Topic: More exchanges shutting down, Hold your Asset with You (Read 520 times)

I think such kind of decision from government indicate that should stay away from Centralized exchange, because in few thread's people discussed about  how his assets seized by in Coinbase and many more centralized exchange due to government orders, also collapse of FTX is a big lesson for those who are interested to store his assests in exchanges rather than just used exchanges for trading,
The best option which I personally used and every Bitcoin investor should use too because of his reliability and security is (Ledger Nano X)

This is coming in again with the UK government and a decision as instructed that all Bitcoin Assets to be ceased in UK as the government made the announcement for its agencies on tax control system to engage every exchange found in UK to be under seizure, which means they are closing down every centralized exchanges in UK and it's better you move your assets away from exchanges (hot wallet) to a cold storage, not your keys not your coins.
https://twitter.com/BTC_Archive/status/1656239630612590593?t=51a3627vnu1PyOLOMa5Rvg&s=19

Also, two days ago, the famous Bittrix platform was declared bankrupt (all old members know it) after three weeks of being legally prosecuted for violating the laws. The platform is based in the United States. The United States is leading a systematic campaign to verify the activities of crypto service platforms, including Binance and Coinbase, and this can be considered one of the indirect results of the collapse of the FTX exchange.
https://www.reuters.com/markets/deals/crypto-exchange-bittrex-inc-files-bankruptcy-after-sec-complaint-2023-05-08/

Do you know what complicates the crisis more? These platforms provide attractive services to users in a way that makes them trust them blindly. This is actually the reason for the huge crash with FTX.
The same thing is happening now with Binance, where the BinancePay service has turned into a main method used by users in their daily life dealings, since everyone has a Binance account, and Binance supports everyone, including citizens in the countries that are banned.

Just use them when it's needed.

I agree on the last part that we should just use them as is and not basically the typical wallet that we use for storing our bitcoins. The regret will always be there at the end when we're not careful enough.

Halting of transactions and even filing for chapter 11, we've been seeing these things and these should give the idea that when you store your bitcoins on any of them. All of these are possible.

Binance suspending withdrawals might be because of the Bitcoin network congestion. I have not had any issues using exchange for transactions but the experiences of others are enough reason for me to be careful. But exchanges will continue to strive because in some areas they are the only means of converting Bitcoin to fiat. P2P transaction is still in the infant stage in most countries because of slow adoption, lack of awareness, and government policies. Exchanges are also into aggressive advertisements that make most people believe that they are the only means to buy, sell or keep Bitcoin. My candid advice is to use exchanges for daily transactions in areas where P2P is not available. But never use them as a wallet where you hodl your investment.

One thing I fear about centralized exchanges is when they gonna hold your crypto assets without letting you withdraw outside their exchanges. this is what happened to me with Okex back then and I think if I'm not mistaken, it took about a month before they let anyone withdraw thankfully I kept my XRP there decent amount and when they disable the withdrawal it is as if I am hoarding my XRP and 1 month has passed the price increase and thankfully my gain has increased to that time. But the worst-case scenario is when the price has increased and they will never let you withdraw your crypto assets. that's why take advantage to store it privately instead of letting them do the task which will gonna make you regret it if the same case will happen to you.

Something is up with Bittrex exchange, they filed for bankruptcy and I believe that there is more to that story than what I know right now, in the coming days I am sure things will become more clearer.

The problem with centralized exchange is they won't ring any alarming bell, things will just go bad unexpectedly, when you least believe that anything can go wrong is probably when something bad will happen.

The case of centralized exchanges are like banks, things are going badly but they always pretend like things are going smoothly until it gets out of their control.

Never ever trust any centralized exchanges, high or low, you can't tell what they are doing behind your back, they have some good and bad goals too, do not give them your money for any use at your back.

You probably already know what the reason in generally, so I'm not surprised it could even increase as the crypto market encourages many new ones to start registering their accounts on exchanges. But in any case, each of them need not be forced to believe what we are advice. They are in charge of their own investment budget regardless of where they keep it. It's certainly good to advise people not to hold assets in stocks long-term, but we shouldn't force them not to.

