Is it safe to put the tokens on the exchange?

[Z-tight]

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.

[Sim_card]

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.

[armanda90]

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.

[Charles-Tim]

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.

[akeemqaz]

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.

[Charles-Tim]

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.

[JISAN]

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.

[joniboini]

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.

[Cointalksmilez]

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.

[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. 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.

[LogitechMouse]

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.

[Sim_card]

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.

[Freemind]

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.

[Gurujebs]

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.

[emmybd]

You can keep your assets in an exchange for a short period of time. If you are planning to keep it for long term then it is not safe. Because you can't trust exchanges they can get hacked anytime. In case they get hacked your assets would be lost. Instead use myetherwallet and metamask these wallets are safer.