Can I trust BTC exchanges?

[erikalui]

I only trade on highly trusted exchange websites rather than those that have good reviews as mostly are fake ones. Localbitcoins is one good website and VirWox is the other one that are safe to trade on but the fees are definitely high. If not these websites, for other currencies I choose the ones recommended by the Payment Processors like Payza has its own exchange website and Perfect Money as well has its own exchange website wherein they charge 2% fee on transactions involving bitcoins. It takes time to get the bitcoins exchange but still it's worth the trust.

[Mickeyb]

Howdy,
I've been using one for a couple months now and it's given no reason to mistrust it. But it seems weird to me sending my money to an intermediary that's neither a wallet nor a bank and is entirely online. Feels like the money is hanging out in some nowhere zone that isn't completely under my control...

Dies any one else feel this way or do I just not understand this stuff well enough yet?

Thanks!

Not every BTC exchange is already trusted, there is only few exchangers are known here like Yobit, Bit-X, Coinbase..this are trusted and have many positive feedbacks from people, so we can use them for exchange between currencies and Bitcoin

To add to that list i would add also poloniex,
For now it is trusted enough and has good volume of alt coins.
If you have ever heard about bter then stay away from it as people are having issue withdrawing their bitcoins.

Yes, I second your vote for Poloniex. That's definitely one robust exchange. They got into trouble once before when they got hacked. About 12% of their coins have been taken which they deducted from their customer balances and they have repaid every penny in the near future. Since then, they had no problems whatsoever.

Just the way how they solved their previous hack crisis gives me a lot of confidence and trust into them. I would recommend them to anybody. The best altcoin exchange out there.

[jt byte]

Howdy,
I've been using one for a couple months now and it's given no reason to mistrust it. But it seems weird to me sending my money to an intermediary that's neither a wallet nor a bank and is entirely online. Feels like the money is hanging out in some nowhere zone that isn't completely under my control...

Dies any one else feel this way or do I just not understand this stuff well enough yet?

Thanks!

Not every BTC exchange is already trusted, there is only few exchangers are known here like Yobit, Bit-X, Coinbase..this are trusted and have many positive feedbacks from people, so we can use them for exchange between currencies and Bitcoin

To add to that list i would add also poloniex,
For now it is trusted enough and has good volume of alt coins.
If you have ever heard about bter then stay away from it as people are having issue withdrawing their bitcoins.

Yes, I second your vote for Poloniex. That's definitely one robust exchange. They got into trouble once before when they got hacked. About 12% of their coins have been taken which they deducted from their customer balances and they have repaid every penny in the near future. Since then, they had no problems whatsoever.

Just the way how they solved their previous hack crisis gives me a lot of confidence and trust into them. I would recommend them to anybody. The best altcoin exchange out there.

When happened the last poloniex hack? I consider my self as a new user when i heard this from you.
Since they repaid all of the lost funds then this gives extra trust to them.
Unfortunately bter exchange was hacked in February this year and still they haven't paid their users
Until now they have paid their users only 9.76% of the total bitcoins stolen.

[Mickeyb]

Howdy,
I've been using one for a couple months now and it's given no reason to mistrust it. But it seems weird to me sending my money to an intermediary that's neither a wallet nor a bank and is entirely online. Feels like the money is hanging out in some nowhere zone that isn't completely under my control...

Dies any one else feel this way or do I just not understand this stuff well enough yet?

Thanks!

Not every BTC exchange is already trusted, there is only few exchangers are known here like Yobit, Bit-X, Coinbase..this are trusted and have many positive feedbacks from people, so we can use them for exchange between currencies and Bitcoin

To add to that list i would add also poloniex,
For now it is trusted enough and has good volume of alt coins.
If you have ever heard about bter then stay away from it as people are having issue withdrawing their bitcoins.

Yes, I second your vote for Poloniex. That's definitely one robust exchange. They got into trouble once before when they got hacked. About 12% of their coins have been taken which they deducted from their customer balances and they have repaid every penny in the near future. Since then, they had no problems whatsoever.

Just the way how they solved their previous hack crisis gives me a lot of confidence and trust into them. I would recommend them to anybody. The best altcoin exchange out there.

When happened the last poloniex hack? I consider my self as a new user when i heard this from you.
Since they repaid all of the lost funds then this gives extra trust to them.
Unfortunately bter exchange was hacked in February this year and still they haven't paid their users
Until now they have paid their users only 9.76% of the total bitcoins stolen.

Yes, it was a while ago. 18 months ago. That's an eternity in crypto world. But they have handled it right and 99.9% thus wasn't an inside job, unlike the BTER which was 99.9% an inside job.

Here is an article, you can find many more if you just Google it.

http://www.coindesk.com/poloniex-loses-12-3-bitcoins-latest-bitcoin-exchange-hack/

[smith coins]

I think we've mostly past the worst of the exchange problems akin to mt.gox. The remaining exchanges have a certain level of competitive edge seeing as they are the ones that survived the onslaught.

Early technology much like the internet itself is full of risks and pirates everywhere, but eventually things will improve for the better.

The security is the main part of every new exchange.
It is the most sensitive part and we have seen many hacks that have been made these past few years.
I also don't trust much the current exchange, but i leave on them a small amount to trade in alt coins.

I also have very small amount of bitcoin in more than two exchanges. I do not want to rely on a single exchange as I'm aware of the old popular exchange stories. So, it will some what secure of bitcoins if we have accounts in more than one change and having our bitcoins split ted across many exchanges.

I think that it is a good idea to have your bitcoin spreadable in many exchanges.
But not in every exchange, personally i have only in 2-3 exchanges and until now it is good except bter which got hacked.
And my funds are still not refilled, in generally you should ask first in which exchange should we use then research yourself.

[disamsal]

never

[ANdr0id]

never

Even this one from the Voss brothers?

[Swordsoffreedom]

Perhaps it depends on what exchange you rely on
That said it does put you at risk even if the exchange is reliable as there is a chance the service gets hacked into and wallets stolen from
So for transactions yes for storage no.

[Amph]

never

Even this one from the Voss brothers?

this is still new enough, i would certainly not hold my hope for it, but besides that i would not elave money on any of them no matter how much it's trusted

[pereira4]

My biggest concern is not actual hacking of a security glitch or exploit that hackers may take advantage off, the big problem is when a group of people decide to create an exchange, act legit for a couple of weeks and then when you least expect it they play the "we just got hacked" card, so thats why its important to never leave funds inside.

[StevenLiang]

Wise thing is don't put your bitcoin on exchange for long time period.

Exchange just for trading, if you done trading there, withdraw it immediately to your personal wallet.

If you have fiat money there, cash it too.

Many hack attempt happen to bitcoin exchange, and sometimes it is successful. Like mt.gox and bitstamp case, big exchange mean many hacker will try to attack it.

[Cereberus]

I store some of my coins in exchanges together with my alt coins. I know it's kinda risky but the coins I have there is not really that huge that I can still sleep like a baby if ever that exchange site got hacked (I hope not). It's easy to look at how many coins you have together with some alt coins that I'm collecting.

I use the same method, i have mostly my altcoins in exchange(s)
But i am just waiting the price to raise a bit because most of the alt coins price has been decreased as  the bitcoin price has been increased a bit lately.
I don't store there a big amount because the security is the main thing to trust an exchange.

This is the only thing I would trade on exchanges. Alt coins. If they go down due to "We got hacked" ploy then not such a big loss.

[prodigy8]

I do trust bitcoin exchanges because i need to exchange something.
If i don't trust them, how can i trade something?
At least i should trust for few minutes, but i don't prefer to leave the coins there for a long time, we can't know what will happen.

[knowhow]

Well we need to trust at them the biggest and olders ,why if we dont trust how the hell we will exchange our btc with altcoins? trying direct person to person would result into scam attempts very easy soo sure they are trusted and well the best way to protect ours coins.

[absy]

Howdy,
I've been using one for a couple months now and it's given no reason to mistrust it. But it seems weird to me sending my money to an intermediary that's neither a wallet nor a bank and is entirely online. Feels like the money is hanging out in some nowhere zone that isn't completely under my control...

Dies any one else feel this way or do I just not understand this stuff well enough yet?

Thanks!

Yes not all exchanges. but a few which are at the top .. like bittrex and all. you can trust them.

[HeroCat]

You can trust to only largest BTC exchanges, which are popular in forum - so you can see member suggestion 

[trinaldao]

if you not trust exchanger
how to sell your bitcoin ? i think exchanger is best place to sell your bitcoin
you can sell 100 200 300 btc or unlimited

[bitcoinmar]

You can trust to only largest BTC exchanges, which are popular in forum - so you can see member suggestion 

Some time its not work as happen to me I was new and deposit all money in Mintpal they was very good and trustworthy but suddenly run and never came back here or any where

[gentlemand]

Some time its not work as happen to me I was new and deposit all money in Mintpal they was very good and trustworthy but suddenly run and never came back here or any where

Mintpal was sold to a scumbag as far as I know. Just goes to show that you have to stay on top of the information surrounding exchanges too if you choose to trust them, which no one should be doing anyway. Exchanges are run by regular folks. Some of them get bored. Some aren't making any money. Some are made offers they can't refuse.

[Amph]

if you not trust exchanger
how to sell your bitcoin ? i think exchanger is best place to sell your bitcoin
you can sell 100 200 300 btc or unlimited

well you always sell privately in your zone(i would do this if there was someone with unlimited fund) and or on the net, with some very high trusted users and escrow