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.
No, higher withdrawal fees doesn't equate with better security features. On the contrary, exchanges having big fees usually doesn't have a good support as well. Of course hacking is the main problem and to overcome it, exchanges should always be on guard as to prevent those hackers. In your end, try to secured your account and don't put too much money on any exchanges, just enough for you to make trades and if you accumulated in the 5 digit range, much better to withdraw it in your wallet where you have full control. Another worst thing that can happen is exchanges freezing your account and money and requiring you KYC before you can get your funds out which requires months to process.
Wondering why do people think up this way where fees is correlated with security of such exchange? Its definitely no connection because fees has nothing to do with exchange security because they are really a different thing. IDEX had been mentioned which is a decentralized exchange which do mostly trade out Erc20 tokens, he do able to say high fees when the ETH networks clogs out and ask high amount of gas on each transaction.
The main problem of exchangers is security itself, tendency of hacking can really be done if hackers wanted to and as a user this would really be an important factor to be consider when we choose up exchangers.