Are online exchanges safe to use? What do you say?

[Naz]

Nothing is perfect and nothing is safe in this world. Specially in the field of money.
Why I am saying like this? Because I recently saw a tweet on twitter related to the hacking of crypto currency . You can check this post for details.

https://twitter.com/i/web/status/1393897413555937280

This person's Account got hacked. He had more than 600k usd. Which is not a small amount.Auppi of the exchange is also confused.
I think Binance is not responsible for this because hackers can do anything ,any time. So it's best thing to be careful.For more details check the post yourself. And leave a comment related to the help of this person. Because this bad think mg can happen to us.

I am not talking only about Binance but all online wallets and exchanges.
I recommend don't keep your money for long time in any wallet. Because hackers can steal your information first and then they can steal your money like the above guy.
Exchange Owners can't do anything because they have mentioned that " invest on your own link".

What do you say about this point? Share your ideas through comments and if you want to say or ask anything related to this post.

 

[Mataracy]

To me it is save to use and at the same time one need to be very careful because there are some exchanger that are not trustworthy and they can scam some one and run away.
Before you do any business with anybody online one need to check the exchanger profile if it really worth it.

 

[Chibson]

I won't say that all online exchanges are very safe and secure but there are some of them which are very safe and secure for you to trade your cryptocurrencies and also keep your money. I personally use binance, it has been a very wonderful experience and I have not experienced any sort of security breach in my account. So I will say it is very safe and secure.

 

[sincerem]

We've known that, too many hacking attempts go around crypto exchange sites, and micro-payment wallets. Sometimes it isn't from the the site we store our treasury asset on. It happens that we're the main issue of such hacking attempt, by using a crackable password to input as our security code via our account with those crypto banking institution sites.

 

[Sotherefore]

Yes,there are lot of trusted one you can use for your trading and exchange of cryptocurrency to one another but sometimes it is not reliable for you to store your coins for long-term as it is only suitable for trading of good currency and moving a cryptocurrency you want to invest for long time to trust wallet or any other secured one.

 

[danmolina]

Depending on the website or wallet you use it is very reliable. It is always good to research before starting any business, right. The sites that have no security that I would need to use money I usually do not even try to enter.

 

[Yugocean]

Hackers are doing their worst, their targets are mainly hot wallets (online wallets are hot wallets). Although online wallets are easy to use, but if a person have high amount in crypto, then it would be better to use cold wallet (hardware wallet.)
Don't worry about online wallet, just keep your private key secure, no hacker can hack without private keys; but if online wallet do not provide you private keys, then remember - Not your keys = Not your coins.

 

[Joy101]

But one need to be very because hackers is everywhere depending in the website you want use, but is good to research to know the best website to use because it is very important, and it is good to use cold wallet to secure it so that hackers will not be enable to hack it, because it us very important to use cold wallet because of hackers.

 

[Sumanali]

Yes, your good idea thank you so much

 

[Sotherefore]

Most of the hacking occur when we click on a phishing link in an email maybe because we believe that it is sent by our exchanges,it is always better for you to go to your exchanges to confirm any information that is sent to your email account because there are a lot of hacking strategies that are being used by hackers to get access to a private wallet and keys.

 

[Putta Vince]

The online exchanges and online wallets cannot be considered 100% safe since you dont have the private key. Suppose if the exchanger stops its services , there is no way you can recover the money stored in the exchange. So its better to store crypto in the wallet and use exchange only for trading , not for holding crypto.

 

[Abigael]

I don't always give mu full trust to online exchange platforms. This is because most of them may turn out to be scams and also because they can be hacked easily. So I don't always try an exchange site unless I have read good reviews about it. Also, I don't always keep my crypto in the wallets for long as it can be hacked.