How safe is an exchange site?

[Domithra]

One thing we should bear in mind is that exchange wallets are not for permanent safe keeping of coins. From past experiences, it is believed that exchanges are always under attacks because it hoards a lot of tokens. The best thing to do is to transfer your tokens from the exchange site back to your main wallet after trading with the exchange.

[Falcon]

Absolutely. The bigger volume bof tokens, the higher possibility to attract by hackers to steal whatsoever they can. Where the treasure is there where the mindset also. Exchange site is not distinguishable if not the whole tokens steal. Just a minimal but still high value. Little by little by little attack could be whole one day.

[Crypto Joe]

I really dont trust exchange site, that why i dont store my tokens or savings in any exchange site. There a big possibility to get hack its better you stored it secure wallet or trusted wallet.

[Sudarmono]

it is true that we must be very careful in keeping the exchange in the market, and we should use 2FA to prevent theft.

[marksayson]

For me, exchange site is not safe at all. Better move your funds when not needed to your own wallet and secure it. Its best to secure your funds in your personal wallet than in the exchange.

[I-Bit]

Yeah, never save your coins in exchange wallet for long time. Just move it to exchange wallet when you need to trade them. And move back them to main wallet again when your trading activity has done. For me, this way is the best choice for a trader.

[sirty143]

Yes, cryptocurrency exchanges are one of the most targetted by hackers and accordingly, more or less $200 million in cryptocurrency was siphoned by the attackers.

[kent47400]

it is true that we must be very careful in keeping the exchange in the market, and we should use 2FA to prevent theft.

using 2FA or Google Authy and the like does not affect Exchange hacking.
because the one on the hack opened your ID, but the Exchange site was hacked, so he stole money in Exchange.

[KobbyD]

exchanges are 96% safe for me. Although a lot of attacks do go there always, most exchanges have got GOOD ALGORITHMS that helps keep the site really safe.

[Andruha1993]

Crypto currency will never be safe. Therefore, your wallets are also not in a safe place, at any time you can hack and bring all the altcoins.

[Nestle]

Yes, I only use my assets if I want to trade on the exchange. not all of my assets are used and stored at the exchange place because they are very risky to hackers.

[Gunung_ulo]

it is absolutely true that the exchange wallet is very vulnerable to thieves, and it is indeed very good to save the coins we have after trading.

[Stalky]

For us, the exchange that we get more benefits for us is also safe and reliable that we use every day.

[bhm45]

Not safe at all. Every major crypto exchange, even those with volume reaching hundreds of millions of $$$, has been hacked in the past and there is no guarantee that it won't happen again in the future. Plus there is also a chance that a government could seize your account. Any legal exchanges are very likely to comply with any government order. That said, the best way to store your cryptocurrency is in your own wallet. You can guarantee your own coin safety. You handle your own coin and nobody else have access to them.

[milenari86]

It’s impossible to find a completely safe exchange or wallet. Even hardware storages are vulnerable to thieves, for example. So, it’s a question of more or less secure places. In these terms, private wallets are surely better than public exchanges. Even reliable sites like secure quadrigaCX exchange reviewed here http://bitority.com/review-of-quadrigacx/ [nofollow] can’t guarantee 100% safety. But the fact that it stores users’ funds in cold storages inspire confidence. However, when it comes to hacks, bhm45 is wrong. There are some major services which have never been hacked like CEX.IO and Kraken for fiat platforms or Huobi and Binance for crypto ones.