Topic: Do you trust centralized exchanges? - page 8. (Read 2036 times)
legendary
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Yeah, centralized exchanges shouldnt be trusted most especially the not so popular ones, exchanges like binance, kucoin, coinbase to my understanding have all stood the test of time and this are the kind of exchanges I have little trust for, every other exchanges that are not so popular I personally have great fear for, this is why I don't for any reason leave my money on centralized exchanges, I only deposit money when am ready to sell and also withdraw my money immediately I sell or buy a coin, if am not ready to sell the coins, then its better its on my wallet, this is why the saying goes, not your keys, not your crypto, I've learnt the hard way from cryptopia.
That's right, I see turkey too severe in this case, However, there has been no viral news about turkish cryptocurrency lately, quite dangerous and quite avoid exchanges from turkey, they are vague and irresponsible, I hope it is handled immediately.
bad news like that could put this market into bad trouble.hopefully, it can be handled soon. that is if in their country there are clear regulations to handle it all. or the exchange is indeed registered in their country as a clear company.
if everything is not regulated I'm sure it will be a little difficult to handle it all.
Information about the hacking of a large cryptocurrency exchange
https://hotbit.zendesk.com/hc/en-us/articles/1500008915521-
"Dear respected users,
Hotbit just suffered a serious cyber attack starting around 08:00 PM UTC, April 29,2021, which led to the paralyzation of a number of some basic services. Meanwhile, the attackers also tried to hack into Hotbit’s wallets (However, the attempt was identified and stopped by our risk control system).
In this case, Hotbit team has shut down all services for inspection and restoration immediately, and the overall recovery period is expected to be no less than 7 days.
Please note that all your assets are safe and secure, and you can follow us on Twitter,Facebook, and Telegram for Hotbit’s latest recovery progress."
https://hotbit.zendesk.com/hc/en-us/articles/1500008915521-
"Dear respected users,
Hotbit just suffered a serious cyber attack starting around 08:00 PM UTC, April 29,2021, which led to the paralyzation of a number of some basic services. Meanwhile, the attackers also tried to hack into Hotbit’s wallets (However, the attempt was identified and stopped by our risk control system).
In this case, Hotbit team has shut down all services for inspection and restoration immediately, and the overall recovery period is expected to be no less than 7 days.
Please note that all your assets are safe and secure, and you can follow us on Twitter,Facebook, and Telegram for Hotbit’s latest recovery progress."
I still use CEX until now, but I won't take any risk by storing my assets in the wallet provided by CEX. btw, the cases in Turkey are quite crazy, they are like being irresponsible and leaving many victims and hurting the community, I hope the culprit is caught sooner
I'm not aware of the news, but are you referring to this https://www.aljazeera.com/economy/2021/4/23/turkey-crypto-exchange-probe-62-arrested-ceo-on-the-run?I guess we should already learn as it happens a lot of time that exchanges are seized and CEO could disappear together with our money.
It's wise to only trust big exchanges but never leave your coins in their wallet in the long run.
just remember that "not your keys, not your wallet" it's pretty basic and everyone has to be aware.
Honestly, when it comes to money wherever it is, it must be risky. I do not really believe and believe to save money especially in large amounts. remember! we're talking about money. who always appear irresponsible and greedy people.
That's right, I see turkey too severe in this case, However, there has been no viral news about turkish cryptocurrency lately, quite dangerous and quite avoid exchanges from turkey, they are vague and irresponsible, I hope it is handled immediately.
Recently, I have not been trading on centralized exchanges and have kept as much money there as it’s not a pity to lose
That is a risk in a centralized exchange, if they do not have complete requirements as well as complete legal documents. And also our risk of trading if we lose money. Therefore I suggest to to a trusted exchange such as binance. I think everyone knows, I'm sure you'll be happy to trade there.
I still use CEX until now, but I won't take any risk by storing my assets in the wallet provided by CEX. btw, the cases in Turkey are quite crazy, they are like being irresponsible and leaving many victims and hurting the community, I hope the culprit is caught sooner
I don't trust them to be honest but we don't have decentralized marketplace with enough liquidity to trade as such in centralized exchanges so I am not leaving any funds iut there for any reason, just deposit == trade == withdraw with not much of waiting time so I can reduce the chances of losing funds.
Exactly! Honestly, when it comes to money wherever it is, it must be risky. I do not really believe and believe to save money especially in large amounts. remember! we're talking about money. who always appear irresponsible and greedy people.
