Why I will never trust top exchanges - page 5.

Darker45

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Quote from: pixie85 on February 04, 2023, 02:12:32 PM

Quote from: Darker45 on February 04, 2023, 08:13:05 AM

Don't trust them, yeah, but if you were to somehow trust a centralized exchange at some point, you better give that trust to a more popular rather than to an unknown exchange.

It's always easy for these centralized exchanges to meddle with the users funds because the users themselves all agreed to the terms and conditions set by these platforms. If you could remember the terms and conditions of the bankrupt Celsius, it was like you give them your money as soon as you made the deposit. Users all agreed to that ridiculous term.

That's true it's better to use a big exchange that jumps all the hoops to get licenses and approvals like Coinbase than use a small exchange with low volume and no audits, but if you have a choice in the matter you should not trade at all.

I always say that trading is just too risky because you're putting all your money on the line to earn that 5 or 10% from trading. If they decide you're a criminal or your coins were mixed with stolen ones and ban you what are you going to do? There are other ways to exchange your coins than the ones centralized exchanges offer.

The risk in trading is different from the risk in doing everything in a centralized platform. Trading could easily give you losses instead of profit. That is even if you carefully analyze all the charts and apply all the tools you could use. That's the risk in trading.

That your account could be frozen and your funds locked for reasons you are not even aware of are the risks in doing trading in a centralized platform.

So that's double risky for everybody doing trades in centralized exchanges.

LDL

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Quote from: theskillzdatklls on February 05, 2023, 12:26:41 AM

After the latest FTX debacle, if there's anything people should take away, if it wasn't already known, is that there's a lot of value in self-custody. These things can always blow up and then you are totally screwed.

Yes, the FTX bankruptcy and scandal created a scary environment for cryptocurrencies. Especially those who stored their cryptocurrencies in online wallets, centralized exchange (FTX) wallets have been left completely alone. The year 2022 was a scandalous bloody chapter for cryptocurrencies, until now cryptocurrency traders, investors, holders have stored their cryptocurrencies in centralized exchanges for the failure of centralized exchange adaptation. Afraid to do it, But I store my cryptocurrency in centralized exchange only for trading, withdraw immediately when I get some profit from trading.

GeorgeJohn

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Quote from: Sandra_hakeem on February 05, 2023, 05:15:15 PM

Centralized exchange isn't to be trusted dude... You know these things and you saw the recent happenings from FTX last year; everyone hasn't recovered yet from the shock and I think that has given everyone a second thought when trading with centralized exchanges.
Remember when he(bank-man fried) came up and said he hadn't enough funds to enhance the pay-slot and make payments and refunds....just wow!! There' are silly mistakes I'll never get to make in life -- most especially when I've seen so many peeps falling a victim already

Sandra 🧑‍🦰

What i will say concerning this scenario is that op is not enlightened, shall will not blame any statement alters in respect of exchanges, many of the exchanges now should be tagged as centralized exchanges, i believe everyone has learnt a lesson with the previous occurrence of centralized exchanges from my perspective, so therefore i believe that everyone should be careful concerning it's ways.

Sandra_hakeem

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Centralized exchange isn't to be trusted dude... You know these things and you saw the recent happenings from FTX last year; everyone hasn't recovered yet from the shock and I think that has given everyone a second thought when trading with centralized exchanges.
Remember when he(bank-man fried) came up and said he hadn't enough funds to enhance the pay-slot and make payments and refunds....just wow!! There' are silly mistakes I'll never get to make in life -- most especially when I've seen so many peeps falling a victim already

Sandra 🧑‍🦰

Adbitco

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At this extent who then still keep saving their funds on centralized exchange after the numerous drama of what is happening around them, I don't just feel to say more because I believe lots of answer have been given to you already.
What you should do is that, always keep your CEX account clear from holding and saving any of your funds inside rather look for another alternative and moved out your funds to a safe wallet and be free from unnecessary drama, you only use them for instantly sell/buy. Also have it in your mind, not your key not your funds.

Oceat

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Quote from: tvplus006 on February 05, 2023, 07:13:06 AM

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

...No matter what you plan to do on centralised exchanges, do not trust them.

