I have just crossed 20 000 followers on Steemit so i want to remind some rules, because from comments that i read it seems there is lots of newbies checking me out trying to learn.
So let me explain this. Coins are your only if you have them on wallet that you have private key for. Not password on some website wallet or password to exchange.
The moment you deposit to exchange you take a bet that exchange wont die or run with your money.
The moment you give them coins they only give you promise to pay back. But they may fail (happened many times).
So only transfer to exchanges amounts you can lose.
- CoinCheck exchange was hacked losing millions of USD mostly in NEM
- Cryptopia lost bank acconts
- BitGrails owner decided to sell XRB into BTC + make mandatory KYC
Of course to trade you need an exchange so here is few good practices to follow:
- always use 2FA with Google Auth or Authy apps on phone
- use email verification for withdrawal if possible
- have different and very long passwords to every exchange
- do not leave money that you are not using for long times on exchanges
- put 2FA on email (if possible)
- do not enter exchanges from google, bookmark them
- always use SSL
Follow, Resteem and VOTE UP @kingscrown creator of http://fuk.io blog for 0day cryptocurrency news and tips!