Yeh I never leave my Crypto on a exhange if im not going to look on there and trade everyday, after the MTgox drama it has gotten quite clear that you shouldnt do that.
Back in the day everyone was already warning you about dont leave your coins on a exchange it is not a Bankaccount, just have them in your own wallet.
And time has proven you cant trust the exchanges, you dont know which one will get hacked, quit or go broke.
Poloniex was a really good one I kinda trusted but their support was pretty bad and they didnt respond for months, after the takeover they responded again so I guess that is kinda good.
Now everyone trusts Binance and I am sure new exchanges will come up.
What do you guys think of Waves, it is a wallet with a Decentralized Exchange build in the wallet, you think it is safe to keep your Crypto in that wallet?
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Sometimes there is no choice and you have to deal with such exchanges and there is nothing to be done. From the very beginning, I don’t have confidence in them because it’s all illegal and if it’s illegal then no one is immune from fraud and you should take this into account.
we should not trust the exchange in the first place, both dex and cex are the same. I am a victim of the hack that happened with the dex and cex, no matter what exchange you are using. they will require you to deposit your asset to the platform if you want to make a trade, the point is. do the trade as soon as possible and then withdraw it from the exchange, because we do not know what will happen with the exchange when we are leaving our asset there. do not ever keep your asset for more than a day on the exchange, because everything can happen.
Yes, you are right nothing is safe, binance and other exchanges is created by a person so it can be hacked by a person too, but you know what? Binance has insurance if there is a hacked that happen they can easily refund what have been lost so for me binance is still the best. Unlike other exchanges if got hacked possibly close or shutdown.
I don’t trust even the top exchange though I have my money with them but not to the extent of putting too much with them. Yes, scam on a centralized can also happen if possible trade on the best exchange and forward the coin your personal wallet, it can be more secured.
I am not surprised that bcnex is a scam because this exchange is a bit awkward in my opinion because some of the volumes there are very low, but coins that have low volumes is "pumping" at unreasonable prices and also when the airdrops bcnex many people use fake data, but don't know how their accounts have escaped verification whereas for real kyc verification there is very difficult, besides bcnex there is also an exchange that should be suspected also in my opinion that is hydax because I feel under hydax in fake volume.
True, Hacked & scammed is so common issues from in the last year. Idax exchange is scammed 2 months ago now another centralized exchange scam warning, i lost worth of 400$ assets which is very difficult to afford for me. But it's a great mistaken because idax a lot of fraudulent activities with IEO projects team. BCNX exchange got a little bit popularity, i have small amount money but pending almost 17 hours.
But with all those hack incidents hitting the largest of cryptocurrency exchanges, the people are still using them more than DEXs. I don't understand why. The volume is not a reason because sooner or later when people are really choosing DEXs over centralized exchanges, the volume will immediately follow. There is really no future with centralized exchanges for me. KYC is one issue. Hacking and stealing of coins and other personal information is another.
Lots of people simply don't know DEX's exist in the first place.
Quick! Name three DEX's people can use...
You are right. Scam and lack of security are major things we experience centralized exchanges. Nevertheless, we can't 100% ascertain that all centralized exchanges fall in this category. We still have top leading centralized exchanges in the space still doing exceedingly well. One just needs to be choosy when it comes to which exchange to use.
Decentralization is good for crypto transaction but regarding on exchange. Being decentralized is the best IMHO. Exchane is a very sensitive matter which really requires a lot of deep layer of security. Being decentralized doesn't its untouchable so that being said. It's better to be centralized so someone will into your money security as there top priority compared to none. Time will come that most exchange will regulated and being centralized is not gonna matter at all.
I have withdrawn my funds there since a few days ago and it has been processed even though I have to wait up to 3 hours. It is not much, even just a little ETH, but I do not want to give a bad value to this exchange, at least they should be telling the truth about what happened to their project, many people who withdraw their funds there will certainly make their users a bit active in trading and make their trading volume less, indeed centralized trading sites always have problems, like binance has been hacked but unfortunately they replace all lost funds, so it does not have to be connected to BCNEX and binance, because BCNEX market has just been released some time ago of course their reserve funds are not too much, not sure also in the future decentralized markets can be more famous than centralized markets, everyone has the choice to trade and that's they have thought about the risks
Not your keys not your crypto. Thats true. But there are almost no trading volume on DEX
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You are right. Scam and lack of security are major things we experience centralized exchanges. Nevertheless, we can't 100% ascertain that all centralized exchanges fall in this category. We still have top leading centralized exchanges in the space still doing exceedingly well. One just needs to be choosy when it comes to which exchange to use.
Decentralization is good for crypto transaction but regarding on exchange. Being decentralized is the best IMHO. Exchane is a very sensitive matter which really requires a lot of deep layer of security. Being decentralized doesn't its untouchable so that being said. It's better to be centralized so someone will into your money security as there top priority compared to none. Time will come that most exchange will regulated and being centralized is not gonna matter at all.
You are right. Scam and lack of security are major things we experience centralized exchanges. Nevertheless, we can't 100% ascertain that all centralized exchanges fall in this category. We still have top leading centralized exchanges in the space still doing exceedingly well. One just needs to be choosy when it comes to which exchange to use.
We always use centralised exchanges because its fast, huge volume but the risk is too high and to solve this problems of hacking a decentralised exchange is way better but the problem is volume and speed , what we really need is a hybrid exchange, dex + cex its a new kind of exchange wherein we have a control of our coins and features are also added like of cex exhangers.
Of course! For several years, exchanges have been hacked, but people continue to keep their savings there. What are your problems? Set up a wallet, keep your money there. So your money will be safer. I never kept money on the exchange, because no matter how good her reputation was, she still remained vulnerable. Do not make the mistakes someone made before you. Be smarter.
Ever since cryptopia has been hacked i stop storing cryptocurrency on any exchange.
I only use exchange website to Buy or Sell cryptocurrency then withdraw the coins to my own wallet. In this way i can minimize myself from getting trap when a centralized exchange is hack/close again.
Same to me, cryptopia hacked was shock to me because i often use it to exchange my altcoins. I have switched to a new wallet right after that. I only use exchange website to Buy or Sell cryptocurrency then withdraw the coins to my own wallet. In this way i can minimize myself from getting trap when a centralized exchange is hack/close again.
The centralized exchange for me is only for daily trading, not a place to store assets because there is already a wallet that facilitates my assets personally.
for those of you who experience problems like this, hopefully get a bright spot and the exchange is responsible for your assets.
for those of you who experience problems like this, hopefully get a bright spot and the exchange is responsible for your assets.
Ever since cryptopia has been hacked i stop storing cryptocurrency on any exchange.
I only use exchange website to Buy or Sell cryptocurrency then withdraw the coins to my own wallet. In this way i can minimize myself from getting trap when a centralized exchange is hack/close again.
I only use exchange website to Buy or Sell cryptocurrency then withdraw the coins to my own wallet. In this way i can minimize myself from getting trap when a centralized exchange is hack/close again.
But we don't have many options left as DEX are poorly maintained and when you look at DEX exchange you don't feel like using it due to it's GUI and issues you face while using it at the same time we cannot term CEX same due to recent hackings and unnecessary restrictions which are imposed over us. This issue can be resolved with the emergence of good DEX with proper functionality and smooth UI.
before you put your money in an exchange you should check first, bnex is a new exchange where the security and services are not yet known and then you compare it with binance of course it's very different, ok their exchange is hacked but they clarify it and say nothing is need to worry because member funds are safe there.
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