Is it safe to put the tokens on the exchange?

[bdsharminsoltana]

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.

[pelana vreo]

Don't store tokens on the exchange because you don't have a private key from your wallet, you can trade on the exchange and store the tokens that you have in your own wallet. Make sure you have a private key from your wallet if you want to store your tokens safely.

[yousufatik20]

If you do frequent trading exchanges are good to keep the tokens. But if the purpose is for a long time trading it is advisable to keep it in a myether wallet. Myether wallet (MEW) is a safest place to store the tokens and i also use Myether wallet (MEW) to store my tokens. For additional security you can install metamask for this and it is a google chrome web extension. It is important to book mark your myether wallet website and always log from there. Do not give log on from unrecognized websites since there are so many phishing websites.

[fulled]

of course not, since you not having full control of your assets, exchanger can be hacked and turn to scam, but if you really need a exchanger to store your asset, please only choose top exchanger to store it

[abc123]

Don't Hodl your coins and tokens on trading platforms. Here you will not be given a privatekey for your coins. So there is a possibility that coins will not be available to you in case of any problem.

[Renampun]

It's not good to keep tokens in our exchange account, especially if it's a centralized exchange. I've had a bad experience because I was stupid in saving tokens on the FTX exchange, when the exchange was seized by the government, all the tokens I had in it had to just disappear.

Even if you are a trader, think again about putting your tokens back into your personal wallet, to reduce the chance of your tokens being lost on the exchange, currently there are quite a lot of exchanges that provide personal wallets that allow traders to store their tokens in them without being charged a fee which is expensive.

[gunhell16]

If you put cryptocurrency in an exchange, only put it there if you have confidence in the exchange platform, even though there is a risk and it's that anytime they can freeze your account, but even so, I said that if it's like Binance, I think I'm fine. But like I said, it still has a risk, of course.

They said it was not your key; instead, it was the exchange that controls your assets. But as long as nothing becomes a problem, that's fine, as long as you just pray that it won't be like FTX. You know what that means.

[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.

[ultrloa]

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.

[Jamal Aezaz]

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.

Well, General perception of crypto community normally is that keeping tokens in exchange is not safe because techinally your tokens are not in your hand. they are in control of exchange. which rise multiple risk factors. you can loose your tokens for several reasons such as hacks. exchange turning into a scam and fund freezing for any reason.  that's why people always recommend to keep your tokens in your wallet of which you have complete control..
While this advice is mostly true. I also think it depends on the exchange as well. some exchanges such as binance are very trustworthy in my opinion. in my 6 years of using binance i never had any issue with them. so keep all these things in mind and decide.
BTW. creating a wallet in mobile is very easy. it would take only 5 minutes. I don't think your reason of keeping your tokens in your exchange account should be just not having a wallet.

[Perfect540]

It is never safe to keep tokens in an exchange because that exchange can be hacked at any time or you cannot transfer or withdraw your tokens if it falls under any country restrictions.  So you can stay safe by keeping tokens in self-custodial wallets instead of ever keeping tokens in any exchange.

[elbans89]

It is never safe to keep tokens in an exchange because that exchange can be hacked at any time or you cannot transfer or withdraw your tokens if it falls under any country restrictions.  So you can stay safe by keeping tokens in self-custodial wallets instead of ever keeping tokens in any exchange.

Yeah , private wallet is always good choice to safe our assets.
But for short term, I think safe in exchange is also good and usable.
As a trader, I always safe my assets there.
So far, it's still fine and safe.
But it's not in big fund.
Just for trading in short term.
I suggest if you want safe for long term investment, better to safe in private wallet, not in exchange wallet.

[Rikafip]

Guys is it safe to just put the purchased tokens on the exchange?

No, especially if you plan to hold them for the longer period of time.

cause i dont have a wallet in my android app.

You mean you don't have a wallet on your phone, or your wallet on the phone doesn't support that tokenn?

is it possible that it will be stolen? and claimed to be hacked?

It is possible for exchange to take your tokens for whatever bullshit reason they come up with.

Please can anyone help me. Thanks in advance

Just take the tokens out of the exchange and if your current wallet doesn't support it, get the one that does.

[Charles-Tim]

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.

There are wallet that you can get for free. If the coins is if high amount of money, get yourself a hardware wallet like Trezor. If you have wallet, you have full control. On exchanges, there can be inconveniences like wallet maintenance. Also an exchange can be hacked.

[Z-tight]

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.