Bitcoin Forum

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.

They definitely have their issues, but if I were to need to pick an exchange that I would trust, it would most likely be the top ones. At least rather than those exchanges with non-public team members.

Of course as always, withdraw your funds if you're not trading them and yadda yadda.

I don't think anyone in its right state of mind is still going to use exchange to store his or her coin, not after all the warnings that have been flying around the whole forum. And for the trading part instill would go for the top exchanges I won't even dare to send any of my funds to an exchange that just go into the ecosystem newly, at least those top exchanges have managed to gain the trust of its users.


True, treat them the way they should be treated no special treatment should be given to any exchange, and we will see that no one will loss his or her funds anymore.

I never trust any centralized exchanges bla bla bla :P


@OP if you don't trust centralized exchange for anything including just to sell and buy your coins, not for holding your coins. Why you're still using centralized exchange? it doesn't make sense for telling the other people to not use centralized exchange but you're actually use it.

I think many users in this forum are having 2 personality, are you have dissociative identity disorder (DID)? ::)

It does not mean though we are using the centralized exfhange is we trust them already. We know the great saying not your key not your coin. But we like yhr products that centralized exchange offering compared storing on a non custodial. Yes maybe there are consequence but knowing that is a risk which we already knew. If Im gonna trust a cex defintiely its Binance compared to other ones. Im not sure if those who speak badly on cex, arent using it though probably they are.

You made me laugh. What do you want? There are a lot of storytellers here on the forum who own dozens of bitcoins, people who talk to themselves, and all this is done for one purpose only. Fishing, in almost 80 topics that I counted from the OP, cannot be said to be very effective.
So the OP is forced to deviate from his sequence.
But the expression "never" in your case, the OP, sounds a bit shaky. :)

Yes, that's exactly why simply having a "proof of reserve" isn't sufficient to assess the financial health of an exchange. It only provides a snapshot of one side of the picture and doesn't give us an understanding of the exchange's liabilities. As you pointed out, the methods used by exchanges for "proof of reserve" in 2022 were easily manipulatable, as assets could be moved around.

Some of the top firms have conducted audits for well-established exchanges. For example, the audits for Coinbase are performed by Deloitte, which is a reputable auditing firm. Given that Coinbase is a publicly traded company in the US, it's safe to assume that its audit process is thorough and rigorous. So when top auditing firms deny audit requests from exchanges such as Binance, it surely raises red flags and questions.

There are reputable auditor companies that can do a proper audit, but bigger question are exchanges and how much access they give to those audit companies so they can do their job properly. So in the end many of them don't even want to have anything to do with exchanges, like Mazars removed Binance proof of reserve audit from their website and halted all the other ongoing audit for other exchanges.


You are preaching to the choir. An average bitcointalk member is well aware of all the dangers of dealing with centralized exchanges, but unfortunately we make only a microscopic portion of entire crypto community so too many are still using them as a bank.


I haven't noticed OP saying that you shouldn't use centralized exchanges at all, but rather no matter you do, don't trust them (meaning being aware of the fact that every time you send your money to CEX it may the the last time you see it).

Are you running a centralised exchange? Because I don't know how you get hurt with my points, I never said no one should use centralised exchange, I am saying people using CEX must not trust them with their funds.

I still use Binance exchange but I don't trust them, there is a difference between not trusting and not using. Master 2know.

So you are saying to use an exchange like yobit instead of Binance? It sucks more when we use the non-reputed exchanges so for trading preferring the best which is having fewer issues with their customers but all you need to do is don't use them for storing your crypto assets for a longer period no matter what exchange it is the cause as long as it's custodial you are not really the actual owner of those assets.

Binance has a habit of buying the whole industry, binance has the cash to pay anybody off so I won't be surprised if they're paying this auditors off to give them a free pass. We're in a world that all you just have to do is have money and you can be treated differently. Exchanges aren't smarter because if they were a little bit smart then some mistakes that they do that causes investors huge losses could have been easily avoided.

It's no secret that a thief is only declared a thief when he's caught, if he hasn't been caught then he's a free man just like the rest of us. SBF was caught and it's just a matter of time before others get exposed as well. I believe all centralized exchange are guilty of similar crimes but just that the industry is not regulated so they can get away with all their evils deals. Exchanges are never to be trusted and your funds are never saved with them irrespective of how they try to make us believe that our coins are secured on their platforms.

I think it's right if you trust top exchanges than with not-known exchanges. They are called top exchanges because they have the highest volume in 24 trading, this only means that there many investor who trusted that exchange.


