Topic: Your favourite exchange can be nowhere to be found - page 2. (Read 373 times)
I would say that trusting any exchange means accepting risks that can happen at any time. If there is a need to use an exchange, then do not rush to trust your money to the first one that seems reliable in your opinion. There are no reliable ones as such; however, try to find out as much information as possible about it, especially those negative moments that users had. Usually, people don't hesitate to write about it. And yes, do not store all your capital there; I use exchanges one day, no more.
mempool should not be a reason to choose exchange to keep bitcoin over good non custodialwallet
I second this, nothing should make one keep their assets in a centralized exchange, if you do not want to trade it, then don't send it into a centralized exchange. It is common for people to say they have had their funds in a custodial service for a long time and they are yet to lose it, but they forget that it does not mean the assets are safe and it only takes a blink of an eye for the exchange to halt withdrawals and file for bankruptcy. 
This is a timely reminder for newbies and others who keep large sums in exchanges. The fall of FTX came as a surprise because there was no indication that it would go bankrupt. I usually hear people say that a particular exchange is too big to fall. These persons don't know that any centralized platform can be mismanaged or government might seize it which will lead to the loss of your money. The only time I put money in exchanges is when I want to change them for fiat.
One of the reasons why people still put large sums in exchanges is because of ignorance. Many people don't know the difference between a custodian and a non-custodial wallet. The person who introduced me to Bitcoin didn't explain to me the different types of wallets. I had to read about wallets by myself. Most newbies are just interested in making money in this bull run, meanwhile, they have zero or no knowledge about where air what they are putting their money in.
I don’t know why some people take the risk of leaving their coin on exchange, we all have seen different exchanges that failed previously, lots of exchanges have been hacked before, I just dont know why some people are not learning from things that happened previously, exchange should be a place which we are suppose to trade alone, not a place to store your coin. If you are a trader, then you can be trading on exchange, but whenever you notice you won’t be trading for some time, then you have to withdraw your money from the exchange. Don’t leave your money on exchange.
One of the reasons why people still put large sums in exchanges is because of ignorance. Many people don't know the difference between a custodian and a non-custodial wallet. The person who introduced me to Bitcoin didn't explain to me the different types of wallets. I had to read about wallets by myself. Most newbies are just interested in making money in this bull run, meanwhile, they have zero or no knowledge about where air what they are putting their money in.
Some of us might think that the exchanges are not collapsing any moment because they have a very rugged security system that is nearly hacked proof. We can also say that they have been around for so long time and other people serve much more higher amount of coins while your own is maybe less than thousand, nothing will happen. It could be true that nothing will happen but then to use bitcoin the right way it is supposed to be used, do not trust any system that doesn't give you your seed phrase. Use the exchanges as exchanges and use the wallets as wallets. By this, you will not have much to lose if things go wrong.
Don't be so comfortable with the exchange you are dealing with to keep your digital assets. Exchange being popular and big is not assurance that it is safe and last forever. Crypto exchanges are unpredictable and anything can happen.
I used FTX to make transactions before they crashed and luckily I didn't store any assets there.FTX exchange is global, while local exchanges are more reliable and trustworthy to use as a place to sell or buy so they are not as prioritized, including another reliable exchange, namely Binance.
Just use them as a place of exchange, not for storing. The best place to keep assets in a wallet is not on an exchange.
Putting something wrong in its wrong place is at your own risk.
Before you feel so comfortable and relaxed with your favourite exchange wallet know their were some people's favorites exchange like that of yours that is nowhere to be found.
I don’t just know why some people do take the risk of leaving their coin on exchange, we all have seen different exchanges that failed previously, lots of exchanges have been hacked before, I just dont know why some people are not learning from things that happened previously, exchange should be a place which we are suppose to trade alone, not a place to store your coin. If you are a trader, then you can be trading on exchange, but whenever you notice you won’t be trading for some time, then you have to withdraw your money from the exchange. Don’t leave your money on exchange. 
Centralized exchanges did not worth to be trusted anymore because of the bad experience they have shown the crypto community in the past. Most of the exchanges that went bankrupt were ones top exchanges with reputation, but they end up going completely down with people funds that are mostly nowhere to be found, which means that people that fall victim of saving their money in these exchanges lost everything.
Trust no one in crypto space, and be very cautious on everything you are doing.
