Topic: [Poll] What are the safest platforms? (Read 536 times)

If all centralized exchanges are learned from the past, there's will no hacked case after 2011 since the first time exchange got hacked since 2011. But as you can see in this thread, every year there's will be centralized exchange got hacked every year.

Mt.Gox was a biggest exchange and very well known to every crypto Enthusiast, which mean Mt.Gox reputation in 2013/2014 is same with Binance reputation right now. But Mt.Gox got hacked and bankrupt which make "big institution" can't always survive.

FTX is also humble since they offer the lowest trading fee rather than the other exchange and trying to overtake Binance, I wouldn't surprised Binance will trying to find a Kucoin's loophole in the future.

I am quite certain everyone in the forum very much agrees hehe.

It is Binance and Kraken for the safest platforms, however, I am beginning to speculate that Binance might become more risky when the trial for Sam Bankrupt-Fried begins on October. I am quite certain CZ's dump of FTT will be mentioned and they will make it appear as something similar to a liquidity attack that triggered FTX's destruction. This might begin another investigation and this time it will be on CZ.

I voted for Binance and Kucoin. All centralized exchanges have the chance to follow the route of FTX. But I also believe that many centralized exchanges learned from the past and are improving their services. They are trying to become transparent to their users to avoid fear and stop their investors from withdrawing their funds. Binance established itself as the biggest and is becoming uncontested when it comes to daily trading volume. I also followed the rise of Kucoin from its humble beginnings to becoming one of the top and solid exchanges in crypto.

I'm currently and only using kucoin, it's the only exchange that i'm using beside the local one in my country.
Well, there's no kyc requirements there, at least for now, so I can say i'm trusting them for exchanging purpose. Note that i'm not holding my funds there, i just use it for its purpose, all is stored in my custodial wallet.
It's the same in every top exchange — only use it for its purpose, to exchange not to hold and alternative for wallet.

Yes, I completely agree with you, we should not set our hopes high on the central exchange platforms, so if Binance was previously hacked in 2019 and it is one of the largest central exchange platforms in the crypto market, and the hackers stole 7 thousand of the Bitcoin, what do you expect to happen to the other exchange platforms? Hackers over time devise new ways to hack and exploit the vulnerabilities of the exchange platforms, and with time they can succeed in that, so we can keep our wealth in cold wallets, and only when trading can we transfer our funds to popular exchange platforms such as Binance and Kucoin because their bankruptcy rate is low due to the reserve fund that they have.

No matter how safe or reliable Binance and Cz my appear;
No matter how many times CZ has bailed out other exchanges;
No matter how much Binance has in her reserve fund;
No matter the security architecture being employed by Binance;
It doesn't erase the fact that it is an exchange, it can fail on its own, by attacks or hacks or by government compulsion;
My advice is that if it is necessary to use an exchange, use it as an exchange and go your way not as a hardware wallet.

Wait a minute, is this even possible? It's like saying 'run faster to slow down' or 'go farther to be near' or 'take a shower to not get wet'. I mean, using an exchange is the opposite of self-custody. It's impossible to self-custody by using an exchange. It's not just about ignorance or whatever; it simply isn't possible. Of all the centralized exchanges mentioned, is there even a single one of them that allows you to control your private keys? None.

Do not believe that. If Binance is hacked today and the negative news of: "withdraw your funds from Binance" start to spread, while at least >70% of their users all scamper to withdraw at almost the same time, i'm sorry Binance would go insolvent or declare bankruptcy and compensations would not be available.
It is the ignorant people in the 'industry' who do not know how risky it is to use an exchange as self custody their personal wallet that can trust these platforms to hold their money for them.

I am not supposed to vote because the title is about the safest platform when there is no guarantee now that all platforms are safe because of what happen to FTX and now Binance is under scrutiny and investigation, but after I saw the least risk of bankruptcy I prefer to vote for Binance and Kucoin because I have seen their stats and we all now your reputation precedes you, the industry put trust on these two platforms.
But not your keys, not your coins should always be your main consideration when keeping your funds and exchanges are the worse keeper.

Binance and Kucoin are the two exchanges on the poll that I've used. But even I have experience using both platforms, I wouldn't say and guarantee that they're safe.

Like everybody is aware and concerned with, no exchange is safe to say as they're all prone to any ruckus that might change the fate of their business in less period of time. We've all learned from FTX and that's why everyone is thinking that none of them is safe at all.