Even Electrum can also be recommended for their security if the user is not willing to spend a few dollars to buy a wallet. Having a wallet in hand or on mobile/PC is not mandatory as long as the user can store seed from his wallet safely.

I agree that a centralized exchange is not a safe deposit wallet for long term investment, but use the exchange only as a place to convert your assets and get out of there once you close your trade. But due to bitcoin network congestion, you may have to have other options such as converting your bitcoins to fiat or stablecoins and withdrawing your funds to a secure wallet. That will solve your problem because there are many options you can think of instead of just one.


Of course, but it doesn't completely prevent you from the risk of losing. The security of your wallet is your own full responsibility and you must have the knowledge and the right way to practice wallet security. Losing the seed or password (user error) will also make you lose access to your wallet and your assets will be lost forever.

I don't get it people have money for investment but don't have money for.security of their asset what an audacity.
People keep storing their funds in those exchange which is does not have the fully capability to withdraw if there's something might happen to those exchange and if there's any they keep ranting because they didn't bring their money back.
This scenario repeats as always instead they learn they keep doing at the same time.
It's better if they buy cold wallet or even have a hot wallet instead keep sticking with the exchange.

Keeping your cryptocurrency assets in your personal custodial wallet is the right way to keep your assets. I even encourage people to keep their funds or assets in a wallet they don't at all use to interact with any dapps which might unknowingly corrupt their wallets.

The best for m of keeping you cryptocurrency is to use a hard wallet.

Exactly as expected, once it's not your keys then not your coins, now that we are even more closer to the next halving and we have begin to see alot of series of events happening around including this one Bittrex exchange joins the lane for looming into bankruptcy just popping in again, one should not just invest his whole assets on altcoins or have his bitcoin with a custodial wallet, the recent happenings were enough reasons to take precautionary measures to safeguard our asset from getting lost or taken away from us without a recoverable plan and option left.


The best use case for an exchange is by how it's been called, an "exchange" just for the exchange of currencies but not for storage over a long time.

If you can be able to use this slogan " not your keys, not your coin" as your welcome address on your gadgets such as your phone and laptop I believe you will not for one day leave your assets with centralized exchange. Many have lost their fortunes overnight as a result of their carelessness of  leaving or storing their assets with centralized exchange and some today are shut down without their clients assets returned back to them.

Centralised exchange so far is not in any way safe to store funds and assets as they have say and control over the assets. Do not forget that they are under laws of the government where they are registered and therefore can work in accordance with the law of the nation where they are found. So therefore, it would be nice doing trade with the centralised exchange but do well to withdraw to your personal assets to self custodial wallet.

Here's another typical example why using an exchange could be annoying https://twitter.com/WatcherGuru/status/1655230159383830528?t=cQ7olV4vA8PTUG_GibCnmQ&s=19 on the link, it announced on the temporary suspension of all Binance withdrawal due to congestion on the network, which means if you're using a Binance exchange wallet and want to make withdrawals for an emergency matter arising you couldn't, which amount to failure at anytime i meeting up with financial needs as they arises while using a centralized exchange, isn't it more better to make use of a cold storage which is non custodial wallet and have rest of mind in having access to your finances at any time.

Use a centralized exchange only to make transactions and don't store large amounts of assets for long periods of time, even though centralized exchanges are not safe to use, we need them for transactions but not a place to store secure assets. Apart from that you should avoid centralized exchange because there have been many problematic cases and losses received by the user.

If you are one of the daily traders, you must be prepared and responsive to all possibilities, at least only place the amount of daily trading to be stored on a centralized exchange and try to continue to monitor the development of exchange.

The problem with a self custodian wallet, well at least for me personally, is its access, use, and accessibility. The use of exchanges are far more superior in terms of convenience and use of the application due to its simple nature. You can also easily convert your BTCs to your designated currency in the event that you need cash.

Though this may be the case, the question still remains if such convenience is far more essential than security. Like what OP has mentioned, more exchanges are starting to shut-down and some have been scammed over the past years.