Of course, everyone should know all the negative factors of using centralized exchanges, but it will be almost impossible to completely abandon their use. In this case, the top exchanges will be the best solution to choose, since the risk of losing your money is much higher when using unknown exchanges.

I don't know if OP is aware of this that only top exchanges we could trust rather than those unknown exchange that I saw a lot of thread here telling that their funds are missing or they can't open their account after depositing on an unknown exchange. Top exchanges might have some issues but they resolved it immediately that's why you can trust them.

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.

tvplus006

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

...No matter what you plan to do on centralised exchanges, do not trust them.

Of course, everyone should know all the negative factors of using centralized exchanges, but it will be almost impossible to completely abandon their use. In this case, the top exchanges will be the best solution to choose, since the risk of losing your money is much higher when using unknown exchanges.

drwhobox

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Quote from: JoyMarsha on February 04, 2023, 02:32:52 PM

By right, exchanges are not meant to trust for storing your assets. I only trade with them and remove my funds from the exchange. Having my funds on exchanges means am in for the risk it comes with it.

As it stands, Binance is the exchange I can readily rely on to store my assets for a while. On the Luna crash and the FXT exchange, I saw how it responded and performed. Although a major exchange like Binance has the best of intentions for cryptocurrency users, due to her global reach, she cannot rugpull her users

Yes, I was the guy who keep my assets on the exchange, I am not going to disclose the name. But that got hacked and I lost my assets though the amount was not big but people lost such big amounts anyone can imagine. After that I never ever keep my assets in exchanges. We all do this mistake by trusting and keeping our money in exchange.

Quote

As it stands, Binance is the exchange I can readily rely on to store my assets for a while.

Have you tried depositing bitcoin in Binance recently? It holds my assets for a couple of times for a couple of days. Although, they call it a security hold, but in my life I have had many security holds in my life with online investment/exchange platforms.

theskillzdatklls

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After the latest FTX debacle, if there's anything people should take away, if it wasn't already known, is that there's a lot of value in self-custody. These things can always blow up and then you are totally screwed.

Turns out getting 5% returns on BlockFi, Celsuis and Gemini were absolutely terrible ideas.

You do need access to exchanges, but you really just need to limit them. That's all.

Smack That Ace

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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.

No one tells you or others to believe them, sometimes even your loved ones, you also don't believe them, so there's no reason to trust outsiders. And we wouldn't have had a better choice without using exchanges, they are almost an integral part of the market. The exchange is for us to exchange, buy and sell, not a place to store assets, you are using them for the wrong purpose.

I want to know, if you are a trader, what do you do to make a profit if you do not use exchanges? I also use binance, but the exchange I use the most is coinbase and so far, I want to ask you, have you seen Coinabse scam or not? Don't equate all exchanges just because of the crash of FTX or Mt.gox.

Viscore

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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.

Yes, all exchanges have their own issues, regardless if they are on top or they are just building their reputation. That is why we should be more responsible not to put all our funds in an exchange, just enough funds to trade and withdraw them after. And if we do, at least we should look for trusted exchanges that have been giving us good services in years, but still we should always do it with caution.

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Quote from: cytpoway121 on February 04, 2023, 03:42:09 PM

4. A tough one, but memorize your assets seed phrase. It works like magic if you achieve this.

This is definitely not a right decision and nobody should actually be trying something like this. If you memorized your seed phrase, i enjoin you right now to get a piece of paper and pencil and write it down. It is completely wrong to trust your brain to hold your seed phrase for you, you could forget it like magic, come upon amnesia or after a long while start mixing up the words or something. If you don't want to lock yourself out of your funds, do not memorize your seed phrase, but stick to the proven method of paper and pencil.

cytpoway121

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

No matter what you plan to do on centralised exchanges, do not trust them.

The first lesson i taught myself when i started my crypto currency journey was not to trust anyone. Either you are the leading exchange, or the best defi project in the universe, you cannot trust projectin crypto currency; the only thing you should trust is your ability to make the right decisions at all times. Examples of right decisions.

