What do you look out for before using a crypto exchange platform?

[Luchnix]

The major slackers in the web3 space is the security and which is a key part in the space. Now before investing this are few things I look out for.

User based app; checking if the platform has a user friendly interface is a must because this makes the day to day transaction processes more easier and efficient

Security standards; I think this is the major checks before investing with any CEX platform as a user. Usually it’s better to check out for the hack history and prior security bridges.

There are a lot of measures to put in place but this few has helped me.
The 2025 July 31st Financefeed awards just ended awarding some reputable exchanges with the crypto exchange platforms of the year’. I’m still trying to figure out the exchange with this award; there should be a unique tag to this exchange.

What else do you think makes some tier 1 exchanges different from other CEX?

[Orpichukwu]

If you want to know the exchange that gained the award, then it's Bitget; it was named the exchange of the year 2025.

And for crypto exchange hack history 10 BIGGEST CRYPTO HACKS IN HISTORY

Your title and your content are a bit different; using a crypto exchange is different from investing, and you can't completely know how secure an exchange is because you don't have their internal data.

No one knows that Bybit is ever going to experience their last hack, so any exchange can be hacked; you just have to look at their volume. If you must use it, make your trade, withdrawal, and leave. No exchange is hack-resistant.

[OmegaStarScream]

Based on your description for the "security" part, one would really eliminate 99% of the exchanges out there, because that's how many platforms has been compromised in the past: https://de.fi/rekt-database

Security is obviously very important, but when you dealing with large exchanges, that usually doesn't really affect the user experience because the exchange (Binance, Bybit or OKX to name a few) coud easily reimburse their users and continue operating as if nothing happened. I think what's more important is data leaks and user's personal information's.

Transparency and communication are very important too. We all understnad that exchanges have to follow certain rules and regulations, that's fine but if your account is froze because of a transaction you received, and then you end up going back and fourth with the exchange for weeks, or months... that's obviously not the way to go by things.

[Z-tight]

Security standards; I think this is the major checks before investing with any CEX platform as a user. Usually it’s better to check out for the hack history and prior security bridges.

You'll struggle to use any exchange if you go looking through their history of hacks and security breaches, because most of the 'top' exchanges you will find have been hacked in the past, and funds and data stolen.

You cannot really check the 'security standard' of a centralized exchange, though i reckon many of them do not spend funds on security, based on how they successfully get hacked. But for your own good, it is better to stick with the popular exchanges but don't store your funds in there.

[Potato Chips]

What else do you think makes some tier 1 exchanges different from other CEX?

It's all about erring on the side of caution for me.

TBH, no CEX is safe, they are constantly under watch of bad actors as well as regulatory watch dogs. But tier 1 exchanges have much better reputation compared to some random CEX out there. In this age, where fake exchange scams are rampant, better to play it safe. In terms of hacks, although it would still depend on how big it is, I do think tier 1 exchange are more likely to survive the catastrophe as oppose to small exchanges.

[SFR10]

@Luchnix
With regard to the question in the subject field, my main priority is to check the content of their TOS ^{[something that a lot of users don't do (unfortunately)]} and I usually finish it off with a lot of cross-checks ^{[I do know nothing can provide 100% protection on this field, but it'll surely minimizes the risks]}.

[Solosanz]

You can't separate between centralized exchange and hack/stolen/bankrupt, so whenever you want to use CEX, make sure you already prepare you gonna lost all of your coins. Before I use CEX, I focus on the feature and something they offers, sometime I also pick exchange with a lot pairs.

I mean any CEX is nothing different, you're taking the same risk, so make sure you pick the most profitable one.

[Luchnix]

If you want to know the exchange that gained the award, then it's Bitget; it was named the exchange of the year 2025.

And for crypto exchange hack history 10 BIGGEST CRYPTO HACKS IN HISTORY

Your title and your content are a bit different; using a crypto exchange is different from investing, and you can't completely know how secure an exchange is because you don't have their internal data.

No one knows that Bybit is ever going to experience their last hack, so any exchange can be hacked; you just have to look at their volume. If you must use it, make your trade, withdrawal, and leave. No exchange is hack-resistant.

Yes that’s true, no exchange is hack resistant. But atleast for awhile now, bitget has been one of the CEX with no hack history the last time I checked, anyways I’m still careful while trading with them, though they are actually standing out this days, what do you have to say about that?

[Luchnix]

Based on your description for the "security" part, one would really eliminate 99% of the exchanges out there, because that's how many platforms has been compromised in the past: https://de.fi/rekt-database

Security is obviously very important, but when you dealing with large exchanges, that usually doesn't really affect the user experience because the exchange (Binance, Bybit or OKX to name a few) coud easily reimburse their users and continue operating as if nothing happened. I think what's more important is data leaks and user's personal information's.

Transparency and communication are very important too. We all understnad that exchanges have to follow certain rules and regulations, that's fine but if your account is froze because of a transaction you received, and then you end up going back and fourth with the exchange for weeks, or months... that's obviously not the way to go by things.

I guess generally in the web3 space, one of the flaws is security. But are we to say Centralized governance is better than decentralization. But anyways, for more I’m still using bitget exchange following the fact that I haven’t heard or seen any security bridges so far!

[Luchnix]

You can't separate between centralized exchange and hack/stolen/bankrupt, so whenever you want to use CEX, make sure you already prepare you gonna lost all of your coins. Before I use CEX, I focus on the feature and something they offers, sometime I also pick exchange with a lot pairs.

I mean any CEX is nothing different, you're taking the same risk, so make sure you pick the most profitable one.