Trust no one in crypto space, and be very cautious on everything you are doing.
mempool should not be a reason to choose exchange to keep bitcoin over good non custodialwallet
For security reasons, Mempool congestion or hight transaction fee is better than losing all your money to exchanges. 
I think we can still use exchange for the sole purpose of trading due to its UI, liquidity and multiple user-friendly option which Exchange offers but it would be a bad idea to store your funds in CEX as wallets would be the best ones for storing it but people have been so casual that they don't differentiate between exchange and wallet.
Unfortunately, there are many more than those platforms that are closing their doors. It's just the ones exposed by medias because they were large enough, but many others have closed without making any noise while scamming many of their customers by not letting them withdrawing their remaining assets or not sending them despite official announcements saying the opposite.
There's no reliable exchange. No exchange is too good to big to fail. You actually don't know what they're doing with your funds. Binance as big as they may be keeps having several issues in different countries and you really do not know how things will end for them.
Well its your opinion mate I have mine. As far as I can use Binance and some exchanges to my own benefit I think thats deserved a good feedback. Well I know what you mean about their hold our money, its right since its a custodial services but I am using binance not only for the trading purposes. You see they got a very convenient way to cash out your profits or fund to a remmitance platform that can easily be converted into cash which I believe isnt convenient as some dexes. So its still a good thing we have those exchanges for this purposes. You can see goodness on the exchange when you are using it on what you needs.So whats not being reliable there? Which for me its totally reliable.
In the crypto world do not trust any crypto exchange especially the top 10 listed on CoinGekco. The top ten today can disappear out of existence in a few years. Look at what happened in El Salvador to Chivo wallet where the source code was hacked and released, it gives one a clue that if it is not opened-sourced, the security of your funds cannot be assured. There is a small set of people who would choose the risk over their own risk. And by their risk, I mean that they cannot for one reason be able to safely store their private key therefore crypto exchanges is a much safer option for them.
We're talking about exchanges, but only two out of five of what you've mentioned are actually exchanges lol.
But yea I get your point; don't get too comfortable withexchangescustodial services because from hacks alone — nevermind insolvencies through other causes, is already a huge risk in itself.
But yea I get your point; don't get too comfortable with
Since its advisable to keep funds on our own noncustodial wallet then leaving on exchange is solely based on someones preference. You got it mate, some of these are high tier exchange before like FTX but experience a disaster trimming of funds. Only trust few with reliable and trusted one backed up funds like Binance or maybe OKX.
There's no reliable exchange. No exchange is too good to big to fail. You actually don't know what they're doing with your funds. Binance as big as they may be keeps having several issues in different countries and you really do not know how things will end for them. We keep hearing several news of them paying different fines due to breaching of different laws in different countries. Nothing beats having your coins in your noncustodial wallet. The funds are in your care and your control. If you get tired of a particular wallet or it gets faulty, you can easily import it to a different wallet.
If you must use CEX, then just see it simply as a marketplace where you trade your bitcoins alone. Just keep the coins you trade with in your account and the rest of your coins should be in your wallet.
Let us not allow ourselves to be decieved by high profits that these exchanges offers when you leave your coins in their custody, because they want to use your coins for business. This should not be the reason why anyone would be attracted with the offer and keep his coins in their custody because it is not safe.
Also transaction fee should not be the excuse, because if you are the one that buys bitcoin using DCA, you can allow your coins to pile up to a good amount, where you can transfer it direct to your self custody wallet. Don't leave idle funds in exchanges because they are prone to attack and bankruptcy. Not your keys, not your coins.
Also transaction fee should not be the excuse, because if you are the one that buys bitcoin using DCA, you can allow your coins to pile up to a good amount, where you can transfer it direct to your self custody wallet. Don't leave idle funds in exchanges because they are prone to attack and bankruptcy. Not your keys, not your coins.
mempool or withdrawal fees are not the main reason for using these services. FTX was offering zero withdrawal fees for a long time, but many people left their money on the platforms either because they do a lot of trading and do not want to miss the opportunity, or because those companies promised them high profits from their investments, just as is happening with Binance Launchpool Tokens.
@OP you're correct non custodial wallet is the best place and it's bad to hold our coins in centralized exchanges even though the fee spikes in few days ago. But, how can the user who suggesting to use non custodial wallet choose to use centralized exchange?
