Topic: Do you trust centralized exchanges? - page 6. (Read 1955 times)
I trust CEX, but only large exchanges like Binance. This exchange may not be a scam like the exchange you mentioned. Apart from that my reason is that the fees on DEX are very expensive.
I haven't heard if this Turkish exchange before and i only stick to the major well known centralized exchanges in the cryptocurrency space.
I like Binance, Kucoin, and a few others as far as centralized exchanges go and i always try to keep my trading between this few exchanges just to be safe
If the exchange you are using now is much safer and more comfortable, there is no need to think about new exchanges that exist in different countries, because we use exchanges to be safer in terms of storing assets and more comfortable when we use them, not for others. I like Binance, Kucoin, and a few others as far as centralized exchanges go and i always try to keep my trading between this few exchanges just to be safe
I think exchangers like Binance have clear information about the people in them, so I think if something happens that you don't want, then I think the people inside will be easily punished. So, because of that, I believe in CEX like binance, even if it's not 100%. however, there are always risks such as hacks and others. It's just that, seeing the quality of Binance in being responsible, I think it deserves appreciation.
Honestly i don't trust them, just look at the centralized exchanges that have been hacked, eg. cryptopia, etc
The security of centralized exchange is not 100% safe, we should not put our money too much on it.
On the other hand, decentralized exchanges such as uniswap, pancakeswap, etc are promising, we can be a liquidity provider on those exchanges to gain profit.
The security of centralized exchange is not 100% safe, we should not put our money too much on it.
On the other hand, decentralized exchanges such as uniswap, pancakeswap, etc are promising, we can be a liquidity provider on those exchanges to gain profit.
I haven't heard if this Turkish exchange before and i only stick to the major well known centralized exchanges in the cryptocurrency space.
I like Binance, Kucoin, and a few others as far as centralized exchanges go and i always try to keep my trading between this few exchanges just to be safe
I like Binance, Kucoin, and a few others as far as centralized exchanges go and i always try to keep my trading between this few exchanges just to be safe
This is a decision that has to be made from case to case. For me the most important factor is whether the exchange is licensed, the people behind it are publicly known and where the exchange really operates. If there is no chance for any recourse should the exchange get hacked or the owners run off with the coins, I wouldn't touch it.
If the exchange is license and if they have insured then it would be great but how many exchange does have these options and there wont be many. I wont trust anyone even if they are publicly known as we have seen operators running off with the coins in the past and you should not take the risk by trusting these operators unless it is licensed in a reputable country as there are many exchanges registered in offshore countries and it does not mean nothing if something bad happens. As far as I know, only Binance and Coinbase have some type of insurance. But for Coinbase only their USD assets are insured (https://www.coinbase.com/legal/insurance). However in Binance, all your assets are secured by their SAFU, which I believe, is much better. So even if you store other alts, you are pretty much covered with their insurance, in case, something happens to their platform. For me, I will trust my coins on Binance but if you can store your own coins in your own wallet, why not?
https://www.binance.com/en/blog/307883269744750592/Binance-Is-SAFU-7-Ways-We-Secure-Your-Assets-247
To be honest I trust centralized exchanges which have a good reputation because centralized exchanges have high liquidity but of course using a centralized exchange is just enough to deposit, trade, withdraw and never save funds there so that I can reduce the possibility of losing funds
No I don't, the reason is because my money is stored in an exchange wallet in which I have no access to the private key, its like their hands in my pocket kind of thing, they can do whatever they like with my money in their wallet, and the risk of not getting my money back whenever a hack occurs is a bit scary, so I only deposit trade then withdraw my money back to my wallet where its safe, although sometimes I leave a little amount of money to use in trading again.
When I was newbie to the crypto market, I was also a proponent of the idea that any centralized exchange is evil, and only decentralized exchanges should be at the top in crypto. But very quickly I changed my mind. DEX is much more vulnerable and much unreliable compared to CEX. And especially for beginners, I would recommend using the popular CEX.
This is a decision that has to be made from case to case. For me the most important factor is whether the exchange is licensed, the people behind it are publicly known and where the exchange really operates. If there is no chance for any recourse should the exchange get hacked or the owners run off with the coins, I wouldn't touch it.
