Well, trust is expensive for those who know its value, for me, I can only trust in what I created by myself, based on the confidence I have in it that I did a great job, aside this, I don't trust even my non-custodial wallet, let alone trusting a centralized exchange, but my lack of trust in this services does not stop me from using them, after all, I have no choice but to.
The little trust I have in non-custodial wallets is that since I started using it, it has never been hacked, except for one time for one time I connect my wallet to a phishing website, they drained all my shitcoins, which I didn't really feel bad about anyway, so it is my simple advice to never leave your funds on a centralized exchange, no matter how big the exchange is, and also, don't keep all your funds on one non-custodial wallet, good practice is to separate them, based on the quality of the projects and money invested in them.
Topic: Why I will never trust top exchanges - page 3. (Read 798 times)
legendary
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You are on point mate,and also,due to the awful tragedies that have occurred in the past, it is exceedingly difficult to trust leading exchanges in the cryptocurrency industry. Witnessing such a significant loss of exchange-stored funds is agonizing. Given that Binance is the safest exchange in the world and has the lowest rate of scams, it might be advisable. No one is willing to risk their money on exchanges since there have been several instances of money being lost on exchanges like the FTX, which has instilled dread in the minds of traders and investors.
It is not worth evaluating which of the exchanges can be safer, any of them carries an equivalent danger if you store your money on it. Today it seems safe, but tomorrow anything can happen, it can be bankruptcy, or a banal blocking of a user for any reason. By the way, it is even spelled out in the user agreement that the exchange can block your account at any time. So do not store coins on the exchange, there are more reliable options for this.
Not your keys, not your coins.
I don't why other people still store their money in exchanges, it's not a hardwallet or even cold wallet where you can store and hodl your coins for a long time before you wanted to sell it in a best price. Exchanges have so many flaws, even the big ones, so it's not really a good thing to store anything on them unless you're trading daily so you can monitor your funds and make withdrawals of your profits anytime you want.
I don't why other people still store their money in exchanges, it's not a hardwallet or even cold wallet where you can store and hodl your coins for a long time before you wanted to sell it in a best price. Exchanges have so many flaws, even the big ones, so it's not really a good thing to store anything on them unless you're trading daily so you can monitor your funds and make withdrawals of your profits anytime you want.
Whether it was centralized or decentralized exchanges we don't have to store our funds there for long as it was safe if we have full control of funds than relying on these exchanges. Because what happens to FTX and many scam exchanges will serve us a lesson on the risk of putting our money in any exchanges.
I have no say for now for Binance but I think they face some issues as well. I don't encourage people to withdraw their funds from them but we also have to play it safe as it was too painful losing our money because of trust that has been broken.
I have no say for now for Binance but I think they face some issues as well. I don't encourage people to withdraw their funds from them but we also have to play it safe as it was too painful losing our money because of trust that has been broken.
It's true that there are other issues that top exchanges are also experiencing and they have to resolve them before something worst happens.
Binance admitted that they're also having a reserve for the user's fund as there's a portion of it that they do convert or invest somewhere.
But by the time a user wants to withdraw it, they have to make sure that it is withdrawable and that they're able to prove it. Not defending them but it's a normal thing to be done by any exchange that has their user's fund.
Binance admitted that they're also having a reserve for the user's fund as there's a portion of it that they do convert or invest somewhere.
But by the time a user wants to withdraw it, they have to make sure that it is withdrawable and that they're able to prove it. Not defending them but it's a normal thing to be done by any exchange that has their user's fund.
...
I still use Binance exchange but I don't trust them, there is a difference between not trusting and not using. Master 2know.
I still use Binance exchange but I don't trust them, there is a difference between not trusting and not using. Master 2know.
Why would you use them if you don't trust them? I guess that would be fine if there are no alternatives, but in this case, there are many. Of course, I am not talking about some 100% faith in the service, but if I don't have some basic confidence I will probably move away and I will not make any deposits.
By the way, after mandatory KYC I simply moved away from Binance... it's a top exchange, but I don't like this part.
