bankrupt (mtgox style) or hacked (like bitfinex many times) then you can lose everything.

[jyotianand01]

You can leave your tokens on the exchange which have strong security measures like google authentication on login but if you are not a regular trader then you hold your coins in a hardware wallet which is fully safe from anything phishing.

[sudeshkumar]

Exchanges who are providing security to your wallet are somehow safe, otherwise  you can place your crypto under the hardware wallet which is more safe.

[PRIBO247]

Exchanges who are providing security to your wallet are somehow safe, otherwise  you can place your crypto under the hardware wallet which is more safe.

Are there really exchanges that guarantees security for an investors wallet? Can you name them because I don't think I have come across any before.

[leithy]

I would not expect an exchange to make refund if account was hacked. Your own wallett is safest.

[Zed0X]

That is just a weird reasoning. Does your friend even know how long it takes before a hacked exchange can refund (if they still can) those stolen funds?

[Stuart]

I don't really buy the idea of leaving tokens in exchange, cause if the exchange is hacked and your tokens are very much and expensive, the exchange might try to refund you, but will not be able to refund all other users. Holding your coin in the wallet is more safer and preferable to exchange.

[PRIBO247]

I don't really buy the idea of leaving tokens in exchange, cause if the exchange is hacked and your tokens are very much and expensive, the exchange might try to refund you, but will not be able to refund all other users. Holding your coin in the wallet is more safer and preferable to exchange.

There is a major agreement among those that have commented that the main reason why tokens should not be kept on exchanges is to avoid theft through hacking. Now my question is, are there no exchanges that have never been hacked before?

[ZionRTZ]

If it is not your keys, it is not your wallet. If you have no complete control of your funds, then there's no way you can tell that it is the safest way.