What are the problemes of crypto currency exchanges? - page 2.

sheenshane

legendary

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Merit: 1232

Quote from: bitmover on July 19, 2019, 08:32:24 AM

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The best practice is to always keep your funds out of exchanges. Do not leave any money there. Always move it to your wallet, no matter how much you are paying in withdrawal fees.

The safest way is this advice because once you are not holding your private key in storing your fund it means that is not yours. Just like in leaving your fund the wallet of some exchanges platform whether that is a centralized or decentralized exchange as long as they are holding your fund and they are a third party who holds your fund.

Quote from: bitmover on July 19, 2019, 08:32:24 AM

The problem with exchanges is the lack of strict regulations, and usually you are sending your money to other countries with different laws which you probably do not understand and/or have difficult to reclaim your rights. Especially cryptoxcrypto exchanges, which are usually physically located in remote locations with convenient laws (for them).

That's right and the crypto market space are now struggling on these kinds of organizations had.

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bitmover

legendary

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bitcoindata.science

The problem with exchanges is the lack of strict regulations, and usually you are sending your money to other countries with different laws which you probably do not understand and/or have difficult to reclaim your rights. Especially cryptoxcrypto exchanges, which are usually physically located in remote locations with convenient laws (for them).

There are very strict laws and regulations on banks, which give us more safety and some warranties that banks will not run away with our money. Those laws/regulations are not so strict on cryptocurrencies exchanges, so they can run away with our money easier.

The best practice is to always keep your funds out of exchanges. Do not leave any money there. Always move it to your wallet, no matter how much you are paying in withdrawal fees.

fiulpro

hero member

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Actually I don't feel comfortable with any kind of wallet online , be it exchanges .

What I do is , I instantly trade as soon as the coins are deposited there , I won't say it's not secure , it maybe secure BUT , why take the chance ?

With so many people selling buying coins it's hard to keep track and security system is somehow compromised and compared to other wallets that we usually use to keep our coins , therefore scams happens , therefore hackers Target is always online exchanges .

siruiiuris

jr. member

Activity: 59

Merit: 1

Hi, I want to share my ideas about crypto currency exchanges. I think that there are some problems. And I am wondering people are agree with me or disagree?

Today's available exchanges have really big influence over crypto currency investors:

They can appropriate the invests of investors.
If they are attacked and lost the invests to hackers, there are not any legal regulation so you can not ask about your invests to anyone.
They can stole the invests and can say that hackers has stoled the invests and anybody can not say not 'it was you'. Like Mt, Gox.

Please stop exemplify about Binance. It was their initiative and good for them. But not every exchange like them.

So how can you trade securely? Do you feel comfortable?

How do you see the future of decentralized and centralized exchanges?

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