Can I trust BTC exchanges?

[marky89]

I used to use coinbases wallet for storing all my bitcoin and never had a problem a lot of people just over hype the risks

I suppose that depends on the level of risk that you take. The problem, of course, is the "central point of failure" issue. Remember, many, many people were using MT Gox in a similar manner as you -- as their primary wallet. Some stored hundreds and hundreds of bitcoins there on a permanent basis (and I'm not talking about traders, some of whom had thousands of coins on there).

IMO, if you're gonna keep your coins with a 3rd party, at least spread your risk around a bit. Don't keep all your eggs in one basket, and all.

[Kagekatsu]

The only right answer for the OP question is NOPE.
Today it could be the best exchange in the world, but tomorrow someone very skilled will attack it, and the exchange will fall.

[vendetahome]

i dont think you can trust the exchanges as they might have problems or be a scam i wouldnt keep my money in exchanges if i were trading anything

[Pro_Crypto_Marty]

After trying some of them out, though the exchanges I used didn't screw me over, I ended up having to wait one or two weeks to get my fiat transfered to my bank account.

The only truly reliable alternative I've found is to go directly to an office (in my case the Bitcoin Embassy in Montreal) and do the exchange in person. That way I get my money right away and I don't have to stress out about the online exchange not having enough liquidity or being hacked while the money is being transfered.

[smith coins]

If you understand the term "exchange" then you should understand the purpose of it, trade/exchange what you have and leave.

Now I understand this and doing because 2 time big scams hit me and I lost big amount which was heartbreaking for me but now I am doing only exchange and leaving them

May i know for which big scams are talking about? Being scammed is the most terrible feeling, but recovering makes you more stronger

First cryptorush and then Mintpal almost kill me because I have very big shock in Mintpal I was thinking may be they give something back but they are out of front and then bter is also they are giving back but support is very bad and withdraws are more bad

Glad that i didn't hear about that before, i know that feeling of being scammed so let's hope these current exchange doesn't scam, even though there is a scam report for cryptsy.

[butdabass]

some exchenge are good enough to keep your coins,and i was trust poloniex and bittrex. but you have found a big fee and minimum withdraw.

[a7mos]

I know it is pretty hard to trust any exchange site as it can be hacked and I lose my deposits but we have to deal with these sites so I prefer instant withdraw sites only

[yummyransom]

It depends on exchange site that you are using. There's a exchanger that you can actually trust for your money.

[smith coins]

It depends on exchange site that you are using. There's a exchanger that you can actually trust for your money.

Which exchange do you trust then? It is an open scam accusation for Crypsy exchange, if you are using it try to withdraw your bitcoin.

[Chabacano]

Of course you can, but all depends of how much you want to exchange, because they take like 20% of feeds. but ill recommend you to go to localbitcoin forum, and find someone who can sell you bitcoins in person, is the best way and secure . Good luck!

[troleybüs]

Trust no one in Bitcoin industry, both services and individuals.
Never do business without escrow.
Never save your money in exchanges. Only put your money/btc when you want to trade and withdraw immediately when your trade is finished.

[smith coins]

Trust no one in Bitcoin industry, both services and individuals.
Never do business without escrow.
Never save your money in exchanges. Only put your money/btc when you want to trade and withdraw immediately when your trade is finished.

Well said if we are strict in these steps then our bitcoin is safe enough

[dre1982]

Trust no one in Bitcoin industry, both services and individuals.
Never do business without escrow.
Never save your money in exchanges. Only put your money/btc when you want to trade and withdraw immediately when your trade is finished.

indeed. Even if a exchange or online wallet looks safe there us always a change for a hack.

[smith coins]

Trust no one in Bitcoin industry, both services and individuals.
Never do business without escrow.
Never save your money in exchanges. Only put your money/btc when you want to trade and withdraw immediately when your trade is finished.

indeed. Even if a exchange or online wallet looks safe there us always a change for a hack.

Even the offline wallet was hacked, if you have heard for brainwallet then you should think twice

[OBAViJEST]

Trust no one in Bitcoin industry, both services and individuals.
Never do business without escrow.
Never save your money in exchanges. Only put your money/btc when you want to trade and withdraw immediately when your trade is finished.

indeed. Even if a exchange or online wallet looks safe there us always a change for a hack.

Even the offline wallet was hacked, if you have heard for brainwallet then you should think twice

Actually, it'd be best to think three times, twice in your head and the third thought kept in a secret location elsewhere... 

[bytezero]

You never know if an admin is trustworthy, mark karpeles was trustworthy, the evolution market admins were trustworthy, Mintpal and etc.

[Itun]

For now, you can use some popular exchanges to do some trading

but I wouldn't rely on/trust them long term because you just don't know what will happen to them.

[lahm-44]

there are many people's who are trusting a bitcoin exchange for their money I will say that they are just risking their money because I won't keep my money anywhere where I don't have the private key

[blodeux]

nowhere is safe, long term, except your QT wallet

[makingwin1]

i doubt that you can trust them they might easily scam people and steal their bitcoins