Should exchanges be trusted anymore?

[DaftAjax]

Not all here in online world would be trusted especially if there is money thing just like here in bitcoin! we should all be cautious in every action we made here because possibly in just a split of seconds your bitcoin can be lost.   

Well its really in the human action that is what dangerous and not in the the exchange sites. Because the exchange sites are just tools and that can be used to exchange from coins to coins. Its really in the human action that is more dangerous because they are the ones who're operating these exchange sites.

[Juggy777]

Had been in a dilemma after seeing BTC-E's owner being arrested for a $4 Billion money-laundering fraud which he had been conducting, who knows that from when. First Mt Gox, then Bitfinex then Poloniex and now this, few were hacked and some had their admins only cheating their users.
Do you really think any exchanges are trustworthy anymore?

I was using coinbase.com for a very long time as that was very simple and effective for me, however with August 1st looming I decided to end my coinbase.com account and move out which was due to simple reason I just couldn't trust exchange, not that I had any problems with coinbase.com but it felt to be safe have private keys and that's one issue with exchanges, so ya I don't feel safe with exchanges and recent events showed it was a good move.

[smileee]

All exchange which is legal/regulated with good reputation can be trusted, as long as you withdraw your money after finished exchange/trade your money and don't use exchange as wallet just like what many people did in past

I think should accept the trust when exchanging. Anything that is exchanged will become more valuable, Bitcoin too.

[cafucafucafu]

Had been in a dilemma after seeing BTC-E's owner being arrested for a $4 Billion money-laundering fraud which he had been conducting, who knows that from when. First Mt Gox, then Bitfinex then Poloniex and now this, few were hacked and some had their admins only cheating their users.
Do you really think any exchanges are trustworthy anymore?

Just to ruin your faith in the human race, even more, technically we can't trust anyone except ourselves. Who is to say that the big escrows and trusted traders on the forum won't just run away when the opportunity presents itself.

It seems like exchanges have been taking hits after hits, but I think that I would still trust an exchange. The people who need to trade altcoins and make money rely on them and it would seem to judge them after a couple of events, no matter how dodgy it may seem.

[squatter]

Had been in a dilemma after seeing BTC-E's owner being arrested for a $4 Billion money-laundering fraud which he had been conducting, who knows that from when. First Mt Gox, then Bitfinex then Poloniex and now this, few were hacked and some had their admins only cheating their users.
Do you really think any exchanges are trustworthy anymore?

Exchanges were never trustworthy; you can only spread around the risk. Your best bet is with registered, VC-backed exchanges (like Coinbase, Gemini, Bitstamp) because even if they get hacked, their investors will probably bail the customers out.

[frowsiter]

All exchange which is legal/regulated with good reputation can be trusted, as long as you withdraw your money after finished exchange/trade your money and don't use exchange as wallet just like what many people did in past

Indeed most of the people end up in saving big amount of money into exchanger itself. Even one of the friend had over 6 BTC on exchanger, of which 2-3 BTC were in the form of altcoins. When I asked him why are you keeping those rest BTC over there the he replied, "I'm professional trader who needs money handy when there is good opportunity for trade is going to take place". For a minute I thought it is true as well.
So it's all about methods and strategies of person that makes him to take the decision. May be we need to take the risk for the best.

[Fesatmas]

All exchange which is legal/regulated with good reputation can be trusted, as long as you withdraw your money after finished exchange/trade your money and don't use exchange as wallet just like what many people did in past

Exactly. You can't just stop trusting all the exchanges because of action of one. But I think it's always safe to have some doubt and not trust completely any service, wallet or exchange, which doesn't give you access to your private keys it's better not to keep BTC on there for a long time.

Totally agree, in my country there is any bitcoin company who offering service like another exchange. That company has good reputation and the owner very actively promoting and teaching anything about bitcoin. For that, exchange site with good reputation and good owner it can be trusted.

[Natsuu]

All exchange which is legal/regulated with good reputation can be trusted, as long as you withdraw your money after finished exchange/trade your money and don't use exchange as wallet just like what many people did in past

Yeah just like what I always doing. After I trade my coins I immediately transfer it to my wallet just to be safe.
I dont let my coins sleep in the exchanges as I know its not really trustworthy and having some serious issues.

[Kyraishi]

Had been in a dilemma after seeing BTC-E's owner being arrested for a $4 Billion money-laundering fraud which he had been conducting, who knows that from when. First Mt Gox, then Bitfinex then Poloniex and now this, few were hacked and some had their admins only cheating their users.
Do you really think any exchanges are trustworthy anymore?

The thing is why would you even store that much money which you cannot afford in an exchange that is known to have absolutely no physical address, close to zero customer support and is basically a money laundering pit?

Do your own due diligence before doing anything - that's true whatever you do with your bitcoins.

Exchanges were never supposed to be a safe place for you to store your coin. It's called an exchange for a reason, not a wallet. If you store your bitcoins on an exchage for a prolonged period of time then you're the only one to blame when one gets hacked or shut down/exit scams, because if you just held onto your own private keys everything would have been fine.

