How safe are crypto exchanges? | Bitcointalksearch.org

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legendary

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Quote from: exstasie on October 08, 2017, 04:36:50 AM

I've also heard bad things about Kraken, mostly about poor API and trade engine performance, as well as frequent problems with connectivity during volatile times. Same goes for Coinbase, too, unfortunately. Bittrex is pretty good for altcoins, but there are no fiat pairs, and liquidity is poor for USDT.

Kraken is a very decent exchange, but they do indeed happen to suffer from high intensity moments when the markets are quite volatile. It mainly happens because people are refreshing constantly, which causes a soft DDoS effect occasionally - this of course still doesn't justify them not allocating more bandwidth. Exchanges are very stingy when it comes to investing in more bandwidth, and Coinbase fits in that category as well, and that while they are by far the wealthiest crypto related business in this market. Bitstamp thus far has been working exceptionally well for me, even in periods where the volatility was reaching its boiling point.

exstasie

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Quote from: btcney on October 08, 2017, 03:57:34 AM

Quote from: O9NpJ9ld1opS on September 30, 2017, 10:54:56 AM

Which is the best and safest cryptocurrency exchange?

Right now, Bitfinex/Kraken/Bittrex if you are verified.

Bitfinex literally got hacked for 120,000 bitcoins ~ a year ago. And they still haven't explained how it happened or why they should be trusted now. Not only that, but they are blacklisted by the banking system -- no fiat in or out of the exchange since March of this year. Stay the hell away from Bitfinex -- something bad is brewing there.

I've also heard bad things about Kraken, mostly about poor API and trade engine performance, as well as frequent problems with connectivity during volatile times. Same goes for Coinbase, too, unfortunately. Bittrex is pretty good for altcoins, but there are no fiat pairs, and liquidity is poor for USDT.

btcney

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Quote from: O9NpJ9ld1opS on September 30, 2017, 10:54:56 AM

Which is the best and safest cryptocurrency exchange?

Right now, Bitfinex/Kraken/Bittrex if you are verified.

If you are unverified then you're going to be really limited in terms of choice but i personally like to use shapeshift. Not exactly an exchange, but incredibly convenient and you never need to worry about verification.

Overall, crypto exchanges can be quite dangerous since a lot are unregulated. Use at your own risk and don't store a lot of funds in it.

lincolnmad

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Quote from: O9NpJ9ld1opS on September 30, 2017, 10:54:56 AM

Which is the best and safest cryptocurrency exchange?

To be honest, exchanges are not always safe because there are many cases about an exchanges ended with scam. That's why i never stored my coins on exchanges but there are many good and recommended exchanges like bittrex and kraken. I prefer this two sites and it's quite safe for me.

Dalmar

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Life is short, practice empathy in your life

If you dont hold massive amounts on exchanges then no need to worry.My advice is to use hardware or desktop wallets: Trezor as hardware and electrum as desktop.

warningsigns

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They are as safe as their word and nothing more. The only safe wallet is one with private keys you and you alone control.

If someone other than you controls and has access to your private key, you never really own the bitcoins.

In the case of exchanges, they act as custodians (just like banks which safe-keep your money in their vaults). But if you look at the bank analogy, the physical money (the cash) is in their possession (in their vaults) and they can take full ownership of it any time and any day. You are at their complete mercy. When you look at your balances on their online banking site, it's just that... numbers on the screen. They can block that money anytime. The money is only yours when you have it in your possession.

The same applies to crypto exchanges. They control the private keys and you need their permission to access your coins. Some are considered safe exchanges (such as the licensed ones.. Bitstamp for example). Some will screw you deep and bad (such as Yobit).

Swoshinima

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I think they are quite safe.

If you only have <500$ it's fine to keep it on the exchange, otherwise I'd store them in a hardware wallet.

Online wallets are also safer than letting your funds on an exchange, but not as safe as they would be in an hardware wallet.