You just ended the discussion like seriously; I think that’s what I was saying, we know CEX and hack etc are very mutual but then, we look out for best in listing at a good price, bonuses etc. one of the CEX I use lately is bitget, over 700 tokens listed this year, always giving Launchpool and other airdrop events with bonuses!

[sunsilk]

IMHO, awards can be setup and bought. At least with what I know in some industries, the ones who are receiving it paid the organizer for them to receive it.

But if it's exchanges reputation. I think the best one are those with good volume and users activeness and have an ease customer service.

And one big factor for me is on how they have handled the mess that they've got in. Like the hacks, users fund management during the heist and how they have handled it. It's a commendable action if they've been hacked, managed to get back and allowed users to withdraw during those bad times.

[joniboini]

one of the CEX I use lately is bitget, over 700 tokens listed this year, always giving Launchpool and other airdrop events with bonuses!

I don't know man, you posted like you're promoting them heavily on this thread. If promotion and launchpad are your thing, then there are dozens of other exchanges doing the same thing. I guess you have more options, but it also means the selection process might be questionable. There's no way every single project is pumping like crazy after a few months of listing or so. If that were the case, everyone would flock there and burn their money without care. If anything, I read a thread on another forum where the OP was disappointed with Binance and other exchanges for listing new projects easily because it burned him heavily. You could blame him to some degree, but there's a factor of poor selection too.

[The Cryptovator]

User based app; checking if the platform has a user friendly interface is a must because this makes the day to day transaction processes more easier and efficient

Security standards; I think this is the major checks before investing with any CEX platform as a user. Usually it’s better to check out for the hack history and prior security bridges.

Out of these two options, I must check about liquidity. If the exchange doesn't have much liquidity, then I don't bother to trade there. Security is one of the key points we need to double-check before choosing an exchange. Hacking might happen even if the security is high, but the exchange should be capable of compensating for the lost funds from the hacking. Otherwise it's very risky to use a centralised exchange.

I often choose CEX from the top. Before, I had used Binance, but after an issue with Binance, I am now using Bybit. It looks like a user-friendly interface to me, though using Binance was pretty easy for me. Also transaction processing time is pretty good on Bybit. However, it doesn't matter much what exchange you use; it really depends on your experience. But always keep in mind, don't store any big amount of funds in a centralised exchange to avoid harassment later.

[tabas]

one of the CEX I use lately is bitget, over 700 tokens listed this year, always giving Launchpool and other airdrop events with bonuses!

I don't know man, you posted like you're promoting them heavily on this thread.

He actually is; here are the other posts that he's got for the brand. But he's clever and making it a thread and a genuine discussion.

... bitget partnership

I should have a long term plan with my investment on bitget

[...] bitget spot trade.

If anything, I read a thread on another forum where the OP was disappointed with Binance and other exchanges for listing new projects easily because it burned him heavily. You could blame him to some degree, but there's a factor of poor selection too.

That's the problem that Binance and other known cexes that we have. They're quick to list projects that are new to the market and then the developers are probably free to dump their tokens together with Binance and these exchanges.

[avp2306]

If anything, I read a thread on another forum where the OP was disappointed with Binance and other exchanges for listing new projects easily because it burned him heavily. You could blame him to some degree, but there's a factor of poor selection too.

That's the problem that Binance and other known cexes that we have. They're quick to list projects that are new to the market and then the developers are probably free to dump their tokens together with Binance and these exchanges.

Before they are so strict regarding on listing since the look for this things.

Fundamentals
Transparency and compliance
Market integrity
Then lastly user adoption

But know after they pay those huge fines from the government. Its like they are now listing all those shitcoins which got huge volume. They didn't care about if the one they are listed including those meme coins are scam. Since looks like what they care the most is to recover and gain lots of profits.

[tabas]

If anything, I read a thread on another forum where the OP was disappointed with Binance and other exchanges for listing new projects easily because it burned him heavily. You could blame him to some degree, but there's a factor of poor selection too.

That's the problem that Binance and other known cexes that we have. They're quick to list projects that are new to the market and then the developers are probably free to dump their tokens together with Binance and these exchanges.

Before they are so strict regarding on listing since the look for this things.

Fundamentals
Transparency and compliance
Market integrity
Then lastly user adoption

But know after they pay those huge fines from the government. Its like they are now listing all those shitcoins which got huge volume. They didn't care about if the one they are listed including those meme coins are scam. Since looks like what they care the most is to recover and gain lots of profits.

They're now for the money since they're able to build their reputation. So, if ever some projects and developers approaches them and asked how much it should be for the listing, they won't mind anymore. Because if the project intends to just go away later, they can delist it while them having good profits while it's quite new. That's how it goes for most of the new listings in binance lately and sadly, too many newbies that rushes to get into those are losing money. And I think even those who got experience in the market as well.

[coupable]

If anything, I read a thread on another forum where the OP was disappointed with Binance and other exchanges for listing new projects easily because it burned him heavily. You could blame him to some degree, but there's a factor of poor selection too.

That's the problem that Binance and other known cexes that we have. They're quick to list projects that are new to the market and then the developers are probably free to dump their tokens together with Binance and these exchanges.

I remember exchanges who offer listing for new unknown project (mainly scams) for determined periods. Each perio has its price in addition for percentage of the liquidity. Even it's not publicly announced, i am sure scam exchanges like Yobit and hotbit accept such deals and can negotiate with devs to create and lunch pump coins. Yobit itself lunch new coins who are not even running in top of a blockchain network.