Bitcoin Forum

Ima be blunt, based on the fact that loads of people are still without exchanging trade pairs because the likes of binance and such have decided to close deposits indefinitely (gcse computer science and business for us teaches how to develop disaster recovery regimes) so the fact that high profit exchanges can't do it is just off.

Most of these exchanges do stuff with customers money too while on there especially if they haven't withdrawn for a long time. Coinbase, poloniex, bitmex and binance I believe will all be susceptible to this, as well as bitfinex who have already proven how great their money management strategies are (I luckily only had a dollar on there at the time of that hack)...

So basically you want and high reputable exchange that never be a victim of hackings or not possible to get hacked so it will be totally safe for everyone to store their funds? That kind of exchange won't be exist, hackers will be always smarter time by time. Also, everyone are supposed to not storing their assets on any exchanges. You can trade and make profit there but store your assets only on your private wallet.

We don't need to have that kind of exchange as we are supposed to trust no one.

Is that an intentional paradox?

The fox will eat the sheep if unattended by the farmer but the farmer must leave for 20 minutes each day and must keep the sheep safe. He can't take either with him and no one else is allowed to watch. Solve the problem (without digging holes or building fires).

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I'm after an exchange that doesn't have inside attacks from it's staff which is clearly what happens (who stores 33% of their clients' funds on a hot wallet)? Where were the hacked funds sent to? How can we know they were hacked when no address proving the hacking was published (as far as I am aware at least)?

So, are you suspecting that the recent binance attack was an inside job? Well, some of my friends had the same idea, honestly most platform attack has possibilities of an inside job. It's not far from reality, even if the funds of traders are SAFU, what's bothering is even the top platform gets attacked this will affect the credibility and secirity of all platforms.

indefinitely? they immediately said "early next week" (now this week) and their last update said deposits/withdrawals will be resumed tomorrow: https://www.binance.com/en/blog/334367288279687168/Binance-Security-Incident-Update-3

has something changed?


just look at what mainland chinese exchanges were caught doing: https://www.ccn.com/report-chinas-biggest-bitcoin-exchanges-used-150-million-user-funds

i guess it's the nature of third party trust. if you trust someone with money, they'll eventually (if not immediately) abuse the trust.

Hacking doesn't have to do anything with the reputation of an exchange. Any and every exchanges are prone to hacking no matter how stringent information security mechanisms they have! The reputation matters when an exchange gets hacked and how they manage the entire scenario to get back online and refund their customers.

On the recent hack on Binance, I believe they are trying really hard to get the situation under control. The owner is being upfront in communicating their plans and they have created a fund called SAFU to deal with such unforeseeable events. That's where the reputation comes from!

There are lots of exchange that you can choose to. But looking for a good crypto exchange that is for you to experience by trying one by one. People have different opinion and experience so we cant just belive opinions.

I enjoy using IDEX with smart contracts and instant exchanges like Changelly, ChangeNOW, ShapeShift... but I'm just a casual user, so I don't care much about trading performance. I think these exchanges are sufficient for casual users.

As for traders and whales, I think they always end up in centralized exchange due to performance (and liquidity) superiority. I'm afraid that the centralized exchanges would end up like the Wallstreet IMO for more security.

In the market, we are enjoying a long list of famous and not-so-famous cryptocurrency exchanges big and small. Of course, we have Binance which is now considered to be the leader of the industry but we also have like Kucoin, Bittrex, Okex and even decentralized exchanges all competing for our money, attention and loyalty. The recent Binance hack should not stop us from exploring the nooks and crannies of the cryptocurrency industry. That hack is a big lesson for security as there is virtually nothing that can be safe these days...hackers are always ahead of the game and it is just a matter of when they will pull on their punch on an exchange and this is the reason why exchanges have to be always careful and hack-proof all side of the parameter without sacrificing function and good user experience.

Well said. This is precisely what Blocknet has done with their DEX.  If you initiate a trade with confirmations, it's literally 100% bullet-proof.  No aspect of the exchange process whatsoever can compromise your funds... ever.  Your client verifies and confirms terms and trade amounts by checking the raw transactions themselves (in a CLTV atomic swap) and you're always in full control of your funds.

Simply put the sheep in a huge cage where only the farmer has the key, why not? Nothing can steal that sheep now.

You need to read these articles :
https://www.coindesk.com/hackers-are-shuffling-binances-stolen-bitcoin
https://www.cryptoglobe.com/latest/2019/05/binance-hacker-consolidates-stolen-bitcoin-to-seven-addresses/

I would like to share my opinion, I guess if we will treat the exchanges like a Bank, then maybe we will have a good exchanges in the market.
Regulators will go after erring exchanges and will be penalize accordingly.
Also, they will require the exchange to be subject for insurance, to protect the money of the traders and investors.

Because exchanges are barely regulated, they don't face any legal repercussions when they do their shady stuff, which incentivizes them to do that shady stuff or just be careless with funds. And I have a feeling that governments simply don't want to regulate crypto, because they don't care about it, it's pretty small compared to other markets, so they are okay with some traders becoming victims of exchanges, manipulators and other malicious entities on this market.

We can't have a perfect crypto exchange platform,because of the greed of the platform owners.
Bitcoin should turn back to it's basics and be a complete peer-to-peer currency again.
Coinbase,Poloniex,Binance,Bitmex and Bitfinex are the new crypto banks.We've been fighting against banks,but know we have crypto banks that are almost the same as fiat banks. >:(

Why do we need a good cryptocurrency exchange?  It's a third party we have to trust. If you do not trust them, do not use them.

The Question Why is there so much ambiguity about hacking? I think that's because of the weakness of regulation rules, the laws stand on the side of those platforms where any "bankruptcy report" can steal users coins just as happens in some banks.

I think we already have a good exchange and there is many of the exchange which can work well for us.
But the problem is they cannot always protect their website, and that will be a point for the hacker to try to penetrate inside the website.
That will be a big job for the exchange to always secure their website from the attackers and they will need to always stay maintain for their site, so there is no chance for the attacker to hack the website.
I am sure that they will give their best works always to protect their member and their website, so we don't have to worry about the hackers.

One post that I remember in bitcointalk was the one which says exchanges that were once hack are going to be more secure and hardened because they now knew which to protect and they are now aware what hassle it could bring to them when their business is compromised. But if you want the safer ones, its going to be the DEX that you should be going.

It seems all exchanges are susceptible to attacks by hackers. Possibly in the near future, we are hopeful that things would get better through higher security systems with modern technology. It is always disheartening to see or hear news when exchanges are hacked. This implies we are all vulnerable to attacks since we trade on these exchanges.

I'm glad the OP brought out this issue and yes we do need a good crypto currencies exchange because the situation happening with exchange site here and there is a huge turn off for new investors and existence users either. However, we are not talking about trust here and if nothing is do about the situation it might be a bigger for crypto sphere in the future.

Someone mentioned changelly which I'd overlooked. Shapeshift require kyc and that's just a bug fishy for me (I don't think it's unlikely exchanges wanting kys are going to sell it on because no one can track it being them doing it).

Some cases of hacking on exchange sites may only be manipulated, or insider trick. so the risk is not only hacking but a scam too. that's the risk if you use a centralized exchange site dude, they can be hacked or scam and lose  you. You right, there are no exchange sites that are totally safe, there is definitely a risk of losing. but my advice is use decentralized exchange to reduce the risk

We have lots of big exchanges in the market which Binance is still the best of them, and for the fact that they are being subjected to hacking doesn’t really warrant that we term them bad exchanges, they have their security in place but there is never a system that doesn’t have that little loop holes.

It is just unfortunate that Binance loop hole created a very big mess for them which they are trying to strategically clear off to protect their coin from being dumped, which is why they place deposit and withdraw suspension on their user’s account, they just need few more times to handle these security issue and they will open up the platform again.

As long as cryptocurrency exists, there will be hacks. It can't be eradicated, but we can take precautions to reduce the risk. Increasing the level of security requires more funds and extra staff, and I don't think that all of the exchanges can afford that. Even the most reliable exchanges such as Bitstamp are not protected from these hackers. Bitstamp is the world's longest standing crypto-exchange (after the liquidation of Mt Gox and BTC-e), and they were hacked at least once (in 2015). In order to completely eliminate the incidence of hacking, we need many of these smaller exchanges merging in to a single platform and then using their resources collectively. But that is not going to happen anytime soon.

You think government is joking with crypto, they see it as major threat, and that is why they have not yet regulated it, probably they want people to continue to become victims of scam so they can be tired of cryptocurrency.

Unfortunately, the more they don’t support it, the more cryptocurrency is gaining more popularity and more adoption, so government rather come in at this stage to regulate the crypto industry, since it’s not what they can stop or fully control, but still, fraud is fraud and government should in no way allow it to ever happen irrespective of which way it was done.

What we believe happens, already we're adoptive to the virtual currency usage. This way we're supposed to believe and proceed with the available exchange. Mistakes were common, and the same could happen with exchanges. For the same we cannot stop trading, this is similar to the banking services where people's money is used for each and everything by the banks. Even if there exist a DEX hacks and other issues will be there.

I think the fact is that banks are more protected because of how many safe guards are there and they are mostly connected to politicians via money and if they have one bad day they could literally call the president of that country or anyone that has a high rank and ruin all of your life forever and even your families life means its not "hard to hack" banks but it takes incredibly balls to pull off something like that.

Crypto exchanges on the other hand do not have that type of power so they are open for business for hackers and they constantly try, it doesn't matter how strong your protection is if you get hack attempts millions of times every single day eventually one of them will go through the protection. As long as exchanges do not have that power to track down and ruin a life like banks can there is no way of stopping hackers.

Each and every exchanges having the problems in different situation but we cannot make them easily to be solved because this Crypto market is filled with the problems and confusions so that changes also reflected that otherwise the good exchanges is always the best.

When it comes to security then I would prefer on this way where exchangers would be heavily regulated which do comply out
governments policy plus having insurance.It may take out the true essence of Crypto but for the sake of users safety of funds
is on exchange they I do believe that most people would understand and considerate this thing.

changelly is known for very questionable practices. they state that KYC is not required but they enforce it at their discretion, and apparently the KYC requirements are pretty draconian.

there is a huge number of complaints about them. check out some of these threads:
https://www.reddit.com/r/Monero/comments/8bdigt/dont_use_changelly_millions_stolen/
https://www.reddit.com/r/Monero/comments/9cqmm2/do_not_use_changelly_they_steal_monero/
https://www.reddit.com/r/CryptoCurrency/comments/80o5vr/psa_do_not_use_changelly/
https://www.reddit.com/r/Bitcoin/comments/7opzqg/dont_use_changelly/
https://www.reddit.com/r/Bitcoincash/comments/7osasr/dont_use_changelly

It is true anything on the internet could be hacked so that is why we need to be the one to keep our funds safe,
We have plenty of exchange that are trusted and have a good reputation the one that you are looking for is so impossible because no matter how great their security is,
There would always be a way for a hacker to hack their system.

Changelly will spring KYC on you whenever they feel like it. They've also publicly stated that they will keep your money if they feel you don't cut it. Fuck them.

The exchanges we need for alts are proper dex type things that are either in wallet or on chain. Until then I'll never put significant amounts through any of them.

I think if any of us got a glimpse of the true demands put on exchanges our heads would explode. The pressure and demands must be immense, relentless and ever growing. If they could be perfect I'm sure the ones who care would be.

On top of demands from customers, they also have regulators, law enforcement and banks breathing heavily in their ear.

The perfect exchanges cannot exist such as nothing is perfect in this world. Every exchange promises to people they are the best, the most secured and the most trusted existing but in reality we can't be 100% of what they are doing inside that's not being told to the people. That's right, they don't have the right to do businesses with your crypto but the same thing can be said about putting your money into banks.

honestly, it's very suspicious. nowadays many exchanges started getting hacked. and I have seen a pattern which is stupid. why did most gambling casinos and crypto exchanges keep there a lot of balances in their hot wallet? I mean if you keep them in a separate wallet and let users wait some hours for their withdrawal then also it is much safer and much more affordable then having a lot of thousands of bitcoins or other altcoins.

i think good cryptocurrency exchanges only exist on local exchanges because so far i don't know too much about local cryptocurrency exchange hacked, having a maintenance every time in my opinion would be good for improving their systems and security which would keep them updated to become stronger and safer, of course

This is what we get for a decentralized ecosystem and nobody gives a damn in a business venture that is raking in millions and is not really answerable to anyone! I guess regulation does make a major difference, we need it if we are to survive this .

Because today's business model is nolonger based on the principles of customer always come first, today money is their priority! It's

How can you tell if an exchange is good or not? The question should be how can you tell if an exchange is trustworthy or not? You can trust your money to any exchange if they keep operating whatever issue they face and if they are making sure that users money will be taken care of without any amount deducted.

Whether we like or not there is not a single exchange that is 100% safe and secured exist, if one think that he/she is the smartest person in the world it's wrong because there are others that are way above you. What I'm pointing out is that hackers are always in the looks for a victims whether it's government, people exchanges they will do anything to get what they want and they are absolutely smart.

It is still because we have not gotten any form of backup or regulation from government, if we have, I am so sure that there would have been a way around tracking these scammers even if the anonymous nature of it makes it look impossible.

Someone wrote the code and whatever has positive must have negative, I am so sure that satoshi if still alive has a way around it, and the only way to get better idea around this is to have a dialogue with him, and only regulation can give him the confidence to come out of his hiding place.

The banks you made reference to their strong security also has a way they have transferred their manual operation to digital even of the hard currencies are being guarded, hackers from time to time hacks banks too through their digital system, but regulation made it possible for law to step into the situation.

All the farmer has to do is shot one fox and then hang it outside the farm and the rest of the foxes will get the message.

And we even have the equivalent in the real world, the justice system and the prison, all we have to do is raise the punishments to a ridiculous level so that nobody will even think about it, especially since this is nothing like a car accident, a brawl in a bar that might get horribly wrong or anything like it, those guys plan the attack for days, it's nothing built on an impulse.

Back to the main question, no we won't have a perfect exchange, we won't have one without blocked accounts, poor customers service, unhackable and with low fees.

And DEX are a joke, I feel safer with bitstamp or bitfinex than with some so-called decentralized stuff which is actually run by somebody and dealing with a total stranger via some 3 party payments. I would rather go to localbitcoins and exchange there.
Oh, and I don't care at all for shitcoins so in my humble opinion btc<>shitcoinsexchnge have no purpose in this world.

LE:
Wait till binance shart dealing with $, then we're going to have a real shitstorm of complaints.

Because indeed in essence every exchange company gets profits from there, and indeed that is their strategy, as long as it does not harm the customer, Its okay ... no problem, if they run away carrying customers' funds I think that is not possible because for the exchange of binary class, poloniex, bitmex, and other big exchanges have been supervised by a special department supervisor (that's what I got from an article)

Most of the exchange we have now especially the centralized one are not regulated and that is the reason why some owners of those exchange are temporary with fund from the investors and traders on their trading platforms.  If regulation is there we would not have all those issues.  For the op I think we are going to have some reliable and good exchange in future and because crypto market is at the beginning stages, we are seeing some problems with exchange platforms.

I get your perspective and I can say that if you think from such a perspective then you will never find a good crypto exchange.
I will consider Binance still a better exchange than the other exchanges. Until a system is connected to the internet, it is prone to get hacked.
No system is safe! The only thing we can do is to possibly safeguard the system from every aspect. Binance did try to safeguard it's website and it was successful until the recent hack.
Binance knew that such an attack is possible and there is no getting away from it which is why it has been saving funds for such an attack.
We should be happy that our funds are safe rather than thinking which is a better alternative to Binance.

It depends on your purposes, if you want to store your crypto on exchange for long term, you will never find secure exchange. Decentralized exchanges, where you hold your key is probably best option.
If you are daily trader, than you can find great exchanges with good UI, but you have to choose centralized platforms like Binance, Bitfinex, Bittrex.
If you are not trading more than once a week, you should consider moving your funds to secure hardware wallet, or even mobile wallets (less secure) but they are an option. From these two wallets you can exchange your crypto through shapeshift, changelly, or other providers with additional fee.

We don't know much about the recent hacking attack on binance, whether it is an inside job or not, but binance is considered one of the best exchanges. I believe that exchanges need to do more to secure investors funds.

I guess when it comes to issues like this, exchanges with fiat services have more dangerous positions than crypto-only based exchanges. The reason I'm saying this is because all the exchanges i have witnessed their hacks and poor resolutions were mostly having fiat services. It could be because of regulation issues and "lies" they tell us, but for those crypto-crypto ones they sometimes have a little reserve to pay out.

I'm still waiting for a good decentralized bitcoin exchange.  IDEX has served me great but they only have ethereum and eth based tokens to trade with.  No issues that come with centralization.  I still prefer to do btc trades directly with other people when I can so the middleman gets cut out.

The eternal tradeoffs people can discuss long and hard about, usually in the form of a centralised exchange versus decentralised exchange. CEX vs DEX.

Ultimately, until the most important need of all, which is liquidity, is solved by DEX (the bane of DEXs I've witnessed since 2016), then we're always going to have to deal with this problem.

I was hopeful even last year but now with 2019 whiling away and no DEX able to displace the big guns, I guess it'll be a long wait.

It's got to find a way to fix atomic swapping for mainstream the way LN is almost achieving for a true DEX to gain traction.

there are lots of good exchange what you are looking is a perfect one
but such exchange wont exist for the creator itself is not perfect

It won't even happen in the next couple of years. Development follows money, and the money is where centralized exchanges are. People should forget about dexes and just move on.

I am happy using local exchanging services instead of the main spot exchanges. I do pay a slight premium (1% on average) over spot, but that's for the convenience they offer, and it's of course a profit oriented business.

If I had to list the downsides, then it definitely would be them running out of coins, which happens when the price either pumps hard because noobs buy then, and dump hard because of smart people buying.

Support is superb. I can call them, visit them or just use their chat support function.

I think this type of thoughts will not came for everyone because they are using the changes commonly in all the time so they will perform well for them but some peoples will not been satisfied for their exchanges yes definitely the mistakes are having taking this but we need to clarify them to make the solution that is the way of next move.

you cant blindly say that the exchange that you are using is a good one because even the gooder ones like binance are still having some issues like security issues because they'v been recently got hacked  . Other exchange have not been hacked but they still have other issues like for example bad costumer support , low trading volumes ,  etc ...  

The reason why we cant have a good crypto exchange is that nobody is perfect  aside from the creator of course  .

Presently I am satisfied with some exchanges that we have and even though they are not regulated yet, their service to the community has been a wonderful one, in the like of great exchanges like Binance, even though they have not been regulated, but they are centralized exchanges which makes them known to the world, and if there is any form of fund mismanagement, their identity is enough for the government to step in even if they have not regulated them.

I don’t see any exchange rising up in the future that will be better than the ones we already have, if we are judging these ones by hacking, we should not forget the fact that it is a general phenomenon, and it can happen to anyone, even governments.

I agree. besides that the level of security must always develop. with many exchangers, of course the safest is the biggest exchanger. so that it has a smaller risk, but it does not have the risk too, as you are demonstrating

May I ask you a question, of all the system that you have engaged with in this world or the system you have created yourself, have you ever seen perfection? Is the world you are leaving in also a perfect place itself, with all the years that the world has been in existence, despite all the laws, the religions and others, we still have bad people, but yet, we are still leaving in it and surviving.

There is no system or anybody that can ever be perfect, yes they hacked Binance, and they never believed that they are not opened to hacking which is why they have their own policy too, and one of the policy was to advise anyone never to keep money on an exchange, so that doesn’t make them nit to be a good exchange.

