Should exchanges be trusted anymore?

[Adbitco]

Not all the exchanges but we need to trust at least some of them, it's not a choice but it's a compulsion or necessity. Also if one or two reputed exchanges turned scam it doesn't mean that the other exchanges would do the same. I'm sorry if any of you have a bitter experience with poloniex but I still trust poloniex and bittrex and I still consider both of them to be the best exchanges. I have some money with both of them and I haven't had any problems with them so far so I trust them and hope they don't turn scam.

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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?

What happened to Poloniex?

Exchanges are as trustworthy today as they always have been, you need to only use them for trading and keep your coins in your own wallets as much as possible...

[SiNeReiNZzz]

Everything could be used for wrong purposes and nothing is 100% secure, every business could have the bad sides and so the bad things could happen with exchangers too. But that doesn't mean that you can't trust exchangers and similar services, you just have to be careful and make the due diligence.

As much as I agree with you, because if we looked back to the past events that happened we could really conclude that everything has its end and of course there is nothing that really trusted. But just think about what he said, all you need is to he careful, and in other terms think also about when money is involved it is already risky.

[Emworks]

Thief is always around and storing money in an online exchange(for a long period of time) are too risky. Never trust online exchange that easily, although some exchange has a good reputation and trustworthy, it still much safer to be always on alert, also its our hard earn money we need to be careful
more often.

[Doms]

Some exchanges that I know of aren't covered by insurance so it's hard to put complete trust in them or put a large amount of money in them for a period of time. How many times have we seen these exchanges get hacked and promised they'll return the money but instead go into hiding? Where there's money, they become potential target for hackers,  and exchanges are always on the radar for such activities.

[thend1949]

Everything could be used for wrong purposes and nothing is 100% secure, every business could have the bad sides and so the bad things could happen with exchangers too. But that doesn't mean that you can't trust exchangers and similar services, you just have to be careful and make the due diligence.

As much as I agree with you, because if we looked back to the past events that happened we could really conclude that everything has its end and of course there is nothing that really trusted. But just think about what he said, all you need is to he careful, and in other terms think also about when money is involved it is already risky.

Although there's always a risk with those exchanges, we have no options but to trade our altcoins bounty. You should have check the legit informations from the reviews of the site, in order to avoid certain hesitations from your end. Sometimes that's the reasons of those coins were dying and never sold,  due to bounty holders has fears to be engaged with any exchanges. To give some sort of advices here is, being carefull is the best precautions to do and never exchange on those sites with negative reputations.

[libert19]

Tbh exchanged were never safe :/

[iram3130]

It's about money, always. The question is how much.? There are literally like 1-2% of owners who have never thought of scamming their users. So if you feel something is wrong then better to shift to another.

[galactica]

Only keep the minimal amount you need to on the exchange and the rest in your wallet where you control the keys. One of the points of crypto is that you are your own bank.

[seattletu]

Forget about crypto currency exchanges , fact is that all most everything in this world is not trust worthy for cent percent for sure.That list includes even Govt entities.

But don't forget that we are in Decentralized world of crypto currencies , Which is far more safer than a Centralized system as per my opinion.The only precaution we need to take is, use exchanges only to exchange and keep our coins in a Offline wallet.   

[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?

What happened to Poloniex?

Exchanges are as trustworthy today as they always have been, you need to only use them for trading and keep your coins in your own wallets as much as possible...

Keeping your money in your wallets is fine, but are you intended to pay huge fees that exchanges like Bittrex are now levying upon you every time you trade and make something there? They charge BTC0.001 per withdrawal, so if you are a small trader would you still want to withdraw immediately?
I think the other way as I feel waiting for my goals to be reached is important, but when exchanges will just cheat their users like this then I am afraid we will never trade anywhere in the future.

[Klausi]

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?

What happened to Poloniex?

Exchanges are as trustworthy today as they always have been, you need to only use them for trading and keep your coins in your own wallets as much as possible...

Keeping your money in your wallets is fine, but are you intended to pay huge fees that exchanges like Bittrex are now levying upon you every time you trade and make something there? They charge BTC0.001 per withdrawal, so if you are a small trader would you still want to withdraw immediately?
I think the other way as I feel waiting for my goals to be reached is important, but when exchanges will just cheat their users like this then I am afraid we will never trade anywhere in the future.

I also do that. I keep my money in my wallets. But if emergency occurs I really cash it out immediately just for the sake of its purpose. I can still trust exchanges somehow because they have given me profits and I haven't have any problems yet. Though others see it unworthy to be trusted but it has a huge impact in society so why doubt it.

[krishnapramod]

1. Exchanges using hacked as a dummy reason to get away with users funds.

2. Exchanges itself getting involved in money laundering or other illegal stuff and thus being compromised by legal authorities and again users bearing the brunt.

3. Exchanges taking user privacy for granted and sharing user details with centralized authorities. It wouldn't be wrong to say that exchanges could share details of users who are involved or doubted to be engaged in illegal activities with the authorities and in the same tone it wouldn't be wrong to say that privacy is one of the key attributes of bitcoin and exchanges are bound to protect user privacy at all cost.

The solution lies in decentralized exchanges, something like Bitsquare, open source peer-to-peer trading with the exchange having no control over user funds and absolute privacy.

Most importantly it's always a bad idea to keep a good amount of funds in centralized exchanges.

[aldrian09]

We can't trust anything from internet no matter how they claim that they are legit, the moment they will decide to scam us then we can't do anything about it. Its better that we use exchange on its sole purpose to exchange and do our trade not use it as a wallet.

[ardentvolcanoes]

We can't trust anything from internet no matter how they claim that they are legit, the moment they will decide to scam us then we can't do anything about it. Its better that we use exchange on its sole purpose to exchange and do our trade not use it as a wallet.

true. we can't say when they will scam us since we don't have any control even they are claiming that they are really trusted but who knows
what is inside their minds maybe if they are already satisfied for what they got from those members/traders they can easily say that they been
hacked and close the exchange.

[fathur.aza]

All exchanges will have risks, but the exchange must be we should be trusted because with our exchange easier to do well, if no exchange is already doing bitcoin transactions.
Because the exchange we can use anywhere.

[Lancusters]

We can't trust anything from internet no matter how they claim that they are legit, the moment they will decide to scam us then we can't do anything about it. Its better that we use exchange on its sole purpose to exchange and do our trade not use it as a wallet.

Today people can not feel safe anywhere. A lot of scams. In everyday life, not less. If you are afraid to store their bitcoins in an online wallet where you have a guarantee that hackers will not hack your computer and steal your coins offline.

[Xenrise]

Well yes, those were the places where we can do change of our own cryptocurrency. And do not fear on it. Trust them, we are just relying on them. Imagine that if we lose those exchanges. Where us cryptoholders/cryptotraders will go? Well anyways, I am just worried about the poloniex. They are taking too much from exchangers. I think they are accumulating $2 million per day. Well I think it is because of their service. They have the highest number of coins and stocks. Trust exchanges, have some balls.

[Barcode_]

Actually this is not a problem that are only faced in the world of Crypto-currency, even in the regulated market with the government involved, there are also a chance for any registered investment companies or exchanges to shut down without giving any notification to the investors.

[dwieyani]

I always crave the exchange because in exchange we can use it for the journey, money exchange sometimes get a loss with the sale and buy price is very different.