exchange problems

[chainguru12]

hi all,
i want to know the problems involve in most exchanges and how can we overcome such problems.
mostly some exchange withrawals fees are very high e.g IDEX exchange, wen trading now does it mean that it is safe and secured for trading?
please i need your idea or oppinion.

[1714925047]

1714925047

[OmegaStarScream]

1. If you're going to deposit a big amounts, deposit them in small portions as exchanges have deposit (technical) issues so If for some reason the deposit didn't go through, you won't lose everything.

2. Always withdraw your funds as soon as you finish trading, exchanges can close your account and enforce KYC/AML verification without prior notice.

3. Always take a backup of your 2FA. An exchange may not be able to help you If you lose it.

And no, just because an exchange is charging higher fees, doesn't mean that It's more secure or safer.

[sponge_bob13]

The most common problems you may face is security issues. Recently we have seen that two exchanges has been hacked within a short span of time. So, I think this is a major issue to look on.

[uncleduckerr]

1. If you're going to deposit a big amounts, deposit them in small portions as exchanges have deposit (technical) issues so If for some reason the deposit didn't go through, you won't lose everything.

2. Always withdraw your funds as soon as you finish trading, exchanges can close your account and enforce KYC/AML verification without prior notice.

3. Always take a backup of your 2FA. An exchange may not be able to help you If you lose it.

And no, just because an exchange is charging higher fees, doesn't mean that It's more secure or safer.

Especially this. HitBTC charges astronomical amounts for deposits and withdrawals and while they are a decent exchange, they certainly aren't the best around. Compare that with the likes of Kucoin and Binance who had a 50k satoshi withdrawal fee, and you can clearly see that statement is nowhere close to being true.

[Findingnemo]

1. If you're going to deposit a big amounts, deposit them in small portions as exchanges have deposit (technical) issues so If for some reason the deposit didn't go through, you won't lose everything.

2. Always withdraw your funds as soon as you finish trading, exchanges can close your account and enforce KYC/AML verification without prior notice.

3. Always take a backup of your 2FA. An exchange may not be able to help you If you lose it.

And no, just because an exchange is charging higher fees, doesn't mean that It's more secure or safer.

Especially this. HitBTC charges astronomical amounts for deposits and withdrawals and while they are a decent exchange, they certainly aren't the best around. Compare that with the likes of Kucoin and Binance who had a 50k satoshi withdrawal fee, and you can clearly see that statement is nowhere close to being true.

The problems are very common in our feels we cannot handle estimates this exchanges sometimes it will be the best for us sometime it will be but we cannot make a decision before being nothing but choosing the right extended is always very important right websites for your investment this is my little opinion for all the investors.

[tunapa]

The most common problem to all exchange is security and liable to hacking which leads to loss of heavy funds. This is why it's advisable to store your coins in the original wallet and not exchanges because they can be hacked anytime e.g is the Bithumb and coinrail exchange hackings. So its advisable to just trade on exchanges and store in private personal wallets.

[iagyei259]

Centralized exchanges fees are higher than decentralized exchanges like IDEX,Etherdelta and others because the former patch much for Staff handling your orders than Dex that has less staff at work

[Taylora]

The most common problems you may face is security issues. Recently we have seen that two exchanges has been hacked within a short span of time. So, I think this is a major issue to look on.

Can I ask, do they return money if their exchange was hacked and it wasn't in any way your fault? I never had issues with loosing coins on exchanges at all, but just to be sure?

[Arnold110]

To overcome the exchange problems you have to maintain some rules and regulations. First of all, as soon as finishing your trading you should withdraw your funds, and always take a backup plan for risky exchanges.

[tambok]

A lot of problems that are encountering from exchange and one of the most problem that I don't want to encounter was that some of the exchange cannot really be trusted, wherein you cannot entrust your money in them.

[Mypanara19]

hi all,
i want to know the problems involve in most exchanges and how can we overcome such problems.
mostly some exchange withrawals fees are very high e.g IDEX exchange, wen trading now does it mean that it is safe and secured for trading?
please i need your idea or oppinion.

It is true that so many exchangers have high transaction fee and sometimes I'm having second thought of withdrawing my fund after I trade because of the fee, but I guess it is more safer to withdraw than to hold your btc or eth in any exchangers just to make sure that your fund will not vanish. Acutally we cannot avoid the transaction fee with any exchangers because I assume it is where they get their operational expenses like the maintenance of the website, payment with admins and tech support, etc.. As long as the web site is safe and our fund is safe then never mind the fee because it is necessary since exchangers are business as well.

[binhyen11223]

Decentralized layers are often very easy to steal user information so we should be careful.

[Ezenwanyi]

The exchange issues ranges from high transaction fees, the snail like pace new account verification, interfaces that are not user friendly and so is difficult navigating it, data of traders and investors are not well protected against hack, unprofessional support staffs etc

[RamonBTC]

I don’t have any issue or encountered problems on exchanges that I always used in trading. Maybe because I’m using a user friendly, very popular and on top three in ranking. Binance and hit-btc works for me, so do try using them as it will be worth it. But with this two if I have to choose only one then I go with Binance all time.

Transaction fees is not an issue with me when the security and trust on something is mattered.

Reviews and biased advertising will tell you different in real situation because experience will teach you what is best.

Advice# (don’t use exchanges as a wallet, withdraw funds that you won’t used to trade)

[mary_55]

Well more withdrawal fees doesn't mean that the exchange is better or secured . It doesn't come with the price. So I think ask for reviews in various forum to know about the exchanges.

[palle11]

You just don't invest your coins in any exchange. You should be careful, some coins are prone to hacking. Hacking is a major problem with exchanges so that your money do not grow wings

[Pursuer]

the biggest problem that we are facing with exchanges is the fact that they either scam you or they get hacked and go bankrupt. they may also say they were hacked but in reality they have scammed you. for example Bittrex which used to be one of the biggest altcoin exchanges scammed thousands of users selectively last year and stole their money.

mostly some exchange withrawals fees are very high e.g IDEX exchange, wen trading now does it mean that it is safe and secured for trading?

having higher or lower fees have nothing to do with being safe for trading!

[Teawhalee]

An important thing to always note is that no exchange is safe, hence , never store your assets or investments on an exchange because of security issues and hacking is a major problem being faced by mostly all exchanges.

[Babycuteless]

exchange problems was so slow transaction because of slow transaction higher fee also and it can pissed it also 2 or 3 hrs before going in the exchange.

[keycellko]

There has been a lot of hacking so don't put in all your coins and tokens in one exchange.  And please dont leave it all on the exchanges. After you trade, take it out. This is mostly the problem with exchanges. I don't know how true but it was told yhat these exchanges have put into play these hacking because they are in the verge of going bankrupt.