Safest Exchanges in the World - page 2.

Woodie

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Quote from: stefan466 on July 22, 2022, 04:36:23 AM

Hello,
I know you should always have your coins on a hardware wallet.

This is not true, it's all about preference and having to throw a couple of dollars in a luxury crypto product Roll Eyes

Quote from: stefan466 on July 22, 2022, 04:36:23 AM

But for my trading position I don't want to put the coins on a hardware wallet because that would be too cumbersome but I want to distribute the coins on several exchanges.

Bad idea mate, so as long as you don't have access to those wallets privates keys to are standing on thin ice and this has been preached year in year out... "Not your private key, not your coins" you don't want to be caught on the wrong side of crypto users should something happen to any of those exchanges.

Quote from: stefan466 on July 22, 2022, 04:36:23 AM

In your opinion, what are the most secure exchanges in the world, i.e. where can I be most sure that the exchange will not go bankrupt, be hacked, etc.?

When it comes to the world of finances trust nobody not even your shadow! Besides best exchanges and what not I don't have any on the list as most secure but I would prefer a dex over a Cex as I have full access of my wallets pvt key.

joniboini

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Quote from: stefan466 on November 19, 2022, 07:57:43 AM

I almost put money in FTX. Glad i did not.

Thank god. It is FTX turn this time, who knows what happen in the future. Your sentence can easily change to "I almost put money in Binance. Glad I did not."

It is almost impossible to not live without risk when you use a CEX or other centralized services. Just gotta live with it or change the way you do things. Glad things turned out OK for you OP. I've seen many people lose life savings because they feel bothersome dealing with cold-hot wallet transfers because they want to trade easily.

rat03gopoh

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Exchanges won't be able to meet "safe" standards from various people's perspectives. Especially about the dirty business scandals run by the founders that the average user can barely detect. In conclusion, there is no "safe" word when you entrust your funds to a third party
Also don't believe in naive author's article reviews (for example ^[1]), consider them a joke.

1. https://www.cryptovantage.com/best-crypto-exchanges/safest-cryptocurrency-exchanges/

stomachgrowls

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Quote from: stefan466 on November 19, 2022, 07:57:43 AM

I almost put money in FTX. Glad i did not.

Lucky call! Wink

Quote from: stompix on November 16, 2022, 06:00:59 AM

Can we stop recommending people any kind of exchange? I've gone through this topic and I saw the name of FTX four times as recommended exchange, making it the top of the safest ones out of the myriad of scams and it turned out to be a ...total scam!

How would you feel if one of those you listed fill for bankruptcy the same as FTX with zero coins in the wallet and OP comes here and tells how he lost his life savings?
Let's just stop assuming one is better than the other and focus on cold storage be your own bank, that's the principle of cryptos, if you want to use coins use your own wallet, if you don't care about coins and you just want to trade just trade on a platform where there are not even coins and you trade indices.

Some would really just be posting or suggesting on something which is the current one of the top exchangers before or platforms which it would really be creating that
kind of feeling inside that it is really safe among others which is something that cant be blamed out or simply people do just bandwagon on what they do saw on what
others been suggesting.

Its true that nothing is safe when we do touch up exchange platforms.Once you do sent out your funds on exchange which you dont possess the keys
then its not your coins anymore.

stefan466

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I almost put money in FTX. Glad i did not.

stompix

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Quote from: teramit on November 15, 2022, 08:21:53 PM

not a perfect answer but regulated means they are safer then any other exchange
best regulated exchanges are:
~snip

Can we stop recommending people any kind of exchange? I've gone through this topic and I saw the name of FTX four times as recommended exchange, making it the top of the safest ones out of the myriad of scams and it turned out to be a ...total scam!