For the fact that this exchanges were hacked doesn't mean that they are not good, is just that there are some loop hole in their platform that needs to be fixed very fast because we have hackers that don't sleep night and day, so as to find a means of taking this funds out of the exchange for themselves, the mistake they are making is not hiring a white hacker whose work would be to monitor the website for any kind of loop hole and then rectify it before an black hacker comes in through the back door to carry out their activities.

we have lots of good digital currency exchanges, why did you mention the above?
Have you ever tried all existing digital currency exchanges?

A solution could be an exchange made by hackers?! Where is wealth there is always some who wants to take it away.

Maybe OP, didn't satisfied yet on the existing exchanges or OP have something that he wanted and didn't seen it yet in an exchange. Binance still works fine and does other popular exchange.

That right, no matter how good or how secured the exchange is, there will always be attackers and hackers. Hackers will find ways to crack the security of everything they intend to hack though.

That's right! insiders could cheat their users and run away but it's stupid way for high reputable exchange, they could make more money by keeping their users than to scam them. Decentralized exchange might be able to prevent traders from hack but they might struggle in way of trading cause it always needs network for every single trade. You won't agree to wait 2 hours just to execute a single trade right?

Hacking scenarios can't be totally prevented because the tools used by hackers are getting sophisticated everyday.
No matter how tight the security of an exchange is, they will find their weak points and attack those points.
So this is the reason why crypto exchanges should grant a healthy amount on their security updates.

Is Binance, Bittrex or  HitBTC are not good exchange? Maybe, there are more exchanges to come that are more efficient right now. But there is a fact that these top exchanges bring a harmony and safe trade to the people. Eventually, all of their shortcomes and malfunctions will be changed. It just a matter of development and IT personnel of the exchanges. They are good today but they can make the best for tomorrow.

Come to think that exchangers is just created by man so there would always be a way on exploiting the system or simply having some backdoor.
Security can be enhanced and this should how exchanger should really be cared about.For now we wont have any choice on where to trust up but with
these current top tier exchangers.

DEXes are future of crypto exchanges and after using the DEXs traders will not look back. The system gaps are the biggest threat for the centralised exchanges, Binance proved this one more time. History repeats and we should be ready to hear about the hacked exchanges.

recently we heard that binance was hacked, even though it was the top ranking exchange, I think the hackers kept trying to find loopholes. and of course from the exchange side must continue to develop the level of security

indeed it has become a natural thing if there is an exchange place that is hit by a hacker attack because not all technology is strong, there must be a gap that can be penetrated by hakcer so it must remain vigilant when trading.

right, the gap is always there, so each exchange must update the security system and make it in layers. for that I avoid saving assets in exchange, to avoid such incidents. it's better to store it in a personal wallet

Keep your funds in your personal wallets to avoid getting into trouble. I do not hold large funds on the crypto exchange, transfer the crypto to the exchange just to make an exchange and bring the crypto back to the wallet. I have to do a couple of extra transactions, but I'm not afraid for my cryptocurrency.

well this is why i do think we need a good decentralized exchange that are safe and cant be hacked, i believe in decentralized and it is safer than traditional exchange. But i do think decetralized exchange could still be hacked and it need more improvement which is will come over time in future.

There's also coinswitch they're similar to changelly and shapeshift and seem to have better rates.

This advice have been brought up multiple times before but it doesn't help most traders. Some traders could follow your advice but it's not suitable for all because there's still a lot of traders that uses the exchanges every day.  

I don't know with HitBTC because I think HitBTC are still far away from binance, bittrex and they still need to grow the market to become the good cryptocurrency exchange.
We have binance, bittrex, poloniex and I think it is enough for us to trade on those exchange because, in that exchange, we can see a huge list of the coin that will help us to gain the profit.

The problem is that Binance was hacked a few days back. In fact none of the active exchanges seems to be safe from hacks and robberies. Binance claims that the amount of coins lost to the hack is not very significant, and they will not face any operational difficulties as a result of this. But in case they got hacked once, how can they confidently say that there will not be a repetition in the future?

There is no guarantee your funds are safe from hackers, never! Therefore if you want to make money from trading, make sure only trade in amount you afford to lose. If you don't afford, then simply save your money on your private wallet. History is a something that can be repeated if you learned nothing.

I do not think DEX is as safe as we think it is.  Remember funds still have to go through to some platform before trading.  We need to send the fund to that platform and after trading, we need to send back the fund to our local wallet.  There is still a third party platform that is involved where we do our trades so DEX is still susceptible to hacking.

Etherdelta is a dex exchange and its been hi jacked before back on the days were crypto market is in good shape  . many users lost thier funds but im one of the lucky ones that didnt do trade on ed during the hacking takes place  . that is only an evidence that no one is safe not even dex exchanges because its still online and everything online can be hackable  . i dont believe that dex is the future , cex still more better to use imo  .

Daily trading volume of crypto currencies is in trillion so we don't have to worry much about while trading but storing on them is big mistake and don't do it even on binance as well and its proved in the recent days.

Well basically it's a matter of bad luck therefore it's somehow not right to blame them , it's really an amazing thing to have a secure exchange but one should remember that everything is hackable , everything.
As time passes the technology grows old and slowly dies , therefore it's not exchanges fault entirely , yes they have to keep up with the technology and give prior update information but as far as we are concerned we should also use safer alternatives if we are so unsure of them being safe.
Instead of an online exchange go for an offline one , or try since other method , they should hire hackers to take care of their stuff.

It`s complicated, I agree with you
We need to evolve a lot to gain confidence of people, I know exchanges have a lot of problems, but it`s inadmissible sometimes the exchanges block withdrawls
They have to be more responsible, they are dealing with people`s money

For me, that is because they are centralized.

We cannot have that best exchange anymore or a perfect one. As of why, they all need to comply with the government issues of one country just so they would not close their businesses.
That means a mandatory "safety" as they say it but for me that is just for control.

Money are coming in and our thru different crypto currency names and they want it monitored.
One of their anti-money laundering scheme. Which I hope is true.
Or are they just preventing middle level human being to being rich in no time.
They say it as "balance" but it is more of like selfishness.

What did you smoke?

Trading volumes in crypto have never been a trillion. A few days ago CMC reported $100 billion in 24H trading volume (Bitcoin and altcoins), but an easy 95% of that consists of wash trading (i.e. fake volume) done by exchanges to rank up on sites such as CMC. This is also one of the reasons regulators aren't keen on handing over approvals for ETF's and other Bitcoin backed instruments.

People celebrate that exchanges are generating as much volume as during the 2017 peak, but they don't take into consideration that the 2017 peak was reached with mostly legit volume, while the volumes of today are faker than China's knockoff iPhones.

We have lots of very good decentralized exchange out there, but I really don’t know why people pay little or no attention to decentralized exchanges which really depict what the cryptocurrency created by satoshi stands for, rather, people prefer to use centralized exchanges which are why most coins you see on decentralized exchanges are just shitcoins.

I hope that a time will come where we all move from a centralized exchange to a decentralized one. The only centralized exchange that I really see as a good one is Binance and I learnt that they are already working on their decentralized exchange.

The part where you said that companies do business with their customers money, I don't see anything wrong with that, that's a normal thing and they have been doing it for long and even banks does the same. Don't expect them to just cross hands and be looking after your money for you and only collecting fees, nah, they will also have to do business with it and that's one of the ways companies makes money too. And there good exchanges andb not as you have said, the good ones are there and even Binance is a good exchange and that includes Coinbase, Bitfinex and the rest of them as well. Binance got hacked but was able to sort out the problems with their customers, that's how you know a good exchange, they always sort out the problems.

As long as decentralized exchanges suck hard, people have no incentive to shift. I doubt most people even know what a decentralized exchange actually is, otherwise they wouldn't call Binance DEX decentralized.

It seems that you too are easily tricked into thinking that Binance is trying to offer people a decentralized alternative. If you think logically, it makes no sense with how it goes against Binance as centralized exchange.

Why would a money making machine try to make a decentralized alternative that cuts in its profits? Binance DEX stinks and people fail to realize that due to their blind love for CZ with his innocent look and attitude.

In fact, it should not be so pessimistic. Binance is now a very useful and powerful stock market. Hacking attacks and other weaknesses will be normal. Cryptocurrency has a history of 10 years and it is perfectly normal to have such vulnerabilities and issues.

Well it is very fluctuating what the Exchanges can benefit from their clients, some Exchanges have the facility to see exactly where the floors and ceilings of the operations are and easily can enter to operate with greater security, this can be a way to obtain profits by means of the Exchanges, another very particular way is that some Exchanges know at what moment it is good to make a very cheap purchase and then rise in an impressive way, this is another way in which the Exchanges can win.

But they are ways to win, we as traders must not only focus on these methods that the Exchanges have to take out their funds, but on how to evade all the possible movements that the Exchanges and Strong Hands have on us, for Become market experts speculators, for this we must study the market very well to protect ourselves from these movements and have a connection with the market acceptable to be successful.

I disagree. Binance is a good exchange for me and I mean better than the rest. It is just the  people who are behind the hack is a powerful group or guy that could have spent millions to the hackers to act fast and destroy the exchange's reputation. Just think that it can easily happen to banks as well but a lot of authorities will try to help so hackers will have a reason to back off unlike in crypto exchanges, we don't have that previlege.

indeed until now binance is still a prime exchange. but with the hacking that happened yesterday, it shows a gap in binance that can be broken by hackers. if the best exchange can only be hacked, what about other exchanges?

If the hacks become normal, then how do you expect the exchanges to survive? All it took was a single hack to destroy Cryptopia. Now the users are stranded and their funds are frozen (I am talking about those idiots who refused to withdrew their coins when they had the option to do so). Even Binance got hacked a few months ago, but they managed to resume their operations. If the hacks become normal, then the closure of exchanges without prior warnings will also become a norm (rather than an exception).

I also do not see anything wrong in companies, most especially banks doing business with their customer’s money provided they are sure if the business that they get involved with, which is usually not even my problem, provided I have access to my money at any time, but the issue I have with these companies is that they don’t appreciate the people that left money with them, which they ought to have been sharing the profit with them no matter how little.

This is why I will already respect Binance exchange for ever, this is the method they use that is guarding against people dumping their coin, as they do business, they share the profit with their customers.

There are reliable exchanges like the Kraken to buy and sell cryptocurrencies, but I think other exchanges are not reliable enough. None of these exchanges can be currently controlled by states, and as a result of not being audited, users' money may be spent on other things.

Hacking will be a normal thing, but it is then left to the exchange to brace up their security and tightened it also, hacking has been in existence for years, it happens in other industries too, so it is not something that can be stopped easily like that, security of our funds should be left to be handled by us personally and not left for exchanges to do.

We have to all stop keeping our funds on exchanges that are vulnerable to these threats and just limit our activities on them to just trading and exchanging of our coins. Maybe one day when cryptocurrency becomes, regulated, then we can have a legal department for the control of ICO scam.

I think the hacking of the binance exchange, including the large exchanger, has little effect on the binary reputation in the eyes of traders.
including me, I did not lose confidence in binance even though they were hacked some time ago.

like me, it also does not lose trust in binance, because it is currently the best exchange available. we all know the risk of hacking. and I think that has become an element, by looking at the situation

Insurance companies have been doing that for years and they have been doing that legally as well. I mean you give your money to them so you are insured in case anything happens and if nothing happens they get to keep that money and invest that money into stuff, they do have some sort of "hot wallet" where they pay people who happened to need the money back for something they were insured against but aside from that all the money they get to own is used for investing.

Warren Buffets first ever big purchase was GEICO an insurance company and that says a lot more about insurance companies then investment companies. So exchanges using your money to do whatever they please is fine by me as long as whenever I want to withdraw I can, if it turns to ponzi and I can't withdraw then problems start.

You will never find 100% safe on third parties, they can be a scam anytime, trust no one is a good thing to anticipate any form of hacking so you can be more careful. Exchange sites are prone to hacking and scams. so you have to be smart in securing your account and you have to be smart in dividing your money into each exchange

Is Binance a bad exchange? It's the most reliable nowadays. I completely understand concern about the recent hack, but it showed the full competence and funds reimburse, so no problem with it. Security is a top issue, but exchanges with reserve funds can afford minor fails.

The decentralised exchanges don't advertise themselves - so not many people know they exit, and a consequence of that is that the liquidity is very poor. It needs an angel/whale to trade trading on one to bump up liquidity, in order to attract other traders.

I wonder, they ask question as if the exchange they are even using as done anything wrong to them. Since the time I have been using Binance I have never for one reason complain because I don’t have any reason to. I have also not tried some exchanges for me to completely conclude that we don’t have good exchanges.

For the fact that I have had a bad experience with an exchange does not give me the guarantee to judge other exchanges same. We still have people like Binance, bittrex and many of them that are trying to make things easy for people in this cryptocurrency market, so we need to learn to always still see the positive aspect of them.

One way or another, centralized exchanges have their own vulnerabilities and problems. However, we have no decent alternative to them, in any case, with high liquidity.

Yes. When we send money to their exchange, we really only trade virtual assets on exchange. It really is not our money.
therefore, we need to be wary of making lots of money to exchange, even if it is large exchange.
Be careful because the black market will be able to do anything.

This type of situation will definitely came for everyone but the situation to exchange decides to go with their trusted only so in most of the time it will giving the satisfaction for us but in some cases definitely we have to wait for the changes to happen.

as if we are friends with risk here. so it's not too shocked when an exchange is hacked. I think all of that is because of the existing technological development competition, so the security system must be updated and made layered

There is nothing like not having good exchnages, and if Binance has stopped users from depositing and trading, then there are other good exchanges that you can trade with. There is OKEx, there is Coinbase and there is Bitfinex. There are lots of good exchnages out there that you can trade and you shouldn't have only one, it's better to have about two to three exchnages that you like and use, in case one faces challenges like this you easily switch to another one that works good as well.

That's the risk in digital currency, a not well secured exchange will always lead to the risk of hacking and that can make them rich for an instant and trace will be hard to find, its like ur robbing a back but you're using ur skills in doing so. As they said, whatever you put in the internet is not safe 100% there will be always a holr to which a hacker can pass through.

It's no need to repeat same things with different words, it's pointless. Your reply is something I already understood, then whaaaattt?

From his point, I understand that we have to be responsible for securing our own account, and then if he talks about securing our account, isn’t it safer that the best way to do so is stay out of exchanges when it comes to keeping our funds safe. We can use those exchanges to trade but we should never ever think of even putting our funds on them, Not to talk of splitting funds on them.

These exchanges too are aware of the vulnerability of their exchange to hacking, which is the reason why they would advise people no to rely much on keeping their funds on their wallet but rather use a wallet that would give them a private key.

The problem with withdrawing funds after a day trading is that withdrawal fee is getting bigger. 0.001BTC is as big as a day profit when you only have very little capital to trade. With such fee, an investor with little capital would rather keep the funds on the exchange for the next opportunity that will come. If a trader really wants to keep the safest path while trading, its going to be best to just trade on DEX.

