Topic: Do you trust centralized exchanges? - page 11. (Read 1973 times)
I do not trade in centralized stock exchanges other than major stock exchanges. I trade on Binance and bitmax exchanges. Thodex have made it big in Turkey. There are 391 thousand customers who are victims.
Yes, I have trusted centralized exchange for easy trading of cryptocurrency. I have use the current best exchange availble like binance. But if I plan to hold for a long time I have to put it in cold wallet like ledger.
the service of swaps gives of chance on trader and investors with the possession of token to work on exchange with the least on expends as uses with customs of transparency and decentralized as service might apply different kind of level with the administrative tasks on kyc to confirm profile with the persona on action.
Not about trust or not trust, but i think people don't have choice because there are a lot of reputable exchanges. If me maybe only trade on site that already have good reputation and maybe local exchanges. Honestly can't wonder if the site collapse, but i think if local exchanger and have real place, people will still can reach them in real life.
I trust the big centralized exchanges actually. Binance is one of them for me. I use it generally for trading and staking. But when it comes to HODLing my coins, I choose to withdraw them to my crypto wallet to be even safer.
For HODLing it is not recommended to store it on any exchange, so obviously it must be stored in your own wallet which you think is very safe to store it, and for an exchange like Binance obviously everyone likes it a lot, including me personally.
It is unfortunate why this can happen. and my question is, why do people easily trust an exchange that still doesn't have good credibility. and this case will provide valuable lessons for us to always be careful when deciding whether to invest or trade on the stock ..
I trust the big centralized exchanges actually. Binance is one of them for me. I use it generally for trading and staking. But when it comes to HODLing my coins, I choose to withdraw them to my crypto wallet to be even safer.
i trust some centralize exchange like binance, coinbase enough to keep my funds for sometimes and not be afraid, i know the 'not your key not your fund' propaganda but as long as centralized exchange exist people will always want to use them and also keep their funds, besides, the high transaction fee is another reason why people will keep their funds on cex, paying fees to transport funds back and forth is in anyone's best interest.
You can never trust anything. Binance and Coinbase are good exchanges but neither of them provide you with a hack-proof security - no one can. The best way is to secure funds externally onto a cold wallet. This is the only way to keep your funds really safe.
DEX or CEX you can never be sure how can they be exploited in the future which I agree makes things harder but it is best to be cautious and not leave large capital on exchanges.
Its a constant fear of every trader or holder. A small holder or trader would never be able to withdraw everything from the exchanges because of its high fees and if there is a fluctuation, it will be harder to trade it. I trust some of the exchanges like Binance and Kucoin but most of them are hard to trust these days.
I never trust a centralized exchange or wallet. I hate them because of some bitter experiences with them. When I need them urgently they deliver them lately. Also, locks fund sometime after changing security settings. If I talk about a non-custodial wallet, Coinbase, it's the worst experience. I was using Coinbase since 2014 and last year they locked my account for an unknown reason. I contacted them but they never reply. Worst customer service from them. My fund still there, may be locked forever. So I hate centralized exchange or wallet. Everyone should use a noncustodial wallet if they want to hodl.
no, but we still need CEX. one of the functions of CEX is to disburse funds from crypto to fiat. This service does not exist in the DEX yet, in fact it is difficult to exist. we don't believe in CEX, but they are still needed today. The problems at CEX are numerous such as privacy concerns, hacking, and risk of losing funds due to closure issues like this.
Such problems we have in DEX too! but as for me my data and documents are real value and very confidential, no one could ask me about it, because crypto was created as decentralized currency..
I think you heard the last news about the Turkish stock exchange:
https://decrypt.co/68703/billion-dollar-rug-pull-turkish-bitcoin-exchange-goes-dark
Customers fear a rug pull as Turkish crypto exchange Thodex abruptly halted trading.
At any time, money can be blocked for an unknown time.
Recently, I have not been trading on centralized exchanges and have kept as much money there as it’s not a pity to lose
https://decrypt.co/68703/billion-dollar-rug-pull-turkish-bitcoin-exchange-goes-dark
Customers fear a rug pull as Turkish crypto exchange Thodex abruptly halted trading.
At any time, money can be blocked for an unknown time.
Recently, I have not been trading on centralized exchanges and have kept as much money there as it’s not a pity to lose
I never heard of that exchange before it is true though that if you leave your funds at an exchange (a cex) than of course you do not have control over your funds anymore. "Not your keys, not your coins" it's as simple as that. That being said i also have a few Kucoin Shares on Kucoin because of the Kucoin bonus program. If i remember correctly kucoin was also a victim of a hack in the last months were the hot wallets where compromised but they recovered well from that. I only own a few KuCoin shares and therefore i am willing to take the risk that hey could be gone anytime if another hack occurs.
I don't really believe in centralized exchanges but nowadays almost everyone uses centralized exchanges. we can do exchange analysis before placing funds. from checking the clarity of the site to trust in the community. Often times when the market pump or dump that I don't like is the withdrawal becomes an error or the exchange can't be accessed. Regarding security issues I am pretty sure for a highly protected exchange to have insurance on customer funds
Just like investing, we can also diversify the risk in using exchanges, don't put all your eggs in one basket, that's the basic principle when it comes to investing. One exchange that goes dark this year is LIVECOIN, they used to be a little decent exchange but they disappear suddenly, probably with the money of the traders. There's no choice at the moment but to trust the centralized exchange as DEX doesn't have the volume to cater the traders.
I don't trust centralized exchanges. But I have nothing to do. As a bounty hunter, I have to trade the tokens that are listed on the exchange. However, the trading fee is less in centralized exchanges. Decentralized exchanges like Uniswap can not suitable for small beds. I think Binance Smart Chain platform's DEX like Pancakeswap is the best to trade now.
I only leave just a fraction of my asset on reputable exchnages for the sake of trading only and for the fact that ERC20 withdrawals are now very expensive. I know friends that lost millions of dogecoins to Cryptopia and coinexchange, won't allow such mistakes again. Not your key, not your money.
Your friend probably was not active following updates and news, most times some exchange usually make announcement of a possible closure so people can withdraw their funds, am not sure but i think even cryptopia made announcement or some people posted about it to warn people to take their funds, i can't remember, anyways, it is not adviceable to leave funds in the exchange for too long, if you are not trading then better to move them to a personal wallet,
just like the above poster said, i don't trust any exchange but they are necessary for trading which is why sometimes we have some part of our funds there.
I only leave just a fraction of my asset on reputable exchnages for the sake of trading only and for the fact that ERC20 withdrawals are now very expensive. I know friends that lost millions of dogecoins to Cryptopia and coinexchange, won't allow such mistakes again. Not your key, not your money.
No matter centralized exchanges or decentralized exchanges,i dont turst,i just trust myself. But on the other hand, i have to trade on exchanges, and that is centralized exchanges, because comparing to decentralized exchanges, imo centralized exchanges is more easy to operate and sell.
crypto lovers globally may not believe it because they cannot yet give confidence what the advantages of this exchange are. So for myself, it's better to be on an obvious exchange like Binance than having to stake our assets there
Recently, I have not been trading on centralized exchanges and have kept as much money there as it’s not a pity to lose
But, if you take example like bittrex which is a centralized and regulated exchange, has been serving us for years without any major issues. I have kept more than $10k at some point of time, and then gone for withdrawing, all went smooth. I'm not saying, keeping funds with exchanges is a good idea but if you're choosing your exchanges wisely then he could solve most usual problems easily.All the above, exchange getting hacked or sudden shutdown kind of things are highly unpredictable and we might need to face them. Only primary solution here is never holding big money with them.
No I don't trust centralized exchanges completely, cause at any point in time they can just close their doors and run away with users money on the exchange's account, it has happened so many times not once or twice that's why I can't fully trust any centralized exchange, they can also decide to lock up your account any time they like just like the reports have been seeing around about coinbase freezing users accounts, things like that scares me honestly.
This is pretty bad if you are talking about centralized exchanges. There are so many things that makes us worry, especially with its safeness.
we have to be extra careful and doing more research before using such centralized exchanges.
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