I think it's time to leave Binance, any alternatives? - page 3.

Synchronice

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Quote from: virasog on April 11, 2023, 05:40:42 PM

Yeah one can think of Coinbase or Kraken exchange, to be the best alternatives but we are looking for the Chinese exchanges that may lead in the market after Binance

Why does it have to be a Chinese exchange? Kraken looks like a normal alternative but oh my god, their interface sucks.

Quote from: tvplus006 on April 14, 2023, 04:26:15 PM

Quote from: Synchronice on April 04, 2023, 01:14:24 PM

...So, my question is, if Binance goes down, which centralized bitcoin exchange are you going to use? Personally, I think that Coinbase will become more popular because it's number two exchange by popularity at the moment and what makes it more attractive compared to Binance is that it's the San Francisco-based company, has been in business since 2012.

Let's not bury Binance prematurely, because despite all the Fud, the exchange continues its work. If you really consider yourself to be a trader, then you should have registration on at least several other cryptocurrency exchanges, such as Kucoin and Bybit.

Well, I don't actually bury it and I even think they Binance will manage to survive because they generate tons of money and have a huge influence & big power in their own hands in crypto world. But the USA is so seriously against of Chinese CEOs and companies. Have you seen the court case of TikTok CEO? Americans were asking such a dumb question to this man, like, one for example: Does TikTok access the home WiFi network? And then they were saying that this is a clear evidence that TikTok is a guilty, bla bla. The USA is really against Chinese companies and I'm afraid they'll go against Binance too, this may cause panic on their platform and people may withdraw money, they may have withdraw delays, I just want to avoid all the unnecessary headache, that's all.

tvplus006

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Quote from: Synchronice on April 04, 2023, 01:14:24 PM

...So, my question is, if Binance goes down, which centralized bitcoin exchange are you going to use? Personally, I think that Coinbase will become more popular because it's number two exchange by popularity at the moment and what makes it more attractive compared to Binance is that it's the San Francisco-based company, has been in business since 2012.

Let's not bury Binance prematurely, because despite all the Fud, the exchange continues its work. If you really consider yourself to be a trader, then you should have registration on at least several other cryptocurrency exchanges, such as Kucoin and Bybit.

crwth

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The problem with that is having CEX as your main exchange, you are definitely going to have a problem with that. You only need to rely on DEXs to make sure that it's transparent and that you actually hold the coins in your wallet.

Is there any link between the facts that were discovered and something? I might be a little delayed with the news currently.

Z-tight

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Quote from: cabron on April 14, 2023, 10:07:48 AM

I don't see binance collapsing, there is no way they could get to CZ or binance as it's been playing well to the laws of every country where it operates.

Binance have been breaking numerous financial laws and doing shady business for a very long time, even last month the CFTC charged binance for violating numerous regulations, but you and many other people who believe in CZ still think binance is too big to fail and funds are SAFU. Binance collapsing is a possibility, and to be sure your money isn't lost if that happens, move it into your self custody whenever you are done trading.

Rikafip

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Quote from: Renampun on April 14, 2023, 09:53:39 AM

looks like you're wrong, what I know is that binance is located in many countries (not just the USA) and reportedly their head office is in Malta.

He referred to Coinbase when he wrote "San Francisco-based company", not Binance. Regarding Binance, their headquarters is in Cayman Island (same was for FTX).

Quote from: cabron on April 14, 2023, 10:07:48 AM

But why would you choose Coinbase as your 2nd alternative if Binance falls? There are far better exchanges than coinbase or the DEX should be your best one because Binance falling only means centralized platforms will all fall?

Care to share some of those far better (reputable) exchanges than Coinbase? Keep in mind that we are talking about centralized exchanges here, not DEX.

Quote from: cabron on April 14, 2023, 10:07:48 AM

I don't see binance collapsing, there is no way they could get to CZ or binance as it's been playing well to the laws of every country where it operates.

Of course there is a way, have you not learned anything from what has happened so far? But go on, keep beliveing CZ that your money is SAFU. Cheesy

cabron

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I don't see binance collapsing, there is no way they could get to CZ or binance as it's been playing well to the laws of every country where it operates.

But why would you choose Coinbase as your 2nd alternative if Binance falls? There are far better exchanges than coinbase or the DEX should be your best one because Binance falling only means centralized platforms will all fall.

Renampun

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Quote from: Synchronice on April 04, 2023, 01:14:24 PM

...

So, my question is, if Binance goes down, which centralized bitcoin exchange are you going to use? Personally, I think that Coinbase will become more popular because it's number two exchange by popularity at the moment and what makes it more attractive compared to Binance is that it's the San Francisco-based company, has been in business since 2012.

looks like you're wrong, what I know is that binance is located in many countries (not just the USA) and reportedly their head office is in Malta.

btw I rarely use Binance, for trading I usually use Kucoin, so even though Binance will collapse, I don't think it's a big problem for me, but what catches my attention is the domino effect that will be created if Binance collapses, now I'm doing deposit or withdrawal with my country's fiat through one of the exchanges affiliated with Binance (tokocrypto) most likely if Binance collapses then all exchanges affiliated with binance also collapse so that I will immediately switch to one of the local exchanges that have a pretty good reputation in my country (indodax).

Synchronice

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Quote from: Darker45 on April 13, 2023, 11:21:24 PM

Quote from: The Cryptovator on April 12, 2023, 03:19:18 PM

As centralized exchanges continue to collapse, trusting them has become increasingly difficult. Despite not going well with CZ and Binance, if Binance were to collapse, the entire crypto market would collapse as well. Therefore, people will lose trust in centralized exchanges altogether. Instead, it is more secure to opt for a decentralized exchange and avoid storing funds in centralized exchanges.

At this point, I think it is an exaggeration to say that the collapse of Binance would mean the collapse of "the entire crypto market." Binance is not even comparable to Mt. Gox when the latter collapsed. When Mt. Gox collapsed, it was the epitome of a too-big-to-fail crypto institution. It handled more than 70% of all Bitcoin transactions all over the world.^[1] Not to mention that Bitcoin was still in its early infancy at that time. Bitcoin survived!

As a matter of fact, should Binance collapse today, it is not even totally surprising. There's already a whole bunch of prelude to it.

[1] https://en.wikipedia.org/wiki/Mt._Gox

Crypto community was way small during the existence of Mt Gox. As far as I know, Mt Gox was only used for bitcoin to fiat trading while on Binance you can trade with tons of altcoins. Number of cryptocurrencies and volume of crypto trading have tremendously grown over time, have a look at this: https://www.coingecko.com/en/global-charts
There is a huge difference between the number of crypto users in 2014 and in 2023. Binance hold too many bitcoins, has too many reserves, has too many users, owns too many other resources, including CoinMarketCap. I don't think the collapse of Binance, especially soon after the FTX collapse won't have a huge negative effect on bitcoin and cryptocurrencies. I don't say that Bitcoin will die but the negative effect will leave it's mark for a very long period of time.

Ultegra134

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Quote from: Rikafip on April 14, 2023, 01:57:11 AM

Quote from: Darker45 on April 13, 2023, 11:21:24 PM

Binance is not even comparable to Mt. Gox when the latter collapsed. When Mt. Gox collapsed, it was the epitome of a too-big-to-fail crypto institution.

That's exactly how an average person percieves Binance, being too big to fail and I even heard that from some people that lost money on both Celsius and FTX and are still holding significant amount of money on Binance.

Of course Bitcoin would survive and of course crypto market would recover, but Binance going down would affect market greatly, at least in the short-medium term because they are that big. Worst of all, even if Binance goes down I don't think that people would change the way they use centralized exchanges, like they didn't after Mt Gox. For that reason I woulnd't like to see Binance going down the same way FTX did because I don't think that anyone would learn any lesson from it and in a few years everything would be forgotten.

As much as I'd like to disagree, Celcius was founded the same year as Binance but only became popular in the last few years. I personally hadn't heard it until it was close to crashing. I understand your point, but I believe that Binance's case is different; it's accountable for the majority of the cryptocurrency trading volume. It sounds completely unlikely to ever happen, but not impossible nonetheless. I was also considering stopping using them but haven't bothered yet, and the fact that I find their service and mobile application convenient isn't helping.

Although if somehow Binance crashed, then other exchanges would also start a chain reaction of unwanted events that would alter cryptocurrencies as we currently know them.

Rikafip

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Quote from: Darker45 on April 13, 2023, 11:21:24 PM

Binance is not even comparable to Mt. Gox when the latter collapsed. When Mt. Gox collapsed, it was the epitome of a too-big-to-fail crypto institution.

That's exactly how an average person percieves Binance, being too big to fail and I even heard that from some people that lost money on both Celsius and FTX and are still holding significant amount of money on Binance.

Of course Bitcoin would survive and of course crypto market would recover, but Binance going down would affect market greatly, at least in the short-medium term because they are that big. Worst of all, even if Binance goes down I don't think that people would change the way they use centralized exchanges, like they didn't after Mt Gox. For that reason I woulnd't like to see Binance going down the same way FTX did because I don't think that anyone would learn any lesson from it and in a few years everything would be forgotten.

Darker45

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Quote from: The Cryptovator on April 12, 2023, 03:19:18 PM

As centralized exchanges continue to collapse, trusting them has become increasingly difficult. Despite not going well with CZ and Binance, if Binance were to collapse, the entire crypto market would collapse as well. Therefore, people will lose trust in centralized exchanges altogether. Instead, it is more secure to opt for a decentralized exchange and avoid storing funds in centralized exchanges.

At this point, I think it is an exaggeration to say that the collapse of Binance would mean the collapse of "the entire crypto market." Binance is not even comparable to Mt. Gox when the latter collapsed. When Mt. Gox collapsed, it was the epitome of a too-big-to-fail crypto institution. It handled more than 70% of all Bitcoin transactions all over the world.^[1] Not to mention that Bitcoin was still in its early infancy at that time. Bitcoin survived!

As a matter of fact, should Binance collapse today, it is not even totally surprising. There's already a whole bunch of prelude to it.

[1] https://en.wikipedia.org/wiki/Mt._Gox

Taskford

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Quote from: The Cryptovator on April 12, 2023, 03:19:18 PM

As centralized exchanges continue to collapse, trusting them has become increasingly difficult. Despite not going well with CZ and Binance, if Binance were to collapse, the entire crypto market would collapse as well. Therefore, people will lose trust in centralized exchanges altogether. Instead, it is more secure to opt for a decentralized exchange and avoid storing funds in centralized exchanges.

This scenario creates confusion on which platform should we trust since even those big exchange collapsed or even the top 1 has many issue or threats regarding to this situations. Maybe for now we should not left any huge amount to those exchanges and try to put up some little amount when trading something since its hard to be stressed out reading up those discussions or article which creates fear about those top exchange showing sign to collapsed or legal issues net to settle.

Saisher

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Quote from: The Cryptovator on April 12, 2023, 03:19:18 PM

As centralized exchanges continue to collapse, trusting them has become increasingly difficult. Despite not going well with CZ and Binance, if Binance were to collapse, the entire crypto market would collapse as well. Therefore, people will lose trust in centralized exchanges altogether. Instead, it is more secure to opt for a decentralized exchange and avoid storing funds in centralized exchanges.

Two scenarios that could happen, one is there will be a domino effect where traders will lose their trust in the centralized exchange industry and they will withdraw their coins in these centralized exchanges, or another big exchange will fill the void of Binance, if the first scenario happens there's a big probability that the market will crash, but if the second scenario happens the market will improve.
Everything is on speculation but the community is confident that CZ will take care of business as he worked hard to get his platform to that position.

libert19

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Quote from: NotATether on April 11, 2023, 02:38:48 AM

Quote from: libert19 on April 10, 2023, 10:45:30 PM

Defi provides most of things that centralized platforms do, albeit not always condensed in one platform like binance, also you might have to look around a bit to find what you are looking for. If you are really tired, just give them up. If not, there are still cexes like kucoin which Bitcointalkers appear to praise around here.