Everyone who deals with money directly, he must be smart in choosing his partners, otherwise loss will be very easy for him to get, so caution must always exist when playing with money because everyone's goal is to make money. 
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
Don't trust centralized exchanges because of one hacked Turkish exchange? There are at least 3-4 centralized exchanges, very large and popular. Or trade on decentralized exchanges. To choose for youhttps://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
There's definitely nothing wrong with using cex more specifically if it's a big 5 exchanges but just don't too trusting to these exchanges I guess, as people have said many times "not your privkey not your money"
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I traded back in Binance before though I wouldn't entrust my personal info through KYC processes through them cause I remember that there was a recent data leaks there back in the days. I can't quite pinpoint what year was it.You never want somebody contacting you anonymously one day.
Store your money in large centralized transactions if you are a regular trader on those deals. Holding long-term crypto needs to be stored on major, reputable exchanges or withdrawn to personal wallets for safety.
Your key, your money. Remember that.
After this issue, for now, it is better to be wise in placing your money or crypto assets not on any exchange. for long term hold I've bought a hard wallet which is more secure to protect assets. Your key, your money. Remember that.
now there are so many fraud and hacking actions and you as an investor can be more careful. do not let the assets you build are lost because of carelessness in saving
Honestly, when it comes to money wherever it is, it must be risky. I do not really believe and believe to save money especially in large amounts. remember! we're talking about money. who always appear irresponsible and greedy people.
I trust some centralized exchange. Like Binance, Coinbase. Ok, let me express my thoughts. If you have already enough and have a good chance to get more big milestone in future then why you want to scam?
And that's why i trust some centralized exchange. Those exchanges already have enough. So i think they will not scam. This is totally my opinion.
^ Exactly right, sometimes we need to trust them and there is nothing we can do is just trust them an amount that we want to leave on them. But those exchanges that already existed and runs how many years on their service, in that way, if you have fund to deposit as your initial capital in trading, you don't need to worry at all because your fund is safe. Large exchange and very popular is probably the most trader's choice because this is the only way where you can put trust to deposit your fund even it is a centralized one. Nevertheless, in my opinion, and the most common popular exchange is Binance, I don't know others if we have the same choice. And that's why i trust some centralized exchange. Those exchanges already have enough. So i think they will not scam. This is totally my opinion.
I trust some of the centralized crypto exchanges but only the most secure ones. I mostly use Binance and I have no problem or worries about it. I'm really happy to use exchanges like Binance which are caring about the security of their users.
I think that the top exchanges do not have these problems but it is still recommended to keep your coins off the exchanges just to avoid nasty surprises.
I trust some centralized exchange. Like Binance, Coinbase. Ok, let me express my thoughts. If you have already enough and have a good chance to get more big milestone in future then why you want to scam?
And that's why i trust some centralized exchange. Those exchanges already have enough. So i think they will not scam. This is totally my opinion.
And that's why i trust some centralized exchange. Those exchanges already have enough. So i think they will not scam. This is totally my opinion.
You can trust those exchanges like binance and coinbase but its the government that you can't trust because these centralized exchanges have your data since they have been asking for your KYC documents. The government will soon look at the data you have because they can do so. And this is why users who are concerned with their privacy are often not trusting CEX like those exchanges.
Keeping money in your own cold wallet is the safest way to store your data offline or a hot trusted wallet better suited for a particular purpose like decentralized exchanges trading. On centralized exchanges you should have only the amount that you want to trade.
A cold wallet is the best alternative so far. Even the centralized exchange I'm customer told me to store money in a cold wallet, while lefting only trading funds at the exchange wallet. Exchanges know they can't assure customers' funds totally, because the safety of the platform isn't the only thing we should worry, but also the regulations imposed by the governments.Since the exchanges are centralized they can't deny any regulators' orders. What means if an user balance must be freezed or if a law pass in that country and bans crypto, the exchange can do nothing to help the customers. So in many cases it's not totally the exchanges' fault.
Keeping money in your own cold wallet is the safest way to store your data offline or a hot trusted wallet better suited for a particular purpose like decentralized exchanges trading. On centralized exchanges you should have only the amount that you want to trade.
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
Right, centralized exchange is too risky for saving long term. And there are no reason to keep massive fund in the CEX And personally i don’t considering it as a wallet. Specially when such things happened than we are going to discussing about it. A lot of trustworthy centralized exchanges where we have been using everyday but not for hold purposes. Jump to: