Don't feel comfortable with crypto exchange

WillyAp

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Quote from: Awaklara on February 23, 2023, 02:04:26 AM

After what happened to FTX, I am sure that more traders or investors care about this. Storing assets in the exchange there is something very bad right now. Even someone who traded daily had to withdraw their money when they finished trading.

I'm pretty sure Investors did not habe BTC in storage with FTX.
Finance has Bitcoin but more for show and/or know how to store those securely.

Crypto is a peer to peers network, at least in most whitepapers. Users need to wise up and leran how to install and use a walletl. Most wallets let you buy Crypto.

Inwestour

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Exchangers seem profitable for buying coins, and they can be suitable in order to buy and take it to a cold wallet, but this is not suitable for long -term storage. But there is less and less exchanges that allow you to do this without verification, so who is concerned about the confidentiality this method may not be suitable.

However, if we use some other methods for exchange using our bank card, then in fact this is the loss of confidentiality, if the exchanger collects user data. But this is another question, and the main thing is that it is not worth storing coins on the exchange, since they can be lost.

Botnake

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Quote from: Taskford on January 07, 2023, 07:56:42 PM

Quote from: Y3shot on January 06, 2023, 04:20:58 PM

Everybody needs to fear crypto exchange without waiting for people to preach exchange is not good for storing bitcoin. Remitano exchange is where I do buy bitcoin and sell bitcoin. Sometimes it is very difficult to have access with this wallet to sell or buy bitcoin, at times it takes 24hrs before one can logging this exchange. Just imagine exchange like this have some network issues like this and never gets back to normal again. This should be enough reason why people shouldn't store bitcoin on exchange wallet.

Sometimes people over reacting on some situation happen to other exchange if you live in fear then you might afraid do trades even on reputable exchange. Maybe the right thing to do is not to afraid but rather to be aware of possible risk of getting scam due to some any possible incident to come. Just trade on exchange but never think about making this as our personal wallet to hold our money for long time.

Don’t feel too much convenience putting all your hard-earned money in an exchange, that will only allow them to use your funds or you can be a target of scamming. Even if you put your money in reputable exchanges, that won’t guarantee security as there’s no exception to it. Although they can be good for trading but never for safekeeping. So never doubt trusting your own personal wallet, as it’s the only way that you can secure your money out from scammers.

AbuBhakar

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Quote from: WillyAp on January 28, 2023, 10:47:16 AM

Why using exchanges?
Most whitepaper have the line: The perfect P2P payment coin. You must be aware that P2P means person to person? Crypto is to exclude the middleman not to make him the main player.

Do you think a real P2P will exist on crypto space without a middleman? Crypto have a pros of decentralized and anonymous and this kind of pros comes with cons since it will be hard to trust other party to send first a transaction since you don’t know anything about the receiver. Be realistic and think carefully if someone is willing to send first on random seller or trader online without the use of this so called middle exchange.

Not only trust on exchange is the main issue here but rather trust to others in general.

Awaklara

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Quote from: Nheer on February 23, 2023, 01:51:51 AM

I'm learning about this exchange for the first time as well. Who knows if it's a new or established one. Some exchanges have fallen victim to scams perpetrated by con artists, and some exchange owners actually defraud their customers. If you pay attention, it's the customers who lose their assets in both cases. It is wise to store your bitcoin in personal wallets and to always keep in mind the phrase "not your keys, not your bitcoin". There is enough reason why we shouldn't trust any centralized exchange to store bitcoin because we never know which one will be attacked next and even rupatable exchanges cannot be trusted.

After what happened to FTX, I am sure that more traders or investors care about this. Storing assets in the exchange there is something very bad right now. Even someone who traded daily had to withdraw their money when they finished trading.

Maybe there are still some traders or investors who ignore this because they strongly believe in the reputation and security of an exchange. However, we will not know who will deceive and rob us in the future. We have learned a lot from such events in the past. Hoping will never be repeated in the future.

Nheer

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Quote from: The Cryptovator on January 06, 2023, 04:30:31 PM

What exactly is the bitcoin Remitano exchange? Is this a new exchange? That is something I am not familiar with. In the last year, we've seen a couple of exchanges collapse and be scammed. This means that funds are risky to any centralized exchange. You should transfer your funds to a non-custodial wallet as soon as possible and use a reputable exchange to exchange your coins.

I'm learning about this exchange for the first time as well. Who knows if it's a new or established one. Some exchanges have fallen victim to scams perpetrated by con artists, and some exchange owners actually defraud their customers. If you pay attention, it's the customers who lose their assets in both cases. It is wise to store your bitcoin in personal wallets and to always keep in mind the phrase "not your keys, not your bitcoin". There is enough reason why we shouldn't trust any centralized exchange to store bitcoin because we never know which one will be attacked next and even rupatable exchanges cannot be trusted.

ultrloa

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Quote from: Finestream on February 22, 2023, 05:25:27 PM

Quote from: Hyphen(-) on January 06, 2023, 06:22:14 PM

Quote from: Y3shot on January 06, 2023, 04:20:58 PM

Everybody needs to fear crypto exchange without waiting for people to preach exchange is not good for storing bitcoin. Remitano exchange is where I do buy bitcoin and sell bitcoin. Sometimes it is very difficult to have access with this wallet to sell or buy bitcoin, at times it takes 24hrs before one can logging this exchange. Just imagine exchange like this have some network issues like this and never gets back to normal again. This should be enough reason why people shouldn't store bitcoin on exchange wallet.

Such exchanges that have this type of network problem are not worth trading on, let alone storing your coin.

With all of the stories about how some Crypto Exchanges were hacked and how they will face serious security challenges in 2022, we should always avoid exchanges and instead save our coins in our personal wallets because even reputable exchanges like Binance are not to be trusted. Instead, buy your Bitcoin and send it to your personal wallets.

Well, it’s easy for us to avoid any crypto exchange since we already know the risks associated in it. However, with newbies, no matter how often they will hear about it, they will still end up trusting exchanges so they can be stress-free and they feel more comfortable knowing the exchange is well-known and is very reputable. Until they experience themselves losing their coins from a reputable exchange, that is the only time they will start to trust their own non-custodial wallet.

They only end up trusting the exchange if they go on the group which support the exchange since the only information they get is the hype and good feedbacks by its supporter so they feed up with idea that the exchange will never hack them. But if they go on neutral place like bitcointalk for sure they get different information and that can give them an idea about not trusting them especially making them as an alternative wallet since they might also get hacked or scammed the same on what happen to other exchange.

Rengga Jati

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Quote from: Y3shot on January 06, 2023, 04:20:58 PM

.....Remitano exchange is where I do buy bitcoin and sell bitcoin. Sometimes it is very difficult to have access with this wallet to sell or buy bitcoin, at times it takes 24hrs before one can logging this exchange. ......

Remitano Exchange? Honestly this isthe first for me to know this exchange existence.
And I found this:
https://coinmarketcap.com/exchanges/remitano/
At least actually they have quite high volume.
But, Instead of this exchange, why don't you choose top exchanges? At least such as Binance, Coinbase, Kraken, or others? Or even choosing the top DEX?
They also have risks, but they are easier to be used for buying and selling the coins. There is no such complicated rules or activities like as you stated when using these top exchanges like Binance.

Finestream

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Quote from: Hyphen(-) on January 06, 2023, 06:22:14 PM

Quote from: Y3shot on January 06, 2023, 04:20:58 PM

Everybody needs to fear crypto exchange without waiting for people to preach exchange is not good for storing bitcoin. Remitano exchange is where I do buy bitcoin and sell bitcoin. Sometimes it is very difficult to have access with this wallet to sell or buy bitcoin, at times it takes 24hrs before one can logging this exchange. Just imagine exchange like this have some network issues like this and never gets back to normal again. This should be enough reason why people shouldn't store bitcoin on exchange wallet.

Such exchanges that have this type of network problem are not worth trading on, let alone storing your coin.

With all of the stories about how some Crypto Exchanges were hacked and how they will face serious security challenges in 2022, we should always avoid exchanges and instead save our coins in our personal wallets because even reputable exchanges like Binance are not to be trusted. Instead, buy your Bitcoin and send it to your personal wallets.

Well, it’s easy for us to avoid any crypto exchange since we already know the risks associated in it. However, with newbies, no matter how often they will hear about it, they will still end up trusting exchanges so they can be stress-free and they feel more comfortable knowing the exchange is well-known and is very reputable. Until they experience themselves losing their coins from a reputable exchange, that is the only time they will start to trust their own non-custodial wallet.

Sanitough

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Quote from: Y3shot on January 06, 2023, 04:20:58 PM

Everybody needs to fear crypto exchange without waiting for people to preach exchange is not good for storing bitcoin. Remitano exchange is where I do buy bitcoin and sell bitcoin. Sometimes it is very difficult to have access with this wallet to sell or buy bitcoin, at times it takes 24hrs before one can logging this exchange. Just imagine exchange like this have some network issues like this and never gets back to normal again. This should be enough reason why people shouldn't store bitcoin on exchange wallet.

Centralized exchanges have always its own issues, and even those reputable exchanges are not an exception. So if you would trust any exchange just to keep safe your coins, you should know too that your coins would not be safe in them forever especially if some issues are not fixed or recovered. That is the reason why we need to create our own non-custodial wallet so we can keep and manage them safely, without the fear of being hacked or steal as long as we stay responsible of our own investments.

GazetaBitcoin

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Quote from: Y3shot on January 06, 2023, 04:20:58 PM

Remitano exchange is where I do buy bitcoin and sell bitcoin. Sometimes it is very difficult to have access with this wallet [...] This should be enough reason why people shouldn't store bitcoin on exchange wallet.

OP, you reached a fair conclusion but only by seeing a small part of the bigger picture. It's good though that you reached this conclusion before being prejudiced by an exchange. I will list below more reasons for which everybody should avoid exchanges.

Quote from: Y3shot on January 06, 2023, 04:20:58 PM

Everybody needs to fear crypto exchange

This is also correct. Fear these exchanges and avoid them like you'd avoid a plague! Because this is what they are: a plague for Bitcoin community!

Here's a list of reasons for avoinding exchanges:

the rule "not your keys not your coins" is more than real: a Court decision from 2020 practically says that
centralized exchanges may be hacked and you lose your money
centralized exchanges may seize your account at any time and you lose your money
centralized exchanges may also lose your personal information due to hackers and this puts your life in jeopardy, as hackers sell your private data on dark web and you never know what burglar may show up at your door
centralized exchanges may perform an exit scam and you lose your money
centralized exchanges offer your personal information to authorities
centralized exchanges may even sell your personal information, as it happened in Coinbase's case
last, but not least, centralized exchanges imply KYC and this topic of 1miau will explain even better the risks associated with KYC: Why KYC is extremely dangerous – and useless.

More references: the article Hacked Exchanges since 2011, written by VB1001.

Now you have a full list of reasons for avoiding exchanges.

leonair

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Quote from: Y3shot on January 06, 2023, 04:20:58 PM

Everybody needs to fear crypto exchange without waiting for people to preach exchange is not good for storing bitcoin. Remitano exchange is where I do buy bitcoin and sell bitcoin. Sometimes it is very difficult to have access with this wallet to sell or buy bitcoin, at times it takes 24hrs before one can logging this exchange. Just imagine exchange like this have some network issues like this and never gets back to normal again. This should be enough reason why people shouldn't store bitcoin on exchange wallet.

I am not familiar with Remitano exchange and this is the first time I have heard of this exchange. Why would you use a non popular exchange where there are many high quality good centralized exchanges where you can buy and sell bitcoins be it P2P or using a credit card you can use Coinbase in this case here you can use a credit card and buy and sell bitcoin or you can also use Binance where you get P2P facilities. Why are you using an exchange like Remitano instead these good exchange ?

Smack That Ace

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Quote from: Zee27 on February 20, 2023, 08:28:46 AM

Fact remains that we can't do without centralised exchanges. My belief remains that the bad ones will eventually crumble while the trusted ones, the likes of MEXC and Binance will remain. MEXC has a record of never having any security breaches. For the years I've stored my crypto assets on the exchange, I've not had any reason for concern. This goes a long way to show that not all exchanges are bad.

Fair to say, not all centralized exchanges are equally bad, I have not used the MEXC you are talking about, but I have been using Coinbase since 2014 and have had no problems with it. It can be said that Mt.gox and FTX have caused much damage to many people, but both do not represent the entire CEX. But I want to tell you, it's all risky, but there's no safer place than holding your own and when you have full control over your bitcoins. We should only use exchanges as a means of trading and not for storing assets.

Renampun

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Quote from: Y3shot on January 06, 2023, 04:20:58 PM

Everybody needs to fear crypto exchange without waiting for people to preach exchange is not good for storing bitcoin. Remitano exchange is where I do buy bitcoin and sell bitcoin. Sometimes it is very difficult to have access with this wallet to sell or buy bitcoin, at times it takes 24hrs before one can logging this exchange. Just imagine exchange like this have some network issues like this and never gets back to normal again.

To be honest, since the FTX went scam, I have switched to using remitano (not meant to promote) even though I have never kept large amounts of assets there, I have only used remitano when I need fiat money from my country and so far I have been lucky enough not to find problem constraints such as a jammed network or failed depo/wd.

Quote from: Y3shot on January 06, 2023, 04:20:58 PM

This should be enough reason why people shouldn't store bitcoin on exchange wallet.

We must remove the feeling of comfort when using an exchange site (dex or cex) because no one can be trusted 100%, just use the exchange as needed, for long-term hodl, always use a personal wallet.

Zee27

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Fact remains that we can't do without centralised exchanges. My belief remains that the bad ones will eventually crumble while the trusted ones, the likes of MEXC and Binance will remain. MEXC has a record of never having any security breaches. For the years I've stored my crypto assets on the exchange, I've not had any reason for concern. This goes a long way to show that not all exchanges are bad.

WillyAp

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Quote from: Yamifoud on January 28, 2023, 05:54:37 PM

With their performance, you could really fear worries about your funds and deposits and obviously, it boiled you out and think about scams.

How about non custodial Exchanges, are there any?
Just a place where people meet and agree on a Swap.

Yamifoud

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Quote from: Y3shot on January 06, 2023, 04:20:58 PM

Everybody needs to fear crypto exchange without waiting for people to preach exchange is not good for storing bitcoin. Remitano exchange is where I do buy bitcoin and sell bitcoin. Sometimes it is very difficult to have access with this wallet to sell or buy bitcoin, at times it takes 24hrs before one can logging this exchange. Just imagine exchange like this have some network issues like this and never gets back to normal again. This should be enough reason why people shouldn't store bitcoin on exchange wallet.

With their performance, you could really fear worries about your funds and deposits and obviously, it boiled you out and think about scams. For me, it was not a normal scenario if that is a trusted exchange but certainly there is a big problem in their system which could worsen soon. We endure trust upon using an exchange but with this kind of service, I don't think they deserve it instead, it turns negative and arises questions about what really happens on their platform. In fact, it was a concerning issue that the team had need to address otherwise traders/investors will leave.

nakamura12

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A good decision is to never store your crypto on exchanges no matter how trusted the exchange is. It is very risky for you to store your crypto in an exchange even cex. If you aren't not comfortable then you should just find new wallet that many people trust in using then I am sure that you will be comfortable in using it since you are the only one who can access the wallet and no third party is involved in storing the private key, seed phrase or mnemonic phrase.

WillyAp

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Why using exchanges?
Most whitepaper have the line: The perfect P2P payment coin. You must be aware that P2P means person to person? Crypto is to exclude the middleman not to make him the main player.

Nwada001

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Quote from: KiaKia on January 27, 2023, 08:57:17 AM

Remitano, Luno and Paxful are not real P2P exchanges because they force all their users to pass KYC first, this is why I won't recommend such platform for newbies who are looking for real P2P platform, but this doesn't mean the platforms are not working as intended, it's actually a matter of users choice, I have used Remitano and Luno with no issue but lost money using Paxful, there are better options out there though.

Even as CEX is not to be trusted, when it comes to P2P I will highly recommend Binance and Mexc Exchange for they have served me well and gain my trust when it comes to P2P transaction, their is no where that don't have scam vendors in P2P but that of Paxful is really worst, can't even recommend anyone to use Paxful.

Topic: Don't feel comfortable with crypto exchange (Read 655 times)