It's because they can control your account anytime they want. So better to choose only a wallet that your the owner of the private key or phrase for safety. I would suggest to use only CEX if you're going to trade or convert in different currency and withdraw it immediately.

No perfect exchange exist since they all have issues, look at those top exchange at the past some of them became scam and other are became slow performing. So if you see a good exchange at the moment then maybe its good not to fully trust them your funds and always have second doubts to avoid repeat scams happened in crypto scene. If we want to hold much better we grab we have the keys to make it more secure. This is more ideal than believing that top tier exchange will never be hacked by anyone.

this is also my concern, there are several exchanges that are in the top 10 but the team members are not known to the public, at least trading on exchanges where the team members are known can provide a little feeling of comfort to users.  but yeah, all the choices are with you, as long as you don't store your assets on CEX and keep them in your personal wallet, you are definitely safe enough.

Binance and CZ is trying to control the auditors which is why they never have complete audit signed by the auditors. CZ probably bribing the auditors to overlook Binance lapses but the auditors don’t do it that result to the failed audit. So far no auditors done a complete official audit on Binance because no one wants to get involved on this shady exchange.

Blind follower CZ is just covering his ass due to self interest but the moment that they can’t provide a quick audit when they are ask is already a red flag for me. Binance is same with other shady exchange like Huobi and FTX. I’m not trusting too this scumbag exchange but we don’t have a choice to use them for now because they are the only gateway from cypto to fiat and vice versa for me.

If you don't trust a top exchange then there is no reason for you to trust any other exchange with a lower rating.  I think that Binance is the most comfortable to use. even withdrawal and deposit transactions have never had a problem since I used it. Low fees are also an advantage. but to store assets in it for a long time then of course it cannot be trusted in any exchange.
But everyone has the right to choose which is their favorite exchange. and everyone also has the right to judge for himself. but at least Binance has been tested with very large drawdowns in a few days. But Binance is not budging and showing how they are staying strong. even the Fud that had circulated did not have much impact on Binance.

only use the exchange to make exchanges or trades and withdraw our assets when done. exchange is not to keep our assets there for a long time. it's just a temporary place while we do the exchange.

Binance came out on top, being the most needed exchange by many because it is a bridge between Crypto and Fiat.
Binance may still be hiding behind the "SAFU" fund which is touted as the best strategy to secure users' funds when the unexpected happens.

The SAFU Fund has been filled with around $1B which is certainly a very large amount.
But will it be a sure guarantee of safety? we can all only hope Binance isn't like the “Bastard FTX” exchange.

https://www.binance.com/en/blog/community/topping-up-safu-to-$1b-8460049926432191856 (https://www.binance.com/en/blog/community/topping-up-safu-to-$1b-8460049926432191856)

Never trust any platform when it comes to money and digital wealth. Manipulation will still occur, and intentional or unintentional errors will also occur.
Securing what needs to be privately secured must be done, for sure we must have full control over what we have.

There's no difference be it top exchange or not as long as they were centralized exchanges they can impose same level of risk to its users, so to remain safe is to do all it takes by getting decentralized which means you don't have to go around any form of centralized exchanges, what people don't know especially the newbies is that they believed once it's bitcoin they are investing with there's always full decentralization regardless of the exchange they uses, this kind of presumed assumptions affects alot of newbies to fall into hands, get your bitcoin in your wallet not on centralized exchanges.

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.

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?

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.

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.

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

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?

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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

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

You are on point mate,and also,due to the awful tragedies that have occurred in the past, it is exceedingly difficult to trust leading exchanges in the cryptocurrency industry. Witnessing such a significant loss of exchange-stored funds is agonizing. Given that Binance is the safest exchange in the world and has the lowest rate of scams, it might be advisable. No one is willing to risk their money on exchanges since there have been several instances of money being lost on exchanges like the FTX, which has instilled dread in the minds of traders and investors.

It is not worth evaluating which of the exchanges can be safer, any of them carries an equivalent danger if you store your money on it. Today it seems safe, but tomorrow anything can happen, it can be bankruptcy, or a banal blocking of a user for any reason. By the way, it is even spelled out in the user agreement that the exchange can block your account at any time. So do not store coins on the exchange, there are more reliable options for this.

Exchanges are like our local markets where we buy and sell commodities and shouldn't be used as a bank because in the aspect of trusting them with your assets,you will end up losing it due to the various activities in which the exchanges uses customers funds for. No exchange is safe so give them zero percent trust.

As for the auditors, I guess the exchanges will not allow them to do their work properly and this will discourage them from proper audition, especially if the auditors have been given an envelope to just say yes it's done. It is only traders that needs the exchanges often for trading,since their funds will always be there.

