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mu_enrico

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Quote from: CjMapope on January 18, 2020, 04:31:44 PM

who da fuk is "BCNEX"? i have never heard of them...

I believe BCNEX is a Vietnamese exchange. I noticed some of the members on the local board wore their signature.

Anyway, people should not trust exchanges, whether CEX or DEX. It does not matter since almost all exchanges were centralized, except they use atomic swaps.

I wonder what will happen if there is a successful global proof-of-keys event. I bet almost all of them will suspend withdrawal. That said, you should keep your coins in a wallet, preferably offline one.

LogitechMouse

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Even the most popular exchange right now which is Binance aren't trusted anymore for me.

Whatever happens, a centralized exchange have always the chance to get away with the money they are holding just like what the OP is shared. It is not a familiar exchange for me but I still believe that they are now a scam exchange already. This is also the reason why I don't put too many funds on the exchanges where I trade most of the time. If I doubled my money, I will transfer some of it for some reasons.

Getting hacked can be their reason but the truth is they will just scam traders who are trading in their platform. They are just using hacked as a frame-up.

fortunecrypto

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Quote from: flagpara on January 18, 2020, 02:47:21 PM

Binance exchange is exceptional, this exchange is safe than any others exchange. I know Binance exchange got hacked but they did all funds back, who's lost investment. Latoken isn't a good exchange but legit, once withdraw time was 10 hours. Ultimately bcnex exchange got negative feedback from me even this exchange raised enough funds by ICO.

As long as they can insured all their member's money and as long as they can refund their traders money and as long as they can address all the issues, then people also have no issue trading on Binance, hacking is everyday dilemma of every exchange, hackers are getting sophisticated and they will always try to hack anything that has huge coins on it.

joeperry

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All of them are true they are getting hacked at some point its because they're always the target of the hackers so there's no doubt that it may happen, we can't do anything about it after all we need to use the market in order to and to buy in the market. I don't agree the fact that people may think of exchange is the one hacking us but its not they're just targeted by the hackers.

That's why KYC and 2fa might be a big help in exchange but we are all aware of the leakage that can happen when submitting KYC to any websites.

Bossfidelity

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I'm in full agreement with your view. Its a bad idea to entrust funds in centralised exchange. The issue of bcnex is rather much more unfortunate. I'm still in shock as to how such an exchange could be so ridiculous. They really need to fix whatever is going on and build the trust they earned. Several users of the platform are disenchanted by the withdrawal issues which has been partially resolved.

Little Mouse

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Sorry to hear that. This has been discussed couple of times that you must not keep your fund on exchange. On the other hand, BCNEX isn't an old exchange and it's not a reputed exchange. You should not trust them. People know everything but they are lazy enough to follow.
Good luck.

Adriano2010

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I agree that we should not trust centralized exchanges but i think it should be make a law so they can somehow put some in Escrow to some authorities and if something happen people to get money from there. And if an exchange say the coin are safe and get hacked how someone can proove it was indeed a hack and not an exchange inside stolen funds?

Free1bitco.in

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for binance, even though they were hacked, they can be held responsible. Well, I think for binance, it's at a different level, and I think they are still very reliable. we know that CZ is the CEO, so when a problem occurs, isn't it easy to hold responsibility?
while for BCNEX, it's a new market, so I think this is an exchanger that should be considered. even after 20 days, there are still quite a lot of people who complain about WD their assets from there.

Aabcde

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Already know centralized exchange is always a lot of problems but still just put money there with large amounts.
I personally put just enough money there for trading, when I definitely withdraw profit, and so on.
In this virtual world that is only connected to the internet, I will not easily entrust my money to be stored in a centralized exchange even though they say 'safe'.

BitcoinHunt3r

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Quote from: RBF on January 18, 2020, 02:16:58 PM

Hack, scam are common things in Centralized exchange. Don't get fooled by the high rank or huge trading volume, still, they are not safe! Binance CEO CZ was very confident that Binance is like a hardware wallet, he tweeted about it and after one month of that tweet, Binance got hacked and 7000 Bitcoin was compromised! Bithumb, Coinbene was hacked several times, many centralized exchanges scammed us.

Recently BCNEX exchange is likely to scam, they locked withdrawal, after 20 days when they unlocked the withdrawal function, people started withdrawing their money, but BCNEX is not finishing our withdrawals, they limited the itl by 50$ only! I have withdrawn my ETH 6 hours ago, still pending, some withdrew 14 hours go, still pending!

So, this is proved again why you shouldn't keep your money on a centralized exchange! Your money can be a scam or hacked anytime!

I see my friend have same problem, he withdraw BTC is around 0.035 BTC and he said it is rejected. And he see on telegram is only $50. And now i still wait him to tell me because he still wait to withdraw 0.5 ETH but still not receive it, i think new exchanger should me more waited to use, because will need more review from people first. But case of my friend is he withdraw BTC that he earned from sell BCNEX token from bounty campaign.

knuckey

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That's the weakness of centralized exchange, we don't have full access to our own assets, because all user assets are fully controlled by them. I personally never long to store assets in a centralized exchange, if the goal has been fulfilled, then I immediately withdraw assets and this is always done in every trade.

I still hope that DEX will soon be born which can be a solution to the problems often occur in centralized exchange at this time.

X-ray

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Quote from: ?? on ??

It is not possible to disagree with you. CEXs are the most dangerous places in crypto sphere in terms of hacking and blocking of our funds. If you transfer the fund to the wrong address, never consider an option like correcting the transaction. They can do what they want with their own rules and in return we will get just an apology, but we will be removed immediately in our first mistake against them.

Really true, usually centralised exchange will rules against us and put us to blame when there's a slight mistake on our end meanwhile they could get away easily if there's a massive hacking occurs just like back then on various exchange. They sometimes unreasonably locking someone's account and I've experienced it once.

TimeTeller

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Quote from: asriloni on January 18, 2020, 05:54:44 PM

God, the team was blocking my telegram account yesterday and some people said the team is already erasing the telegram group too. Just think to always use the reputable exchange site will be much better rather than try to use the new exchange site. The liquidity on the hot wallet of bcnex is almost zero and that's crap. I guess the amounts have been stolen by the team.

The possibility of running away from their customers is very high with how they are dealing things.
Why would the team erase their social media channel if there is no imminent exit activity?
I really don't trust new exchanges with very low liquidity and trading volume.
Better stick to your known exchanges that you have proven that you can withdraw your funds anytime you want without waiting for so long.
I still trust some exchanges but storing my coins is really a no no for me anymore.

stephanirain

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Quote from: RBF on January 18, 2020, 02:16:58 PM

Hack, scam are common things in Centralized exchange. Don't get fooled by the high rank or huge trading volume, still, they are not safe! Binance CEO CZ was very confident that Binance is like a hardware wallet, he tweeted about it and after one month of that tweet, Binance got hacked and 7000 Bitcoin was compromised! Bithumb, Coinbene was hacked several times, many centralized exchanges scammed us.

Recently BCNEX exchange is likely to scam, they locked withdrawal, after 20 days when they unlocked the withdrawal function, people started withdrawing their money, but BCNEX is not finishing our withdrawals, they limited the itl by 50$ only! I have withdrawn my ETH 6 hours ago, still pending, some withdrew 14 hours go, still pending!

So, this is proved again why you shouldn't keep your money on a centralized exchange! Your money can be a scam or hacked anytime!

There are popular and good cex available to use and finding which among them is the best will he matter of preferences. Just don't trust easily those doubtful numbers when what you see in a particular cex, does not match the trend in other exchangers. Also, mind the transaction fees because they can pile up and cost you much if you do it wrong.

asriloni

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God, the team was blocking my telegram account yesterday and some people said the team is already erasing the telegram group too. Just think to always use the reputable exchange site will be much better rather than try to use the new exchange site. The liquidity on the hot wallet of bcnex is almost zero and that's crap. I guess the amounts have been stolen by the team.

bttmember

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You are right at the moment the trust level is low on centralized exchanges even the top exchanges like binance seem safe and sound but still in the back of the head most of traders and holders in exchange wallet feel the risk so when this is the level of safety at top exchanges then what we can expect from new or small exchanges.

pakhitheboss

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Quote from: RBF on January 18, 2020, 02:16:58 PM

Hack, scam are common things in Centralized exchange. Don't get fooled by the high rank or huge trading volume, still, they are not safe! Binance CEO CZ was very confident that Binance is like a hardware wallet, he tweeted about it and after one month of that tweet, Binance got hacked and 7000 Bitcoin was compromised! Bithumb, Coinbene was hacked several times, many centralized exchanges scammed us.

Recently BCNEX exchange is likely to scam, they locked withdrawal, after 20 days when they unlocked the withdrawal function, people started withdrawing their money, but BCNEX is not finishing our withdrawals, they limited the itl by 50$ only! I have withdrawn my ETH 6 hours ago, still pending, some withdrew 14 hours go, still pending!

So, this is proved again why you shouldn't keep your money on a centralized exchange! Your money can be a scam or hacked anytime!

Any exchange can be hacked ,that is why you need to keep your cryptos in your personal wallet. There is nothing new about it. You should never treat an exchange wallet as your personal wallet.

If you had understand the concept of Proof of Key you wouldn't have created a topic here.

cytpoway121

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A lot of my friends think am strange, because i do not trust any exchange either centralized or dex exchange platforms,
I only visit exchange to buy, or sell and withdraw instantly.

If i place withdrawal and it gets delayed unnecessarily, i write support immediately.

In crypto currency, i have not seen anything better than your private paper wallet.
Nothing beats it

samcrypto

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Not just on a centralized exchange, you have to save your money and never to stay big money on any exchanges whether its decentralized or not because its not safe at all. If you can’t withdraw your money at all then that exchange is indeed a scam. You have to be more protected and know the safest thing to store your cryptocurrency, if you don’t have the private keys them its not safe to trust any wallet that you don’t have control, scammers and hackers are staying on every exchanges waiting for their time to scam us.

CjMapope

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Quote from: RBF on January 18, 2020, 02:16:58 PM

Hack, scam are common things in Centralized exchange. Don't get fooled by the high rank or huge trading volume, still, they are not safe! Binance CEO CZ was very confident that Binance is like a hardware wallet, he tweeted about it and after one month of that tweet, Binance got hacked and 7000 Bitcoin was compromised! Bithumb, Coinbene was hacked several times, many centralized exchanges scammed us.

Recently BCNEX exchange is likely to scam, they locked withdrawal, after 20 days when they unlocked the withdrawal function, people started withdrawing their money, but BCNEX is not finishing our withdrawals, they limited the itl by 50$ only! I have withdrawn my ETH 6 hours ago, still pending, some withdrew 14 hours go, still pending!

So, this is proved again why you shouldn't keep your money on a centralized exchange! Your money can be a scam or hacked anytime!

damn, sorry to hear they are paying you guys out so slow, but honestly, who da fuk is "BCNEX"? i have never heard of them...
Im guessing also that they are not a registered company anywhere, do people even know what kind of people are behind it? :/
its kinda a guarantee with those new exchanges sadly, honestly man, 1/2 of these exchanges that popped up in last year or two are just collecting deposits till they have enough and can fake a reason to exit scam : /
if your hodling ETH, why not just use coinbase? you CAN trade coins there too you know...

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