One thing I've learned from these exchanges, even if they're telling you the sweetest words ever, don't be too comfortable with it.

I didn't vote because in my opinion there are no secure centralized exchanges, they are all vulnerable to hacking, account freezing or people's money being stolen by the same exchange team.

But this is a relative matter of course, if I had to choose, I would of course choose Binance, because at least if the exchange gets hacked (as it happened before) Binance compensates users from its own reserves.

It's worth pointing out that neither CZ nor Binance actually had to front any money to do so. The said we were hacked, but no one will lose any coins and we will reimburse everything, and that was it. Everyone still left their coins on Binance. Very few people actually withdrew their coins, and certainly not enough to test Binance's reserves. If Binance were running at a 10% fractional reserve, and were hacked and lost half of the reserve, but no one actually withdrew anything, then they can say what they like and business will continue uninterrupted. Perhaps during a previous hack Binance have been temporarily insolvent, but we never knew because people just blindly trusted them with their coins.

Sounds ridiculous, until you realize the exact same thing has happened to other exchanges, which have been insolvent for weeks or even months behind the scenes, all while continuing to operate, to advertise, to launch new services, and to promise that everything is just fine.

Binance has been hacked in the past and experienced breeches that resulted in investors/holders losing their coins. CZ and the company compensated the users for the suffered damages at the time. But that was nothing for CZ. It was like picking up the tab at a bar. All exchanges have terms that are identical or similar to what o_e_l_e_o posted, meaning they don't have to compensate you for anything, and you can't consider them responsible for extraordinary circumstances like hacks and security breaches.

I see CZ paying back the losses as an investment for the future. Not doing it would cause unsatisfied customers to leave. He looked good in the public's eyes by doing it, and he can say our exchange cares about you. Even if we get hacked and you lose money, we will help you out and pay you back from our own pockets. That's skillful marketing. At the same time, he is pointing the finger at the competition who acted differently during times where they weren't hacked.

But I wouldn't bet on CZ reimbursing investors if much more money was stolen, and he made the decision that it makes more sense to let the ship sink than trying to save it and patch it up. I hope for the overall market health that we will never have to find out.

We may agree that speculation on BTC price and that of other crypto has helped to grow the crypto industry, because through speculation people get to buy and sell BTC, leading to more people using it and growth.

But people should never speculate on which crypto exchange is safe for them to keep their funds, this kind of speculation has not helped the crypto space because many crypto people have lost money in one centralized exchange collapse or the other, and this has caused people to lose trust in crypto and not use it.

A discussion of which crypto exchange is less risky isn't going to help anyone in the end, we have to unequivocally make it clear that they are all as risky as the other, so use them only for trading and move your money immediately into your self custody. Do not stake your coins with them, or fall for other methods they use to make their users leave their money with them to make profit; they will use your money to make profit for themselves, and if things go bad you lose it all without compensation.

You might be using the wrong search terms. I searched and found this in 1 minute.

https://cryptoslate.com/kucoin-ceo-addresses-rumours-surrounding-ftx-ftt-exposure/

In any case, it was mentioned first in social media, where some bitcoiners began speculating on what exchanges have exposure on FTX and FTT. Kucoin and Crypto.com were mentioned.

@Lucius. Agreed, however, it is speculation and profit that also helped create the cryptospace, without this, it would not grow as much as it has.

What they all have in common is that they are centralized and as such represent the greatest danger for all the funds in their possession. Looking for the truth in a world that is riddled with lies is like looking for a needle in a haystack. If the authorities scratched just a little deeper under the surface, they would find a lot of dirt in all CEX - and what would happen if the majority tried to withdraw their funds?

False promises, an eye-pleasing user interface and crypto messiahs in the form of CEOs with the promise of profit are reason enough for the majority to continue to be misled by completely wrong ideas.

hehe that makes him the good guy then? Didn't he also forced Sam's hand to buy back the Binance's 20% share in FTX at a huge profit? Some articles have written that CZ stonewalled FTX's plan to expand. He invested about $100 Million in FTX and sold it for about $2 Billion. I'm not surprised why investors thinks he may have caused the liquidity crunch.

Nothing is showing up in my googles search. Can you share link of that rumor?
 