I think the fact that we still have to hunt for good DEXs to use is a sign that we can't fully trust them yet - after all, it is possible for DEXs to exit scam as well.

There are a bunch of trustworthy DEXs listed at https://kycnot.me, the most prominent being (obviously) Bisq, but I have to saw, I dismantled my Bisq node after my Bitcoin to USDT trade did not go through after a few hours. An exchange should not only be safe, but also reasonably fast.

For what's it worth, convert your btc to ethereum, and then use cowswap (to avoid front-running). Use instant swap, they don't hold your funds, you won't get exit scammed.

Quote from: lixer on April 12, 2023, 12:33:41 PM

Considering the fact that centralized exchanges cover the highest percentage of volume for all the top coins and tokens, so decentralized exchanges obviously don't have enough liquidity to be able to provide their users with fast swaps, they simply wait for some other person to come and choose the same trading pair but asking for the opposite of what you have asked for, and then you will get the trade done.

Dexes on ethereum make millions of trading volume daily. Use amm dexes and your order will be filled instantly.

The Cryptovator

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As centralized exchanges continue to collapse, trusting them has become increasingly difficult. Despite not going well with CZ and Binance, if Binance were to collapse, the entire crypto market would collapse as well. Therefore, people will lose trust in centralized exchanges altogether. Instead, it is more secure to opt for a decentralized exchange and avoid storing funds in centralized exchanges.

Rikafip

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Quote from: NotATether on April 11, 2023, 02:38:48 AM

There are a bunch of trustworthy DEXs listed at https://kycnot.me, the most prominent being (obviously) Bisq, but I have to saw, I dismantled my Bisq node after my Bitcoin to USDT trade did not go through after a few hours. An exchange should not only be safe, but also reasonably fast.

Yeah that's the problem with Bisq - people keep recommending it but not so many using it so in the end you have to wait several days for someone to fill your order. Not the best option when you have to buy/sell ASAP or if you want to trade larger amounts.

Quote from: virasog on April 11, 2023, 05:40:42 PM

I do not think that we have any alternative to binance at this moment because there is no centralised exchange that can match the volume of binance at the moment.

Just because Binance has the largest volume doesn't mean that there are no alternatives that can be used. For vast majority of traders volume on Bybit, Kucoin or exchange of similar size is more than enough really.

Quote from: virasog on April 11, 2023, 05:40:42 PM

Yeah one can think of Coinbase or Kraken exchange, to be the best alternatives but we are looking for the Chinese exchanges that may lead in the market after Binance

Why it has to be Chinese exchange? I don't see OP mentioning that as a requirement.

lixer

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Quote from: NotATether on April 11, 2023, 02:38:48 AM

Quote from: libert19 on April 10, 2023, 10:45:30 PM

Defi provides most of things that centralized platforms do, albeit not always condensed in one platform like binance, also you might have to look around a bit to find what you are looking for. If you are really tired, just give them up. If not, there are still cexes like kucoin which Bitcointalkers appear to praise around here.

I think the fact that we still have to hunt for good DEXs to use is a sign that we can't fully trust them yet - after all, it is possible for DEXs to exit scam as well.

There are a bunch of trustworthy DEXs listed at https://kycnot.me, the most prominent being (obviously) Bisq, but I have to saw, I dismantled my Bisq node after my Bitcoin to USDT trade did not go through after a few hours. An exchange should not only be safe, but also reasonably fast.

Considering the fact that centralized exchanges cover the highest percentage of volume for all the top coins and tokens, so decentralized exchanges obviously don't have enough liquidity to be able to provide their users with fast swaps, they simply wait for some other person to come and choose the same trading pair but asking for the opposite of what you have asked for, and then you will get the trade done.