I'm a bit wondering, if you don't trust them, how can you use them, this is not logical at all, whoever is using it is also a believer, but the level of trust is not absolute. If you say you don't trust it, why not choose other exchanges instead of Binance, and if it is unreliable, how did it become a top exchange? I still believe in Binance but I use it for what it is, it's only for trading and not a long-term store of assets. Don't blame exchanges when we abuse them.
It's always good to withdraw your investment funds from an exchange instead of keeping it long term there. I don't mind admitting that Binance is one of the most trusted exchanges right now, but trusted exchange doesn't mean it's safe for you to keep your funds there long term.
Many people have convinced beginners and everyone else about the risks, but it's up to everyone to decide. If you trust the exchange for your funds in the long term, then you should consider the risks "not recommended". A good standard is to have personal wallet, have custody of your funds, and keep it safe.
Binance is one of the leading exchanges, but I don't think that adds to their reliability, or that they can be trusted with funds for a long period.Many people have convinced beginners and everyone else about the risks, but it's up to everyone to decide. If you trust the exchange for your funds in the long term, then you should consider the risks "not recommended". A good standard is to have personal wallet, have custody of your funds, and keep it safe.
We have some very compelling lessons in the past that show that there are no reliable exchanges. You can hold the coins for several years and everything will be fine, but just one day is enough for the exchange to block the withdrawal of funds and possibly declare itself bankrupt after that, and everyone will lose everything again, as it has happened in the past.
Perhaps binance can become an exception to the rule, I would be happy about it, but as long as there are risks in which you can lose coins on the exchange, I would not keep them there, you are right that there are wallets for this.
They definitely have their issues, but if I were to need to pick an exchange that I would trust, it would most likely be the top ones. At least rather than those exchanges with non-public team members.
Of course as always, withdraw your funds if you're not trading them and yadda yadda.
Let’s just say issues are part of centralized exchanges, but as long as they can eventually address the problems quickly and find solutions to it, then they’re good enough. However, if you aim for the security and safety of your funds, that one thing these exchanges cannot guarantee us because as long as we don’t hold our keys, our funds are considered theirs, so they have all the means to access our funds and even steal it if they really wish to. The reason why we can never trust top exchanges since they are just taking advantage of our funds indirectly. Of course as always, withdraw your funds if you're not trading them and yadda yadda.
No matter what you plan to do on centralised exchanges, do not trust them.
Actually, don't trust anyone or anything in the cryptocurrency world. We cannot trust some projects, exchanges both top, middle, or small, DEX or CEX. It means that whatever the condition, we must be careful in every crypto activity and business. But, we can take any advantages of the top exchanges, much better than small exchanges because small changes will die more easily than top exchanges. Taking profits from the exchanges by doing some trading activities may be usual and it is no problem and I will prefer to top exchanges. But, we cannot trust them 100%. Just be careful about what's going on in the crypto world. it is undeniable that there are still traders or maybe holders who keep their money in the exchange. and of course, they must still know what the risks are. FTX has taught us a lesson. and all depends on the most convenient option that we can choose.
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.
I find your posture to be reasonable, exchanges can be used but traders need to always be very careful about how they deal with them, because as we know hackers are always looking to get around the security of exchanges and if at the time you have all your coins there then it is likely that you may never recover your money, so whenever you are done exchanging your coins you need to get them out as soon as possible to avoid a scenario like the one I am describing. 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.
At present, nothing can be trusted 100%. There will always be exchanges that fail due to issues such as hacking or the founder's shady practices.
Looking back at past exchanges like Cryptopia, Novaexchange, and Mt-Gox, they all ended similarly and hurt many people. They were hacked and many users' assets were lost and couldn't be recovered.
I even have some assets still stored in Cryptopia and Novaexchange, and they are already lost with no compensation or other incentives.
And by the end of 2022, FTX reminded us of all of the old wounds, losing many assets and hurting many people. FTX wasn't even hacked, but the founders of FTX became greedy and instantly destroyed FTX.