How would you feel if one of those you listed fill for bankruptcy the same as FTX with zero coins in the wallet and OP comes here and tells how he lost his life savings?
Let's just stop assuming one is better than the other and focus on cold storage be your own bank, that's the principle of cryptos, if you want to use coins use your own wallet, if you don't care about coins and you just want to trade just trade on a platform where there are not even coins and you trade indices.

teramit

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not a perfect answer but regulated means they are safer then any other exchange
best regulated exchanges are:
Coinbase
Gemini
Kraken

FinCEN, FINTRAC, FCA are regulators in different countries for these exchanges
more info :
https://www.youtube.com/watch?v=CSj8smV63Es

Oshosondy

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Quote from: BitMaxz on July 26, 2022, 07:20:23 PM

That's good news if they are now allowed to withdraw and deposit Bitcoin in Paypal.
Paypal is founded in the year 2000 they serve customers for many years and it is proven trusted and it's a highly secure financial service.
Yes, it's centralized and regulated I just recommend the safest one and there is no 100% safest option hardware can be still hacked physically but it is less exposed to any online attacks.

PayPal still have the complete control because they are centralized and they are very strict with customers. People depending on them do not know the reason that led to the creation of bitcoin which is for people to have the complete control over their own money. But people are using exchanges, custodial wallet and custodial organisations like PayPal to store their coins. But there is nothing better than going for noncustodial wallet.

Quote from: Potato Chips on July 27, 2022, 12:19:19 AM

Last I heard, withdrawals are only in the US and it could still be in the middle of rolling out to some users. Better to double check if the account indeed supports it unless you don't mind waiting for who knows when.

Even If withdrawal is beyond US, I can never make use of PayPal than using it for fiat, not crypto.

Quote from: noorman0 on August 03, 2022, 01:09:58 PM

Historically, all the top exchanges including Binance have experienced hacks in the past. It may not be the case for small exchanges because they aren't attractive targets for hackers, but that doesn't mean they don't have other problems with customers. In conclusion, there is no answer to your question.

Certainly a difficult choice for active traders. So, it's best to trade the amount you are willing to lose due to the safety of the exchange.

You are correct, but not all top exchanges have been hacked though, but any exchange can be hacked at anytime.

coin-investor

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Quote from: stefan466 on July 22, 2022, 04:36:23 AM

Hello,
I know you should always have your coins on a hardware wallet.

It's good that you understand this, its a mark of a good holder that you know where you keep your coins, and a hardware wallet is the right place

Quote

But for my trading position I don't want to put the coins on a hardware wallet because that would be too cumbersome but I want to distribute the coins on several exchanges.

In your opinion, what are the most secure exchanges in the world, i.e. where can I be most sure that the exchange will not go bankrupt, be hacked, etc.?

Unless you know all the risks of putting your coins in exchange I can recommend Binance, Kucoin, and OKEX, these are three of the exchanges that I'm comfortable trading my coins, but I'm more on trading on decentralize exchange, trading on the top exchange in the industry will give you peace of mind than trading on a new and unpopular exchange, it's still best to not hold your coins on exchanges for a long period of time.

noorman0

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Historically, all the top exchanges including Binance have experienced hacks in the past. It may not be the case for small exchanges because they aren't attractive targets for hackers, but that doesn't mean they don't have other problems with customers. In conclusion, there is no answer to your question.

Certainly a difficult choice for active traders. So, it's best to trade the amount you are willing to lose due to the safety of the exchange.

Darker45

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I understand that you're looking for a platform where you can have a position. Of course, there are always risks involved when having funds in exchanges. But I generally believe it is much easier for a smaller and unknown exchange to suddenly exit, become insolvent, go bankrupt, and so on. So it is generally safer to choose those large exchanges that are trusted by many, established, and have a more or less long and solid track record. And since you're planning to distribute your funds to several exchanges, then I guess you should try to check FTX, Binance, KuCoin, Huobi, ByBit, and Okex.

TheGreatPython

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Quote from: stefan466 on July 22, 2022, 04:36:23 AM

I know you should always have your coins on a hardware wallet.

But for my trading position I don't want to put the coins on a hardware wallet because that would be too cumbersome but I want to distribute the coins on several exchanges.

In your opinion, what are the most secure exchanges in the world, i.e. where can I be most sure that the exchange will not go bankrupt, be hacked, etc.?

