Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => Crypto Exchanges => Topic started by: bdsharminsoltana on September 29, 2018, 10:12:42 AM
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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.
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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.
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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.
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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
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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However, people sometimes prefer to put tokens on exchanges because they will be easy to trade the tokens on the exchanges.
If you are an active trader, then i can understand your reason for leaving your coins in an exchange. However, if you are using the exchange wallet to store your coins, not that you are trading with the funds, then you are taking a very big risk and the safe option will be to move it to a wallet that you have the keys to. If you believe that you cannot store your own keys safely, then maybe you should not be using BTC yet.
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However, people sometimes prefer to put tokens on exchanges because they will be easy to trade the tokens on the exchanges.
If you are an active trader, then i can understand your reason for leaving your coins in an exchange. However, if you are using the exchange wallet to store your coins, not that you are trading with the funds, then you are taking a very big risk and the safe option will be to move it to a wallet that you have the keys to. If you believe that you cannot store your own keys safely, then maybe you should not be using BTC yet.
Bitcoin was not created to be stored in an exchange, but rather a private wallet, and a lot of people out there does not understand that exchanges are not wallet but an account for transactions, either for buying and selling crypto. Keeping your funds with the shows the immaturity of that person in keeping his bitcoin save. This is because you are theonly person that can keep your bitcoin save.
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Actually for token or altcoin is not really secure, first depend on not your key is not your coins and secondly many exchange delisting some token without any permission and potential loss your coins if not withdrawal depend on their deadline days. I had bad experienced when trading with meme token on Hotbit exchange, giving few days left for withdrawing the delisting token and so busy without checking the new update of Hotbit announcement until my token holding delisting on exchange market for trading but not appear yet in my fund. If you want hold meme coins or token better hold in your wallet and not recommended on exchange wallet.
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Bitcoin was not created to be stored in an exchange, but rather a private wallet, and a lot of people out there does not understand that exchanges are not wallet but an account for transactions, either for buying and selling crypto. Keeping your funds with the shows the immaturity of that person in keeping his bitcoin save. This is because you are theonly person that can keep your bitcoin save.
Many people are just so ignorant. But from the name 'exchange', I think they should know that exchanges are platforms cryptocurrencies trading are taking place and not wallets which are used for the actual storing of the cryptocurrencies. But I later realised some years ago that Google is part of the problem. If you search for wallet on Google, it will bring up many exchanges along.
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It's generally safest to keep most tokens in a non-custodial wallet you control. However, verified exchanges like Bitget, Binaxe or OKX with proof of reserves exceeding customer assets can be suitable for storing huge amounts also if desired for convenience. Diversifying storage is a balanced approach.
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It's generally safest to keep most tokens in a non-custodial wallet you control. However, verified exchanges like Bitget, Binaxe or OKX with proof of reserves exceeding customer assets can be suitable for storing huge amounts also if desired for convenience. Diversifying storage is a balanced approach.
What is the meaning of verified exchanges? Do not believe in proof of reserve. If it is not your key and it is not your coin on blockchain which means you do not have the full control but the exchanges that have the private keys have the full control over your own money. Also exchanges can be hacked. Only hold on noncustodial wallet.
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It's generally safest to keep most tokens in a non-custodial wallet you control. However, verified exchanges like Bitget, Binaxe or OKX with proof of reserves exceeding customer assets can be suitable for storing huge amounts also if desired for convenience. Diversifying storage is a balanced approach.
Exchanger is used to convert tokens or coins. But it is not a wallet. If you want to hold your token then it is better to use a wallet in this case but if your intention is to trade or exchange your token then you can certainly use an exchanger. When using an exchange, you should use a reputable exchange platform like Binance, Kucoin, etc. If the tokens you have are not listed in these exchanges then you can exchange them in any exchange and withdraw the Dollers immediately.
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Diversifying storage is a balanced approach.
Even if you're referring to making multiple cold-storage wallets, I still think it is risky compared to using one wallet with multiple secure backups, or a multi-sig. Not to say you can't do that, but the effort to keep the backup of your seeds would increase based on how much storage you have. Are you sure there are techniques suitable for everyone for that purpose? Personally, I'd rather focus on making sure that I secure my backups properly instead of making multiple wallets to store my assets, including not using exchanges to store my funds.
