Yup. They do need close monitoring and can be difficult if you’re trading diff markets too!
Bitcoin is the only decent crypto along with maybe 5 others.
With the way Bitcoin crashed after its immense rally I feel suspicious about it too.
Do you own any btw? Not sure if I’ve ever asked you. I still kept mine lol even with great losses. It’s small but perhaps one day it will pay off haha
yup, lots of coins were lost like this during 2018, so no surprise 
Australia has seen a drastic rise in crypto scamming for the year 2018. According to the Australian Competition and Consumer Commission, as well as other government agencies crypto scams have risen significantly the last year totaling 674 separate cases and reported losses are more than AU$6.1 million (US$4.3 million). This is an almost 200% increase to the losses suffered in 2017 (US$1.48 million). The information comes from the tenth annual “Targeting Scams” report of the ACCC.
Reading through the report it seems the gist of the scam is quite straightforward with online scammers appealing to traders through fake trading platforms and promises of major winnings on crypto currencies. Of course, once the consumer wishes to withdraw said winnings a technical problem occurs or the people behind the website simply stop answering. Some reports tell us that clients were asked by scammers to visit nearby bitcoin ATMs to convert fiat into cryptocurrency and transfer it to them. All in all, the ACCC reports that victims of investment scams for 2018 lost a total of $1.83 million in cryptocurrencies.
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A total of $1.83 million in cryptocurrencies, that’s insane
That’s why the market is down, because of scammers
I am so sorry to hear that. Have you try to trade them with forex instead of owning them? I think it would be good for you since you already like crypto and it is less risky than owning the actual coins.
Are you refferring to cryptocurrency CFDs?
But there will be a lot more things like that on the booming market of coins here, how many more will come in next time ? I am investing basically in litecoin mainly, and some other coins which seems to me more than stable, why do you say it’s something good.
Purtle, I am really sorry for the loss of your coins. I can not imagine anything worse happening.
I assume your point is urging owners to transfer their coins from the exchanges to their wallets as soon as possible, and that certainly is great advice as nobody will be able to take them away from you, you will own them with confidence
However, let me share my latest experience with a major crypto purchase that went badly.
A few weeks ago I bought a large amount of a coin, with the idea of holding it (or going long on it) for a couple of years, at least.
I believed strongly in it (and still do), did all my homework: Fundamentals, tech analysis, team reputation and experience, whitepaper, reviews, team interviews, etc,etc…It all looked great.
Almost immediately after buying it, the coin went up more than 30%, so I took this as confirmation of my extremely clever purchase and proceeded to move the coins from the exchange to their wallet, with a big smile on my face.
Just a few days afterwards, the same coin began crashing seriously. It was so bad and so fast, that after a couple of days it lost almost half of its value,and now I am stuck with it until it improves a bit and I can get rid of it: A trader’s worst nightmare.
Now imagine that instead of rushing from the exchange to the wallet I had left the coins there for, at least one more month with a stop loss order. None of this would have happened.
So, from now on, as an extra financial security measure, I will always keep my newly purchased coins on exchanges for at least a couple more months with stop loss orders to prevent those drastic and unexpected trend reversals. Only then will I move them to the wallet.
As a conclusion, it is a very good idea to move your funds from the exchanges towards the wallets, but you might want to keep the coins in the exchanges for a few weeks with stop losses orders triggered, just in case…
I hope this disaster will at least help preventing someone else to go through the same thing…
Yikes that’s a tough one. I honestly would have done the same thing you did and probably wouldn’t have thought of even setting a stop loss.
If there are bitcoin maximalists here, they’ll be telling us we shouldn’t have gotten them shitcoins lol. Hope it wasn’t a significant amount of money lost!
wow, that is sad
Truly. And what would be sadder is if by some ridiculous chance, it goes up 500% next year or something. I shouldn’t check the stats on those coins anymore. That would be very painful!
That was stressful to just read about. 
That’s bad and sad. That is really a problem with cryptos.
This happens a lot. In fact, it just happened recently with Poloniex. Thankfully, I was able to exit out of positions on time. I basically had to sell what little altcoins I had at terrible prices. I suppose I should have transferred them to a hard wallet but I really don’t believe in these “shitcoins” anymore lol
Anyway, if you have coins in different exchanges, I hope you’re constantly monitoring news on them and also checking your accounts periodically. This for sure isn’t like your 401k, IRA, or whatever other non-crypto account you may have that you can just leave alone for many years.
You’re very unlucky with the crypto and I’m really sorry to hear that. I also don’t quite trust bitcoin and other cryptocurrencies. In some countries they still haven’t proper status, so a crypto may cost nothing and be nothing. As for me, I think it’s safer to use fiat old-fashioned currencies, which are almost always the same rate (except crises or shocks). Also, there are a lot of different scams going on with cryptocurrencies lately, so you should always keep eyes open with it.
For me I think owning coins is a better way like I bought binance coin at $3 but now is at $22
When it comes to crypto trading I just mostly stick to Bitcoin and Ethereum.