Why shouldn't I use an exchange deposit address?

When setting up STORJ on OSX using the GUI, it says:

…Do NOT use an exchange deposit address…

Why is this? Is it essential?

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Hey @JBaker and welcome!

It’s best practice to use your own controlled wallet address where you have the private keys. Exchange wallet addresses are often dynamic and can change anytime.


Exchanges can also sometimes delist tokens with very little warning. They’re good for trading but not for save keeping your tokens.

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If you specify an Ethereum deposit address instead of deposit for the STORJ, you most likely lose your tokens.

Exchanges can stop the withdrawal for any reason in any time and your funds becomes locked.

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I used an exchange Storj wallet address last month and although I can see the payment in Ethersan nothing has arrived in my wallet. I’ve checked the address and it’s still the same at the exchange. I have used many of the exchange wallet address in the passed for different currencies and never had a problem.

Any idea’s on why this Storj payment didn’t appear?

Please see above Why shouldn't I use an exchange deposit address?
Are you sure you specified a STORJ deposit address for the exchange, and not an ETH deposit address? Are you sure the exchange even has STORJ listed for trading? Most exchanges specifically put warnings on their deposit addresses to let customers know that their funds will be lost if they deposit them into an address that is not specifically made for the token (in this case, STORJ token).
In the event that the deposit address on the exchange was specifically for STORJ tokens, and you still do not see the STORJ token balance listed in your exchange account, you will need to contact the exchange support to ask them to follow up on the whereabouts of your tokens. We cannot assist you with exchange related problems like this. Most exchanges will immediately move the funds deposited in their deposit addresses to token specific hot wallets where they mix the funds of all their customers in a single wallet address. You can check on etherscan to see if the STORJ tokens that were sent there then were moved to a different address shortly after.
If you accidentally specified an ETH deposit address, then you will need to file a support ticket with the exchange and ask them to please return the funds to a STORJ address that you hold the private key of yourself, or (if they actually have STORJ listed on the exchange) ask them to move the funds over to the correct STORJ address for your account.
All of the above is exactly why we ask users to NOT use any type of exchange addresses for their STORJ payouts, but only wallet addresses that they hold the private keys of themselves. Unfortunately, without knowing your payout address there is nothing else we can do to further assist you.

Considering that there is a possibility that you won’t be able to recover your funds now, I urge you to immediately change your payout address for your node to one you control the private keys of yourself, before the end of this month. Otherwise, it is likely that your next month’s payouts will meet the same fate as your prior payouts.