Are Cryptocurrency Exchange safe? Cryptocurrency Security

Are cryptocurrency exchanges that safe?

A lot of people ask all the time where should I keep my coins is it safe to keep them on an exchange what should I do? And how should I do it? Are crypto exchanges safe? And is it that much of a concern and a danger?

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Well, the honest answer is is no cryptocurrency exchange is ever gonna be as safe just keeping your coins on your private keys and you’re kind of hard or cold wallets completely off the internet away from everything that’s the best storage that you can get if you want some more information about how the crypto exchange works you can have a look on this article that gives you a full explanation of this are crypto exchanges safe in much more detail.

Exchanges Safety:

Cryptocurrency exchanges aren’t all one thing there are hundreds of different types of cryptocurrency exchanges the general rule of thumb is the bigger the exchange the top-tier premium exchanges so at the time you’re looking at things like Kraken or maybe not strictly a crypto exchange but somewhere like Binance, Coinbase the bigger more known web sites generally are the safest places for your coins to be in the kind of online ecosystem as it were now this doesn’t mean they guaranteed it doesn’t mean those coins can’t get hacked ultimately when coins are on exchanges you don’t have the keys to those coins you can’t restore them to another device or another location.

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if you want to do lots of quick trades or you’re moving money in and out or you’re kind of selling things for cash of course you do need to go through those platforms but it really shouldn’t be somewhere where you keep a large number of coins for a long time if you’re thinking of a kind of sitting on coins and holding them then keep them off exchanges as best as you can if you’re looking to do something active with your coins in a smaller time then stick with the biggest exchange as possible to be the most secure as the ecosystem develops there are kind of insurances which are now coming and being implemented.

If you leave them on an exchange then yes they are more vulnerable how vulnerable you know the reality of it is it depends on things getting hacked and you know people doing malicious things the reality is a lot of those biggest exchanges are pretty damn safe Choosing where to buy is just as important as deciding what you’re going to buy. This goes from buying a potion to buying your new Lambo once you get crypto-rich.

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One thought on “Are Cryptocurrency Exchange safe? Cryptocurrency Security

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