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

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

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

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

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

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

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

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

Binance Acknowledges Storing User Funds With Collateral in Error (https://www.bloomberg.com/news/articles/2023-01-24/binance-bnb-acknowledges-storing-users-crypto-with-reserves-in-error) - Source is Bloomberg and there is a lot more written about this accident than in the OP source. I'm posting it for people who want to know more.

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

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

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

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

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

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

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

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

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

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

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

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

Why would you use them if you don't trust them? I guess that would be fine if there are no alternatives, but in this case, there are many.  Of course, I am not talking about some 100% faith in the service, but if I don't have some basic confidence I will probably move away and I will not make any deposits.

By the way, after mandatory KYC I simply moved away from Binance... it's a top exchange, but I don't like this part.

I think there has to be an independent body of Auditors who specifically specialise in the audit of crypto exchanges they should have the necessary expertise and should do audit in regular intervals so it's not easy for the exchanges to fool them as well. But obviously such a thing is hard to be implemented in a decentralised society especially when it's against an exchange like Binance.

I understand why you might believe that centralized exchanges cannot be trusted because I am a crypto fan. I do think there are things we can do to safeguard our money and choose the exchanges we use wisely, though.

Here are some suggestions to bear in mind:

• DYOR: Be sure to properly examine a platform before putting any money up for trade. To determine their dependability, look into their security protocols, background, and user reviews.
• Use a hardware wallet: It's always a good idea to store big quantities of cryptocurrencies in a hardware wallet. By doing this, you will have more control over your private keys and lessen the chance that your money will be stolen.
• Maintain a varied portfolio: Last but not least, it's wise to distribute your money around several exchanges and platforms. This will prevent you from losing all of your money at once in the event that one exchange has problems.

In conclusion, it's critical to note that not all centralized exchanges are created equal, even though it's crucial to be watchful regarding the security of your money. You may safeguard your cryptocurrency holdings and choose where to store your money wisely by doing your own research, employing hardware wallets, and maintaining a diverse portfolio.[/list]

Well, exchanges have their inevitable issues no matter how reputable they are, not because of their own services or actions, but for some reasons, it’s the gamblers themselves that have their own issues and they just put their blame on the exchanges. However, although it’s not right to trust centralized exchanges for our coins or funds, but for starters, it would be better to trust first those top exchanges in the market when they start trading and eventually transfer their coins the moment they start to establish their own wallet.

You can always use Binance at your own convenience but yeah never trust them with your long term holdings because its not safe at all, learned from what happened to many exchanges and start saving your crypto on a wallet that you have control and be more safe. There’s a pros and cons with CEX, and even the top exchange are not exempted to this one, Binance is still good though despite of their new rules with KYC, many are still trusting this platform for their trading purposes.

It's always good to withdraw your investment funds from an exchange instead of keeping it long term there. I don't mind admitting that Binance is one of the most trusted exchanges right now, but trusted exchange doesn't mean it's safe for you to keep your funds there long term.

Many people have convinced beginners and everyone else about the risks, but it's up to everyone to decide. If you trust the exchange for your funds in the long term, then you should consider the risks "not recommended". A good standard is to have personal wallet, have custody of your funds, and keep it safe.

We should not trust the top or lower-rated exchanges in general, as they are known as central exchanges that are controlled by people and institutions, and if anything happens to the centralized exchange platform from hacking, bankruptcy, or any reckless action by its team, it will be many, many affected users who trusted this centralized exchange blindly and saved their funds on it, Sam Bankman gave us a strong example after his centralized platform destroyed the hopes and fortunes of traders and investors, so we should not be a victim of another exchange platform, what will we lose if we buy a popular hardware wallet with some money and we kept our assets on it, losing some fees is better than losing all your wealth in the event that something happens to the centralized exchange platform that you support.

In simpler thought, all kinds of exchanges whether they’re on top of it or just starters, are need to be discouraged and should never be entrusted with our valuable coins if we wish to grow them in the future. Otherwise, these trading exchanges would only use our funds to grow their business and worst is once they have taken our keys, it’s like they are given the permission now to own our coins. Otherwise, if we don’t want it to happen, then never be tempted with promising words from top exchanges.

We cant trust up fully or we could say 100% but it cant really be avoided sometimes when your confidence had been able to built up overtime specially when you do able to make use for a long time which
it would really be creating that kind of feeling that this is something that you could trust which its normal and even myself is guilty to this but still my realization do comes to think that we've seen
exchange hack and scams back in the past on where these top platforms or exchangers could really still end up on the same path.There's no such thing about forever
thats why its never been good to put up your trust and confidence and making these platforms as your main wallet.

