Why I will never trust top exchanges - page 4.

iv4n

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Quote from: Crypt0Gore on February 04, 2023, 03:52:34 AM

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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.

pawanjain

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Quote from: Crypt0Gore on February 04, 2023, 02:20:07 AM

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.

As long as we are not holding the keys to our own wallets the funds are not SAFU.
If we are depositing the funds on exchanges then we wont be in control of our keys and its as simple as that.
This is the only reason why you should not trust ANY exchanges and not just top exchanges.

lixer

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Quote from: Synchronice on February 08, 2023, 12:36:29 PM

Binance Acknowledges Storing User Funds With Collateral in Error - Source is Bloomberg and there is a lot more written about this accident than in the OP source. I'm posting it for people who want to know more.

You should never trust any exchange but it's fact that Binance is doing well and we don't have better available choices in terms of wide range of coins, easy accessibility, user-friendly UI and quality service.
But we don't have to bury in oblivion that Binance is not a company of its words. They always lie where they can, then mask this lie by pretending it to be an error that they'll fix soon and then they continue their operation. Then Changpeng Zhao tweets something Cool and his fans are getting wet.

To be honest, I don't really know if anyone trusts exchanges or similar service providers. I think we all know that we don't have to trust them but we just risk because sometimes it might worth and avoids us a lot of headache.

If we won't trust any exchange including those who are at the top then how can we trade our coins? I think we shouldn't be afraid to take risk but we should not only store our cryptos inside them just to be safe from hacks and other restrictions. There are other crypto exchanges who are also good next to binance.

Kuckoin and houbi for example and I think both of them never got involved yet on a serious anomaly like binance is facing right now. We can always transfer them if we have in doubts with binance. Binance has a lot of money and they can always pay the media to make them look good but deep inside is they are planning something else.

irhact

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Quote from: Fatunad on February 08, 2023, 05:44:49 PM

In choosing in between top exchanges and those unknown ones then there's no question on which one you should choose and its just common sense.We arent that dumb on not to know on which one would be worth for you to make use and which one is to avoid.

Those are my thoughts exactly because I was surprised with the thread caption, if you don't trust the top exchanges then which other ones are there to be trusted. This exchanges didn't just get to the top by buying their way there, they earned it as members trusted them to be more reliable than the others. We should use top exchange to trade to avoid been scammed as they're are many scam exchange available in the market.

Most top exchange operates on integrity and only a few let the fame get into their head and they begin acting as SBF did with FTX. All we just have to do is avoid storing our coins on the exchange as hacks or collapse of an exchange can happen to all of the exchanges available in the markets, it doesn't matter if they're centralized or decentralized.

Fatunad

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In choosing in between top exchanges and those unknown ones then there's no question on which one you should choose and its just common sense.We arent that dumb on not to know
on which one would be worth for you to make use and which one is to avoid.Of course we would be sticking into those trusted platform when it comes on trading out our assets and make
out some conversion out of our crypto to fiat which is only possible via these exchange platforms and this is why we cant really that able to say for us not to be helpful or useful that way.
Just make yourself that be aware on the risk and never make an exchange to be your main wallet of your assets.

BitDane

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@OP, you can always opt to not use any centralized exchanges if you will not trust even the top exchanges, that may lead you to using any decentralized exchagne... o wait that is still exchanges so where would you trade your cryptocurrency then if you are hesitant to trust even the largest centralized exchanges?

I think you should have rephrase your title to "I will never completely trust even the top exchanges". Anywho, we should only use exchanges as what they should be. We should only put our funds to it when we are buying or selling stuff, if we are done with our business, we must withdraw any funds we have from exchanges towards our own wallet. Even though Binance say that it is safe to trust our funds to them, i feel it is still a bullsh*t to entrust our own money to any third party services.

Finestream

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Quote from: Crypt0Gore on February 04, 2023, 02:20:07 AM

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.

Centralized exchanges still do not guarantee the safety and security of our own coins, not even the leading exchanges. So why we should trust them in the first place? It’s safer to just create our own non-custodial wallet so we can have the full control over our funds, and not allowing third party to have an access on our own account. Otherwise, if we keep on trusting those top exchanges thinking that they will never be scammed, I guess we are the one putting danger on our own account as they can eventually become a target of scammers once they are placed in a centralized platform.

milewilda

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Quote from: RockBell on February 08, 2023, 11:21:11 AM

If I'm being honest, I'd rather trust reputable exchanges than ones I don't know well than the ones I don't have any idea about also with zero reputation, after all, they say that the devil you know is better than the angel you don't, despite the fact that exchanges carry some risk, it's still impossible for them to be completely left out of the industry. However, the most important thing to remember is never to leave your assets on any exchange.

Risks is always there which is commonly accompanied on whatever platform that we are dealing with.We know on how popular Binance is or any other top platforms out there where people been using but we do know
that chances of running away or getting hacked is always lying on the corner which we cant be sure on where they would be tending to make things shit and this is why always stick into the main thing on where
you shouldnt really be leaving out all of your assets on an exchange.We wont know on when they would really be able to reach out those things whether intentionally or accidentally
and no one really knows so always prepare for that one.

Synchronice

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Binance Acknowledges Storing User Funds With Collateral in Error - Source is Bloomberg and there is a lot more written about this accident than in the OP source. I'm posting it for people who want to know more.

You should never trust any exchange but it's fact that Binance is doing well and we don't have better available choices in terms of wide range of coins, easy accessibility, user-friendly UI and quality service.
But we don't have to bury in oblivion that Binance is not a company of its words. They always lie where they can, then mask this lie by pretending it to be an error that they'll fix soon and then they continue their operation. Then Changpeng Zhao tweets something Cool and his fans are getting wet.

To be honest, I don't really know if anyone trusts exchanges or similar service providers. I think we all know that we don't have to trust them but we just risk because sometimes it might worth and avoids us a lot of headache.

Oneandpure

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Keep respect with your viewed about never trust with top exchange market after FTX exchange collapse last year and many investor losing their much money there, but if you don't trust any top exchange market how possibility with your cryptocurrency exchange for selling? Your cold or hardware wallet can't convert or possibility for withdrawing to be cash.

You still need exchange global market between Binance have P2P support or using local exchange withdrawing your fund to Bank account, seems funny finding some one not trust yet with top exchange and how possibility get profit with trading in cryptocurrency without use third way as exchange market.

RockBell

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Underestimate- nothing

If I'm being honest, I'd rather trust reputable exchanges than ones I don't know well than the ones I don't have any idea about also with zero reputation, after all, they say that the devil you know is better than the angel you don't, despite the fact that exchanges carry some risk, it's still impossible for them to be completely left out of the industry. However, the most important thing to remember is never to leave your assets on any exchange.

Rengga Jati

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Quote from: Crypt0Gore on February 04, 2023, 02:20:07 AM

Why I will never trust top exchanges
.......
No matter what you plan to do on centralised exchanges, do not trust them.

I will rather say " never trust in exchanges"
Because if you said "never trust top exchanges, it means that you want to trust lower exchanges, this is much worse.
Exactly, exchanges, moreover the CEX is only a platform for us to trade and to do such transactions, but it doesn't mean to be our wallet to be used for long-term investment. For, this will be very risky, not only for our asset owners but also the security. Trusting them 100% will be worse again. But we can't do anything if we are still doing trading activities, I will prefer to use top exchanges than small exchanges. But once more, I will take out the profits or some of the profits from the exchanges to my personal wallets or even cash it out. Actually, this also relates to money and risk management to make our funds much safer, a little bit safer.

freedomgo

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Quote from: mk4 on February 04, 2023, 02:25:35 AM

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.

I would also do the same in case. It’s not bad to trust top exchanges as long as you do it for trading purposes only, and the rest of your funds should still be kept in your own secured wallet. But if you can avoid all centralized exchanges even the top ones, that will be a lot better. After all, trusting even those top exchanges will never guarantee long term security, that’s why we have to trust our own wallet instead.

tvplus006

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Quote from: Oceat on February 05, 2023, 11:38:55 AM

...But if someone doesn't like the idea that these CEX aren't safe then don't store your funds on their exchange and you will be safe.

I think that it is not necessary to keep money on a centralized exchange in any case, regardless of your attitude to them. It should be remembered that exchanges are not created for the hol of coins, but for short-term trading. Accordingly, all coins that are not involved in trading must be withdrawn to the wallet.

Patrol69

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Quote from: Frankolala on February 06, 2023, 10:22:08 AM

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.

How can people trust other exchanges where exchanges like FTX have cheated people. There are many of us who use different exchange wallets as our banks which exposes our funds to a lot of risk. It is much safer for our assets if we only use exchanges to buy and sell coins.

But since FTX cheated people people have become more aware about it. Nowadays most people cannot trust any exchange. Because at any time any exchange can cheat people again. So in my opinion it is better to use the exchange's wallet as a crypto market instead of using it as a bank.

Frankolala

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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.

Altryist

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Quote from: martyns on February 06, 2023, 09:54:51 AM

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.

martyns

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Quote from: Alisha-k on February 06, 2023, 08:21:21 AM

Top exchanges are better than random exchange whom most of them are start ups. Instead of losing trust on this top exchanges it is better to treat them like the regular market place where you buy your coin. And like a market when you pay for a goods or service you leave with them or you get your services delivered. Buy from this exchange as store the coin in your cold wallet and never trust them to save your coin for you.

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.

Alisha-k

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Top exchanges are better than random exchange whom most of them are start ups. Instead of losing trust on this top exchanges it is better to treat them like the regular market place where you buy your coin. And like a market when you pay for a goods or service you leave with them or you get your services delivered. Buy from this exchange as store the coin in your cold wallet and never trust them to save your coin for you.

Vyeon11

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then if it's like that you have to trust who in such a case.
of course all human beings have something called mistakes, don't consider other people only with the bad things, but also see the good side.
I also understand, it's not impossible that events like ftx don't happen on binance, but don't worry too much about things that are uncertain, the most important thing is to secure your assets in the safest hardware wallet, when you want to sell your assets, then you send them to the market , as simple as that.

Topic: Why I will never trust top exchanges - page 4. (Read 798 times)