Topic: Is it safe to exchange big amounts? - page 4. (Read 4069 times)

Exchange wallet addresses are not permanent wallet addresses and even with time as the exchange platforms undergoes maintenance, these wallet addresses are changed. Exchanges are subjected to hacking and once funds are kept there and user has no access to seed phrases and other keys, the wallet is not 100% secured. It is always good to withdraw funds to permanent wallets like Ledger Nano S, MEW etc after trading on the exchange.

You should do the transaction in stages. Quite risky if you directly trade in large numbers on an exchange that is not compatible. For better and safer service, my advice is to use another, more trusted exchange, like the advice of other members.

Changelly works easy for me but I don't want to entrust them with huge amounts that I trade. Going to the safer exchange would be my choice and if you have a good experience with them, this is reasonable for you to trust them.
But that won't change my mind.

Also, it's necessary that you get verified in an exchange and complied the KYC requirement, that way, you are more secured when unexpected things happened. With the total trading volume of our combine exchanges now, even millions of crypto, you can easily exchange that, but like most people said here, choose the best exchange which has a good reputation.

And it's not hard to find it, just check the list https://coinmarketcap.com/rankings/exchanges/ and review each exchange.

it's a relative condition, but important point when you trade in exchange with big amounts you must choose a trusted exchanger and  if things happen that we don't want,and choose exchange with high liqudity if sometime something happens with exchanger like exchange are hacked the exchanger can refund our money

No matter the amount whether big or small, I will always recommend you use major exchanges without issues; at least there are those where you can exchange your desired asset without going through KYC although there are limitations in withdrawal. The reason for major exchanges is owing to their reputation which they always try to maintain and response to unforeseen delays should it occur.

I will strongly advise for very huge amounts, make use of the exchanges with big volume and also high security. Changelly and Shapeshift are OK, but for average amounts.  This doesn't mean I don't use Changelly or Shapeshift, but that's when I need a swift transaction, when I'm in a haste. 

Shapeshift can require the individual documents for passing KYC in case of big amount more than $2000. In other meaning, they can block all operation with your account if your documents don't comply with their system. It is better to use the high volume exchanges for bigger amounts. For exchanging the huge amounts, the well known exchange is essential after completing the anti-money laundering and know your customer requirements. For the small exchanges, diversifying the portfolio among them is smarter than risking all balance in the single exchange.

Am not a fan of all these exchanger like changelly, that's my choice and am entitled to it. To be frank, to answer your question I think it's better you exchange any big amount in prominent exchanges like Binance and the likes of it, so that if any issue will arise you will be able to contact the neccessary customer service ASAP. Also, their community is large and you can get easy response from experienced members. However, if you don't want to be verified, that is kyc you can be exchanging your assets with a daily limit of 2btc in exchanges like Binance, Bitmax etc.

I've actually used both shapeshift and changelly to exchange big amounts. But in your own case, it actually depends on how big the amount is, for super large amounts, please use highly reputable exchanges like Binance, OKEX, HUOBI, KUCOIN with huge trading volumes and quick withdrawal.
 

Reading this makes me SO confident in Decentralized Exchanges, who's gonna take over soon.
Nobody should be worried when dealing with crypto, but with all these exchange hacks, phising attacks, and various scams out there, it's no wonder people are scared of losing their funds.

What if you could trade instantenously, while being in 100% control of your private keys and funds all at the same time? Take a look at Stakenet, and what they do with Lightning Transactions, it's truly a game changer.
I know I'm gonna sound like a stupid "shill" just wanting to promote the project, but do your own research man.

On-chain, Bitcoin is capped at 7 tx/sec. The more activity the network sees, the slower transactions become.
As it grows in value, fees increase as well.
Lightning allows for a theoretically unlimited number of transactions at near-zero fees, but it has seen stagnant growth because there's little financial incentive for individuals to adopt it on their own.
XSN's solution involves using its decentralized MN network and the collateral locked in them to rout payments, act as watchtowers, and provide a ton of liquidity for transactions.
This will bolster Lightning without centralizing it.

As XSN is inflationary, the supply will slowly increase over time and allow more masternodes to participate.
With this design and approach, BTC will be able to scale and take on much heavier workloads without hitting any major bottlenecks down the road.

Additionally, XSN's masternodes are going to use lightning to restore some of BTC's inherent privacy and anonymity that was compromised by CEXs and KYC.
By embedding TOR into the network and implementing lightning atomic swaps, anyone will be able to instantly and privately swap a wide variety of coins without ever having to send them somewhere that is out of their control. This will greatly minimize the need for businesses that accept crypto to adopt 10 different types of coins as so many of them can be instantly swapped into BTC.
Imagine a standard Bitcoin qt wallet with an extra tab that offers everything that a full scale exchange has and you have the essence of Stakenet.

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I'm a huge fan of Lightning, but don't like the centralized part of it - Seems like Stakenet got a solution to make it Decentralized, which is pretty damn cool.
The project aims to enhance the user experience of BTC and LTC payments with their upcoming dApps like their Lightning DEX, and Multi Currency Lightning Wallet.

What are you guys thoughts on this? Honestly if crypto ever goes mainstream, you'd be waiting WEEKS, if not MONTHS for your BTC and LTC transactions to arrive, which is simply not sustainable, let alone the increasing high fees.
I know there are crypto alternatives like NANO, but BTC will play a HUGE role in crypto moving forward, and needs to scale properly.

What is a big amount of cryptocurrencies for you?
100-1000BTC? Then try to trade on the OTC market. OTC market is for big players.

Well, that totally depends on the exchange you want to use.
My advice? Make extensive research before making use of any exchange especially the centralized kind, they are usually prone to getting hacked.

You can exchange your crypto assets with reputed exchangers, i know about some good reputed and trusted exchangers where you can exchange medium amount of crypto assets without any hasitation! bitforex is one of them.   

Definitely, you need to use only the most respected and large exchanges. But I would advise you to cut large sums of money.

I think by now, everyone should still know that binance are too big to scam, and I have never seen that big amount that a user would transfer that would ever make them compromise, their profit base a lot in enough to feed some states for the one year, so I would confidently say that they are quite very safe to use.

We still have some of the local exchanges too that I have been using for my transactions, and I think I have transacted big amount to my own capacity of LUNO and the trade has been a successful one, they have never disappointed me and has never for ones chested me, so if local exchange LUNO is in op’s country, I think he might as well try that out also, difference between them and binance is just that they don’t trade fully, I think.

The best option is of course the use of leading exchanges, with a large turnover and has established itself as safe and reliable. For myself, I opted for Kucoin and Binance exchange.

It depends on how big amount, but if you are going to make a trade, better do it in a reputable exchange, to avoid any error that may arise, or you will have an option, to divide your funds and not only do it on one exchange.

Since you are a newbie, you should do a lot of research, you made the right decision to post your concern here I hope all our answer satisfy you.

yes I also recommend binance for large exchange because binance has a special way to anticipate from hackers and back up the funds in the main wallet binance
at least binance is one of the most trusted exchangers currently backing up funds

Use strong and famous exchanges, don't try making experiments with your money on noname platforms. If you hesitate when watching an exchange, make your own research, check how popular it is. And also check the volumes - what sums other people use there.