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Hey, it's okay to keep your tokens on a big exchange! Just make sure to use a strong password and extra security (2-factor authentication). Most exchanges are pretty safe, but if you're worried, you can always move your tokens to a personal wallet for extra protection. Exchange this days are really investing a lot of money in to their security.
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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.
As long as you are not in control of your keys, it is no longer your coins. Any coins kept in an exchange belongs to the exchange until you have pulled them out. Do you know that big exchanges can pull an exit scam, and your funds will be lost forever. SBF mismanaged customers funds, self custody is the best way to keep crypto assets. Exchanges should be treated like a market place where you only buy and sell, and not like a bank or vault.
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Re: Is it safe to put the tokens on the exchange?
Most will say it isn't, and some will say it is still safe.
I will just share my experience with exchanges.
Back in the days, I'm storing some assets in Binance, but I'm not storing it there for the sake of storing, or staking. I'm using those assets for trading and I didn't encounter any problem, hacks or whatever and even though Binance experienced some hackings in the past, I'm lucky that I'm not affected on those. For me, I don't want to say that it's safe because of the risk of the exchange getting hacked, or getting bankrupt anytime, but I didn't encounter any problems when I store my assets on them.
I will just say that it's ok to store your tokens on an exchange, but be ready if the worst thing happens because once you store your assets on an exchange, you don't have the control on it anymore. Still safe, but there's a risk at the end of the day. :)
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Bitcoin was not created to be stored in an exchange, but rather a private wallet, and a lot of people out there does not understand that exchanges are not wallet but an account for transactions, either for buying and selling crypto. Keeping your funds with the shows the immaturity of that person in keeping his bitcoin save. This is because you are theonly person that can keep your bitcoin save.
Many people are just so ignorant. But from the name 'exchange', I think they should know that exchanges are platforms cryptocurrencies trading are taking place and not wallets which are used for the actual storing of the cryptocurrencies. But I later realised some years ago that Google is part of the problem. If you search for wallet on Google, it will bring up many exchanges along.
This is because majority of people who don't understand cryptocurrency that much thinks that exchanges are the best to keep your coins, some of them don't even know that there are self custody wallets. I met with a friend and he was amazed when I told him about self custody wallets, this was when I begin to understand why most people new to crypto thinks that exchanges are safe which is not true. We should be responsible for keeping our coins ourselves and not entrusting it to third party.
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Hey, it's okay to keep your tokens on a big exchange! Just make sure to use a strong password and extra security (2-factor authentication). Most exchanges are pretty safe, but if you're worried, you can always move your tokens to a personal wallet for extra protection. Exchange this days are really investing a lot of money in to their security.
It is true that there are exchanges with high security, but remember that security is never 100% in any case. What if the exchange changed its KYC policy and required more personal information? What would happen is that the user would have to sell privacy to be able to withdraw the funds. What would happen if the exchange suffers a DDoS attack for days and the website becomes inaccessible? That the user cannot dispose of his funds. What would happen if some government shut down the exchange for an indeterminate period of time? The user would not have the funds either...
A personal and secure wallet is the best option for our coins/tokens. The rest is playing a lottery that could be very expensive any day.
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It's generally safest to keep most tokens in a non-custodial wallet you control. However, verified exchanges like Bitget, Binaxe or OKX with proof of reserves exceeding customer assets can be suitable for storing huge amounts also if desired for convenience. Diversifying storage is a balanced approach.
Trust exchanges at your own risk. Just because they told you they have some Bitcoin doesn't really mean they have it unless and independent team verify such team, it's like saying I have 10 Bitcoin but you don't have a way to verify if that's true or false.
Exchanges as the name implies is a place for trading and not for keeping any coins, the only condition that will make me keep coin in an exchange is if there is going to be a token swap from one chain to another and the team instructed everyone to deposit coin on a particular exchange, that's when I will do as instructed else all coins should alwsys remain in personal wallet.