If you have lots of cryptos then yes it would be better to store them in a hardware wallet because number 1 is you can easily afford to get one even the best quality in the market today and number 2 is that hardware wallets are known to be more robust than the commonly used online wallets.

I see that you are also trader and its indeed hassle to just withdraw or depo the coins in an exchange every time you feel the need to trade, not only that but its also time and money consuming (the fees) so why not store a good portion of your coins inside the exchange? Binance and kuckoin are only two of the most safest exchange that I know. I only cant assure that they won't be hacked but maybe they can return your money if ever something bad happens to them.

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Quote from: BitMaxz on July 26, 2022, 07:20:23 PM

That's good news if they are now allowed to withdraw and deposit Bitcoin in Paypal.

Last I heard, withdrawals are only in the US and it could still be in the middle of rolling out to some users. Better to double check if the account indeed supports it unless you don't mind waiting for who knows when.

BitMaxz

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Quote from: sheenshane on July 24, 2022, 06:29:11 PM

I didn't know why you advised OP to put his money in Paypal since Paypal is a very strict company, we shouldn't trust any centralized exchange out there even though how big a company they are. They're still prone to hacking or it becomes bankruptcy.

BTW, PayPal allows users to withdraw Bitcoin to external wallets anytime if you wanted to transfer it into your external wallet. A hardware wallet could be the right choice because it has security features that can protect your wallet and never leave a footprint on any computers that you'll use.

That's good news if they are now allowed to withdraw and deposit Bitcoin in Paypal.
Paypal is founded in the year 2000 they serve customers for many years and it is proven trusted and it's a highly secure financial service.
Yes, it's centralized and regulated I just recommend the safest one and there is no 100% safest option hardware can be still hacked physically but it is less exposed to any online attacks.

I still choose the hardware wallet for holding coins for the long term but since he doesn't want to lose his investment due bankruptcy and hacked exchange and due to the unstable price of Bitcoin Paypal would be the best and safest option with instant exchange. You just need to sacrifice a bit of your documents ID and selfies to verify your account. I'm using Paypal to receive payment since 2009 I never experienced any issue with them except a few users trying to revert the transaction.

examplens

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Quote from: Apocollapse on July 23, 2022, 04:18:38 AM

Avoid other exchanges e.g. Binance, FTX, Kucoin, ~~Coinbase~~ etc if you're really want the most secure exchanges.

it is clear that there is no guarantee, nor can anyone claim that any exchange is completely safe, but I would also single out these exchanges (except Coinbase) which probably have the highest level of possible security.
which is another reason for these exchanges to be a choice if something bad happens there like some new mt.gox, there would certainly be big falls and losses. because they store a huge amount of cryptocurrencies.

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Quote from: PX-Z on July 26, 2022, 06:12:33 AM

Why it wasn't an insurance while it works like insurance? Of course, what do you expect from an insurance company, they won't give you the total 100% of the funds lost but they did reimburse some, and insurance work like that

For this, we look into the user agreement/contract which details what is covered, what is not and up to which amount. Depending on one's situation, it's possible to not assume any loss e.g. when a bank files for bankruptcy and your deposit does not exceed the max insured coverage (from where i live).

In binance? there are only tweets that says "your funds are safu" in case of hack and few articles.... which isn't surprising! they are merely relying on their own set money pool which will be shared by everyone. In the worst case scenario, it wouldn't be surprising to only get bits of your total cryto out of it, hence saying funds are insured seems wrong and sends the wrong message. plus this is all supposing that their safu jar remains untouched and CZ keeping his word-- to use them all for their users.

I agree with the lesser evil point but I would never think I'm insured just because the exchange has set aside some funds that they also control.

PX-Z

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Quote from: sheenshane on July 22, 2022, 07:14:40 PM

Quote from: Potato Chips on July 22, 2022, 11:34:18 AM

Past incidents where funds were reimbursed should not be taken as a means of insurance. The reason they were fine is because it was only a small-scale loss and there is no guarantee that the SAFU jar will be able to cover every losses if a large scale hack happens.