But can Binance, as a popular centralized exchange currently, maintain the trust of its users or investors? We can only see how they provide the best for their customers. Never trust 100% of your assets to anyone.
Looking back at past exchanges like Cryptopia, Novaexchange, and Mt-Gox, they all ended similarly and hurt many people. They were hacked and many users' assets were lost and couldn't be recovered.
I even have some assets still stored in Cryptopia and Novaexchange, and they are already lost with no compensation or other incentives.
And by the end of 2022, FTX reminded us of all of the old wounds, losing many assets and hurting many people. FTX wasn't even hacked, but the founders of FTX became greedy and instantly destroyed FTX.
But can Binance, as a popular centralized exchange currently, maintain the trust of its users or investors? We can only see how they provide the best for their customers. Never trust 100% of your assets to anyone.
No matter what you plan to do on centralised exchanges, do not trust them.
Actually, don't trust anyone or anything in the cryptocurrency world. We cannot trust some projects, exchanges both top, middle, or small, DEX or CEX. It means that whatever the condition, we must be careful in every crypto activity and business. But, we can take any advantages of the top exchanges, much better than small exchanges because small changes will die more easily than top exchanges. Taking profits from the exchanges by doing some trading activities may be usual and it is no problem and I will prefer to top exchanges. But, we cannot trust them 100%. Just be careful about what's going on in the crypto world. 
Exchanges are like our local markets where we buy and sell commodities and shouldn't be used as a bank because in the aspect of trusting them with your assets,you will end up losing it due to the various activities in which the exchanges uses customers funds for. No exchange is safe so give them zero percent trust.
As for the auditors, I guess the exchanges will not allow them to do their work properly and this will discourage them from proper audition, especially if the auditors have been given an envelope to just say yes it's done. It is only traders that needs the exchanges often for trading,since their funds will always be there.
In simpler thought, all kinds of exchanges whether they’re on top of it or just starters, are need to be discouraged and should never be entrusted with our valuable coins if we wish to grow them in the future. Otherwise, these trading exchanges would only use our funds to grow their business and worst is once they have taken our keys, it’s like they are given the permission now to own our coins. Otherwise, if we don’t want it to happen, then never be tempted with promising words from top exchanges.As for the auditors, I guess the exchanges will not allow them to do their work properly and this will discourage them from proper audition, especially if the auditors have been given an envelope to just say yes it's done. It is only traders that needs the exchanges often for trading,since their funds will always be there.
it would really be creating that kind of feeling that this is something that you could trust which its normal and even myself is guilty to this but still my realization do comes to think that we've seen
exchange hack and scams back in the past on where these top platforms or exchangers could really still end up on the same path.There's no such thing about forever
thats why its never been good to put up your trust and confidence and making these platforms as your main wallet.
Exchanges are like our local markets where we buy and sell commodities and shouldn't be used as a bank because in the aspect of trusting them with your assets,you will end up losing it due to the various activities in which the exchanges uses customers funds for. No exchange is safe so give them zero percent trust.
As for the auditors, I guess the exchanges will not allow them to do their work properly and this will discourage them from proper audition, especially if the auditors have been given an envelope to just say yes it's done. It is only traders that needs the exchanges often for trading,since their funds will always be there.
In simpler thought, all kinds of exchanges whether they’re on top of it or just starters, are need to be discouraged and should never be entrusted with our valuable coins if we wish to grow them in the future. Otherwise, these trading exchanges would only use our funds to grow their business and worst is once they have taken our keys, it’s like they are given the permission now to own our coins. Otherwise, if we don’t want it to happen, then never be tempted with promising words from top exchanges. As for the auditors, I guess the exchanges will not allow them to do their work properly and this will discourage them from proper audition, especially if the auditors have been given an envelope to just say yes it's done. It is only traders that needs the exchanges often for trading,since their funds will always be there.
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.