If the exchange is license and if they have insured then it would be great but how many exchange does have these options and there wont be many. I wont trust anyone even if they are publicly known as we have seen operators running off with the coins in the past and you should not take the risk by trusting these operators unless it is licensed in a reputable country as there are many exchanges registered in offshore countries and it does not mean nothing if something bad happens. Take it or leave it, the best performing exchanges in crypto space are still centralised exchanges, they have the best volumes and liquidity, is choose binance, kraken, bitfinex, kucoin, gate and few others over uniswap and pancakeswap
Yes, but you should also know that uniswap and pancakeswap will not be the same as binance, kraken, bitfinex, kucoin, and gate, so don't confuse centralized exchanges with non-centralized exchanges because each exchange runs on its own path based on development before the exchange was used by many people. 
Of course, if your are a trader what you should be looking out for is an exchange with liquidity and last I checked a cex has more liquidity than a dex. And besides this you can trade on multi blockchains with a few clicks other than coins only found on that blockchain.
Another reason to use a cex is some now have insurance so they are responsible should a hack happen unlike a Dex where you're sorely responsible for what ever happens.
I guess I have all the reasons to trust a centralized exchange.
Another reason to use a cex is some now have insurance so they are responsible should a hack happen unlike a Dex where you're sorely responsible for what ever happens.
I guess I have all the reasons to trust a centralized exchange.
hero member
Activity: 2590
Merit: 650
Want top-notch marketing for your project, Hire me
To be honest I trust centralized exchanges which have a good reputation because centralized exchanges have high liquidity but of course using a centralized exchange is just enough to deposit, trade, withdraw and never save funds there so that I can reduce the possibility of losing funds
I only like and respect centralized exchange with good reputation but I don't think it fair for anyone to totally trust centralized exchange cause all of them are guilty of fake volume and liquidity at some point.I guess you dont understand that the possible chance of losing funds was one of the reasons why you don't have to trust a centralized
It would be nice for us not to store our funds too much in a centralized market, for fear that it is what we do not want,
whether it will be hacked or have gone out of business.
whether it will be hacked or have gone out of business.
Not only do they hold our coins and the coins are at risk when hack happens or another chaos breaks out, but also trading at centralized exchanges generates revenue, and this revenue is so large that by now the bigger exchanges hold tremendous amounts of crypto and have enormous influence on the market if they want. My guess is that they want. It's better to soon use more decentralized exchanges and keep the coins off exchange.
It would be nice for us not to store our funds too much in a centralized market, for fear that it is what we do not want,
whether it will be hacked or have gone out of business.
whether it will be hacked or have gone out of business.
I believe but not all, just a few exchanges. for daily trading I use binance and huobi, for local exchanges I use Indodax. I use local exchanges to withdraw to fiat. but even so I mostly use DEX like uniswap or pancakeswap. I trust dex more than cex.
This is a decision that has to be made from case to case. For me the most important factor is whether the exchange is licensed, the people behind it are publicly known and where the exchange really operates. If there is no chance for any recourse should the exchange get hacked or the owners run off with the coins, I wouldn't touch it.
I believe but not all, just a few exchanges. for daily trading I use binance and huobi, for local exchanges I use Indodax. I use local exchanges to withdraw to fiat. but even so I mostly use DEX like uniswap or pancakeswap. I trust dex more than cex.
Take it or leave it, the best performing exchanges in crypto space are still centralised exchanges, they have the best volumes and liquidity, is choose binance, kraken, bitfinex, kucoin, gate and few others over uniswap and pancakeswap
So far I haven't had any problems with centralized exchanges and of course I still believe. Low trading fees are on centralized exchanges compared to Dex exchanges.
But when yesterday there was an issue regarding an exchange that deceived many custumer in Turkey, it made me more selective and not carelessly put money in a risky exchange or indicated a scam
But when yesterday there was an issue regarding an exchange that deceived many custumer in Turkey, it made me more selective and not carelessly put money in a risky exchange or indicated a scam
It is better to transact on a centralized exchange than one that can be regulated by a country, but centralized exchanges do not guarantee 100% security of their systems, as each exchange has its own flaws and drawbacks.
always update information to avoid things like this
always update information to avoid things like this
Jump to: