Do you trust centralized exchanges? - page 2.

stomachgrowls

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Quote from: Cryptomiles1 on July 07, 2021, 11:41:23 AM

Sincerely this is my first of hearing about this exchange, most at time we have to take appropriate precaution before moving our funds to CEX. Not all that are trusted that is DEX is really taking over.

There are lots of local exchange platforms out there and its normal that we arent aware of their existence since we do mostly focused on top tier or ranking like Binance,Coinbase etc.

It had been thousands of reminders about storing your coins in centralized platforms is never been worth the risk or not really recommended at all, no matter how reputable or known it is

you wouldnt know on when issues would come out neither sudden lock of funds and need for sure to pass kyc or to those exchange hack incidents might happen.
This is just basic but people never ever learn until it do happen and do cry and whine later.

Cryptomiles1

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Sincerely this is my first of hearing about this exchange, most at time we have to take appropriate precaution before moving our funds to CEX. Not all that are trusted that is DEX is really taking over.

panjay

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I didn't trust as much anymore...cryptopia got hacked..my fund is gone, too lazy to claim it lol.

I just use it as a means to trade and withdraw to my own account for now. So if keep my fund on exchange and the exchange suddenly stop/hacked/seized etc that on me.

trauchot

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I trust centralized cryptocurrency exchanges, I didn't have any problems with them, you just need to use the most popular centralized cryptocurrency exchanges and you will not have any problems, but if you will use new centralized exchanges that were created just recently, of course there is a huge risk of losing your money that you will have on this exchange, so you always need to be careful when choosing any centralized exchange and just better to always use top centralized cryptocurrency exchanges.

wayaneka

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I don't trust CEX but I need it for trading and to make fiat withdrawals, alot of CEX in the crypto market, and I really careful to choose it, because if we put money there, that mean they has full control with our fund, and we have seen some CEX like MT Gox, BTC-E.COM, Cryptopia and Livecoin is closed and turn in to scam. I only use CEX which has the highest trading volume because these CEX is trusted by many crypto users. For long term investment, I prefer to stored crypto in my personal wallet. For staking crypto, I also avoid to use CEX, much better to make account on DEX or Personal wallet so that full control is belong to users, not the exchange and this is the most important thing in crpto markets because currently less regulation in crypto space.

Mpamaegbu

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Quote from: zasad@ on April 22, 2021, 08:59:30 AM

Recently, I have not been trading on centralized exchanges and have kept as much money there as it’s not a pity to lose

A single isolated case isn't enough to blanket others in condemnation. Whether Cex or Dex, they're all controlled by the intuition of man. Man isn't perfect and as such we shouldn't expect perfection anywhere. I have heard about tokens getting hacked on Dexs. So, it's not as if Dexs are completely immuned from all that like a lot of people make it look. I trade on Binance from time to time and I haven't had any issues with it. Binance is a Cex and is rated 10 on trust score as the most secured.

santiPOGI

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Quote from: zasad@ on April 22, 2021, 08:59:30 AM

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

I have no idea about this platform dude, but for the well known exchange in the market I could probably give my trust in them.
And some of this centralize exchange I might be using it actually. And there is nothing wrong if we do use it especially if you are earnings
through with it as well. But I never hold a large amount of assets over it.

triat

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Quote from: bamb on June 11, 2021, 12:39:46 PM

Some centralized Cryptocurrency exchange have proven themselves trust worthy! Binance as an example have had devastating hack of it's website and huge funds were stolen. However, binance did not collapse, binance was able to mitigate these loss through funds saved for such eventualities and became even stronger! I will not trust centralized exchange with 100% of my portfolio but I will still trust the trust worthy ones with 20% of my portfolio!

only if 20% of these tokens are used in trading. If they just lie on the wallets on the exchange, this is very bad. In this case, only cold wallets should be used.

bamb

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Some centralized Cryptocurrency exchange have proven themselves trust worthy! Binance as an example have had devastating hack of it's website and huge funds were stolen. However, binance did not collapse, binance was able to mitigate these loss through funds saved for such eventualities and became even stronger! I will not trust centralized exchange with 100% of my portfolio but I will still trust the trust worthy ones with 20% of my portfolio!

