Are cryptocurrency exchanges safe to keep funds on?

dragos0897 (53) in steem • 7 years ago

I would like to know what are your thoughts and opinions regarding this matter. Personally I am a huge IOTA fan and the only option I have is Bitfinex. After purchasing IOTA i should transfer to a wallet, but atm there are no iota wallets available for IOS so I am stuck keeping my coins on the exchange. Idk how risky it is but I have no other option. What do you think about it?

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7 years ago by dragos0897 (53)

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darkbyte (40) · 7 years ago

Depends on your risk tolerance, I keep most of i spread across a lot of exchanges.

$0.85

2 votes

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ramseyman (40) · 7 years ago

In my experience the exchanges are as safe as some of the beta version wallets; there seems to be no end to wallet headaches if you check on reddit or other forums. Make sure you have a good password for the exchange and set up google authenticator two factor authentication and you should be ok to leave a moderate amount on for a few months until you figure out a good wallet or sell again.

$0.11

1 vote

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ironman80 (50) · 7 years ago

Very risky,you better use paper wallets

$0.00

1 vote

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lethn1 (53) · 7 years ago (edited)

Definitely stay away, you can trade with general amounts for sure, but if you plan on long term storage keep it on a computer. Really, make sure to keep large amounts away from any online wallets too as most of them aren't secure either.

Ironman is right, for long term, paper wallet's are probably a good idea.

$0.00

1 vote

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dragos0897 (53) · 7 years ago

Yeah but you can accidentally extract all the funds on the paperwallet or lose it...

$2.03

2 votes

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indetronable (25) · 7 years ago

Just store the seed words of an electrum wallet on some paper. Most people won't realise it is a wallet. U can keep many of them without any problem.

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steemmatt (69) · 7 years ago

Aside from IOTA not having viable options right now, best practice is to keep your other coins/tokens on hardware wallets (or old fashioned paper). I use a Nano Ledger S and it does the trick. Exodus (a desktop wallet) only supports BTC, Dash, Decred, Ethereum, Golem, Litecoin, and OmiseGo, but they're regularly adjusting their support portfolio with each version release. As long as you're not an active trader, get the bulk of your crypto off exchanges. You'll feel safer as long as you can secure your password and recovery phrases adequately. Exchanges can be hacked, have glitches, or go down completely to lock you out when you might need access most. For exchanges, I recommend 2FA security, which is sometimes optional.

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