This thing can only improve if more people start using decentralized exchanges, but for now, it seems people are not really interested in that, and the trend may only change if something very bad happens, like a big exchange collapsing or something.

virasog

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Quote from: Synchronice on April 04, 2023, 01:14:24 PM

As we see, things aren't going well for Changpeng Zhao and more likely for Binance too, especially when it's becoming very clear that they are into very shady things: Binance employees are helping users in China to bypass KYC, directly violated U.S. derivatives laws, manipulates with trading volume and probably manipulates with Futures Trading too.

Decentralized exchanges are good alternatives if someone wants to feel safe and secure and in control of their funds but they lack a lot of features compared to centralized ones. For example, Binance has features like: Futures trading, options, leveraged tokens, swap farming, DeFi Stacking, Liquidity Farming, Launchpad and so on. These features attract a lot of users but p2p exchanges lack them. So, there are people who choose centralized exchanges because of that.

So, my question is, if Binance goes down, which centralized bitcoin exchange are you going to use? Personally, I think that Coinbase will become more popular because it's number two exchange by popularity at the moment and what makes it more attractive compared to Binance is that it's the San Francisco-based company, has been in business since 2012.

I do not think that we have any alternative to binance at this moment because there is no centralised exchange that can match the volume of binance at the moment. At one time, i thought that FTX was one of the exchange which may overcome binance in the future but Binance CEP CZ just removed that exchange and competition from the market, making Binance more than bigger than ever.

Yeah one can think of Coinbase or Kraken exchange, to be the best alternatives but we are looking for the Chinese exchanges that may lead in the market after Binance

I will still be using binance but make sure I only put trading funds on that site in case any mishap happens. I still do not trust dex as they still lag in volume, liquidity and more importantly they do not possess same level of service as the centralized exchanges.

goldkingcoiner

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Quote from: BenCodie on April 04, 2023, 01:28:09 PM

Answer? No centralized exchange.

Operate by using Peer to Peer solutions for your bitcoin <-> fiat needs and use decentralized exchanges or no-kyc swapping utilities (if decentralized exchanges are not available) when you are on-chain. This way, you do not have to trust a third party with your blockchain usage data as well as your personal data and your risks of being exposed to potential pitfalls that come with using centralized exchanges as minimized.

If you are looking for peer to peer or privacy friendly options, I can recommend AgoraDesk for a local-bitcoins style marketplace and kycnot.me for tools that can be used to maintain privacy within the Bitcoin ecosystem and beyond. Some fantastic decentralized web3 tools exist on various layer 2 (arbitrum, optimism, polygon, etc.) for perpetual/margin trading if you will miss these features on the centralized exchange that you are currently using.

Yeah, pretty much this^

Centralized exchanges completely go against the very philosophy of Blockchain and cryptocurrency, which is to be your own bank. If you start trusting instead of verifying and give random strangers to hold your money for you, then at some point in time, you will lose everything. Whether through a hack or a bug or most likely just the government taking it from you for whatever reason.

DEX and p2p solutions are the best options right now. We might see some new inventions in the near future but for now you will just have to sacrifice comfort for security and freedom. (Which does not sound bad to me, if you were to ask)

savetheFORUM

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Quote from: Dr.Bitcoin_Strange on April 09, 2023, 05:53:31 PM

I think some or many people really depend on Binance way too much. An alternative, instead of trusting in another CEX again,should be that people start to look out for interacting more through per-purchase purchases of bitcoin. Let there be more P2P than CEX. Only future traders should be concerned about the new CEX they must choose. It is in their interest to look for a CEX that they can use to carry out their trades. An alternative to Binance that crypto users should think about now is a decentralized platform for purchasing Bitcoin, a platform that doesn't require KYC.

With the regulations spreading all around like a fire in the jungle, I don't think that decentralized exchanges will stay unregulated for very long. Soon, there will also be regulations imposed on decentralized exchanges which they will either need to accept or shut down their services, authorities are hunting down every source that provides decentralization to the masses.

The dream of having a world living with peace and harmony with cryptocurrencies around will only stay a dream forever, governments can never accept the fact that the people want freedom so they will never let them have that.

Topic: I think it's time to leave Binance, any alternatives? - page 3. (Read 1072 times)