There's no reason to "keep" your coins on any exchange except you're…

@CryptoSorted 25 August 2021 more from that month

There's no reason to "keep" your coins on any exchange except you're trading with it. And if you are, make sure to use ALL the available security features the exchange has to protect yourself against possible account takeovers as is happening to some Coinbase customers right now. If you lose any serious money on an exchange due to your account getting compromised somehow, it's your fault and no #exchange will reimburse you. #Cryptocurrency

+KT
+BCH

4 comments

@technicallyproduct 25 August 2021

Thanks for the reminder - I've just checked my exchange security settings. I won't go into details for obvious reasons! Is there a particular issue with Coinbase at the moment then?
- @CryptoSorted 25 August 2021
  
  Not directly with Coinbase. Several users have reported funds being moved from their accounts. Apparently, someone else has gained remote access to their account through whatever means (SIM swap most likely) and transferred their coins out.
  - @technicallyproduct 25 August 2021
    
    Ouch! I'm a bit paranoid about SIM swaps and try to avoid SMS verification for that reason
@Porwest 25 August 2021

I still have trouble wrapping my head around the opposition to the "exchange" thing. I have been investing in the stock market for 30+ years, and none of my money was ever compromised except of my own doing. Granted, there is SOME insurance through SPIC and whatnot to what I have in my stock brokerage account. But... Maybe I am just missing something here. When I put money into a bank it is protected. When I put money into a brokerage, it is protected. What is it about crypto that makes my money less safe, and why should that be a good thing? Seems like a disadvantage, not an advantage. Just my two cents.