Always store your private keys in a safe place! It's also advisable to store them at different locations.

smokeydog

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You and your investment will be safest if you assume your broker/exchange is NOT safe.

Buy your coins, and move them out immediately. If you sell, move your cash out immediately. Only keep enough fiat cash at an exchange for operational purposes. Having a few thousand dollars exposed is one thing but 50,000, 100,000, 1,000,000 dollars, never. I wouldn't keep 100,000 dollars in a checking account at a bank and I would not keep 10,000 bitcoins at an exchange.

Minimize your risk.

Cash at a bank is no safer then cash or bitcoin at an exchange. If bank or an exchange goes under, so do you. Both have happened.

Be safe, maintain diversification, keep the bulk of your bitcoin off line on a hardware or paper wallet and guard them.

01asd

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Quote from: ttt111 on October 02, 2017, 01:02:57 AM

better more research to see which wallet is comfortable and safe to u.

I see in the blockchain, there is Bitcoin and Ethereum that we can save in there. And I see a button that will exchange Bitcoin into Ethereum, maybe that is what you mean. I think it is save because the system is proceed your transactions not people. You may see some exchangers that will buy or sell money currencies out there. They are legit people and sometimes can scam you. But no need to worry, because all you need to do is finding a trusted exchangers. You can find it on forum or ask in some facebook groups.

ttt111

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better more research to see which wallet is comfortable and safe to u.

vandvl

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i think bittrex and yobit ihave known as safest crypto exchangers in my experience some exchanger are blocked you without any reason...but this 2 exchanger i have no heard any bad fed back yet...

Swinging Phallus

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Exchanges are vulnerable to many problems - Mt Gox being the epitome of examples. As everyone is saying here its just unethical to store any sort of value in an exchange for long term. I understand that for the most part they are necessary - so whenever I intend on exchanging coins I focus on long term holds. I literally have my money on an exchange for an intended purpose and for 30 minutes at most (depending on transaction times) - after that it is transferred to a wallet that I have private keys for.

AwpDragonPoor

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Usually, the larger the size of the exchange, the safer you'll be, because they would rather keep customers and provide a legitimate exchange rather than a shady one that has curencies go missing. However, these sites usually have larger fees, to maintain their services, but have better security and such.

liseff3

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Quote from: O9NpJ9ld1opS on September 30, 2017, 10:54:56 AM

Which is the best and safest cryptocurrency exchange?

Bittrex, Poloniex, or the like is a cryptocurrency exchange site, any so-called site, all vulnerable to hacker attacks

But we must believe that every bona fide founder of cryptocurrency certainly has installed (the security system) and put the experts to monitor the traffic that occurs, so that all the problems that will happen can be prevented

Choose the recommended cryptocurrency site in the forum, look for kriptocurrency with a good history record.

topuli

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The one thing you have to know about exchanges is: not you but the exchange owns the private key!!
Check the reputation and the history of the exchange.

erre

legendary

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Never, never store your money on an exchanger. That's a basic rule, don't forget it, every exchanger seemed secured before going havoc

deadthings

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Quote from: O9NpJ9ld1opS on September 30, 2017, 10:54:56 AM

Which is the best and safest cryptocurrency exchange?

Coinbase and bittrex are the best, you can find ofcourse lots more but those two are most recommended by beginners/ expirience people.

Dragonrage201

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Coinbase and bittrex are two good and safe exchanges. There are a lot more decent ones as well.

Bytem3

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You shouldn't keep loads of money on exchanges. Better to put the in wallets. Safest is if you get a hardware wallet. You can read more about them here: https://besthardwarewallets.com/

CodyAlfaridzi

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Not safe at all. Every major crypto exchange, even those with volume reaching hundreds of millions of $$$, has been hacked in the past and there is no guarantee that it won't happen again in the future. Plus there is also a chance that a government could seize your account. Any legal exchanges are very likely to comply with any government order. That said, the best way to store your cryptocurrency is in your own wallet. You can guarantee your own coin safety. You handle your own coin and nobody else have access to them.

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