Can I trust BTC exchanges?

[uniton]

I do trust some of them to a certain extent, like poloniex and bittrex

[2double0]

If I were you, I would never put even satoshis in my account with any reason.
Just trade, redeem and let your coins sit in your account instead of fearing to lose them all at once, as many exchanges got hacked so never trust them to store your coins there.

[taxmanmt5]

As far as i am concerned i park my funds in 4 exchanges n till date i find it safe..

Polo, bittrex, yobit & C-cex.. i have joined Empo Ex today n hoping for a good ride there too

[favdesu]

you cannot trust any centralized exchange. fortunately, some are working on the centralized part. https://bitshares.org/blog/2015/06/16/danish-firm-set-to-revolutionize-cryptocurrency-industry/ Exchange CCEDK for example, they will move to a decentralized model soon

[Patatas]

Well you can but it depends on the reputation of the site
Personally I store my btc on a local exchange site, I trust them cuz I've visited once their company

[Blawpaw]

It's always a question of faith...
But today you can find trusted digital currency exchanges. I've always used Bitstamp and Kraken and never had any problems.
So... in a way, It is safe to tell you that these 2 exchanges can be trusted.

[newflesh]

Not really, I put minimal trust in exchanges. Even using well established sites like btc-e and cryptsy is risky imho, especially if you're intending to keep substantial amounts of btc on them. I've always exchanged currencies and then immediately withdraw funds to my own wallets.

[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.

[yummyransom]

Depends on which exchange you are using. I generally do not trust exchanges. They can be hacked at any time. Your money is not safe there. Do small trades and withdraw all your cryptos to your own wallet as often as possible.

Yes! That's a good advice.

[uniton]

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.

nice,i just wondering about it
Could you make a review for me about coinomat,and may i know do you used the debit card?

[smith coins]

Exchange what you have to exchange and withdraw all your bitcoin.
But sometimes we want to trade more and more and time by time it gets risky to hold there.

[lorylore]

In February this year there was a huge hack in the bter exchange where were stolen 7,170 BTC around 1.75 Million Dollar

It is always risky to hold your funds in exchange, even if it is large or small amount of BTC

Source: http://www.coindesk.com/bter-bitcoin-stolen-cold-wallet-hack/

[wicks]

Depends on which exchange want to use

[worhiper_-_]

As of now, large bitcoin exchanges built their business model based on trust. Regardless if they use multisig or technologies of such fashion I think that whenever there's fiat involved in an online transaction you're relying on other parties so trust is vital. However, if the exchange has been handling a lot of trades without issues for a long time then I think they can be trusted. Still, you should leave your funds with them for the minimum period of time.

[dre1982]

Maybe you can trust them but for your own safety you shouldnt do that.

Do you remember Mintpal. It was one of the biggest exchange, until this happend:
https://www.cryptocoinsnews.com/mintpals-3700-stolen-bitcoin-likely-in-hands-of-alleged-scammer-alex-green/

Lot's of people lost a lot of BTC. So just use a exchange to exchange your coins and withdraw them immediately.

[oxiyusuf]

In February this year there was a huge hack in the bter exchange where were stolen 7,170 BTC around 1.75 Million Dollar

It is always risky to hold your funds in exchange, even if it is large or small amount of BTC

Source: http://www.coindesk.com/bter-bitcoin-stolen-cold-wallet-hack/

Well this is because we do not have all control over the wallet in the exchanger, but if it wants to keep in the exchangertry intalling 2FA and other security features

[ObscureBean]

I know exactly what you mean, I'm never really comfortable leaving my coins on exchanges. However over time, I've come to trust a couple that I feel are safe enough (for me), Bitstamp for Bitcoin and Bittrex for altcoins. It's just too much hassle to have to move coins to and from wallets if you trade everyday. Plus it is possible that you miss price spikes and buying opportunities if you have to wait for coins sent from your wallet to confirm.

[Nami]

I know exactly what you mean, I'm never really comfortable leaving my coins on exchanges. However over time, I've come to trust a couple that I feel are safe enough (for me), Bitstamp for Bitcoin and Bittrex for altcoins. It's just too much hassle to have to move coins to and from wallets if you trade everyday. Plus it is possible that you miss price spikes and buying opportunities if you have to wait for coins sent from your wallet to confirm.

It sounds like a hassle, but its worth it for being safe if you plan to trade everyday.

Good habits, always tends to pay off. But, I dont usually leave coins exchange either, its like expecting your friend to pay you back a hit or miss.

[lorylore]

In February this year there was a huge hack in the bter exchange where were stolen 7,170 BTC around 1.75 Million Dollar

It is always risky to hold your funds in exchange, even if it is large or small amount of BTC

Source: http://www.coindesk.com/bter-bitcoin-stolen-cold-wallet-hack/

Well this is because we do not have all control over the wallet in the exchanger, but if it wants to keep in the exchangertry intalling 2FA and other security features

When you send your money in this case bitcoins you will not have control of it?

The 2 factor authentication has nothing to do in this case because doesn't stop the exchange owner to take your money.

But it is a security factor to prevent other users to access your account. Good luck.

[Mickeyb]

I know exactly what you mean, I'm never really comfortable leaving my coins on exchanges. However over time, I've come to trust a couple that I feel are safe enough (for me), Bitstamp for Bitcoin and Bittrex for altcoins. It's just too much hassle to have to move coins to and from wallets if you trade everyday. Plus it is possible that you miss price spikes and buying opportunities if you have to wait for coins sent from your wallet to confirm.

Well for the people trading, this is just considered as an additional risk on the top of the risk of trading, a risk that the exchange can go bust and you can lose all your coins. When you take a look at all of the exchanges that were hacked and where people have lost their coins in the last 2 years, it's hard to dodge a bullet and not get caught in one hack.

So the best is to withdraw your coins or not trade at all. I know it's a hassle and honestly after some time, you get tired of it and stop trading all together, at least I did.