Personally, if you only have a handful amount of BTCs to dispose with and for use, then putting them into exchanges MAY be better. But if you plan on HODLing for long-term usage, then putting them into hardware wallets is the obvious and superior choice.

Exchanges are created for trading and not intended to use like a stash.  Anything that is used more than the intended reason of creation will bring trouble or problem to people who use it that way.  Same goes with exchanges, people who use exchanges as stash to save their coins often end up losing their coins through exchange hack, exchange shutdown or account hack.  Many had experience the latter and I even know someone who lost everything when his exchange account was hacked.

So it is indeed advisable to keep our idle coins in our own wallet and deploy necessary security to prevent hacker from accessing it.

Yes, be wary about all of them, all the centralized exchanges that have gone down also had their heydays, and in those times people said the same thing you are saying now, but when they collapsed, the victims who kept their funds there had themselves to blame, but it was then too late. Having said that, as long as the money you have in an exchange isn't for day trading, you should move it to your non-custodial wallet, don't leave your funds in an exchange, even if it is temporarily.

Some people want to stake their token to increase number of tokens because holding coin in wallet will not increase the amount of token while same token when staked, the amount will increase which is extra profit. This is the reason people are holding btc and other tokens in cex and dex. I will not recommend to hold in Cex as every exchange can be turned out to bankrupt like FTX and then we cannot do anything.

Hardware wallet are also very expensive. Ledge are known well secured hard wallet but price is more than 200$ which a normal investors cannot bear to buy for holding 500$ fund. Another big issue with hardware wallet is it's shipping custom charges for countries other than Europe.

Centralised crypto exchanges are bad we get it but which centralised exchange can we use to hold up a small amount of our Bitcoin temporarily even if it is for the shortest period of time just to carry out a transaction? Furthermore because other centralised exchanges are going to shut down how about those that have already stood the test of time, the attacks and hacks, the political and social witch-hunting. Should we also be wary about them too?

These might be for non forum users or those who aren't routed into cryptocurrency entirely because I as believe almost the reputable users here are already aware of the implications of what centralized exchange could capable of doing if your assets are being stored over there without moving them to a self custodian wallet.
It's a pity for one not to know read to the problems associated with centralized exchange even upon the recent happening.
Shutting down those exchange was as a result of illegal activities if you read from the headlines.

Well, I don't have huge amount of money to store in my hardware wallet yet but if I have such big money it will be store in hardware wallet which is very safe for investors to store their assets for future purpose. I heard how many people fell victim to scammer to have access to their centralized exchange to withdraw their money without their notice because the centralized exchange is not too safe like hardware assets which is the best for long investment. I believe, many people will take this information serious to withdraw all their money and store them for hardware wallet which is more secure and reliable for future use.

It is even more expensive than the priority fees that now need to be paid for confirmation in the next block, of course for transactions of standard size. Of course, every service has a price, and CEXs charge it really expensively or try to trick users into using some of their alternatives.


Every miner (mining pool) who finds a block is rewarded with 6.25 BTC, so it's quite enough initiative for what they do - and the fees are just extra profit. We cannot blame the miners for all these unconfirmed transactions, they are doing what they have always done, and the current high fees are the result of someone else's stupidity, because I have no other expression for what is happening.

SOURCE--

for long-term investment it is not recommended to store it in CEX or DEX, it is highly recommended to store your crypto assets in a personal wallet where only you and your trusted people know the password and the phrase. at the moment only hardware wallets are very very secure but there are also some personal wallets that are quite recommended.

(just vent) until now, I still really regret that I saved some mbtc in my FTX wallet, if I wasn't stupid to save there I would still holding that btc right now. That incident really hit me hard and gave me more faith that the exchange is not a safe place.

With the type of thing that FTX company have caused many to investors this year I did not expect anybody to leave their cryptocurrencies on any crypto exchange again but if they are still doing the same thing and they failed to see it as a red flag then it is their problem.

I will not feel pity for such people because they have been warned several times not to leave their coins on any crypto exchange, especially centralized exchanges that are not very popular, they can fold up at any time and not all of them will pay for the mess they have created.