Actually, don't trust anyone or anything in the cryptocurrency world. We cannot trust some projects, exchanges both top, middle, or small, DEX or CEX. It means that whatever the condition, we must be careful in every crypto activity and business. But, we can take any advantages of the top exchanges, much better than small exchanges because small changes will die more easily than top exchanges. Taking profits from the exchanges by doing some trading activities may be usual and it is no problem and I will prefer to top exchanges. But, we cannot trust them 100%. Just be careful about what's going on in the crypto world.

At present, nothing can be trusted 100%. There will always be exchanges that fail due to issues such as hacking or the founder's shady practices.

Looking back at past exchanges like Cryptopia, Novaexchange, and Mt-Gox, they all ended similarly and hurt many people. They were hacked and many users' assets were lost and couldn't be recovered.

I even have some assets still stored in Cryptopia and Novaexchange, and they are already lost with no compensation or other incentives.

And by the end of 2022, FTX reminded us of all of the old wounds, losing many assets and hurting many people. FTX wasn't even hacked, but the founders of FTX became greedy and instantly destroyed FTX.

But can Binance, as a popular centralized exchange currently, maintain the trust of its users or investors? We can only see how they provide the best for their customers. Never trust 100% of your assets to anyone.

I find your posture to be reasonable, exchanges can be used but traders need to always be very careful about how they deal with them, because as we know hackers are always looking to get around the security of exchanges and if at the time you have all your coins there then it is likely that you may never recover your money, so whenever you are done exchanging your coins you need to get them out as soon as possible to avoid a scenario like the one I am describing.

people use centralized exchanges with good reputations for having high trading volumes. and it helps them to trade and earn profits.
it is undeniable that there are still traders or maybe holders who keep their money in the exchange. and of course, they must still know what the risks are. FTX has taught us a lesson. and all depends on the most convenient option that we can choose.

Let’s just say issues are part of centralized exchanges, but as long as they can eventually address the problems quickly and find solutions to it, then they’re good enough. However, if you aim for the security and safety of your funds, that one thing these exchanges cannot guarantee us because as long as we don’t hold our keys, our funds are considered theirs, so they have all the means to access our funds and even steal it if they really wish to. The reason why we can never trust top exchanges since they are just taking advantage of our funds indirectly.

Binance is one of the leading exchanges, but I don't think that adds to their reliability, or that they can be trusted with funds for a long period.

We have some very compelling lessons in the past that show that there are no reliable exchanges. You can hold the coins for several years and everything will be fine, but just one day is enough for the exchange to block the withdrawal of funds and possibly declare itself bankrupt after that, and everyone will lose everything again, as it has happened in the past.

Perhaps binance can become an exception to the rule, I would be happy about it, but as long as there are risks in which you can lose coins on the exchange, I would not keep them there, you are right that there are wallets for this.

I'm a bit wondering, if you don't trust them, how can you use them, this is not logical at all, whoever is using it is also a believer, but the level of trust is not absolute. If you say you don't trust it, why not choose other exchanges instead of Binance, and if it is unreliable, how did it become a top exchange? I still believe in Binance but I use it for what it is, it's only for trading and not a long-term store of assets. Don't blame exchanges when we abuse them.

It's true that there are other issues that top exchanges are also experiencing and they have to resolve them before something worst happens.
Binance admitted that they're also having a reserve for the user's fund as there's a portion of it that they do convert or invest somewhere.
But by the time a user wants to withdraw it, they have to make sure that it is withdrawable and that they're able to prove it. Not defending them but it's a normal thing to be done by any exchange that has their user's fund.

Whether it was centralized or decentralized exchanges we don't have to store our funds there for long as it was safe if we have full control of funds than relying on these exchanges. Because what happens to FTX and many scam exchanges will serve us a lesson on the risk of putting our money in any exchanges.

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I have no say for now for Binance but I think they face some issues as well. I don't encourage people to withdraw their funds from them but we also have to play it safe as it was too painful losing our money because of trust that has been broken.

Not your keys, not your coins.

I don't why other people still store their money in exchanges, it's not a hardwallet or even cold wallet where you can store and hodl your coins for a long time before you wanted to sell it in a best price. Exchanges have so many flaws, even the big ones, so it's not really a good thing to store anything on them unless you're trading daily so you can monitor your funds and make withdrawals of your profits anytime you want.

Sometimes, it’s not only the exchange itself that is to be blame when the funds have already gone, because mostly it’s in the user itself because they are just too confident enough to trust top exchanges without even understanding the terms and agreement in the first place. So to avoid all these danger, it’s always safe to trust your own wallet than to trust any other leading exchanges in the market.

Well, trust is expensive for those who know its value, for me, I can only trust in what I created by myself, based on the confidence I have in it that I did a great job, aside this, I don't trust even my non-custodial wallet, let alone trusting a centralized exchange, but my lack of trust in this services does not stop me from using them, after all, I have no choice but to.

The little trust I have in non-custodial wallets is that since I started using it, it has never been hacked, except for one time for one time I connect my wallet to a phishing website, they drained all my shitcoins, which I didn't really feel bad about anyway, so it is my simple advice to never leave your funds on a centralized exchange, no matter how big the exchange is, and also, don't keep all your funds on one non-custodial wallet, good practice is to separate them, based on the quality of the projects and money invested in them.

People can trust or not trust whoever or whatever they want, there isn't anything that we could do about it. I personally believe that there are some exchanges I am happy with and that is fine by me, but if you could buy a ledger, or at least have enough money to worth buying a ledger then in that case it would be a lot better of course.

At the end of the day, you will have to transfer them to an exchange and it is better to do that to big exchanges, that way you would be able trade with people who trust that exchange the most. Aside from those trading periods, you could always deposit and withdraw from them and into your ledger which would make sure that they are always safe.

When it comes to trusting then each one of us does really have different approach on particular things and speaking about trusting top exchangers out there then its a personal choice.The important thing on here is

that you do know on what are the accompanied risk for these platforms to have.We aren't that blind not to see those past events or bad history about exchange hacks or even running away funds(FTX)
which we can really consider out that we cant fully 100% trust up no matter how good looking they would be.This is why its never been that recommendable to store up your 100% part of your investment
or coins on a certain place because you cant be sure on when they would be experiencing some huge problems or issues.So its better to be paranoid than on taking yourself or put at risk.

It’s really a big mistake to trust exchanges because they are not there to secure your funds and keep them safe forever, but to make use of it and to make advantage of your own funds so they can grow and expand their business using your deposits. This is really in general because it’s certainly a fact that no single exchange can guarantee the security of our coins, not today and not tomorrow. If you aim to make your coins safe, then prefer to have your own wallet, that way you have all the means to make it fully secured.

Every exchange has their own issues but if you wouldn't trust too exchanges, are you going to risk your funds in unknown exchanges with worse issues? I believe that if an exchange is providing good services and have a good trading volume, they still worth our trust. There's just no guarantee that they can secure our funds all the time so we must take charge of handling it responsibly. Placing and storing our personal funds in our personal wallets will be the safest thing to do.

Well i guess many people still choose top exchange than any other, it is because they are most trusted than other exchange they ranked as top exchange for nothing, maybe expert saw that they are more secure than to those who are not rank as top. So for me even if some big exchange has also an issue i will choose to use them because i feel more secure and safe.

I would trust them if they are top exchanges but to the point so they can work on it, even though in the background their words don't necessary true and could be worse in the background. I've seen something like if they get hacked and they said "your funds are safe" but in the background it's worse than that so they told us "safe" to keep the users on their platform. You can store small money on there but whatever you do, there are always risks that exchange could have problem later, that risks your money as well.

You can use a centralized exchange but avoid making the mistake of trusting them completely, but what does this exactly means? Avoid leaving your coins there for long periods of time, using exchanges for the reason they were created, exchanging your coins for fiat, stable coins, altcoins or bitcoin is an acceptable use of their services, but leaving your coins there and using them as your main wallet is a mistake, as you are giving them complete control over your coins and finances, and we know that all centralized institutions which have been given this power have taken advantage of it.

You never trust these top exchanges is your opinion and there's nothing wrong against it. After all, it's your experience.

On the other hand, if I will pick the most trusted centralized exchange so far, there's nothing come close to Binance. FTX tried to be as close as Binance to the point that many see FTX as Binance's rival, but what happened? For sure, you know what happened right?

As for me, I don't "fully" trust these top exchanges even Binance, but I will still use it because I'm trading, and it's the place where I'm buying coins that I need to hold. Even so, there are still many users of Binance who chooses to store their coins into the exchange giving the full trust to them. Maybe because they can earn extra money on their exchange thru that "earn" feature, or maybe if they need to sell or buy coins for whatever reason/s it is, they don't need to wait a little longer because they can just trade it immediately.

You probably say that because of your bad experience with the top exchanges in the crypto industry. If in the top exchanges the risk still does not disappear here, what about the exchanges that are not included in the top ranking here in the crypto space, the level of risk is higher.

    Also, I think that even if that happens, an exchange will remain at the top as long as they know how to immediately resolve the issue that is happening on their platform for sure.

In addition to the fact that it is not worth keeping coins on the exchange for a long time, it would also be good to send small amounts of coins to the exchange for trade, or purchase.

Let it not be so profitable, let it be spent a little more on commissions, but the risks will be less than if you sent a large amount to the exchange and the exchange blocked it for some reason.

Perhaps this is a rarity, but still I would be calmer if I knew that the blocked amount would not be critical for me. In addition, there are platforms and services that allow us to do without exchanges, but it is possible that there are certain risks in their use.

Whenever i do sent out some coins/tokens in an exchange then those amounts would really be just good for the sake of trading and make out some short term approach and the rest of them would be hold up on a cold wallet on which im not really that confident even if they had been trusted by the community considering that we've seen huge exchange hacks and other problems in the past which we cant really make ourselves that
too trusting these platforms.This is why its never been recommendable on storing up huge amounts on an exchange wallet.Nothing beats out if you do store up your assets on non-custodial than with those centralized
on which we dont possess its keys.Its just common sense on where you would be preferring into and how to avoid such risks.

It's true that most of us crypto users have to engage with centralized exchanges even if we don't want to. But you should not hold your funds there even if you feel secure and safe in your preferred exchangers.  If you want, you can do short-term trading because there is no other way than using centralized exchangers for because of easy handling and low trading fees.
However, centralized exchangers are never the perfect choice for securing your funds. Because here you already gave the control of your fund to them.
I agree with the OP that never looking at centralize that should not be trusted, and now after seeing the ftx exchanger incident I think  the fast I can withdraw my funds from cexs , the fast I can breath

The fact that we still need a lot of financial services from these exchanges, means, we need to use them at one point no matter what.
As you said, just use them for like trading purposes and get out your funds as soon as you finished.
However, if you will use their savings or staking services, you are letting them to have control of your funds and you are ready to risk your funds.
But as much as possible, use the services of top trading platforms with insurance like with binance.
Otherwise, send your funds to your own wallet, for your own peace of mind. We can't be very sure of what will happen next in this market.

Some time ago following the FTX scam, the CEO of Paxful also sent a resounding warning as an alarm call on how to use an exchange. Stressing that  it wasn't safe to leave a lot of funds on an exchange, you only get to leave what you need and when your done, you tale it out. This could be another business strategy in a bid to buy trust but, it is the truth non the less. Exchanges arr subject to scams  hacks and fraud that might either arise from within or out.
It's not same when you have your coins saved on a wallet. You are at a better chnace of securing your funds on a wallet. You just need to be more privacy and security concerned.

Exchange owners or to those who are part of it, telling that never trust exchangers is really just showing off some fake symphathy or just to make them look as a good guy but the community arent that dumb on not

to see that behind.It is really just that we cant really just avoid not to make use of their service or platform considering that conveniences that they could give then it is really that hard for us to stop.

Its true that it would be ideal if you are really just pulling your funds when you are done on trading, never ever leave those funds on exchangers but most of the time we are really that
too mindful about fees and the hassle and this is why we do decide to make it stay.

of course everyone wants to keep their investments safe from any possibility of an exchanges crashing but the thing is, the liquidity is in these exchanges, when you are investing you want as much liquidity there is to avoid slippage, but you couldn't do that using uniswap, etc, therefore you are left without choice and that is using these exchanges, we all know that the recent incident involving the famous exchanges are quite devastating, but there's just no helping it that majority of people out there would still prefers using conventional exchange because they are more convenient and because the liquidity could hardly get out of the platform.

Always you need to be very careful while using centralized exchanges and never hold long-run funds on these exchange wallets. Centralized exchanges always try to manipulate somehow the market sentiments to wash out Future trading accounts in a panic situation. The reserves in the centralized wallets are shady so keep a close eye on the News and updates.
As the currency BUSD reports the BUSD-minted tokens on the other chains are shady from the reserves point of view. BUSD on the BSC is transparent but the BUSD on other chains seems over-printed as compared to the total reserves this is the reason SEC imposed a grip on the BUSD minting.
Long story short be careful with the centralized exchanges.

Can't guarantee about how safety our assets in decentralize exchange market and latest have bad news with BUSD as Binance stable coins, we can't predicting what happen later with Binance and how long this exchange keep in the trust line. Cold wallet or hardware wallet is the most safety place for long term holding your cryptocurrency assets than priority for saving fund in exchange market although have good trust right now.

FTX exchange collapse have enough lesson why can't fully trust with top exchange market with holding huge fund for longer time, but if try with scalping looking on exchange have good reputation but don't hold assets for longer time in exchange market.

This is a nice idea but I doubt many traders will be interested in something like that, especially since this is something that will bring to them additional costs and will consume more time than just sending the coins they wanted to convert in a single transaction, still it is important to bring those ideas forward from time to time so newbies traders realize this is an option and they decide to implement it in the case they lose part of the trust they have on centralized exchanges.

Top exchanges will definitely have issues in whatever form they are and because they are well-known they will definitely get more attention from regulators than small exchanges, with all the issues they have they are still more worthy of trust than small exchanges, if big exchanges cannot be trusted then small exchanges more untrested.

It is correct that using centralized exchanges comes with certain risks, such as manipulation of price and uncertain reserves in the exchange wallets.It is important for individuals to exercise caution and thoroughly research any exchange before using it. In my opinion the best practice is to hold digital assets in personnel wallet and only use reputable exchange when you need to buy/sell any assets.

Regarding BUSD, the collapse of UST (a stable coin that was pegged with US Dollar) serves us a reminder that no stable coin is completely  secure. However, in case of BUSD which is backed by financial stability of Binance and regularly audited, but still it is important for us to exercise caution when using stable coins & stay informed  about any news related to their stability and security.

Binance might be drunk like hell that day. Lolz.

Why would they go and announce it publicly? It could have caused big chaos amongst the users and thus a dump could have initiated due to their deed. Seriously what sort of or unskilled people might be hired in the management team that led to such breakdown.

Isn’t this should be untouchable fund that they were fishing on and could be sued for that?

I think this problem persist for the hardcore traders only since they need to keep the trading fund available on an exchanger all the time. For example, I almost keep zero funds on an exchanger. If I ever see an opportunity of selling my portfolio then only I would go and sell it. May be that’s the best way to stay in the crypto world now. Keep it in your custody.

Pro trader will never empty their accounts in any exchanges they use as they will trade from time to time. But in your case, I could say that you are too clever not to lose a single penny from a possible hack that mostly happens to known exchanges. That of course, is a smart decision but it was different for me,  I consider the fees that I spend from moving in and out which is costly, a reason why I should have to trust an exchange no matter what.
We heard some negative rumors about Binance and in other exchanges, and it was called "risk". And we have to deal with that otherwise, we live no confidence in the market.

I have to agree that audit companies may not be able to audit a crypto company that easily. The ones that has been in work with fiat for decades now, do not have the people who could check a crypto exchange and make a decision, and the ones which are in the crypto world are usually unknown and you wouldn't trust what they say neither. So, it turns out that we won't be getting any kind of good result for their audit, because there is nobody that can honestly do it.

Hopefully they will one day get a proper one, and we will get to read about it all over the internet, but it will not be anytime soon, will take a few years until there is a famous "crypto company auditing firm" type of deal.

Not only pro traders mate. I am not trader but I do leave a portion of some coins in exchanges for emergencies. Sending in and out coins always might lead to mixed up some time especially when one is in haste and that could lead to lose of funds. But if you have little in the exchange already you can easily swap or do whatever you want to do. I quite know the risk involved but that doesn't stop us from dealing with them. Everything concerning crypto is very risky. If you don't want to take risks, don't even think of crypto

Actually it do varies because if you are in a rush on making transactions in between depositing and withdrawing funds on an exchange then its true that it is really that prone to such errors and mistakes

which i do agree on that.I do understand that you dont really like the hassle on making those access on your cold wallet and make out some transfer into your exchange account on the time that you

would be needing money.For sure there are people who do really have this kind of thinking but if you are really that minding about the risk then these small steps wont be a bothersome.
If you do find it to be hassle then its your choice because its our money after all.

It is not the first time that someone tells me not to trust very large and famous exchanges, I have a friend who does not recommend me to use binance and even less if I want to terading Futures, the exchange that they always recommend is Kucoin, not only for KYC requirements but because according to them there are more chances of winning, in Binance you can earn a lot if you have a very large capital, but for a medium or low capital it is better in Kucoin.

My trading style is medium and long term, that's why I haven't done it yet, because I don't have any experience.

There is no point of untrusting the exchanges. I mean use the platform for what it is meant for. In an exchange if you hold your funds for long without actually selling or buying it, and telling us about insecurities doesn’t make any sense. Use the exchange only when you want to quick sell or buy. Don’t keep your funds rot their for long. For storing your coins, use cold wallet or offline wallets. We all know what happened with FTX, but that doesn’t mean all other reputable exchanges will do the same. But still to be same, use the exchanges as minimum as you can.