Your address is a part of Kucoin. https://platform.arkhamintelligence.com/explorer/address/bc1qe80grekeexp2qsv5du7lnn3398gj4vj28trchm
Let's repeat what you said above.
I'm not against people trading with exchange. Normally the fastest means to sell and buy is from exchange. But it is not good when bitcoin or other digital assets are kept in exchange for hodling. It is possible I make use of crypto exchange but I don't make use of it for hodling because it is not sage. Username: Y3shot
btc addy: bc1qe80grekeexp2qsv5du7lnn3398gj4vj28trchm
btc addy: bc1qe80grekeexp2qsv5du7lnn3398gj4vj28trchm
Your address is a part of Kucoin. https://platform.arkhamintelligence.com/explorer/address/bc1qe80grekeexp2qsv5du7lnn3398gj4vj28trchm
Let's repeat what you said above.
MeMPOOL shOuLD noT be A REasON tO chooSE EXchaNGE tO KEeP BITcoIn oVer gOoD noN cuStodiAlWAllet
It is important that we know the risk associated with the use of a crypto exchange, am not completely condemning such for use, but if we are considering safety and our long time investment of crypto asset with reason amount or worth, then we should see any custodial means of storage as a bad actor on us, we should go for a non custodial means of storage as we have in cold storages, when we have access to our wallet keys, then we are in charge and will not loose our asset, than when an exchange controls it for us.
@OP you're correct non custodial wallet is the best place and it's bad to hold our coins in centralized exchanges even though the fee spikes in few days ago. But, how can the user who suggesting to use non custodial wallet choose to use centralized exchange?
Your address is a part of Kucoin. https://platform.arkhamintelligence.com/explorer/address/bc1qe80grekeexp2qsv5du7lnn3398gj4vj28trchm
Let's repeat what you said above.
Username: Y3shot
btc addy: bc1qe80grekeexp2qsv5du7lnn3398gj4vj28trchm
btc addy: bc1qe80grekeexp2qsv5du7lnn3398gj4vj28trchm
Your address is a part of Kucoin. https://platform.arkhamintelligence.com/explorer/address/bc1qe80grekeexp2qsv5du7lnn3398gj4vj28trchm
Let's repeat what you said above.
MeMPOOL shOuLD noT be A REasON tO chooSE EXchaNGE tO KEeP BITcoIn oVer gOoD noN cuStodiAlWAllet
The pinned thread as a warning for everyone and exchange grave yards with so many reasons behind exchange service closures give some other warnings.
Reminder: do not keep your money in online accounts
Exchange graveyard
In the last bull run, we have Luna and in this bull run we have Ethena but people are greedy with Ethena and seem to forget about Terra fiasco two years ago.
Reminder: do not keep your money in online accounts
Exchange graveyard
In the last bull run, we have Luna and in this bull run we have Ethena but people are greedy with Ethena and seem to forget about Terra fiasco two years ago.
Since its advisable to keep funds on our own noncustodial wallet then leaving on exchange is solely based on someones preference. You got it mate, some of these are high tier exchange before like FTX but experience a disaster trimming of funds. Only trust few with reliable and trusted one backed up funds like Binance or maybe OKX.
I noticed from the people around me they prefer to buy and leave their cryptocurrencies on exchange especially Bitcoins. This is because of avoiding the transaction fees and the delay of transaction, this is not a reason to prefer exchange for storing bitcoin. You did not add Bitforex to the list of failed exchanges, well they are the latest because recently they refused to allow users withdraw their funds.
It is increasingly becoming risky keeping funds in CEX and I'm glad this forum have done a great job at spreading that information and educating people about such risk. The popular "not your key, not your coins" is one of such initiative to enable people know that keeping funds where the private key is with another is like giving your money away without guarantee. Lately, the big exchanges have become the target of governments such as the US and Nigeria who are currently leading in this regards.
Thank you. I know their are many that I may not be very familiar with that are no more to be found, but let just understand that exchange is never an option for keeping cryptocurrency asset. When thinking of wallet to use what should come from the mind first should be safety before anything. Anything that is not safe is not important. It is increasingly becoming risky keeping funds in CEX and I'm glad this forum have done a great job at spreading that information and educating people about such risk. The popular "not your key, not your coins" is one of such initiative to enable people know that keeping funds where the private key is with another is like giving your money away without guarantee. Lately, the big exchanges have become the target of governments such as the US and Nigeria who are currently leading in this regards.
Jump to: