Do you trust centralized exchanges? - page 9.

bL4nkcode

copper member

Activity: 2142

Merit: 1305

Limited in number. Limitless in potential.

Quote from: Emitdama on April 24, 2021, 02:47:11 PM

Anyone that is trading cryptocurrency should always make sure that they have a private wallet they are storing their main funds, and the money they want to trade with can then be moved to their exchange wallet so that if the exchange happens to do anything or gets hacked you wouldn’t have to regret that much.As for what this exchange has done, I can’t tell you whether it’s what you think or not since I have not used the exchange before, and I don’t know about them.

When you trade you need to trust the exchange and accept all the risks. These people are called traders, some day traders and etc. There's no need to transfer your funds right after trading in one time or two, if that's the case then better to hodl and trade/sell after a huge profit.

About that exchange, with those amount, I guess its one of the most used and one of the large local exchanges in turkey.

Emitdama

sr. member

Activity: 1895

Merit: 328

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

It’s never good to trust any exchanges at all, and it’s not only about issues like this, there are other things that can happen and affect you.

Anyone that is trading cryptocurrency should always make sure that they have a private wallet they are storing their main funds, and the money they want to trade with can then be moved to their exchange wallet so that if the exchange happens to do anything or gets hacked you wouldn’t have to regret that much.As for what this exchange has done, I can’t tell you whether it’s what you think or not since I have not used the exchange before, and I don’t know about them.

ampu

full member

Activity: 504

Merit: 102

CLEARSIGHT- THE #1 BLOCKCHAIN JOB PLATFORM

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 Holding long-term crypto needs to be stored on major, reputable exchanges or withdrawn to personal wallets for safety.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.

GrosWesh

legendary

Activity: 2282

Merit: 1440

I only trust few of exchanges to send them (and let them hold for a while) my assets.

Binance and Huobi never disappointed me until now. Regarding binance, the fact that the safu fund exists is relatively reassuring, imo.

Coinex seems to be reliable, too...

I sometimes use more exotic places but in this case, I immediately withdraw my funds Grin

repear7

full member

Activity: 1026

Merit: 110

Need Bounty manager ? Contact @repear71

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.

blckhawk

sr. member

Activity: 1456

Merit: 325

★Bitvest.io★ Play Plinko or Invest!

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

Not familiar with that exchange though. Anyway, I do trust a few centralized exchanges yes especially Binance. Besides not gonna lie CEX does have a higher volume compared to DEX that is why for me it is better to use CEX for now. I am aware that they somehow have control over my account because it can possibly lock or something but I could avoid it by not leaving my coins in there. Upon using centralized exchanges it is highly recommended to not leave your coin inside the platform and if you will make sure it doesn't that much so that even if something bad happens the damage to your funds wouldn't be that much.

Koro-Sensei

full member

Activity: 658

Merit: 103

Roughly I dont specially if those centralised exchange are high risk to hacks and government manipulation. It is quite unfortunate for turkish citizens that it were force down on these exchanges. Mt. Gox hackers before were also one of the reasons why some exchanges with low defense to these kinds of attacks aren't easily to be trusted.

imstillthebest

full member

Activity: 1638

Merit: 122

Quote from: Cling18 on April 24, 2021, 09:24:18 AM

It depends on a centralized exchange. Some centralized exchange is risky so I always make sure to choose the one with a good reputation and record. I find newly established exchanges shaky unless they create a good name and prove that they're reputable first. We must be skeptical in choosing a good exchange.

the exchange was reputable because they are 4 years in the making after the issue came out .
old or new exchange it was both risky if its centralized .
may this be a wake up call to us that patronize top centralize exchanges and starts to forget that decentralize exchange do also exist .

Cling18

full member

Activity: 1708

Merit: 126

It depends on a centralized exchange. Some centralized exchange is risky so I always make sure to choose the one with a good reputation and record. I find newly established exchanges shaky unless they create a good name and prove that they're reputable first. We must be skeptical in choosing a good exchange.

usekevin

hero member

Activity: 2170

Merit: 553

Instant cryptocurrency exchange with own reserves!

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

My option will be both centralized and decentralized exchange.If you keep using of decentralized it get into bore topic. If you added a pepper by using a centralized platform too.The platform of decentralized will be good and used by lot of people.The another one will had a less user and it make a sudden profit.When the site was locked, you money get into holding even you refused to do that.

Vinaa77

sr. member

Activity: 1344

Merit: 311

Although there are indeed many cases regarding decentralized exchanges, nowadays trade with high volumes is on the decentralized exchange. The case of ceo escaping bringing user money is indeed a lesson for investors so that they can be careful about saving their funds. they must be able to store assets in a safe place when investing. but for traders this is indeed a risk. they should be able to choose a trusted exchange

babykika2027

full member

Activity: 715

Merit: 101

Centralized exchanges is the only way right now if you are not ready to pay extremly big fees on ETH dexes

MSTuTeJIb

full member

Activity: 504

Merit: 100

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

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 you

GreenStox

sr. member

Activity: 1148

Merit: 252

Undeads.com - P2E Runner Game

depending on the exchange, I often or even mostly trade in centralized exchanges because not all owners have bad thoughts, and also trade on big cexs like binance, okex, huobi I think it will be fine and when a few exchanges they break they replace all lost in the sense of the user they didn't lose anything.

FloridaKid

member

Activity: 375

Merit: 15

$CYBERCASH METAVERSE

Quote from: nakamura12 on April 24, 2021, 03:49:07 AM

There are centralized exchange or even a centralized wallet. Using centralized exchange does not mean you will lose your fund because of the exchange because not all centralized exchange do that but it is true that some may do it. Not your keys not your funds propaganda is true as many people are victims of storing their funds on a centralized wallet or even exchange sites.

The thing is Centralized exchanges are more trusted if they are top exchanges because they have collateral funds for any bad occurrences, this is what binance and kucoin do just in case, but Centralized wallet? There is no way to recover fund if anything goes wrong with centralized wallets, it should be a big no to crypto newbies

nakamura12

hero member

Activity: 2268

Merit: 669

Bitcoin Casino Est. 2013

There are centralized exchange or even a centralized wallet. Using centralized exchange does not mean you will lose your fund because of the exchange because not all centralized exchange do that but it is true that some may do it. Not your keys not your funds propaganda is true as many people are victims of storing their funds on a centralized wallet or even exchange sites.

martina14

full member

Activity: 1190

Merit: 111

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

In my own opinion not all centralized are not good. There are still some centralized exchange that remain trusted, like Kucoin, Bitforex, Probit, and more because these platform that I had stated in the above are so far helpful to me actually, I had been using them for a couple months except for kucoin its almost 1 year for this one. But of course, just like the other's did, if I got earned big I withdraw some of it then convert it into fiat, something like that.

Adreman23

full member

Activity: 1365

Merit: 107

Sugars.zone | DatingFi - Earn for Posting

I don't trust centralized exchanges but i can't avoid to use them especially if i have coins needed to trade quickly because Centralized exchanges has good volume compared to decentralized exchange. Maybe it's better to choose and trade in the top centralized exchanges and do not store large amounts for a very long time.

gaston castano

sr. member

Activity: 1526

Merit: 251

yes I know but everything is risky even saving money in the bank is also risky, so what guarantee do you have when saving your own money?
like a decentralized exchange or wallet, if you keep your money in your personal wallet you also have the risk of losing it if you forget your private key, keystore, etc.
you only reduce the risk but not eliminate it.

TastyChillySauce00

legendary

Activity: 2982

Merit: 1028

Leading Crypto Sports Betting & Casino Platform

Quote from: aprilnot on April 22, 2021, 04:46:40 PM

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.

If only those stablecoins have a way to make its customers convert from stablecoin to fiat through bank quite easily we could've switched to dex like completely and I will definitely prefer using DEX because my experience in swap platform so far has been very smooth but yeah, considering all the regulations, etc I doubt any stablecoin could do that.
CEX on the other hand could be really disastrous if the exchange itself isn't some globally popular exchange, like in this case, I doubt the police could somehow catch the exchange owner considering his money which amounts to $2 billion any third world countries gonna be happy to hide him and get a share of what he has.

Topic: Do you trust centralized exchanges? - page 9. (Read 1955 times)