As for the auditors, they don't even know how to audit in the first place, or is it right to say that exchanges just know how to get smarter than auditors?
Top exchanges will definitely have issues in whatever form they are and because they are well-known they will definitely get more attention from regulators than small exchanges, with all the issues they have they are still more worthy of trust than small exchanges, if big exchanges cannot be trusted then small exchanges more untrested. 
Topic: Why I will never trust top exchanges - page 2. (Read 729 times)
You can use a centralized exchange but avoid making the mistake of trusting them completely, but what does this exactly means? Avoid leaving your coins there for long periods of time, using exchanges for the reason they were created, exchanging your coins for fiat, stable coins, altcoins or bitcoin is an acceptable use of their services, but leaving your coins there and using them as your main wallet is a mistake, as you are giving them complete control over your coins and finances, and we know that all centralized institutions which have been given this power have taken advantage of it.
In addition to the fact that it is not worth keeping coins on the exchange for a long time, it would also be good to send small amounts of coins to the exchange for trade, or purchase.Let it not be so profitable, let it be spent a little more on commissions, but the risks will be less than if you sent a large amount to the exchange and the exchange blocked it for some reason.
Perhaps this is a rarity, but still I would be calmer if I knew that the blocked amount would not be critical for me. In addition, there are platforms and services that allow us to do without exchanges, but it is possible that there are certain risks in their use.
Can't guarantee about how safety our assets in decentralize exchange market and latest have bad news with BUSD as Binance stable coins, we can't predicting what happen later with Binance and how long this exchange keep in the trust line. Cold wallet or hardware wallet is the most safety place for long term holding your cryptocurrency assets than priority for saving fund in exchange market although have good trust right now.
FTX exchange collapse have enough lesson why can't fully trust with top exchange market with holding huge fund for longer time, but if try with scalping looking on exchange have good reputation but don't hold assets for longer time in exchange market.
FTX exchange collapse have enough lesson why can't fully trust with top exchange market with holding huge fund for longer time, but if try with scalping looking on exchange have good reputation but don't hold assets for longer time in exchange market.
Always you need to be very careful while using centralized exchanges and never hold long-run funds on these exchange wallets. Centralized exchanges always try to manipulate somehow the market sentiments to wash out Future trading accounts in a panic situation. The reserves in the centralized wallets are shady so keep a close eye on the News and updates.
As the currency BUSD reports the BUSD-minted tokens on the other chains are shady from the reserves point of view. BUSD on the BSC is transparent but the BUSD on other chains seems over-printed as compared to the total reserves this is the reason SEC imposed a grip on the BUSD minting.
Long story short be careful with the centralized exchanges.
As the currency BUSD reports the BUSD-minted tokens on the other chains are shady from the reserves point of view. BUSD on the BSC is transparent but the BUSD on other chains seems over-printed as compared to the total reserves this is the reason SEC imposed a grip on the BUSD minting.
Long story short be careful with the centralized exchanges.
of course everyone wants to keep their investments safe from any possibility of an exchanges crashing but the thing is, the liquidity is in these exchanges, when you are investing you want as much liquidity there is to avoid slippage, but you couldn't do that using uniswap, etc, therefore you are left without choice and that is using these exchanges, we all know that the recent incident involving the famous exchanges are quite devastating, but there's just no helping it that majority of people out there would still prefers using conventional exchange because they are more convenient and because the liquidity could hardly get out of the platform.
The fact that we still need a lot of financial services from these exchanges, means, we need to use them at one point no matter what.
As you said, just use them for like trading purposes and get out your funds as soon as you finished.
However, if you will use their savings or staking services, you are letting them to have control of your funds and you are ready to risk your funds.
Some time ago following the FTX scam, the CEO of Paxful also sent a resounding warning as an alarm call on how to use an exchange. Stressing that it wasn't safe to leave a lot of funds on an exchange, you only get to leave what you need and when your done, you tale it out. This could be another business strategy in a bid to buy trust but, it is the truth non the less. Exchanges arr subject to scams hacks and fraud that might either arise from within or out.As you said, just use them for like trading purposes and get out your funds as soon as you finished.
However, if you will use their savings or staking services, you are letting them to have control of your funds and you are ready to risk your funds.
It's not same when you have your coins saved on a wallet. You are at a better chnace of securing your funds on a wallet. You just need to be more privacy and security concerned.
to see that behind.It is really just that we cant really just avoid not to make use of their service or platform considering that conveniences that they could give then it is really that hard for us to stop.
Its true that it would be ideal if you are really just pulling your funds when you are done on trading, never ever leave those funds on exchangers but most of the time we are really that
too mindful about fees and the hassle and this is why we do decide to make it stay.
The fact that we still need a lot of financial services from these exchanges, means, we need to use them at one point no matter what.
As you said, just use them for like trading purposes and get out your funds as soon as you finished.
However, if you will use their savings or staking services, you are letting them to have control of your funds and you are ready to risk your funds.
Some time ago following the FTX scam, the CEO of Paxful also sent a resounding warning as an alarm call on how to use an exchange. Stressing that it wasn't safe to leave a lot of funds on an exchange, you only get to leave what you need and when your done, you tale it out. This could be another business strategy in a bid to buy trust but, it is the truth non the less. Exchanges arr subject to scams hacks and fraud that might either arise from within or out.As you said, just use them for like trading purposes and get out your funds as soon as you finished.
However, if you will use their savings or staking services, you are letting them to have control of your funds and you are ready to risk your funds.
It's not same when you have your coins saved on a wallet. You are at a better chnace of securing your funds on a wallet. You just need to be more privacy and security concerned.
So for me even if some big exchange has also an issue i will choose to use them because i feel more secure and safe.
It's true that most of us crypto users have to engage with centralized exchanges even if we don't want to. But you should not hold your funds there even if you feel secure and safe in your preferred exchangers. If you want, you can do short-term trading because there is no other way than using centralized exchangers for because of easy handling and low trading fees. However, centralized exchangers are never the perfect choice for securing your funds. Because here you already gave the control of your fund to them.
I agree with the OP that never looking at centralize that should not be trusted, and now after seeing the ftx exchanger incident I think the fast I can withdraw my funds from cexs , the fast I can breath
The fact that we still need a lot of financial services from these exchanges, means, we need to use them at one point no matter what.
As you said, just use them for like trading purposes and get out your funds as soon as you finished.
However, if you will use their savings or staking services, you are letting them to have control of your funds and you are ready to risk your funds.
But as much as possible, use the services of top trading platforms with insurance like with binance.
Otherwise, send your funds to your own wallet, for your own peace of mind. We can't be very sure of what will happen next in this market.
So for me even if some big exchange has also an issue i will choose to use them because i feel more secure and safe.
It's true that most of us crypto users have to engage with centralized exchanges even if we don't want to. But you should not hold your funds there even if you feel secure and safe in your preferred exchangers. If you want, you can do short-term trading because there is no other way than using centralized exchangers for because of easy handling and low trading fees. However, centralized exchangers are never the perfect choice for securing your funds. Because here you already gave the control of your fund to them.
I agree with the OP that never looking at centralize that should not be trusted, and now after seeing the ftx exchanger incident I think the fast I can withdraw my funds from cexs , the fast I can breath
You can use a centralized exchange but avoid making the mistake of trusting them completely, but what does this exactly means? Avoid leaving your coins there for long periods of time, using exchanges for the reason they were created, exchanging your coins for fiat, stable coins, altcoins or bitcoin is an acceptable use of their services, but leaving your coins there and using them as your main wallet is a mistake, as you are giving them complete control over your coins and finances, and we know that all centralized institutions which have been given this power have taken advantage of it.
In addition to the fact that it is not worth keeping coins on the exchange for a long time, it would also be good to send small amounts of coins to the exchange for trade, or purchase.Let it not be so profitable, let it be spent a little more on commissions, but the risks will be less than if you sent a large amount to the exchange and the exchange blocked it for some reason.
Perhaps this is a rarity, but still I would be calmer if I knew that the blocked amount would not be critical for me. In addition, there are platforms and services that allow us to do without exchanges, but it is possible that there are certain risks in their use.
too trusting these platforms.This is why its never been recommendable on storing up huge amounts on an exchange wallet.Nothing beats out if you do store up your assets on non-custodial than with those centralized
on which we dont possess its keys.Its just common sense on where you would be preferring into and how to avoid such risks.
You can use a centralized exchange but avoid making the mistake of trusting them completely, but what does this exactly means? Avoid leaving your coins there for long periods of time, using exchanges for the reason they were created, exchanging your coins for fiat, stable coins, altcoins or bitcoin is an acceptable use of their services, but leaving your coins there and using them as your main wallet is a mistake, as you are giving them complete control over your coins and finances, and we know that all centralized institutions which have been given this power have taken advantage of it.
In addition to the fact that it is not worth keeping coins on the exchange for a long time, it would also be good to send small amounts of coins to the exchange for trade, or purchase.Let it not be so profitable, let it be spent a little more on commissions, but the risks will be less than if you sent a large amount to the exchange and the exchange blocked it for some reason.
Perhaps this is a rarity, but still I would be calmer if I knew that the blocked amount would not be critical for me. In addition, there are platforms and services that allow us to do without exchanges, but it is possible that there are certain risks in their use.
You probably say that because of your bad experience with the top exchanges in the crypto industry. If in the top exchanges the risk still does not disappear here, what about the exchanges that are not included in the top ranking here in the crypto space, the level of risk is higher.
Also, I think that even if that happens, an exchange will remain at the top as long as they know how to immediately resolve the issue that is happening on their platform for sure.
Also, I think that even if that happens, an exchange will remain at the top as long as they know how to immediately resolve the issue that is happening on their platform for sure.
You never trust these top exchanges is your opinion and there's nothing wrong against it. After all, it's your experience.
On the other hand, if I will pick the most trusted centralized exchange so far, there's nothing come close to Binance. FTX tried to be as close as Binance to the point that many see FTX as Binance's rival, but what happened? For sure, you know what happened right?
As for me, I don't "fully" trust these top exchanges even Binance, but I will still use it because I'm trading, and it's the place where I'm buying coins that I need to hold. Even so, there are still many users of Binance who chooses to store their coins into the exchange giving the full trust to them. Maybe because they can earn extra money on their exchange thru that "earn" feature, or maybe if they need to sell or buy coins for whatever reason/s it is, they don't need to wait a little longer because they can just trade it immediately.
On the other hand, if I will pick the most trusted centralized exchange so far, there's nothing come close to Binance. FTX tried to be as close as Binance to the point that many see FTX as Binance's rival, but what happened? For sure, you know what happened right?
As for me, I don't "fully" trust these top exchanges even Binance, but I will still use it because I'm trading, and it's the place where I'm buying coins that I need to hold. Even so, there are still many users of Binance who chooses to store their coins into the exchange giving the full trust to them. Maybe because they can earn extra money on their exchange thru that "earn" feature, or maybe if they need to sell or buy coins for whatever reason/s it is, they don't need to wait a little longer because they can just trade it immediately.
Well i guess many people still choose top exchange than any other, it is because they are most trusted than other exchange they ranked as top exchange for nothing, maybe expert saw that they are more secure than to those who are not rank as top. So for me even if some big exchange has also an issue i will choose to use them because i feel more secure and safe.
You can use a centralized exchange but avoid making the mistake of trusting them completely, but what does this exactly means? Avoid leaving your coins there for long periods of time, using exchanges for the reason they were created, exchanging your coins for fiat, stable coins, altcoins or bitcoin is an acceptable use of their services, but leaving your coins there and using them as your main wallet is a mistake, as you are giving them complete control over your coins and finances, and we know that all centralized institutions which have been given this power have taken advantage of it. 
No matter what you plan to do on centralised exchanges, do not trust them.
I would trust them if they are top exchanges but to the point so they can work on it, even though in the background their words don't necessary true and could be worse in the background. I've seen something like if they get hacked and they said "your funds are safe" but in the background it's worse than that so they told us "safe" to keep the users on their platform. You can store small money on there but whatever you do, there are always risks that exchange could have problem later, that risks your money as well. 
Well i guess many people still choose top exchange than any other, it is because they are most trusted than other exchange they ranked as top exchange for nothing, maybe expert saw that they are more secure than to those who are not rank as top. So for me even if some big exchange has also an issue i will choose to use them because i feel more secure and safe.
Weeks ago Binance admits to the mistake of storing users funds in a collateral wallet, is this not why they passed the Reserve Audit?🤦 All they have to do is just move crypto assets that belongs to exchange users into their collateral wallet and pass the audit and avoid getting caught. Then they go on Twitter and make a tweet that "Funds are Safu".
https://dailyhodl.com/2023/01/24/binance-admits-to-mistake-of-storing-its-users-crypto-assets-inside-collateral-wallet-report/
I believe the came out in the open before someone else does, to keep their reputation in checked.
As for the auditors, they don't even know how to audit in the first place, or is it right to say that exchanges just know how to get smarter than auditors?
Anyway, it's easier for them to meddle with users funds and do what they feel like, FTX Sam was caught doesn't mean he is the only bad actor, others aren't pure as well.
No matter what you plan to do on centralised exchanges, do not trust them.
It’s really a big mistake to trust exchanges because they are not there to secure your funds and keep them safe forever, but to make use of it and to make advantage of your own funds so they can grow and expand their business using your deposits. This is really in general because it’s certainly a fact that no single exchange can guarantee the security of our coins, not today and not tomorrow. If you aim to make your coins safe, then prefer to have your own wallet, that way you have all the means to make it fully secured.https://dailyhodl.com/2023/01/24/binance-admits-to-mistake-of-storing-its-users-crypto-assets-inside-collateral-wallet-report/
I believe the came out in the open before someone else does, to keep their reputation in checked.
As for the auditors, they don't even know how to audit in the first place, or is it right to say that exchanges just know how to get smarter than auditors?
Anyway, it's easier for them to meddle with users funds and do what they feel like, FTX Sam was caught doesn't mean he is the only bad actor, others aren't pure as well.
No matter what you plan to do on centralised exchanges, do not trust them.
Every exchange has their own issues but if you wouldn't trust too exchanges, are you going to risk your funds in unknown exchanges with worse issues? I believe that if an exchange is providing good services and have a good trading volume, they still worth our trust. There's just no guarantee that they can secure our funds all the time so we must take charge of handling it responsibly. Placing and storing our personal funds in our personal wallets will be the safest thing to do.
Weeks ago Binance admits to the mistake of storing users funds in a collateral wallet, is this not why they passed the Reserve Audit?🤦 All they have to do is just move crypto assets that belongs to exchange users into their collateral wallet and pass the audit and avoid getting caught. Then they go on Twitter and make a tweet that "Funds are Safu".
https://dailyhodl.com/2023/01/24/binance-admits-to-mistake-of-storing-its-users-crypto-assets-inside-collateral-wallet-report/
I believe the came out in the open before someone else does, to keep their reputation in checked.
As for the auditors, they don't even know how to audit in the first place, or is it right to say that exchanges just know how to get smarter than auditors?
Anyway, it's easier for them to meddle with users funds and do what they feel like, FTX Sam was caught doesn't mean he is the only bad actor, others aren't pure as well.
No matter what you plan to do on centralised exchanges, do not trust them.
It’s really a big mistake to trust exchanges because they are not there to secure your funds and keep them safe forever, but to make use of it and to make advantage of your own funds so they can grow and expand their business using your deposits. This is really in general because it’s certainly a fact that no single exchange can guarantee the security of our coins, not today and not tomorrow. If you aim to make your coins safe, then prefer to have your own wallet, that way you have all the means to make it fully secured. https://dailyhodl.com/2023/01/24/binance-admits-to-mistake-of-storing-its-users-crypto-assets-inside-collateral-wallet-report/
I believe the came out in the open before someone else does, to keep their reputation in checked.
As for the auditors, they don't even know how to audit in the first place, or is it right to say that exchanges just know how to get smarter than auditors?
Anyway, it's easier for them to meddle with users funds and do what they feel like, FTX Sam was caught doesn't mean he is the only bad actor, others aren't pure as well.
No matter what you plan to do on centralised exchanges, do not trust them.
People can trust or not trust whoever or whatever they want, there isn't anything that we could do about it. I personally believe that there are some exchanges I am happy with and that is fine by me, but if you could buy a ledger, or at least have enough money to worth buying a ledger then in that case it would be a lot better of course.
At the end of the day, you will have to transfer them to an exchange and it is better to do that to big exchanges, that way you would be able trade with people who trust that exchange the most. Aside from those trading periods, you could always deposit and withdraw from them and into your ledger which would make sure that they are always safe.
When it comes to trusting then each one of us does really have different approach on particular things and speaking about trusting top exchangers out there then its a personal choice.The important thing on here isAt the end of the day, you will have to transfer them to an exchange and it is better to do that to big exchanges, that way you would be able trade with people who trust that exchange the most. Aside from those trading periods, you could always deposit and withdraw from them and into your ledger which would make sure that they are always safe.
that you do know on what are the accompanied risk for these platforms to have.We aren't that blind not to see those past events or bad history about exchange hacks or even running away funds(FTX)
which we can really consider out that we cant fully 100% trust up no matter how good looking they would be.This is why its never been that recommendable to store up your 100% part of your investment
or coins on a certain place because you cant be sure on when they would be experiencing some huge problems or issues.So its better to be paranoid than on taking yourself or put at risk.
People can trust or not trust whoever or whatever they want, there isn't anything that we could do about it. I personally believe that there are some exchanges I am happy with and that is fine by me, but if you could buy a ledger, or at least have enough money to worth buying a ledger then in that case it would be a lot better of course.
At the end of the day, you will have to transfer them to an exchange and it is better to do that to big exchanges, that way you would be able trade with people who trust that exchange the most. Aside from those trading periods, you could always deposit and withdraw from them and into your ledger which would make sure that they are always safe.
At the end of the day, you will have to transfer them to an exchange and it is better to do that to big exchanges, that way you would be able trade with people who trust that exchange the most. Aside from those trading periods, you could always deposit and withdraw from them and into your ledger which would make sure that they are always safe.
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