1. Always take profit irrespective of the prospect of a token.
2. Remember that the safest place to keep your assets is in your own personal wallet, could be metamask or trezor as you desire
3. Trust is a form of emotion; you cannot harbor trust while doing crypto currency dealings.

4. A tough one, but memorize your assets seed phrase. It works like magic if you achieve this.

Coyster

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Quote from: JoyMarsha on February 04, 2023, 02:32:52 PM

As it stands, Binance is the exchange I can readily rely on to store my assets for a while. On the Luna crash and the FXT exchange, I saw how it responded and performed. Although a major exchange like Binance has the best of intentions for cryptocurrency users, due to her global reach, she cannot rugpull her users

Binance doesn't have to rug-pull its customers for them to lose funds, they can basically use their customers money wrongly, face government sanctions, be hacked or do one thing or the other and their customers would be left with no funds, but just digits in their wallets that they can't access.

Having said that, mind you that you shouldn't rely on any crypto exchange to store your assets for even awhile. How exactly did Binance perform during the Luna and FTX crash? All they do when another exchange is on the verge of crashing is how they can use the situation to their advantage, they try to use it to allure more reputation to their exchange and make money, don't be fooled into believing that Binance has your best interest at heart.

isaac_clarke22

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

~

Regardless of their "reputation", you can't trust anything or even anyone in the internet with your funds especially when we're talking about exchanges. Whether it is CEX or DEX, I would not trust any exchange to keep my funds safe.

The same goes for those people who keep their private keys in a text file saved in Google Drive or even written in Keep App. Google is also a reputated company right?

JoyMarsha

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By right, exchanges are not meant to trust for storing your assets. I only trade with them and remove my funds from the exchange. Having my funds on exchanges means am in for the risk it comes with it.

As it stands, Binance is the exchange I can readily rely on to store my assets for a while. On the Luna crash and the FXT exchange, I saw how it responded and performed. Although a major exchange like Binance has the best of intentions for cryptocurrency users, due to her global reach, she cannot rugpull her users

pixie85

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Quote from: Darker45 on February 04, 2023, 08:13:05 AM

Don't trust them, yeah, but if you were to somehow trust a centralized exchange at some point, you better give that trust to a more popular rather than to an unknown exchange.

It's always easy for these centralized exchanges to meddle with the users funds because the users themselves all agreed to the terms and conditions set by these platforms. If you could remember the terms and conditions of the bankrupt Celsius, it was like you give them your money as soon as you made the deposit. Users all agreed to that ridiculous term.

That's true it's better to use a big exchange that jumps all the hoops to get licenses and approvals like Coinbase than use a small exchange with low volume and no audits, but if you have a choice in the matter you should not trade at all.

I always say that trading is just too risky because you're putting all your money on the line to earn that 5 or 10% from trading. If they decide you're a criminal or your coins were mixed with stolen ones and ban you what are you going to do? There are other ways to exchange your coins than the ones centralized exchanges offer.

nakamura12

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You have to use the top exchanges that are known to people and doesn't have problems and also their team members are known to public but even so you shouldn't store your funds there for long time. What you should do is to do what you have to do and then withdraw all your funds. I trusted Binance before and traded for quite some time but didn't let my funds stay there for a long time even though I trust Binance but that change when they face a problem.

aysg76

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They are running for the personal profits in the first end so they don't care for you but if they claim your funds are safe then it's completely imaginary statement from their side to keep your attached to the exchange but the one's who trust them are real fools.

The top exchange like Binance or Coinbase are not safe at all because your funds are in their custody and they also have your keys to spend it or even lock your out of your account.The next thing Coinbase also said in case of bankruptcy they can use the funds as it's their and Binance selling your information to government and other sources so what else safety we are expecting from them?

Darker45

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Don't trust them, yeah, but if you were to somehow trust a centralized exchange at some point, you better give that trust to a more popular rather than to an unknown exchange.

It's always easy for these centralized exchanges to meddle with the users funds because the users themselves all agreed to the terms and conditions set by these platforms. If you could remember the terms and conditions of the bankrupt Celsius, it was like you give them your money as soon as you made the deposit. Users all agreed to that ridiculous term.

Topic: Why I will never trust top exchanges - page 5. (Read 817 times)