The SAFU could be their marketing strategy only but the fact doesn't give true insurance to their customers.
Don't believe in SAFU and store your coins with them in a long run, though they're trusted the best thing is to withdraw your fund after your session in trading. Never leave your coins in an exchange for a long-term purpose or don't let your coins sleep in their wallet while you're comfortable that it's safe, there's no single centralized exchange that safe nowadays.

The best golden rule was always this "Not your keys, Not your coins" we keep advice this to everyone and remind them of the correct storing of our valuable coins. The best example is that what happened to MtGox exchnage will happen again in random trusted crypto exchangers.

Yeah, it might be one of their marketing strategy but it works as it is just like what binance did on its previous hacked incident. Yes, it was small-scale loss, but the thing is they did reimburse the affected accounts.

Why it wasn't an insurance while it works like insurance? Of course, what do you expect from an insurance company, they won't give you the total 100% of the funds lost but they did reimburse some, and insurance work like that either it's a life insurance or accident or etc. And that's the risk of using exchange which everyone of us here knows already.

What I'm talking is use the trusted of them all ^(exchange) and those exchange that had allocated funds when something hacked happened, lesser evil ^{(just like mentioned above)} because using DEX isn't for everyone especially newbies.

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Quote from: sheenshane on July 24, 2022, 06:29:11 PM

Quote from: BitMaxz on July 24, 2022, 05:46:15 PM

That's pretty bad practice if you don't want to lose in a bear market when coins are dropping then it is better to use virtual Bitcoin on PayPal for safety but the only problem is Bitcoin/other cryptos on Paypal can't be able to transfer to another wallet. However, the advantage is that you can able to exchange your Crypto back to fiat instantly. Since Paypal is a big finance company and it was here for many years Paypal is safe but the problem you don't actually holding a real Crypto.

I didn't know why you advised OP to put his money in Paypal since Paypal is a very strict company, we shouldn't trust any centralized exchange out there even though how big a company they are. They're still prone to hacking or it becomes bankruptcy.

BitMaxz already said it's not safe but it's about choosing the lesser evil since stefan is likely to use exchanges despite all the warnings anyway. Paypal is less likely to go bankrupt compared to those unregulated centralized platforms with less than 10 years of existence.

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Quote from: BitMaxz on July 24, 2022, 05:46:15 PM

That's pretty bad practice if you don't want to lose in a bear market when coins are dropping then it is better to use virtual Bitcoin on PayPal for safety but the only problem is Bitcoin/other cryptos on Paypal can't be able to transfer to another wallet. However, the advantage is that you can able to exchange your Crypto back to fiat instantly. Since Paypal is a big finance company and it was here for many years Paypal is safe but the problem you don't actually holding a real Crypto.

I didn't know why you advised OP to put his money in Paypal since Paypal is a very strict company, we shouldn't trust any centralized exchange out there even though how big a company they are. They're still prone to hacking or it becomes bankruptcy.

BTW, PayPal allows users to withdraw Bitcoin to external wallets anytime if you wanted to transfer it into your external wallet. A hardware wallet could be the right choice because it has security features that can protect your wallet and never leave a footprint on any computers that you'll use.

CEXs IMO, should be used for trading and converting fiat to crypto or vice versa, they shouldn't be trusted on storing your coins in the long run.

BitMaxz

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There's no safest exchange all of them are risky if you are planning to hold coins for a long period of time.
Why would you transfer your coins from a hardware wallet which is way more secured and have full control of your wallet?

That's pretty bad practice if you don't want to lose in a bear market when coins are dropping then it is better to use virtual Bitcoin on PayPal for safety but the only problem is Bitcoin/other cryptos on Paypal can't be able to transfer to another wallet. However, the advantage is that you can able to exchange your Crypto back to fiat instantly. Since Paypal is a big finance company and it was here for many years Paypal is safe but the problem you don't actually holding a real Crypto.

Topic: Safest Exchanges in the World - page 2. (Read 820 times)