FTX bring tears to the eye of many investors and there is a rumor that few people can't digest the loss and they took their lives, you don't need to be told that you should remove your crypto assets from ant exchanges.  

Exchange shoudn't be used as wallets so you shouldn't be holding your coins on them especially as there's no signed agreement between you and the exchange that they'll refund you fully if anything was to happen to your coins on their exchange. Centralized exchange can be hacked at any moment and it doesn't matter how secured they claim their exchange is. It mightn't be hacking that puts the exchange in financial problems but maybe they made some mistakes by gambling with users funds like investing in new projects and when they fail, they lose billions to that investment and now they can't hadn't withdrawal request and this causes the exchange to lose trust in their customers and stop getting patronage which causes the exchange to collapse.

There's so many reasons why we shouldn't store our coins on exchanges, if you're an active trader, you can keep some money on exchanges but it should be just for trading purpose as such you won't miss the pumps or opportunity to sell before a dump as you're asking about. Apart from this instance, don't use exchanges as wallets. Centralized exchange aren't the only option to sell your Bitcoin, you can trade using P2P exchanges and I'm not referring to the P2P on centralized exchange ls but those that are actually decentralized like https://bisq.network

The miners can still make money through mining Bitcoin and get a reward during halving season, not only through Bitcoin we paid to broadcast the transaction. It will be different if Bitcoin has been mined all, this will happen in 2140, still long to go.

The high fees is caused by Bitcoin ordinals which is NFT run in Bitcoin network, those people don't care how high the fees is and that's make us e.g. the Bitcoin holders get an impact as we need to pay what they have paid.

A software wallet is only safe if it runs in an offline environment. Bitcoin Core and Electrum aren't that safe if they are used on internet-connected computers that are used for all sorts of activities. If you want better security but can't keep your keys offline, better use a hardware wallet.

It goes without saying. Exchanges (CEXs) don't give you control over your private keys. Hence, they are custodial, not non-custodial services. 

Those two suggestions shouldn't be in the same sentence as they aren't even equally as good. I would never use mobile wallets for any serious money, especially not as a long-term holding. 

You don't have to use a CEX to sell your crypto. You can buy and sell on a DEX like Bisq or do face-to-face deals if you live somewhere where bitcoin is traded a lot.

It can happen, but it wouldn't affect as many people as a CEX hack would. Take Bisq as an example. Your Bisq wallet is completely different from mine. If mine gets hacked because of a mistake I made, it has no consequences on your holdings. Bisq being decentralized and non-custodial means there is no central infrastructure to attack to steal coins. That's completely different to how a CEX operates. A CEX like Binance has hot and cold wallets where they pool the funds from everyone. Attack and steal from there and millions of people lose their crypto.

This is what I was afraid of when I put my money on the Exchange, the Binance hack of $570 in October 2022 became one of the most famous attacks in Cryptocurrency history and the bankruptcy that befell FTX became a valuable lesson for crypto users to be more careful in keeping their assets safe.
Store assets in a wallet that you can control the private key, besides that it is very important to use secure passwords and support for 2FA features on each account. Don't let the assets that you have collected bit by bit be taken away by hackers as a result of choosing the wrong place to store assets.
Cryptocurrency exchanges are one of the main targets for hackers, this is Report on Crypto
2011-2020 Exchange Hacks and The Largest Cryptocurrency Hacks So Far
ever happened.

I've used Kucoin and their transaction fee on BTC is about $14 and lesser when using their KCC network; $0.5 fees. It's one of the exchange with high fees, it's obvious they're doing this to promote their KCC network. And when using the kcc network to transact BTC the funds won't appear on a btc configured wallet except a bridge is used, and it's always hard to find a person that uses KCC network. Though, a method to follow through the kcc network to reduce fees exist, but it's stressful and may not worth it depending on the amount of btc you want to transact, so some trader will move ahead with the BTC assigned fee. https://coinmarketfees.com/exchange/kucoin



Aside from multiple uncomfirmed transactions, I'd say that miners are paying a lot on power fees and it could be a criterion that affects the high fees on bitcoin transaction. I mean how can Miners be supported if not through the fees?

Well, if we keep our money on exchanges, we just give our money to them and it is up to them if they will return it to us or scam us one day. Most of the centralized exchanges operate anonymously and in case of any mishap we can't do anything or take any legal action against them.

We should keep our money in our own wallets so that we have the private key of our wallet and we do not depend on exchanges to keep our funds.

Several cases that have occurred on centralized exchanges are enough to make us worry about storing bitcoins in particular and there are reasons why centralized exchanges are not a safe place to store the assets we have. Each of us has a responsibility for the security of the assets we own, I also keep some assets on centralized exchanges but not for long term and usually I use centralized exchanges which have operational license from the state.

Using a centralized exchange and after trading moving assets back to a safer place is much more complicated, because if we trade daily then transaction costs will be a constraint, except for those of us who hold bitcoin for the long term. Set the best possible time duration for multiple assets held in a centralized exchange and try not to store large amounts and determine when to transfer all owned assets.

The function and use of the Exchange is only for trading and exchanging crypto assets to fiat, it is highly not recommended to store assets on the Exchange because the risks are very large. Always avoid storing assets on the Exchange, Theymos warned of this message long ago

Always store assets in the wallet only you hold the private key, without the private key, it is not your asset. Asset security is the responsibility of each individual, you can choose any wallet that you think is safe to store assets there.

Maybe a stupid question, but I haven't used CEX for a long time (which is actually a good thing), so I'm wondering if their withdrawal services are more expensive now considering the situation, or is the fee fixed at some amount when it comes to Bitcoin?

I agree that some will be discouraged by the current situation considering that we are used to paying fees of $0.50 and less, and now they amount to a minimum of $2 and up to $6 per transaction. I was hoping that the situation would calm down a bit, but now I see that we have over 300k unconfirmed transactions, and more and more "concerned" people who wonder if there is an end to this.

More exchanges are going to shut down, while many more are going to be established. More cryptos will go extinct while many more will be created. Ups and Downs, Going and Coming. That's the reality and beauty of life. Yes, some people will sadly be caught up in the web of closure of any exchange just like some will also miraculously escape it. There's no fool proof how these things run.

For those who categorically condemn Cexs, I think they should review their condemnation and set it properly. There's no active trader who doesn't leave their cryptos on exchanges. One can't be withdrawing and depositing every now and then as a trader simply because one is adhering to the "Never leave your cryptos on centralized exchanges." It doesn't work that way, realistically.

Its name speaks for its intended use, we should only use CEX to exchange, should not and should not be a place for us to trust to deposit our assets on it. In case, you are not a trader but just a pure bitcoin investor, you should stay away from them completely. Only if you are a day or futures trader and you don't have a better option should you use exchanges. But keep in mind that it should only be used for trading purposes and should be withdrawn to your wallet at the end of the day. Never store too much or too long with an exchange wallet.

Can't this also happen to decentralized exchanges? Hackers attacks can even happen to our personal wallet if we are not careful. Therefore, we must be careful to protect all our personal data, especially those related to personal wallets and their various accesses.
Regarding the CEX above, those are indeed some of the weaknesses of exchanges that we cannot deny. But sometimes we have no other choice when we use these exchanges to trade, we automatically still put our assets there. But one thing is certain, to reduce various risks, we need to choose top exchanges that are already reputable, even though we know that this won't work. guarantee 100%, especially after what happened to FTX before. This is a siren for us to always be more vigilant.

When it comes to privacy, then you shouldn’t mention centralized exchanges, any information provided in centralized exchanges can be exposed at any moment. I don’t think their is difference between banks and centralized crypto exchanges, even if exchange is not hacked, the exchange officials can sell out our personal data to scammers, if you receive money from a suspicious source, the exchange can free your money and you might not have access to it again, if government needs your personal information’s, the exchange can be threatened and they will release your information to the government. I don’t just see difference between banks are centralized exchanges. Both of them are working for the government and when whenever you are making use of both centralized exchange and banks, then you should know that your informations are not safe.

This is the summary of the whole matter and not to be spreading FuD everywhere. Exchanges whether centealized or decentralized will remain with us in as much as cryptocurrency market remains.
They are going no where and it is better we stop the FuD because we also will lose at last.
The precaution is that you should use exchange for what it is and that will be fine.
Then select reliable exchanges atleast and not embrace scam sites in the name of exchange.

This has been warned many times, but the fact remains that many users still use centralized exchanges to store some or all of their assets in the long term. It is true that centralized exchanges are never secure for most of the assets held there, not to store fixed assets is the option to exchange or convert assets into other assets which then have to be withdrawn to the respective wallets.

In fact, I'm absolutely sure this isn't the last warning we'll tell anyone, but the truth is that person's mindset is very difficult to change as long as they don't want to change it themselves. It's all about the awareness of each user, but we can't force him to believe as long as each of them is responsible for the risks involved.

I understand this situation but no, we don't lose that moment of selling at the early moment. Yes, transactions might be slower by that time and the network is clogged but think of security better than of dumping your coins. The point of keeping your coins in a hardware wallet is to make it secured and every time the market is up, you can just transfer it although it takes some effort but that's probably the cons for you. But for me, I'm okay with that because we don't actually miss that moment, it might be lower than the peak price that you're waiting but still, if the price is still a good price to sell those assets of yours. You only need to transfer it.

it is indeed not safe when storing our assets on the exchange. it's high risk when we don't keep it in our wallet.
but in a case like an exchange closing that happens, I don't think the assets on the exchange will also become confiscated. it is detrimental to the user.
if previous regulations allowed centralized exchanges to operate. and finally, after the investigation, they were subject to punishment. then the assets of the user should be freed to be withdrawn. and it will be a valuable experience for everyone who until recently kept their assets on a centralized exchange.

How possibility without exchange we can't sell cryptocurrency assets? seems funny about your opinion secure assets on hardware wallet with very doubt how exchange trust reputation. You right, many exchange have been scam right now and they not returned yet all investors fund and last year we are still memorizing with FTX exchange collapse.  But when holding bitcoin or altcoin assets in hardware wallet if price suddenly up we loss moment for selling on the early moment.

All assets hold in hardware wallet need synchronization wen first time access, exactly we don't open yet for several days or weeks and take few minutes for login before sending faced problem with blockchain confirmation for bitcoin transaction. Some time sending Bitcoin to exchange wallet need waiting longer time and has chance price going drop.

“Not your keys, not your coins”

I have said this many times in either of my threads and replies. I keep most of my assets in a cold storage hardware wallet where it’s impossible to be hacked.

But for non-custodial hot wallets like the Metamask, Trust Wallet, etc., they still have some vulnerabilities and exploits that leads to the hackers finding backdoor to drain our assets without even using the seed phrase to access our wallets. So it is also not safe to store there much longer either.

Better invest in a hardware wallet like the Ledger Nano, Trezor, SafePal, etc.

We have warned many times before these shutting downs that no one should keep their Bitcoins or any asset in the exchanges if they don't have a plan of exchanging there within that particular day. Many are using it wrongly for keeping their assets there, thinking that it's okay to keep it and that the exchanges won't have any problems in the future. Aside from being hacked, they can file for bankruptcy and you'll never know when it will happen before they give an advisory to their users.

The exchanges shutting down may not have been solid as they had thought to been, but that's not to say same thing can't happen to Bitcoin or its exchanges. The use of exchanges is mostly to facilitate trade, anyone who keep their currency in it does so at his/her own peril.
The hardware wallets have that function and that's its aim. To keep your currency safe.
Using the right tool for the wrong job has created more problems than ever and am sure every investor should do his/her own research to know which wallet type to use, the quantity to save, the how to keep the wallet safe from forgetting passphrases, password and the likes.

Honestly if we are to consider the rate of the ongoing transaction fees on the bitcoin network, one could got discouraged from making any move in doing a frequent transaction like others do irrespective of them being a trader or not, but we also have to put into consideration one important factor which is the value in our asset in comparison to having them on centralized exchange, the risk will be unbearable for someone having a huge amount he traded with on exchanges compared to someone with little investment, the cost for transaction charges could be more favourable for one than the other.