Why do more people speculate that Kucoin is less risky than Kraken? There have been rumors that Kucoin hold a significant amount of FTT. Kucoin has denied this, however, we cannot be quite certain on what is the truth or who is telling the truth anymore.

Does anyone know something bad about Kraken that I might have ignored?

Fair enough, but there were also plenty of videos of him from long before FTX went under where he had the same demeanor and the same approach to questions. Or the video of Caroline Ellison where she laughs about not using any math, laughs about not using stop losses, and laughs about taking wild risks. I'll admit I hadn't watched any of these videos until recently, but then I didn't send FTX a single satoshi, so frankly I didn't care. I can't understand people who see some new exchange pop up and just assume it is legit and send off all their money without spending even a few minutes looking in to it. If they had, and they had seen it was being run by these children, then maybe they wouldn't be in the position they are in now of having lost all their money.

I think it's fair to say that SBF absolutely isn't a genius, but I also have little doubt he is now exaggerating the "I'm just really dumb" approach because it's the only defense he has, especially after the other scammers involved in FTX seem to be willing to rat him out.

More precisely, I think he is two-faced, there's no way a genius could show his attitude by acting like a child unless he wants to appear like a child to fool his opponent (the person he asked to be his partner before wasn't a fool) so there's no way that impression would come out naturally. natural.
I think it's more accurate that SBF was made into a doll by someone who knew the situation.


Maybe Binance is a very large centralized Exchanger and even crowned No. 1 in the world, but what Binance has been doing lately, they have always had ambitions to acquire crypto exchanges and I think CZ wants to monopolize the Cryptocurrency market.
I think not a good centralized platform.

I had the impression that Bankman was somewhat childish, but I understood some things only after watching this video interview, so although someone may say that his performance is a consequence of everything that happened, he left the impression on me of someone who does not understand very simple questions at all. At one point, I thought, are millions so naive that they were managed to be deceived by such a scumbag - or is Bankman just someone's puppet?

Do not trust any exchange with funds. We need to learn from the past because history repeats itself.

This is the same guy who said that "no book is ever worth reading". Watch him in any interview and he comes across almost like a child. Unbelievable that nobody who used FTX bothered to look in to this before sending their money to this scammer.

As I've pointed out elsewhere, Binance's "proof of reserves" has proven exactly nothing. And CZ is a highly untrustworthy individual, who has proven he is willing to outright lie to his users in order to make himself more profits.

I vote for Binance, but I don't bet money there, so there is no safe exchange, even though Binance, which many people say, doesn't interest me at all, so don't put your hopes on the exchange, even if the platform is said to be safe from bankruptcy.

Back again to the example of FTX which would not have thought it would go bankrupt but in fact it happened, so not only FTX, the previous exchanges also felt the same way about their bankruptcy.
Propaganda is still going on Binance platform is getting attacked by FUD I don't think CZ exchange will crash anytime soon but it remains risky for long time.

You should change the title of your thread to what's on your poll
there are no safe exchanges right now only the least risk, we all thought FTX is safe because it's being managed by a seasoned entrepreneur but look at what happened to FTX, it can also happen to Binance, and Kraken or Kucoin no exchange is safe now, but we can categorize exchange as least risky for me its Binance they have shown their reserves and CZ is very diligent on making his platform safe.

Nope. The exact opposite (emphasis mine):
That's how the saying goes - the empty vessel makes the most noise. Often the platforms which are struggling the most will spend the most on advertising and partnerships and sponsorships and all the rest to make them appear in a much stronger position than they actually are. Meanwhile actually strong projects (such as Bisq) essentially have no advertising at all.

It's a mirror image of the whole of crypto itself. Bitcoin, a truly decentralized coin has essentially zero advertising budget, but is and always has been the safest and most secure coin. Centralized shitcoins, on the other hand, spend millions on advertising, airdrops, flashy websites, signature campaigns, social media campaigns, YouTube sponsorships, and so on on, and end up collapsing or scamming and everyone losing their money.

@everyone. I am very aware that with centralized exchanges, none of them is 0% risk from bankruptcy, insolvency, government crackdowns or hacks. I am also not encouraging everyone to deposit their coins to the exchange with the highest votes in the list. However, the poll is asking which of those exchanges in the list have the least risk. None of the above is not an option.

Everyone can vote for 2 exchanges.