Bitcoin told us to follow decentralization. So I am personally not using any centralized exchanges. Please make sure to use the decentralized exchanges as much as possible. So you do not need to send the cryptocurrencies anywhere. You can store it in your wallet and do the trading. 

Yes. You are correct. Everyone will be changed including you and me. The main thing is we don't know the time of the people's change. So make sure to manage your risk and capital.

All of us here are not forced by any exchange to trust them whether it is a top exchange or not. Now, if for you binance is not to be trusted, there is no problem.

      For me, Binance has been through a lot and despite almost countless issues being thrown at this exchange, the Binance platform has remained the top exchange. What you are saying is obviously just another FUD to discredit Binance. This is also in line with my research on news updates in the crypto space.

Putting money on centralized exchange is like to placing food in your dog's mouth and telling him to help you protect it because you believe they can help you watch over it without realizing your dog can eat them whenever they are hungry; this is what centralized exchanges have become. Since the demise of FTX, I have hardly lived a scent on the exchanges; those who lost their life savings on the exchanges were hurt, and I saw how they were bitterly crying for help on how to get their money back, and after the December drama, any trader who lives money on the centralized exchange is doing so on purpose.

If you don't trust the top ones, which one you will trust? Actually, we are using top exchanges much better than low or small exchanges. Every exchange will have issues, but at least we can decrease the risks by choosing top exchanges rather than small exchanges. if it is about security, I am sure that both DEX and CEX will have also problems with security. Nothing is much better or safer because they are online and able to be hacked or making mistakes that will result in losing assets.
That is why if we are doing it for a long-term period, never use any exchange to store our assets, use the hardware wallet so that it can help us decreasing the risk and also help us to increase the security system. But if we are sing it for trading daily, I will refer to top exchanges.make

These top exchanges are still centralized exchanges that is a normal company. Of course there are instances that problem like this that they will experience. Imagine, They are top of their industry and doing really good despite of the complicated back end side of crypto things but they are doing well compared to other exchanges. I don't trust centralized exchange that much but If I were to use them, I would use the top exchange over small exchanges because they has a reputation to hold, is more deployed and has the reliability that customers wants. I think it's a good thing that binance admits that they did an error and addressed it to the public rather than waiting for someone to take opportunity of it and could possibly be a big scandal for them.

it’s easier for me to never keep large amounts on exchanges, it’s much safer and I can sleep peacefully and not worry about the safety of funds.I also trust Binance as an exchange that has already earned its credibility with many users.No wonder it is called the first exchange.

Each exchange has its flaws because none of them are perfect. They are only useful for the tasks they can understand; otherwise, they might not perform to their full potential. All customer daily tasks must be completed while keeping in mind the moderators' and exchange staff's ultimate goals. Although it is a matter of trust, we must exercise extreme caution. To be on the safe side, customers should withdraw some of their cryptocurrency and convert it to fiat money. Exchanges served to their best interests for their users other than stacking up all the negative reviews online. Binance is one of the top influential exchange in the crypto market with high trading volume of $8,723,932,282 the last 24 hours and there's more to it compared to the enormous numbers of 14,117,004 people that visits the exchange entirely.

At least Binance tried to get that audit to get the user's confidence regarding cryptocurrency, well, for me I keep choosing best exchange with their fast response customer service as long as they have that and not the best I will use it if I need. I know some small exchange got failed after a few months so whether it's a top exchange or not we can't guarantee the safety.

unfortunately, there are some crypto coiners who always save their crypto in right place like a hardware wallet on the years, but, only a second, He got a problem after sending it to an exchange in FTX. He never knows news and announcement, he never read them and never follow social media, he just sent, after that FTX collapsed, I think he is the unlucky person in the world.

Or maybe lost them in a boating accident.

everything does have a risk, our job is to minimize risk so that our funds are safe. don't save funds on an exchange, indeed using it as needed will be safer, and afterwards we can store it in a personal wallet, so that the security of the wallet is completely in our hands. even though the exchange is the best at the moment, we don't know what will happen next, and if the worst thing happens, then there's nothing we can do, which in the end we have to let it go

Burdwan's top exchanges do not seem to be very convenient.  We have seen good and top exchanges like FTX go bankrupt not long ago. So keeping funds in exchanges at this time is not very safe. I think exchanges can become scams at any time.  But I think hardware wallets and software wallets are convenient for keeping your money. There is no possibility of losing your funds in these wallets.