Alert31

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It's difficult to trust a centralized exchanges but we can't hide the fact that many are using this platform. Decentralized is good to use but it has a low or fake volume. I used cointiger before and one of my token got stuck there because of a very high transaction fee. Avoid using that exchange.

devil2man

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obviously for centralized exchanges the saying not your keys not your money always applies in other words you have to be cautious and keep altcoins on them only for the minimum time i personally trust (a bit even for force majeure) only a few centralized binance exchanges, kraken, mercatox obviously i prefer decentralized ones (dex, swap, aggregators) like uniswap,1inch and forkdelta

zaim7413

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Quote from: odukoyaewatomi27 on May 16, 2021, 06:16:01 PM

I really do not see any reason why anyone should trust these centralized exchanges or store their money there. because over a couple of times, we have seen these exchanges get hacked and millions of dollars worth of coins get stolen. It is best for you to store your coins in your personal wallet.

Yes, for security in terms of storing coins in each personal wallet, but for the security of trading, I don't think there is a problem using this centralized exchange because someone doesn't keep their funds for a long time on the exchange.

Darktongue

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In a decentralized world, dominating centralized exchange. If we check the Binance exchange, Binance exchange also has some fear of centralization. Now Binance also provided decentralized service. Actually, we can get out from the centralize after transaction has completed, but our information is left in the decentralized. We need both services, which means none of these services will die.

ingiltere

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Thodex was a whole different case, it was an unknown exchange even locally, there were a lot of shady things around it. Luckily nobody I know got affected because majority of Turkish people use Btctürk and Paribu, which I have less trust latter. Even the biggest exchanges have some flaws and things may go bad at an unexpected time, like Mt.Gox case. Right now everybody use Binance but do we trust it? We have to use it, what can you do even if you don't trust. Not all coins and volume is in decenteralized exchanges. Maybe in the future that will change for better but even then we have to use centralized exchanges at some point, e.g. profit realization.

dotcoin.info

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If you want to trust decentralized exchanges, then you should choose only those that are in tier 1.
The logic is simple, all exchanges from tier 1 are fighting for clients, even if they are hacked, they cannot afford to lose clients, which means they will in every possible way restore balances and recover funds .

bittick

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Quote from: Galley on May 11, 2021, 01:48:50 PM

I use centralized exchanges to trade. I mainly use Binance and Kucoin, I trust them to some extent. Decentralized exchanges are expensive to use due to too high commission. And risk exists everywhere in one way or another.

if i'm being frank that's true, even better if the cex offers insurance so it equals out the risk we can have from exchanging using either dex or cex, but the problem with dex is sometime there's fake smart contract everywhere it's just really risky and i think the dev of the dex should do something about that like making community report feature to tag it as phishing or scam, but the lower tier of cex also could be very shady, sometime i just look at the liquidity and just use it temporarily like withdrawing after im done converting my money

stadus

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Quote from: firmino10 on May 22, 2021, 05:19:57 PM

generally, I don't trust centralized exchanges (because they are not very secured) and prefer to use decentralized exchanges.

What's your reason, and how is DEX more secured than centralized exchange? did you know that one of the DEX was hacked before?

https://mashable.com/2017/12/21/etherdelta-hacked/

Quote from: firmino10 on May 22, 2021, 05:19:57 PM

But the major issue i have is that most of these decentralized exchanges don't have much volume and liquidity like the centralized ones.

That speaks the reason, people trust CEX more than DEX because they feel it's safer, and because it's regulated, they can go after the site unlike DEX of course.

firmino10

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elysian.finance

generally, I don't trust centralized exchanges (because they are not very secured) and prefer to use decentralized exchanges. But the major issue i have is that most of these decentralized exchanges don't have much volume and liquidity like the centralized ones.

verita1

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Fortunately, there will be justice for the culprits of this crypto scam. I do not know the background of this Turkish exchange platform.
It is appropriate to recognize that we are vulnerable to being users of websites like this and being scammed and causing serious consequences for the crypto community and it is logical that governments act in retaliation to prohibit activities with bitcoin and cryptocurrencies.

Quote

https://www.reuters.com/technology/turkey-jails-6-crypto-probe-including-thodex-ceos-siblings-courthouse-2021-04-30/

A Turkish court jailed pending trial six suspects late on Thursday as part of a probe into cryptocurrency trading platform Thodex, including the CEO's siblings, a spokeswoman for the prosecutor's office said.

More recent information about this case as tracking transactions here:

https://finance.yahoo.com/news/where-did-thodex-crypto-exchange-134800259.html

olabiyijummy02

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I trust centralized exchanges a lot more than DEX
Not all centralized exchanges are good though that is why i only restrict my cryptocurrency trading to only the top exchanges. This turkey exchange that you're referrencing here is not a top exchange and there is no reason why i will trust such an exchange with my cryptos.

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