Much of what is thrown at Binance right now is probably just out of spite. But it doesn't discount the fact that Binance could fall anytime, just like Mt. Gox, QuadrigaCX, FTX, and countless others.

If you think that Binance's behavior right now is a guarantee that it isn't going bankrupt anytime, you could have been fooled more easily by FTX's behavior mere months before it collapsed. You should indeed be shaking your head with that logic of yours.

Who would have thought that FTX would crumble down after bailing out Voyager and BlockFi, looked into buying Robinhood, considered bailing out Celsius as well, and had billions ready to save crypto firms that lost liquidity amidst the crypto winter?

Who would have imagined that the CEO of FTX who donated many millions to politicians, even mentioned that he could donate a "soft ceiling" of $1 billion in the 2024 elections, is actually running a bankrupt company?

Who would expect that the platform that squandered so much money on very expensive ads like the Super Bowl, naming rights on Miami Heat's Arena, UC Berkeley football field, Mercedes F1 team, and others is actually going insolvent soon?

Who would have expected that the exchange that has stars like Steph Curry, Naomi Osaka, Tom Brady, Shaquille O'Neal, and others under its payroll is actually having financial troubles within?

Binance's activities right now are incomparable to that of FTX months ago, and yet FTX suddenly died. Is it, therefore, a surprise to you if Binance would also die anytime?

This must be what the title says ^{[What are the safest centralized exchange platforms]}.
We know that centralized exchanges are not safe at all, but for all of those you have mentioned above, I voted for Binance and Kucoin which I think are safe as for now --I don't know in the future.
Even CZ says, your funds are in SAFU and keeps believing people that they are fine now behind those rumors that they suffer massive losses due to many people withdrawing their funds. It is not good to store your coin there for a long period of time all CZ says are marketing ads that will attract people. Decentralized exchnage is the safest platform ^{[bisq and Hodl-hold]}.

For so many tears I've been reading a lot of complaints on exchanges and what happened this year on FTX cemented my belief that all exchanges can suffer a breach because this is the platform most targeted by scammers because this is where the money is I'm also one f those who preach that never trust an exchange and also go for the most stable and have the least risk in the industry in my experience Binance and Kucoin.
When using an exchange don't let your coin hang in there for long, you just never know what happens both of the exchanges I picked can be hacked or can get in trouble.

I won't bet my money on any of the exchange, how many of you guys ever imagined FTX will go bankrupt few months back?

Binance seems to be safer for many I do agree but it does one of the exchange emerged in recent years so better not to trust any of the FUD as well as centralized exchanges.

Although I and most of the users here have submitted the names of Binance and bybit, it doesn't mean that these are the platforms to blindly put trust on. I would never trust any exchange to store my money because what happened with FTX, shows that the best of the best exchanges can go bankrupt and we may lose our funds if we just blindly keep our money stored there.
I know some of my friends who cried because they are unable to take out their funds (the amount was not that considerable but still) from FTX when they came to know about its collapse. It wasn't like losing their lifetime earnings at that place, but their trust in crypto was over after what happened.

I share your opinion, and I also can't stop being surprised that many people ask identical questions, as if, after all, people should still be encouraged to unreservedly believe that option A will be better than option B or C. As for trading, which is why centralized platforms exist, then I guess it should be most important that they have liquidity, as few fees as possible and KYC, which is not a nightmare.

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It's your personal matter, if you want to believe that CZ is a person of high trust who does good for all of us, then live in that belief. Until recently, you had a very positive opinion about Bankman, and it turned out that he is not exactly the most intelligent, quite the opposite.

From the list I strongly believe that to make this a fair comparison for all, we have to consider how many countries are able to access these platforms and I think crypto.com and bybit doesn't cover most countries...which means they are low risk takers and don't move on to my finalists but could be considered safe in their small markets  

On the contrary Binance seems to be the big dog of the industry and have fought off several hurdles such as regulation blocks which was used to slow them down, but they made it out alive and still hold top spot and pretty much have all the experience & they have seen it all in regards to safety which probably has forced them to have put measures to protect their clients assets in case something unfortunate happens which makes them the safest bet here.

As for Kucoin, well these guys could have taken top spot  as they have been in this business for such a long time and understand the industry well, but they seem to be keeping a low profile in terms of making their presence known which suggests they are comfortable were they are. In terms of a safety, they have had less incidents of exchange compromises which makes them another safe platform to consider.

