Can I trust BTC exchanges?

[randy8777]

The point is why should you ? Right now, there are exchanges that allows you to trade without having the requirement of a site wallet at all. Try www.100bit.co.in. There exchange commission is extremely competitive too. The only problem you'll face is lack of volume, but I have seen, at least my region people are coming on board. So, why Trust, if you can Trade in a Trustless environment ?

never heard of this exchange before, but the domain is not really enviting to be honest. especially exchanges should have a solid domain extension.

[Victor Beckham]

The point is why should you ? Right now, there are exchanges that allows you to trade without having the requirement of a site wallet at all. Try www.100bit.co.in. There exchange commission is extremely competitive too. The only problem you'll face is lack of volume, but I have seen, at least my region people are coming on board. So, why Trust, if you can Trade in a Trustless environment ?

never heard of this exchange before, but the domain is not really enviting to be honest. especially exchanges should have a solid domain extension.

.co.in is a country level domain similar to .co.uk. Even Google runs one of its version on this... www.google.co.in.

[randy8777]

The point is why should you ? Right now, there are exchanges that allows you to trade without having the requirement of a site wallet at all. Try www.100bit.co.in. There exchange commission is extremely competitive too. The only problem you'll face is lack of volume, but I have seen, at least my region people are coming on board. So, why Trust, if you can Trade in a Trustless environment ?

never heard of this exchange before, but the domain is not really enviting to be honest. especially exchanges should have a solid domain extension.

.co.in is a country level domain similar to .co.uk. Even Google runs one of its version on this... www.google.co.in.

i know it's a country level domain. i meant to say it's not really professional as it is a domain hack. for an exchange i would expect it to use a solid domain.

[SpanishSoldier]

-If you are asking for keeping your coins for a long time , you cannot absolutely trust any exchange currently. There is no insurance mechanism for hacked/stolen coins at the exchanges.

Actually Xapo and Coinbase are insured and your coins are fully covered if you put them in their vaults. Maybe there are more insured exchanges - those are just the ones I know.

I have read the terms of CoinBase insurance. They are as good as having no insurance. They have got a provision in their term to turn the responsibility of any loss on to the user. Regarding storage, I prefer paper wallet and for regular use blockchain.info. For trading, only direct trading exchanges are the way to go. Those are fast & secured.

[rio3232]

Depend which exchanges you choose, you can try search google is he recommended or not.
Or you can try to check here. https://bitcointalk.org/index.php?board=53.0
There's many recommended exchanges here.

[Troonetpt]

Do you have other choice, if you want to trade in the exchange, you have to trust it temporary, may be in the near future, the decentralized exchange will not need your trust.

[silverolivia]

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!

You feel like the money is hanging out in some nowhere zone because it is   Never leave you bitcoin on exchanges for longer than you need to it is not safe to not control your own bitcoin there is a saying if you don't control the private key you don't own bitcoin and that is true. Any minute they could up and leave and what could you do?

indeed!
but anyways.  there is no other way to exchange coins, except of if you friends r not holding any of it and won't help you with exchange. x) but still. M28MmickT is right xD

[okae]

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!

never never trust on anything out of your safe wallet, i mean, everything out of your wallet is insecure, hell, even if this is on your wallet will never be 100% secure

im not saying to dont use his services, but just be carefully with it and never have lot of your money on them, you know...

[notlist3d]

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!

never never trust on anything out of your safe wallet, i mean, everything out of your wallet is insecure, hell, even if this is on your wallet will never be 100% secure

im not saying to dont use his services, but just be carefully with it and never have lot of your money on them, you know...

Use the exchanges to convert/buy coin.  But use a safe wallet for sure something like a cold wallet.

A exchange even the best could possibly one day be hacked worst case they loss a lot of btc, you don't want to be one of those who lose.  Only trust your own cold storage.

[Nowi]

Where are you from ? I thing every country which has a base of people who are interested in bitcoin has few trusty exchanges. Just find them on bitcoin-talk by refferences.

[Brewins]

if you want to acquire bitcoin, you need to trust someone, either exchanges or the people you will the coins from.

and exchanges are the only option if you want to trade

[notlist3d]

if you want to acquire bitcoin, you need to trust someone, either exchanges or the people you will the coins from.

and exchanges are the only option if you want to trade

There are other options such as using other people like localbitcoin.  But I like exchanges it is safer and lower costs in my mind.  That is assuming you use a good exchange.

Don't keep your BTC on the exchange though.   Move it to a address you control after you get it, this prevents many problems.

[Brewins]

if you want to acquire bitcoin, you need to trust someone, either exchanges or the people you will the coins from.

and exchanges are the only option if you want to trade

There are other options such as using other people like localbitcoin.  But I like exchanges it is safer and lower costs in my mind.  That is assuming you use a good exchange.

Don't keep your BTC on the exchange though.   Move it to a address you control after you get it, this prevents many problems.

If you use localbitcoins you have to trust that the other part won't rob you or double spend or try to scam you

[b-trading]

Just use the exchange for trading if you need it or if you have a good time to buy or to sell..after you do the transaction then send your btc to your own wallet not save in the excange it is not secure ( In My Opinion )

[notlist3d]

Just use the exchange for trading if you need it or if you have a good time to buy or to sell..after you do the transaction then send your btc to your own wallet not save in the excange it is not secure ( In My Opinion )

I mention this two posts up .  Use a secure wallet.  Don't use a exchange as a place to hold BTC as a general rule.

if you want to acquire bitcoin, you need to trust someone, either exchanges or the people you will the coins from.

and exchanges are the only option if you want to trade

There are other options such as using other people like localbitcoin.  But I like exchanges it is safer and lower costs in my mind.  That is assuming you use a good exchange.

Don't keep your BTC on the exchange though.   Move it to a address you control after you get it, this prevents many problems.

[Mickeyb]

Look, if you don't own your private keys, you don't own your money(BTCs). So use the exchanges only for the trades and then get you money out of there. Trust me, many have gone down. And 2 times I was couple of hours from losing my money on the exchanges, the last time this was with BTER, when I withdrew an evening before they apparently got hacked.

[cryptworld]

My advise is that you shouldn't

look what happened with mtgox, it was the biggest and many people lost their bitcoins, I have lost in exchanges too


So, just avoid having big amounts in exchanges unless it is necessary

[Nowi]

Just buy and sell on good exchanges. I have tried coinomat, and it is really simple and safe, you can get there by my signature.

[n2004al]

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!

You're right. The money that are not in your wallet (whatever they are) are not under your control. But the exchanges are necessary to fulfill your needs. Without those your money maybe cannot be used. So the question is not if we need to use those but how we will use those. My advice is to leave the money on those as less as possible. There are exchanges that gives profits to leave money on those. But I will not suggest this. Do the change and take your money. then another way the same thing when you will have need.

[g1974ak]

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!

You're right. The money that are not in your wallet (whatever they are) are not under your control. But the exchanges are necessary to fulfill your needs. Without those your money maybe cannot be used. So the question is not if we need to use those but how we will use those. My advice is to leave the money on those as less as possible. There are exchanges that gives profits to leave money on those. But I will not suggest this. Do the change and take your money. then another way the same thing when you will have need.

Agree in full with this. I can give an example about this suggestion. Time ago I made change at bter. Changed dogecoin with bitcoin. In those times I mine dogecoin with a cloud mining and had big profits in dogecoin everyday. So I changed dogecoin in bitcoin everyday. Bter gave (I don't know now) profits if you leave coins in its site. I never did this. One day bter was hacked. What happened to my coins if I would leaved those at the bter account? The answer is simple. Buy, buy coins....