Topic: Will there ever be any safe centralised exchange ? - page 6. (Read 2134 times)

We have reviewed every exchange hacking case never explain hacking details instead they post news twitter has been hacked causing millions of dollars loss but hacker wallet not published never because hacker wallet will be blacklisted every deposit to other centralized exchange. Even though the Binance exchange case has replaced user funds from the reserve fund due to the hack exploiting the bridge network, there is no reason to guarantee and trust 100% the exchange. So anyone with assets on a centralized exchange is advised to switch to a personal wallet or more securely keeping a hardware wallet.

Volume or no volume a centralised exchange remains a centralised exchange as long as you have no possession of your keys to your assets, it is not your funds and not your assets not until you have possession of the keys to the wallet holding your funds and assets that's when you can call it safe. Be it a reputable exchange or not they are all prone to hackers at anytime. Have a look at ftx did anyone predict or believed that could happen to them?  All exchange are not 100% safe be it centralised or decentralized. Do not forget that exchanges are always targets for hackers as they are always looking for ways to steal funds and assets from them. Do not be deceived take possession of your assets and funds in your own custody with hardware wallet sophisticated to resist hacks. Be on the safe side now to avoid a life time full of regrets. Be wise and act smart.

The existence of one reliable central platform is not an actual need because no platform can provide guarantees that secure it without limits. I think there should be a push towards having more than one reliable platform, contrary to what a few platforms at the top of the list of 200 or a little more are looking for. A platform like Binance literally seeks to capture the market by buying platforms in different parts of the world and even distorting other competing platforms. It is inevitable to deal with central platforms, but we must have alternatives so that one platform does not deceive us.

Decentralized exchange is only safer than a centralized exchange, nothing is 100% safe for you, do not trust any service in this market. But you are right, Binance is the safest option we have right now because it is the largest volume exchange on the market. It can be said that Binance's trading volume is equal to the top 10 exchanges combined, showing the power that Binance has in the market. Besides binance, I will mention that coinbase is also a long standing exchange in the market, and coinbase token is also listed on stock exchanges in the US.

I don't think that they are is any centralized exchange which is 100% secure, but if I had to choose one that I had some degree of confidence in, I would choose Binance because the company has been around for a while and is still going strong despite attempts by hackers to steal millions of dollars; as a result, Binance has a 70% level of security. But since no exchange can guarantee that your funds will be 100% safe, a decentralized exchange is a preferable option.leave huge amount in exchange is so risk because nobody knows what future will bring, so let always try and move our funds to decentralized exchange.

Exchanges are not perfectly safe. It’s not just the issue of vulnerabilities that are vulnerable to hackers, there may also be problems of its own, such as FTX’s collapse due to financial problems, mismanagement of funds. Anything can happen at any time, and nothing is completely safe.

For sure if you are familiar with cryptocurrency you know the deal of these cryptocurrency exchanges, investing in these cryptocurrency exchanges always has its risk since you don't have control over your investments or your funds/cryptocurrency. The same as the risk of investing in cryptocurrency when the market is down the company or the exchanges are holding as well so they also lose funds when the market is low. Most of the exchanges end up in bankruptcy since they can't pay the users when the market is down, and their liquidity or cash flow was risky because they depend on their investors or users. So there was no safe centralized exchange, but maybe there is less risk if you invest in big exchanges or top exchanges since they have a bigger pot of funds compared to others.

There is no hope for a completely secure exchange, because the concept of exchange is not ours in control, moreover a centralized exchange does not have the security keys in our possession, thus creating the possibility of hacking and fraud. Exchanges have security standards, protecting the assets and funds they develop, but often crimes occur because of opportunity, so the bad guys will continue to take advantage of this if they have the chance.

Binance and Coinbase can still be trusted as exchanges that have good security standards, but that doesn't mean they are safe depositories of assets.

The solution that can be done is to store the funds and assets that they entrust to your personal wallet, so that you can fully control these assets and have standard security. In addition, you only need to trade under certain conditions, as I believe you have a standard of identifying the market before trading, so that their assets and funds are not left on any exchange, should any exchange run into trouble.

Exchanges that have a good reputation will always carry out maintenance or repairs when there are problems in the travel process, because there will be an evaluation of every problem that arises so that the exchange still has a trust value, Binance and Coinbase do that when they experience problems and have quick options to fix, so the level of confidence in the two exchanges remains credible.

The most important thing is to have qualifications in maintaining the funds and assets that we have, there is nothing wrong with trusting the exchange because we need it. But in terms of security no single exchange can guarantee, because we never know how they will handle problems when they arise, whether they come from workers or from outsiders trying to destroy the exchange.