We should not trust the top or lower-rated exchanges in general, as they are known as central exchanges that are controlled by people and institutions, and if anything happens to the centralized exchange platform from hacking, bankruptcy, or any reckless action by its team, it will be many, many affected users who trusted this centralized exchange blindly and saved their funds on it, Sam Bankman gave us a strong example after his centralized platform destroyed the hopes and fortunes of traders and investors, so we should not be a victim of another exchange platform, what will we lose if we buy a popular hardware wallet with some money and we kept our assets on it, losing some fees is better than losing all your wealth in the event that something happens to the centralized exchange platform that you support. No matter what you plan to do on centralised exchanges, do not trust them.
You can always use Binance at your own convenience but yeah never trust them with your long term holdings because its not safe at all, learned from what happened to many exchanges and start saving your crypto on a wallet that you have control and be more safe. There’s a pros and cons with CEX, and even the top exchange are not exempted to this one, Binance is still good though despite of their new rules with KYC, many are still trusting this platform for their trading purposes.
It's always good to withdraw your investment funds from an exchange instead of keeping it long term there. I don't mind admitting that Binance is one of the most trusted exchanges right now, but trusted exchange doesn't mean it's safe for you to keep your funds there long term.Many people have convinced beginners and everyone else about the risks, but it's up to everyone to decide. If you trust the exchange for your funds in the long term, then you should consider the risks "not recommended". A good standard is to have personal wallet, have custody of your funds, and keep it safe.
...
I still use Binance exchange but I don't trust them, there is a difference between not trusting and not using. Master 2know.
I still use Binance exchange but I don't trust them, there is a difference between not trusting and not using. Master 2know.
Why would you use them if you don't trust them? I guess that would be fine if there are no alternatives, but in this case, there are many. Of course, I am not talking about some 100% faith in the service, but if I don't have some basic confidence I will probably move away and I will not make any deposits.
By the way, after mandatory KYC I simply moved away from Binance... it's a top exchange, but I don't like this part.
They definitely have their issues, but if I were to need to pick an exchange that I would trust, it would most likely be the top ones. At least rather than those exchanges with non-public team members.
Of course as always, withdraw your funds if you're not trading them and yadda yadda.
Well, exchanges have their inevitable issues no matter how reputable they are, not because of their own services or actions, but for some reasons, it’s the gamblers themselves that have their own issues and they just put their blame on the exchanges. However, although it’s not right to trust centralized exchanges for our coins or funds, but for starters, it would be better to trust first those top exchanges in the market when they start trading and eventually transfer their coins the moment they start to establish their own wallet. Of course as always, withdraw your funds if you're not trading them and yadda yadda.
I understand why you might believe that centralized exchanges cannot be trusted because I am a crypto fan. I do think there are things we can do to safeguard our money and choose the exchanges we use wisely, though.
Here are some suggestions to bear in mind:
In conclusion, it's critical to note that not all centralized exchanges are created equal, even though it's crucial to be watchful regarding the security of your money. You may safeguard your cryptocurrency holdings and choose where to store your money wisely by doing your own research, employing hardware wallets, and maintaining a diverse portfolio.[/list]
Here are some suggestions to bear in mind:
- DYOR: Be sure to properly examine a platform before putting any money up for trade. To determine their dependability, look into their security protocols, background, and user reviews.
- Use a hardware wallet: It's always a good idea to store big quantities of cryptocurrencies in a hardware wallet. By doing this, you will have more control over your private keys and lessen the chance that your money will be stolen.
- Maintain a varied portfolio: Last but not least, it's wise to distribute your money around several exchanges and platforms. This will prevent you from losing all of your money at once in the event that one exchange has problems.
In conclusion, it's critical to note that not all centralized exchanges are created equal, even though it's crucial to be watchful regarding the security of your money. You may safeguard your cryptocurrency holdings and choose where to store your money wisely by doing your own research, employing hardware wallets, and maintaining a diverse portfolio.[/list]
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.
I think there has to be an independent body of Auditors who specifically specialise in the audit of crypto exchanges they should have the necessary expertise and should do audit in regular intervals so it's not easy for the exchanges to fool them as well. But obviously such a thing is hard to be implemented in a decentralised society especially when it's against an exchange like Binance. 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.
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