Do you think it only happens on centralized exchanges and will not happen on decentralized exchanges?
If you can be careful when trading, you don't need to be afraid or worried about things like that because you can protect your money or assets and when something happens, you can make the right decision by moving your funds to another place.
I still use centralized exchanges like Binance, Bybit, Poloniex and others but I don't leave most of my assets on those exchanges and only send some money to trade and withdraw when I have traded enough.
You can use a hardware or mobile wallet to store your crypto assets to keep full control over them.
The important thing is that you can choose a wallet that makes you comfortable storing your crypto assets without worrying about hacking or anything else.

With all this bad news that has been coming out about exchanges closing down frequently due to one of two problems either by government or no capability of maintaining it again, they should have be enough evidence to convince anyone who is still keeping coins in exchanges that doing soo is dangerous, especially for long-term investments.If an exchange is to be used, it should be for trading purposes and after that it will good to withdraw our coins to a personal wallets for more security purposes. If was even aware that someone who has money in exchanges does not really own it because there are not the only one who have access to it as well.

For those who are traders on a daily basis, it certainly does not make sense to withdraw funds every day because it is simply too expensive and impractical. CEX wants to keep as many "coins" in their possession as possible in order to have as much liquidity as possible, and they achieve this by having a rather expensive withdraw/service fee, or by making statements like :


Considering how many people have a very high opinion of the "gentleman" in question, I am not surprised that the biggest CEX "store" millions BTC for their clients.

My heart skipped when I saw the title ... I actually thought another exchange went down.
Storing an asset in a centralized exchange is simply compatible to doing same on a casino site or app. The domains could get scrambled at any time and everything will be gone. I dunno why alot of peeps still make the same mistakes everyday and will end up saying it happened so they'll learn from it .... losing your funds unnecessarily, for the fact that it wasn't properly stored could affect you health-wise,.... remember, depression is real. A non-custodial wallet is best for storing 'em coins - only you'll need be careful lest you misplace 'em phrase too..

Sandra 🧑‍🦰

It's your assets only if you're in the possession of them so not only because of exchange may shut down at any time we should hold it on our wallets we should realise that its completely decentralized so keeping then under a non custodial wallet by us is the only real way of owning them. Well in case if an exchange is about to shut down even if they shut down immediately in no time they will give enough time like minimum of one month to withdraw remaining funds from theit wallets and also they will send the termination of service via email.

no one should even be leaving their asset on an exchange site(any exchange site no matter how reputable they are) for long periods of time and if anyone is planning to use an unknown exchange they should do their own research before doing anything. as others have said, use them for what they are intended, never use them as wallet where you normally store your funds.

Although I agree to everybody that we should only use exchange for its purpose which is buy and sell, This recent take down of 9 exchange is not worthy to create a big fuzz on current CEX especially those top exchange. Those 9 exchanges is not regulated and violating the regulation of the country where they are operating.

Any business will surely take down if it’s not compliant so we should not use this news to create another on using CEX. I bolded the part which needs to be highlight on this news to make a clarification on the recent action.

I never hold my fund on exchange for a long time but there’s a time that we need to store it a little longer on exchange especially if we have planned trade that dependent on time.

There is no reason for you to keep your money on the platform after the trading is completed, all you need is to withdraw your money after you finish trading and divide it into several payments. It is true that you will pay higher fees, but you will reduce the risk if the platform decides to close your account or goes bankrupt.



Bitcoincore is not the ideal choice for your security, their security options are no different from other wallets that give the same result and with much less space, Bitcoincore is essential if you want to maintain your privacy.

It is always included in their policies to protect the users, possibly just to get new users, because if anything happens, everyone will carry their own cross, as we have seen with exchanges like FTX.

Since the exchanges cannot refund your money if it is stolen by hackers, I see no reason to believe their claims of being responsible for the user's wealth in their custody.

Some of us continue to ignore the policy of not leaving our coins in the exchange and still leave them there. If something happens now, they will start complaining about losing a large sum of money.

I believe some exchanges do not require KYC before trading with them; these are good for people who enjoy trading, but once you have finished trading, make sure you move your money out of the centralized exchange.

This is what I always say when it comes to exchanges, we should use exchanges for the purpose they were created for, they are not made to store assets. Don't abuse them or trust them too much and put all our assets in the exchange. We use bitcoin because it's decentralized, and we hate the centralization of banks, but it's funny how many people don't trust banks but trust centralized exchanges. Even if the major US banks collapse and their stock prices plummet like shitcoins in the crypto market, Binance is not 100% reliable.

It is the responsibility of each exchange to protect its exchange from all kinds of attacks that will come. As centralized exchanges, they will become targets of hackers so exchanges should increase the security on their sites.

And users should also pay attention to which exchange they can use to trade with and it is better to look for exchanges that can really be trusted. Even though it is a centralized exchange, we still have to gather more information to know if the exchange is feasible for us to use.

A Big No and highly not recommended for keeping coins on the exchange but for trading only. And once we are done trading, we have to withdraw all those coins and leave the exchange.

Don't use Bitcoin[dot]com as a website at which you read news about Bitcoin.

It is a website for Bitcoin Cash, is managed by Roger Ver team. Do you think it is good to get news from that website that can be considered as from a scam team?

Exchanges are created, get hacked and closed or died or scam exit. Many exchanges come and go in history and you can read many of their stories at Exchange graveyard.

Reminder: do not keep your money in online accounts

By holding your asset with you, I hope that you meant holding bitcoins with private keys that is available with non custodial wallets, not with exchange wallets.

Exactly my thought on this because its not right or proper to save your coins in these exchanges. Binance exchange is the most used exchange in my country and I can even say the world at large and this have made more users to trust this exchange as they believe that CZ and binance won't experience any difficulty that would lead to them shutting down but despite all this I still don't believe, as it is centralized and anything can happen so I just moved the amount of coins I want to sell to my binance app and then do my transaction there and close up the app because I wouldn't want to be part of the many that might eventually cry and regret when something happen to this exchange.

People should use exchanges for what they were made for which is trading not to store their coins. But your examples are not really related to the risks involved with the centralized exchanges in general. If you check the name of these so called exchanges you realize that they weren't even known among the cryptocurrency users. Even the domain name looks super shady (eg. 100btc[dot]pro). Not to mention that these were obvious scam services that were created to rip people off.

I got the motivation to write on this from Recent events should make you withdraw all your coins to your own wallet: Part 3 when i came across the news on crypto exchanges shutdown in Ukraine, if you're still using a centralized exchange, then read about this recent event happening in Ukraine as the US Cyber security Personnels bring down about nine (9) cryptocurrency exchanges for lack of being regulated along with other deformities in compliance to the government policy for their operations https://news.bitcoin.com/ukraine-us-shut-down-9-cryptocurrency-exchanges/ come to think of it if you have your bitcoin or any other cryptocurrency with any of this exchanges, all will definitely go lost because you have no access to control over them, this makes it ore very crucial and paramount that we make use of crypto wallet that gives us control over the private keys to the wallet we are use.

Why you should avoid Centralized exchange

1. They can be attacked by hackers
2. Your privacy is not guaranteed in them
3. They are third party/centralized institutions and work policies for their own interest
4. You will be subjected to KYC, AML and other governments cyber operational agencies
5. You can be traces and tracked down through the information provided for your KYC
6. They have same functions and disadvantage as using a centralized financial institutions (banks).
7. They can go bankrupt and you loose your entire investment with them

Recommendations for the storage of your cryptocurrency assets

1. I will recommend an Open Source Hardware Wallets, find below some good examples below from threads created and discussed on the forum here https://bitcointalksearch.org/topic/list-open-source-hardware-wallets-5288971

2 . Bitcoincore is very good for your security measures over your asset and you can connect the software to run bitcoin node, for more details, check the link below
https://bitcoin.org/en/bitcoin-core/

Additional informations on these are high welcome from experienced members of this community.