It is better to store assets and funds only in a personal wallet, because we can fully control security matters.

Several centralized exchanges in the head are still available, but they are not trustworthy. SBF has been denied bail and the felony could get him life in prison. So there is no trust in centralized exchanges, but it is indeed a paradise for many speculators and gamblers, especially investors who make contracts and use leverage.

Centralized Exchanges can only be safe to some extent if they are regulated by the government or any governing body. Only then the exchange will have the fear of a court of law and they won't scam or play with people's money. If, for example, ftx was under any regulating body they would have sufficient funds with them to repay the clients. Also, such exchanges should be audited by the 3rd party auditors to keep the transparency of the exchange.

Safe exchanges can be interesting for traders who make a lot of transactions on a daily basis and therefore it is important for them to store their coins on the exchange. For the majority, there is no such need, but either due to lack of knowledge, gullibility, or banal laziness, many keep coins on exchanges and think that these coins belong to them. Exchanges have never been safe, and even more so now.

This looks like a joke. How on Earth do you think there would ever be a safe third party decentralized exchange. With all these happenings around the decentralized exchange you still have interest in them? Oh man! I think you just live risking your assets and funds to hackers. The exchange cannot guarantee you the safety of your funds not to talk of assets. I will advise you just withdraw all your funds or assets if you have any with them and keep safe in your private custodial wallet. u think I have just said the best I can.

A centralized exchange is equivalent to a bank. There have been many news reports of exchanges taking money away. There are also reports of a bank closing down and fleeing. The difference between exchanges and banks is that exchanges cannot fully guarantee the safety of our money. The country will help you if the bank runs away. But today’s exchanges are hacked all the time, and they are trying their best to protect our money.

There will never be a completely safe exchange. Your money that is in the bank can be said to be safe but not completely safe. Your coins in the exchange is the worse because when you need it they may not give it to you. Even things we handle by ourselves and keep well, we also have the feelings that they are not safe. Nothing is completely safe, even the life we are living is not  safe. Treat exchange like and exchange and allow it to do exchange work. Don't treat exchange like a personal wallet where you will leave your coins for years and expect it to still remain.

Will there ever be any safe centralized exchange?  The short answer is no.  Can they potentially become safer?  Yes.  Still, the best approach is not your keys, not your coins.  If you must do business on a CEX, limit it to immediate transactions, and don't store your coins there.

Centralized exchanges have never been secure, not before, not now. The reason is very simple, if you store your coins on the CEC, then these coins are not actually yours, you just can see the balance that the exchange displays for you, but in fact you have no guarantees that you will be able to withdraw your coins at any time when you will need it. In addition, you may be required to pass verification, which is also not very good.

You can do trust some exchanges but not all will do so anymore. Fine we can trade on those exchanges which is for sure a guided one but certainly not. We can not trust them anymore with our assets and funds. We have learnt enough lessons to open our eyes this time. Third party exchanges will find it difficult this time to gather assets and funds from investors to hold. I do not know about others but for sure I know about myself that I am no more comfortable with the happenings with them. The hacks, the carelessness and misappropriation of funds and assets it is not worth the risk holding with them anymore. I strongly believe most of the incidents going on with these exchanges are likely stage managed so as to cover up lapses on their path. Come to talk of it, they are likely the arm of government on blockchain that checkmate activities via regulation proxy. They steal our identity in the name of kyc only God knows why and what they use it for all in the disguise of international laws and so on.

I think we can trust some reputable centralized exchanges of their service.  Reason why despite the risk we still conduct trading on their platform.  But trusting and being safe is different.  Centralized exchanges can be a safe trading platform but not a safe platform to keep our coins due to possible hacks and exploits that can cause the fund of exchanges drained.  So it is best to just use the service as it intended to be than using it beyond its service description.

Its never been safe since in the first place yet you arent the owner of those coins once you had deposited them into the platform or exchange which it would really be just considered to be risky on any

angle. As long you dont possess its keys then its never been considered as safe but we cant just avoid not to make use of these centralized platforms considering into their usage and relevance

in making up trades in between stablecoins or fiat directly with those cryptocoins that you do have.This is why its always been recommended
that you should pull off your coins once you had done trading and never let it side nor park for a very long time.We do know the probabilities and
consider out on trying to avoid as much as you can.

Personally none of them anymore. It’s an obvious reason that centralized exchanges are not meant to be trusted by us since they will only take advantage of our funds and use them for their own progress just like what centralized banks did to our deposits and let others borrow it so they can grow their own business while leaving our money with just a very little interest. So sad that a lot of people have been blind on that and until today, people are still trusting centralized exchanges even after the scandalous event of FTX.