Trading a whole day for 0.001BTC in profit sounds like a waste of time, regardless of how poor or rich someone is. I can't imagine people actually stressing themselves out all day for such a negligible amount.

It means that you have to do two days worth of trading to withdraw funds worth one day of trading. And then you also have to pay a network fee in order to move the funds out of your own wallet. Doesn't make much sense to me.

Your best shot is to convert to Dogecoin and cash these coins out at a fraction of the cost. Real DEX's (Binance DEX isn't a DEX) require network fees too so I'm not sure if that's going to do anything for you here.

The main problem is with the legality of Bitcoin and crypto-currency. Bitcoin is 100% legal only in a handful of nations such as Japan and Switzerland. And now comes the question of what to do with all those customers, who hail from those nations where it is not fully legal. Another issue is with dealing in fiat. The banks have shown a deep aversion for anything related to crypto.

This is like 8 dollars a day

Which produces over 200 dollars a month (then compounding kicks in). I for one wouldn't call that a negligible amount, at least not for the best (or worst) part of the world. Indeed, it depends on how much effort you put into this but if you make a dozen trades daily in a semi-automatic way to earn so much (for example, using a ping-pong or similar strategy), it is not something to sneeze at. In fact, it can be fun and entertaining, so it is not like you make it look (stressing yourself out all day)

Making less than 1mbtc a day trading minus the network fees once everything is said and done is just not worth it to most people for the time they spend sitting at a desk watching the market movements. One could make more at an 8 hour a day job instead of what it works out to $1 per hour which I dont think anybody would waste an entire day doing it.
As for a good cryptocurrency exchange there doesnt seem to be one at the moment. Everybody thought it was binance but they seemed to failed at most peoples expectations of what an exchange should be. And that is completely secure with bulletproof attacks from hack attempts. Which they have shown they can not do. Even with all the available funding they have at their disposal.
I would think the local ones which are smaller is your best bet now since they are catering to selective amount of customers and are off the radar because of their low volume and small amount of customers.

We can’t expect a 100% good cryptoexchange if its still not legal, but of course there’s a still a great exchange who are trying their best to provide quality service that is Binance i believe. Dealing with top exchanges are the safest to trade and invest because they already have proven for a quality service over a year and there’s a higher chance that your money is safe.

When regulation is the main ingredient to having a good exchange we might not get a perfect one because people are not so comfortable to giving out personal info all for the sake of kyc and if these exchanges scale up I think it also becomes a little bit hard to have control ovr the exchange.

I think a good exchange is still there, but indeed in conditions like this the risk will always remain. like binance is a large exchange that can still be hacked. but what we see is that there are still many bitcoiners who trust him

I have no problem with KYC for an Exchange site. My local exchange requires that and there is no doubt at all for them to do that. But the problem is security, we won't get good Exchange if the security system isn't good. Already many of the big sites get hacked by the hackers prove that these hackers continue to grow. Sadly, the Exchange will not compensate if that happens.

It all depend to where you are from. If you live somewhere in the 3rd world country, 8 dollars is a day of eating more than 3 decent meals. If the markets swings wild everyday, one trader can win big with dozen positions in the market sadly crypto market doesn't do that unless a coin is pumped.

Withdrawing funds with $8 fee is just unacceptable for them, to me either at some point and I'm from a worse country too where some people will even just work for a meal. There are lots of us here who does that, why do you think we work the whole week of joining a signature campaign all for $30/week?

It is also a way for exchange to gain revenue from traders. For a decentralized market like crypto, it is called a fee.
Because they have provided us with quite good services and we should also let them get good profits. I do not have any objection to their strategy. :)

It depends, but 200 bucks is still 200 bucks

Especially if it doesn't require you to be glued to the screen all the time, day in and night out. A trade here and a trade there are not overly expensive in terms of both time and mental effort (unless you make a big deal out of it). Besides, if you can be profitable on a consistent basis (even if it is only 8 dollars), it is just a matter of raising and adding more capital to the furnace to earn 80 dollars a day instead of a measly 8 (remember the power of compounding). But 80 dollars a day is not a monkey business even by the most first world standards


Many a little makes a mickle

I honestly, agreed on you Sir that almost all exchange are really prone to hacking. But I also believed that in some other exchange there is a big possible an inside job happen. Like what happened before on etherdelta, its a decentralized platform exchange were it has been hacked many times and yet still they have a traders who used their platform though majority are afraid to use anymore. For me, there in that case I do believed that there is an inside job though I don't have evidence, maybe my evidence only was etherdelta before you can able to use it you need to import first your private key and eth address, so in that case they have an access to steal your coins ion there, in my opinion only and based on my experienced too. But for now it is an advantage to use an exchange that belong to top in the market like Houbi, coinbene, okex and others. 

You don't know on what you are saying man. Etherdelta hack was a redirection with the site not totally having the PK's of each user of the site.They are phished indirectly so you can
directly make a blame with the site that it do have an inside job but its been known that's its an attack.We do have some options though but even the most reputable ones "Binance"
do even suffer such incident that's why its better not to entrust anyone with our funds.