Is it safe to put the tokens on the exchange?

[yhiaali3]

It is never safe to store your funds in any exchange, if you store your funds in an exchange, then you do not have control over it and it can be confiscated by the exchange or stolen by hackers if the exchange gets attacked. Store your funds only in your self custody and own the keys to your funds, because not your keys, not your coins.

Take note as well that you should only store your funds in an open source and well reviewed wallet, one that you can verify the codes to know how their keys were generated.

Yes, you are correct, centralized exchanges are not safe and the wallet in which the assets are stored must be chosen carefully and most importantly, it must be reliable and open source, but perhaps this is the reason why many people want to keep their crypto assets in exchanges instead of wallets because it is much easier as the exchange does everything. Instead of them.

But they do not realize that they are exposing themselves to risk when storing their assets on exchanges because they are centralized and they do not have the keys to their coins, in addition to other risks such as the exchange being hacked, going bankrupt, or freezing some users’ funds at the request of the government.

[bhadz]

Those that keep their funds on exchange are aware of the risk that they're taking. So for those that have funds like in an exchange for example Binance's launchpool. They know that the risk is there if ever something happens to binance as there is no keys that they hold. But they choose to stay there because of the required stay for most of the tokens that they're about to earn through that feature. Otherwise, those that just uses them as a storage don't have a lot of difference on them.

[Asiska02]

Guys is it safe to just put the purchased tokens on the exchange? cause i dont have a wallet in my android app. is it possible that it will be stolen? and claimed to be hacked? Am i doing the right way? Please can anyone help me. Thanks in advance.

Not owning the keys to your wallet is not a good idea and by storing your money in an exchange, it has already compromised your full control of your funds, and your funds can be lost at anytime either through hack or scammers infiltrating your account. There is a reason why open source wallets that you can have full control of your funds is advised for all crypto users, events of stolen funds or lost money is not a good thing to experience, it is better to learn now and take precautions rather than taking a risk and losing your money to prevent it later after the bad events have taken place.

[Gurujebs]

Those that keep their funds on exchange are aware of the risk that they're taking. So for those that have funds like in an exchange for example Binance's launchpool. They know that the risk is there if ever something happens to binance as there is no keys that they hold. But they choose to stay there because of the required stay for most of the tokens that they're about to earn through that feature. Otherwise, those that just uses them as a storage don't have a lot of difference on them.

Some of them aren't aware of the risk, they don't know and some of them don't care to know or learn. I use centralized exchange because in those times, where to buy Bitcoin is hard without getting scam but what I do is as soon as I buy the coins, I withdraw it immediately to my personal wallet, this way nobody will get access to my coin.

Many times, some centralized exchanges has been reported of stolen tokens and locked account that users couldn't get access to their funds, this is why you should never keep coin on centralized exchanges and if you must use it, don't keep coins on the exchange because not keys, it's never your coin.

[Sokani]

Self custody is the best way to store your funds, use the exchange to swap your coin and send to your wallet. The only set of users that can have a sizeable amount of funds on exchange are daily traders. It is also advisable that they withdraw some of their profit to their personal wallet as they trade. Storing your funds on an exchange means you're giving the exchange full custody of your funds. The exchange can suffer hack, go bankrupt or get shutdown by the government.

[Litzki1990]

Many popular exchanges have cheated users and lost huge amounts of money so it is unwise to put too much trust in an exchange no matter how trustworthy it is. A hardware wallet is generally recommended for investing in Bitcoin and holding that investment for a long period of time as exchange wallets are not at all secure. But if you are thinking of holding specific coins here then you must hold those specific coins in specific exchange. Even if a coin is listed on one exchange, it will be seen on another exchange and that coin is not listed, in which case you have to rely on the exchange. But buying coins should be thought before buying because it happens with new users that they invest in shitcoin without knowing well about the coin which is a very bad decision for them.

Those scamming happen from a lot of exchange should be the indicator of these people for not trusting those exchange if they really think to use it for holding their coins.

We see a lot of big exchange fall and left a lot of victims that's why its never recommendable to anyone to hide their coins in exchange since for sure that we don't want another scamming incident will be reported.

So they should start grabbing their own wallet since this is much recommended by anyone to do.

Many big exchanges have cheated people with huge amounts of money but we still haven't stopped using crypto exchanges because we have to use it at our own risk. We post various cautions about keeping money on exchanges but no matter how careful we are we need to use exchanges every now and then and most of the time we have to keep our money on exchanges. Using Exchange is not safe but we have to use it at our own risk. Since we have no alternative means of buying and selling tokens, we have to trust exchanges but avoid using all exchanges. Exchanges that are most popular in the market should be trusted.

[gunhell16]

Self custody is the best way to store your funds, use the exchange to swap your coin and send to your wallet. The only set of users that can have a sizeable amount of funds on exchange are daily traders. It is also advisable that they withdraw some of their profit to their personal wallet as they trade. Storing your funds on an exchange means you're giving the exchange full custody of your funds. The exchange can suffer hack, go bankrupt or get shutdown by the government.

Well, I think it's fine to trade or place assets in a centralized exchange as long as you do activity trading here to get profit, but if you make it a storage place for assets for the long term, you should be prepared for the risk that can be faced because, on the CEX platform, we are not the real holders of our assets.

So make sure that the exchange has a good reputation, at least like Binance, in order not to be like other exchanges like Ftx, where many of its users got their funds stuck in the exchange that just closed because they had no competition.

[Charles-Tim]

Well, I think it's fine to trade or place assets in a centralized exchange as long as you do activity trading here to get profit, but if you make it a storage place for assets for the long term, you should be prepared for the risk that can be faced because, on the CEX platform, we are not the real holders of our assets.

You are not wrong because traders are halving no option than to make use of exchanges to trade. But a trader can have more than one exchanges accounts which is better. Assuming the trader have $500 to use for trading, he can put $200 on two exchanges and the remaining $1 on the third exchange. It is good to go for reputed exchanges, also worth knowing that there are many other exchanges that are very good and not only Binance.

[Litzki1990]

Many popular exchanges have cheated users and lost huge amounts of money so it is unwise to put too much trust in an exchange no matter how trustworthy it is. A hardware wallet is generally recommended for investing in Bitcoin and holding that investment for a long period of time as exchange wallets are not at all secure. But if you are thinking of holding specific coins here then you must hold those specific coins in specific exchange. Even if a coin is listed on one exchange, it will be seen on another exchange and that coin is not listed, in which case you have to rely on the exchange. But buying coins should be thought before buying because it happens with new users that they invest in shitcoin without knowing well about the coin which is a very bad decision for them.

Those scamming happen from a lot of exchange should be the indicator of these people for not trusting those exchange if they really think to use it for holding their coins.

We see a lot of big exchange fall and left a lot of victims that's why its never recommendable to anyone to hide their coins in exchange since for sure that we don't want another scamming incident will be reported.

So they should start grabbing their own wallet since this is much recommended by anyone to do.

Many major exchanges have cheated investors and many exchanges are still in the market.  In case we are involved in crypto currency we must use exchange, there are risks in using exchange and keeping money in exchange is somewhat risky but still we have no alternative we have to trust exchange and keep money in exchange. Among the exchanges that have already cheated the investors, all the investors have not stopped using the exchange but they are conducting their activities considering any exchange as trustworthy even if they cannot find any other trustworthy exchange. So even if there is some risk of being cheated, we have to use the exchange with that risk.

[bettercrypto]

Guys is it safe to just put the purchased tokens on the exchange? cause i dont have a wallet in my android app. is it possible that it will be stolen? and claimed to be hacked? Am i doing the right way? Please can anyone help me. Thanks in advance.

It depends on how reputable the exchange OP is, but of course, when the exchange is not your coins, if it has a good track record in the crypto business, I think it's okay as long as there aren't that many holdings in your wallet.

So, do it at your own risk anyway. So,  what exchange are you using? Are there cryptos hidden on an exchange today? I just suggest that you do not put funds in an exchange that is new to this field and that if you enter, you must be prepared to lose it if ever.

[Vx1]

We have to choose a safe exchange if we want to put coins on the exchange, and I think it will be safe unless our account is hacked and our assets are lost. That's why it's important for us to provide double security for our accounts, because a cryptocurrency exchange will not want to be responsible if suddenly our assets on that exchange disappear.

[Z-tight]

We have to choose a safe exchange if we want to put coins on the exchange, and I think it will be safe unless our account is hacked and our assets are lost.

There is no exchange that is safe for you to store your coins, not your keys, not your coins. How can you know your coins are safe when you are not the one in control of the keys, do you know how the exchange stored them and if they are vulnerable to a hack. Store your funds only in self custodial and open source wallets and then back up your seed phrase offline.

[Vx1]

We have to choose a safe exchange if we want to put coins on the exchange, and I think it will be safe unless our account is hacked and our assets are lost.

There is no exchange that is safe for you to store your coins, not your keys, not your coins. How can you know your coins are safe when you are not the one in control of the keys, do you know how the exchange stored them and if they are vulnerable to a hack. Store your funds only in self custodial and open source wallets and then back up your seed phrase offline.

OK brother, you are right. Thank you for reminding me, it is true that there is no exchange that is safe for holding coins for a long time.  Storing coins in a personal wallet is the most correct way, put coins on an exchange if we just want to trade them.

[I-Bit]

There is no exchange that is safe for you to store your coins, not your keys, not your coins. How can you know your coins are safe when you are not the one in control of the keys, do you know how the exchange stored them and if they are vulnerable to a hack.

I know it, we have no control for our tokens/coins when we put them on exchanges. It is fully controlled by the exchanges, they have the keys. However, people sometimes prefer to put tokens on exchanges because they will be easy to trade the tokens on the exchanges. If it is put on non custodial wallets, it needs transfer fees to send the tokens and trade them on the exchanges.

Store your funds only in self custodial and open source wallets and then back up your seed phrase offline.

For the security reason, always put the coins on non-custodial wallets! Don't put on custodial wallets!
You must know that custodial wallets are the wallets that we have no control on the coins. For the example is exchange wallets.

[Sim_card]

We have to choose a safe exchange if we want to put coins on the exchange, and I think it will be safe unless our account is hacked and our assets are lost.

There is no exchange that is safe for you to store your coins, not your keys, not your coins. How can you know your coins are safe when you are not the one in control of the keys, do you know how the exchange stored them and if they are vulnerable to a hack. Store your funds only in self custodial and open source wallets and then back up your seed phrase offline.

OK brother, you are right. Thank you for reminding me, it is true that there is no exchange that is safe for holding coins for a long time.  Storing coins in a personal wallet is the most correct way, put coins on an exchange if we just want to trade them.

We should only use exchange to trade our coins to fiat and vice versa, after that our coins should be moved to a self custody wallet where only you have the private keys. Keeping coins on exchange is just like to took your money and kept it in the market place where a lot of people have access to, both scammers and hackers. Only traders can keep their coins that they intend using to trade in an exchange.