Can I trust BTC exchanges?

[centauribit]

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!

Like with any business offering to store or manage your assets, ask yourself what happens if they fail ? and how likely they are to fail?

[Franciem]

some times i get problem at exchanger
are this make you scares?
huobi offline for some second's
http://img.prntscr.com/img?url=https://i.imgur.com/rRZD9hy.png

[vero]

money needs exchange even MtGox dying, does not equal bitcoin dying. Not every person who owned bitcoin had bitcoin on MtGox. many people who own bitcoin have never used MtGox.

[Q7]

That is why it is not advisabke to park your money in exchangers since as you've said it yourself it is completely out of your control. The only people who leaves their money there are those who need immediate funds for trading.

[CEG5952]

It depends. Yes they can be hacked. Everything is "hack-able". What matters here is the relationship that you have with the exchanger that you're using. I use ecoin.eu as my trading platform and they are a partner with an exchanger so it's really comfortable for me to use them. But what I can suggest is that you need to follow your instincts. You can follow other people's vouches/suggestions but it won't guarantee you anything unless you actually try them yourself.

[foxkyu]

May i know the name of your local exchange.
I see that it is much better to have a local exchange especially when you know the owner.
At my country there is no local exchange neither the community know much about bitcoin lol.

Which country are you from? I also trust my local exchange but we have 3 exchanges, I only trust 1. The one have legal issues and the other has no volume depth.

I'm from indonesia. My local exchange is bitcoin.co.id. The owner is Oscar Darmawan.
Bitcoin community is growing fast at my country. Until now registred user in exchange is 75216 member.
Even the volume in not really much compare to other. But i trust this exchange than other.

[lorylore]

May i know the name of your local exchange.
I see that it is much better to have a local exchange especially when you know the owner.
At my country there is no local exchange neither the community know much about bitcoin lol.

Which country are you from? I also trust my local exchange but we have 3 exchanges, I only trust 1. The one have legal issues and the other has no volume depth.

I'm from indonesia. My local exchange is bitcoin.co.id. The owner is Oscar Darmawan.
Bitcoin community is growing fast at my country. Until now registred user in exchange is 75216 member.
Even the volume in not really much compare to other. But i trust this exchange than other.

Wow that is huge exchange with 75,216 members.
Anyway it is far away from me geographically but the service seems to be good.
I wish one big exchange like that in my country soon, but the most important part is that you trust them.

[Denker]

May i know the name of your local exchange.
I see that it is much better to have a local exchange especially when you know the owner.
At my country there is no local exchange neither the community know much about bitcoin lol.

Which country are you from? I also trust my local exchange but we have 3 exchanges, I only trust 1. The one have legal issues and the other has no volume depth.

I'm from indonesia. My local exchange is bitcoin.co.id. The owner is Oscar Darmawan.
Bitcoin community is growing fast at my country. Until now registred user in exchange is 75216 member.
Even the volume in not really much compare to other. But i trust this exchange than other.

That's really great to know that Bitcoin in your country is growing.However I recommend always to hold bitcoins in adresses where only you hold the private keys for. Only deposit really small amounts at the exchanges. You never know...

[BitcoinXio]

That's really great to know that Bitcoin in your country is growing.However I recommend always to hold bitcoins in adresses where only you hold the private keys for. Only deposit really small amounts at the exchanges. You never know...

Basically, that is the one general rule of thumb for all bitcoin exchanges - whether you trust them or not - just use them to buy or sell bitcoins. Then move your coins off of the exchange. Their purpose is not to be used as a wallet, but as a means to buy or sell bitcoins, period.

[Miss Fortune]

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!

Though some people say that BTC remain anonymous to its users but nobody can force the exchange to give out information and, as long as the exchange keeps working, most of its users won't see any harm in this.

[Franciem]

May i know the name of your local exchange.
I see that it is much better to have a local exchange especially when you know the owner.
At my country there is no local exchange neither the community know much about bitcoin lol.

Which country are you from? I also trust my local exchange but we have 3 exchanges, I only trust 1. The one have legal issues and the other has no volume depth.

I'm from indonesia. My local exchange is bitcoin.co.id. The owner is Oscar Darmawan.
Bitcoin community is growing fast at my country. Until now registred user in exchange is 75216 member.
Even the volume in not really much compare to other. But i trust this exchange than other.

That's really great to know that Bitcoin in your country is growing.However I recommend always to hold bitcoins in adresses where only you hold the private keys for. Only deposit really small amounts at the exchanges. You never know...

why i must upload some document if i want to withdraw my balance with voucer code
anyway i try your local bitcoin exchanger and i like it

[neochiny]

well for me.. using bitcoin itself...
needs trusts. even the wallet we are using,
we trust them without knowing even further.
but in same area... some people take advantage of this trust.
and make a scams.. so we still need to be careful.
if i where you.. search for it. and investigate it even further
since your doubting it. goodluck

[btc-facebook]

No, since exchanger will collapse one day but the problem is "when"
I've ever trade and vote on mintpal ( the green theme and best exchanger that ever exist) but one day it got collapsed. Ofcourse that shocked and unexpected news. Luckily I've withdrawn all fund before mintpal shut down forever..

[Franciem]

No, since exchanger will collapse one day but the problem is "when"
I've ever trade and vote on mintpal ( the green theme and best exchanger that ever exist) but one day it got collapsed. Ofcourse that shocked and unexpected news. Luckily I've withdrawn all fund before mintpal shut down forever..

if i remember mintpal collapse, that make me very sad,
that a good exchanger also my 2nd exchanger after i know c-cex

i have some bitcoin maybe 0.01 i know it's not much, but my balance is my first earning from  some faucet 

[HeroCat]

I use instant BTC exchanges, then I feel more safe  Several months ago, I had one problem with BTC exchange, sent ticket to support and receive reply with problem solved 

[Sanjx]

If your going to use an exchange site  try to look for the well known  and trusted exchange site websites. Btw, do some research and check their background history.

[Franciem]

I use instant BTC exchanges, then I feel more safe  Several months ago, I had one problem with BTC exchange, sent ticket to support and receive reply with problem solved 

instant BTC exchanges use very low rate,
the difference between the market rate and instant exchanger exchanges usually up to $ 10

[butdabass]

never trust everything on internet. so do bitcoin exchanges except you are know someone who run the exchange
just trust on yourself while you on the line. that's my principle.

[BitcoinXio]

If your going to use an exchange site  try to look for the well known  and trusted exchange site websites. Btw, do some research and check their background history.

I couldn't agree more with this. This is the main purpose we created bitcoinx.io, so that each exchange would have a profile ratings and reviews, so that others could see it before making a decision to use that service. Think of Yelp, but for Bitcoin.

[CryptBit]

Short answer is yes.
Long answer is not so easy.
For the most part most of the larger exchanges (exchanges with volume) are safe to trade on.