But remember, "not your private key not your coins" so remain cautious when using any of these exchanges.

All centralized exchange are at risk of getting hacked, even Binance is not safe, CZ has done a lot of great things but centralized are constantly on the attack and they are vulnerable to losing the trust of investors, of all the exchanges listed on the poll Binance is the least risky, but its risk not different from all the risk all exchanges are facing.
We don't need another FTX fiasco for us to realize that exchanges are not for storing coins, only exchange the amount that you want to and pick the right noncustodial wallet.

Bisq, because there's no single authority who will control everyone funds, Bisq wallet is non custodial but you need to transfer to your hardware wallet to make it more safer.

Those centralized exchanges on the poll are very vulnerable against hacker since hacker is more clever and will trying to find a way to get huge money from centralized exchanges.

As o_e_l_e_o just posted, I think you forgot about FTX bailing out Voyager and BlockFi?

Yeah, that didn't end well for either of them.

You see, bailing out some other company may make you look altruistic, but it does not make you trustworthy to most people. Altruism =/= trust (and in SBF's case he had a particularly cynical form of "altruism").

Where is the option "None of the above"?

Umm, FTX bailed out BlockFi just a few months before FTX collapsed. Bailing out another company means nothing, and indeed, could simply be a ruse to try to convince users that everything is ok.

FTX had been online for a long time without problems. So had Celsius. So had Voyager. So had every other exchanges which has collapsed recently. Again, this means nothing.

I wouldn't trust a single one of these platforms with a single satoshi.

Regardless of which platform claims to be the best or whether someone believes they have high security against exploits. Still, it does not justify as to how you will be going to hold your money using an exchange. In fact, knowing that your coins are stored off of an exchange can save you a lot of headaches, especially when the big trading platforms go south. You also don't want to consider fund reimbursements promised by exchanges as insurance though!!

Plus, knowing which red flags are associated with bankruptcy is not important because remember exchanges are safe until such time it didn't. We have no control over them except over our own money.

I don't know which is the safest but I am damn sure crypto.com isn't among them. crypto.com sounds like a crap business that a good domain. It looks pretty similar to ftx.com to me. Back in the day I knew ftx.com was going to go shit and I feel the same stuff for crypto.com.

I have no idea about bybit.

I traded some coins on kucoin and binance before. Binance asked for KYC out of the blue and I had to comply just to get my a few hundred bucks out. I haven't had a problem like that with kucoin but that don't mean these exchanges are the safest.

I don't trust exchanges now because of what happened to FTX the advice, not your keys, not your coins hold true more than ever but I still do trust these two exchanges Binance and Kucoin, as having the least risk, CZ is pictured by authorities as manipulators but we in the industry considered him as the savior of bad times, his words and wisdom are something the community valued in times of troubled, there are still a lot of good exchanges but this is based on my observation and experienced on using both exchanges.

First, there are still some exchanges that are highly rated but not on your list. Second, your coins on exchanges are not yours on blockchain.

It is not a wise question to ask because any exchange can be the next to be hacked. You can receive a coin from a friend, seen as tainted from the exchanges and be seized or your account can be frozen.

The question can be 'what is the best exchange for trading', not the safest because all exchanges are not safe. Use open source noncustodial cold storage option to hold your coins which is the safest.

Try as much as possible to stay away from exchanges and hold your coins on a cold wallet, or hardware wallet.

I agree with you on Binance there are a lot of bad writes up about CZ and Binance but this is the same guy who in times of pandemic helped motivate the market, and when the FTX fiasco is at its hottest CZ launched a bailout to help companies that suffered from the breakdown, we need many more CZ in our industry.
On Kucoin I've been trading on this exchange for the past 4 years and have been into any issues this is one of the tokens I invested in where I got good profits, these two set the exchange standard in the Cryptocurrency exchange industry.

My vote from this list are for Binance and Kraken. I do not trust all of the news articles and the negative propaganda being written about Binance. CZ has been bailing out platforms in the cryptospace that are at risk of bankruptcy or those that have been bankrupted already. Is this the activity of company that is at risk to be bankrupt? Head scratching if you say yes.

On Kraken, it has been online for a very long time without problems, without big scandals and I reckon it certainly will continue to exist without problems and without scandals.