[Drnice]

If we loss our trust from them, then to make exchange of our coins to fiat or altcoins will be difficult.
So, if the owners of these exchange sites are found in fraudulence acts does not clearly mean that every transactions made will be of trouble, cause they have workers working with them.

[loopes]

The thing is, people always leave their cryptocurrencies on exchanges, which is a very very bad thing to do. Legit or not, always withdraw your funds. All those problems are easily prevented when you use exchanges for only it's main reason; as an exchange. Not as a storage.

storing coin in the exchanges is bad idea. i think you are right mate, people should not store their coin on exchange. just use exchanger for exchange activities for example for trading or change btc into fiat.  the problem isn't only on trust of exchanges but people must aware to don't stores their coin on exchanges.

[Nahl]

i trusted but not 100% trusted because not secure to store our all of bitcoin for an any exchanges for a long time although those exchanges had good reputation but don't mean it will secure forever and indeed we still needed exchanges for our trading activities but if i have huge amount of bitcoin or altcoins then my primary options is store all of it into offline wallet

[Dudeperfect]

It's not only about exchanges, holding bitcoins anywhere other than your 100% control on it is a risky move. One should keep his funds in offline storage either in hardware or paper wallet where he is whole and sole owner and manager of the private keys. Exchanges are meant for trading and thus one should maintain the amount which requires him to trade on exchanges and not the surplus gains if he is not interested in reinvesting.

[Emitdama]

Had been in a dilemma after seeing BTC-E's owner being arrested for a $4 Billion money-laundering fraud which he had been conducting, who knows that from when. First Mt Gox, then Bitfinex then Poloniex and now this, few were hacked and some had their admins only cheating their users.
Do you really think any exchanges are trustworthy anymore?

Exchanges were never trustworthy; you can only spread around the risk. Your best bet is with registered, VC-backed exchanges (like Coinbase, Gemini, Bitstamp) because even if they get hacked, their investors will probably bail the customers out.

a lot of people are trust in bitcoin and the price is also keep on increasing till the date august first will come up and now the process of exchanging has become very easy but still there s a huge risk in it because it is important for the process of the trading but trusting exchange completely is not a good decision being careful in bitcoin exchange can minimize the chance of loss.

[Mbah Djoko]

I think this depends on reputation, if we do not read much and user experience of course we can get scam. Read many reviews and experiences from other users before depositing in the exchanger.

[nizamcc]

Had been in a dilemma after seeing BTC-E's owner being arrested for a $4 Billion money-laundering fraud which he had been conducting, who knows that from when. First Mt Gox, then Bitfinex then Poloniex and now this, few were hacked and some had their admins only cheating their users.
Do you really think any exchanges are trustworthy anymore?

BTC-E did not stole its users bitcoins. Their admin was arrested because they did not implement Know Your Customer AKA Spy On Your Users procedure and your money was stolen by government.

Non-KYC exchanges should be trusted. KYC exchanges should not because they are working with governments.

I already clarified this in my statement that "few were hacked and some had their admins only cheating their users." I didn't say they steal our BTC but their intention must have been that only behind doing such money-laundering related deeds.

The thing is why would you even store that much money which you cannot afford in an exchange that is known to have absolutely no physical address, close to zero customer support and is basically a money laundering pit?

Do your own due diligence before doing anything - that's true whatever you do with your bitcoins.

Exchanges were never supposed to be a safe place for you to store your coin. It's called an exchange for a reason, not a wallet. If you store your bitcoins on an exchage for a prolonged period of time then you're the only one to blame when one gets hacked or shut down/exit scams, because if you just held onto your own private keys everything would have been fine.

Why would I store, exactly right? But I said one thing in between these threads that I am repeating once again that nobody stores their coins at such places intentionally but they put them just for the purpose of trading because exchanges are the only medium who allow us to profit or lose our coins there. Losing on our own doesn't make me feel that bad as much as how I feel when I get cheated just like everyone else.

[batako]

It is better to always put our money at exchanger when we wanted to trade only. After we finished with our main purpose then send back the money to the safest place we can get. It is too risky to put our money in a place where we have no control over it for a longer time.

[chocolah29]

Exchanges is safe as long as you dont store your coins there. Just use exchanges for trading your coins not as your wallet. Like what Im always doing, after I buy or sell my coins I immidiately transfer it to my wallet that holds private key. I dont trust my coins in exchnages even before I first trade.

[European Central Bank]

they should never be trusted and i can't believe anyone ever did trust them.

though btc-e had a good track record this was inevitable while they refused to come out of the shadows. bitfinex has repeatedly raped the market. kraken basically does not work.

the only ones worth taking a leap of faith on are the properly regulated ones like gemini, but i do wonder what they'd do if they suffered a giant hack. places like coinbase claim to be insured against that. i don't want to see that put to the test.

[samycoin]

Had been in a dilemma after seeing BTC-E's owner being arrested for a $4 Billion money-laundering fraud which he had been conducting, who knows that from when. First Mt Gox, then Bitfinex then Poloniex and now this, few were hacked and some had their admins only cheating their users.
Do you really think any exchanges are trustworthy anymore?

In my opinion exchanges is exchanges don't put all your money there put your bitcoin in a wallet with private key. You should not put those you can't lose, be wisely. Unless you are at ease in your own money.