Why can't we have a good cryptocurrency exchange?

[akram143]

This type of situation will definitely came for everyone but the situation to exchange decides to go with their trusted only so in most of the time it will giving the satisfaction for us but in some cases definitely we have to wait for the changes to happen.

[1715414793]

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[andriarto]

One way or another, centralized exchanges have their own vulnerabilities and problems. However, we have no decent alternative to them, in any case, with high liquidity.

as if we are friends with risk here. so it's not too shocked when an exchange is hacked. I think all of that is because of the existing technological development competition, so the security system must be updated and made layered

[neonshium]

Ima be blunt, based on the fact that loads of people are still without exchanging trade pairs because the likes of binance and such have decided to close deposits indefinitely (gcse computer science and business for us teaches how to develop disaster recovery regimes) so the fact that high profit exchanges can't do it is just off.

Most of these exchanges do stuff with customers money too while on there especially if they haven't withdrawn for a long time. Coinbase, poloniex, bitmex and binance I believe will all be susceptible to this, as well as bitfinex who have already proven how great their money management strategies are (I luckily only had a dollar on there at the time of that hack)...

There is nothing like not having good exchnages, and if Binance has stopped users from depositing and trading, then there are other good exchanges that you can trade with. There is OKEx, there is Coinbase and there is Bitfinex. There are lots of good exchnages out there that you can trade and you shouldn't have only one, it's better to have about two to three exchnages that you like and use, in case one faces challenges like this you easily switch to another one that works good as well.

[engrshu]

That's the risk in digital currency, a not well secured exchange will always lead to the risk of hacking and that can make them rich for an instant and trace will be hard to find, its like ur robbing a back but you're using ur skills in doing so. As they said, whatever you put in the internet is not safe 100% there will be always a holr to which a hacker can pass through.

[rijaljun]

You will never find 100% safe on third parties, they can be a scam anytime, trust no one is a good thing to anticipate any form of hacking so you can be more careful. Exchange sites are prone to hacking and scams. so you have to be smart in securing your account and you have to be smart in dividing your money into each exchange

It's no need to repeat same things with different words, it's pointless. Your reply is something I already understood, then whaaaattt?

[prtty2gal2]

You will never find 100% safe on third parties, they can be a scam anytime, trust no one is a good thing to anticipate any form of hacking so you can be more careful. Exchange sites are prone to hacking and scams. so you have to be smart in securing your account and you have to be smart in dividing your money into each exchange

It's no need to repeat same things with different words, it's pointless. Your reply is something I already understood, then whaaaattt?

From his point, I understand that we have to be responsible for securing our own account, and then if he talks about securing our account, isn’t it safer that the best way to do so is stay out of exchanges when it comes to keeping our funds safe. We can use those exchanges to trade but we should never ever think of even putting our funds on them, Not to talk of splitting funds on them.

These exchanges too are aware of the vulnerability of their exchange to hacking, which is the reason why they would advise people no to rely much on keeping their funds on their wallet but rather use a wallet that would give them a private key.

[bittraffic]

You will never find 100% safe on third parties, they can be a scam anytime, trust no one is a good thing to anticipate any form of hacking so you can be more careful. Exchange sites are prone to hacking and scams. so you have to be smart in securing your account and you have to be smart in dividing your money into each exchange

It's no need to repeat same things with different words, it's pointless. Your reply is something I already understood, then whaaaattt?

From his point, I understand that we have to be responsible for securing our own account, and then if he talks about securing our account, isn’t it safer that the best way to do so is stay out of exchanges when it comes to keeping our funds safe. We can use those exchanges to trade but we should never ever think of even putting our funds on them, Not to talk of splitting funds on them.

These exchanges too are aware of the vulnerability of their exchange to hacking, which is the reason why they would advise people no to rely much on keeping their funds on their wallet but rather use a wallet that would give them a private key.

The problem with withdrawing funds after a day trading is that withdrawal fee is getting bigger. 0.001BTC is as big as a day profit when you only have very little capital to trade. With such fee, an investor with little capital would rather keep the funds on the exchange for the next opportunity that will come. If a trader really wants to keep the safest path while trading, its going to be best to just trade on DEX.

[BitHodler]

The problem with withdrawing funds after a day trading is that withdrawal fee is getting bigger. 0.001BTC is as big as a day profit when you only have very little capital to trade. With such fee, an investor with little capital would rather keep the funds on the exchange for the next opportunity that will come. If a trader really wants to keep the safest path while trading, its going to be best to just trade on DEX.

Trading a whole day for 0.001BTC in profit sounds like a waste of time, regardless of how poor or rich someone is. I can't imagine people actually stressing themselves out all day for such a negligible amount.

It means that you have to do two days worth of trading to withdraw funds worth one day of trading. And then you also have to pay a network fee in order to move the funds out of your own wallet. Doesn't make much sense to me.

Your best shot is to convert to Dogecoin and cash these coins out at a fraction of the cost. Real DEX's (Binance DEX isn't a DEX) require network fees too so I'm not sure if that's going to do anything for you here.

[Netnox]

The main problem is with the legality of Bitcoin and crypto-currency. Bitcoin is 100% legal only in a handful of nations such as Japan and Switzerland. And now comes the question of what to do with all those customers, who hail from those nations where it is not fully legal. Another issue is with dealing in fiat. The banks have shown a deep aversion for anything related to crypto.

[deisik]

The problem with withdrawing funds after a day trading is that withdrawal fee is getting bigger. 0.001BTC is as big as a day profit when you only have very little capital to trade. With such fee, an investor with little capital would rather keep the funds on the exchange for the next opportunity that will come. If a trader really wants to keep the safest path while trading, its going to be best to just trade on DEX.

Trading a whole day for 0.001BTC in profit sounds like a waste of time, regardless of how poor or rich someone is. I can't imagine people actually stressing themselves out all day for such a negligible amount

This is like 8 dollars a day

Which produces over 200 dollars a month (then compounding kicks in). I for one wouldn't call that a negligible amount, at least not for the best (or worst) part of the world. Indeed, it depends on how much effort you put into this but if you make a dozen trades daily in a semi-automatic way to earn so much (for example, using a ping-pong or similar strategy), it is not something to sneeze at. In fact, it can be fun and entertaining, so it is not like you make it look (stressing yourself out all day)

[rdbase]

Making less than 1mbtc a day trading minus the network fees once everything is said and done is just not worth it to most people for the time they spend sitting at a desk watching the market movements. One could make more at an 8 hour a day job instead of what it works out to $1 per hour which I dont think anybody would waste an entire day doing it.
As for a good cryptocurrency exchange there doesnt seem to be one at the moment. Everybody thought it was binance but they seemed to failed at most peoples expectations of what an exchange should be. And that is completely secure with bulletproof attacks from hack attempts. Which they have shown they can not do. Even with all the available funding they have at their disposal.
I would think the local ones which are smaller is your best bet now since they are catering to selective amount of customers and are off the radar because of their low volume and small amount of customers.

[samcrypto]

The main problem is with the legality of Bitcoin and crypto-currency. Bitcoin is 100% legal only in a handful of nations such as Japan and Switzerland. And now comes the question of what to do with all those customers, who hail from those nations where it is not fully legal. Another issue is with dealing in fiat. The banks have shown a deep aversion for anything related to crypto.

We can’t expect a 100% good cryptoexchange if its still not legal, but of course there’s a still a great exchange who are trying their best to provide quality service that is Binance i believe. Dealing with top exchanges are the safest to trade and invest because they already have proven for a quality service over a year and there’s a higher chance that your money is safe.

[Woodie]

When regulation is the main ingredient to having a good exchange we might not get a perfect one because people are not so comfortable to giving out personal info all for the sake of kyc and if these exchanges scale up I think it also becomes a little bit hard to have control ovr the exchange.

[Xampeuu]

I think a good exchange is still there, but indeed in conditions like this the risk will always remain. like binance is a large exchange that can still be hacked. but what we see is that there are still many bitcoiners who trust him

[mitchr4]

When regulation is the main ingredient to having a good exchange we might not get a perfect one because people are not so comfortable to giving out personal info all for the sake of kyc and if these exchanges scale up I think it also becomes a little bit hard to have control ovr the exchange.

I have no problem with KYC for an Exchange site. My local exchange requires that and there is no doubt at all for them to do that. But the problem is security, we won't get good Exchange if the security system isn't good. Already many of the big sites get hacked by the hackers prove that these hackers continue to grow. Sadly, the Exchange will not compensate if that happens.

[bittraffic]

The problem with withdrawing funds after a day trading is that withdrawal fee is getting bigger. 0.001BTC is as big as a day profit when you only have very little capital to trade. With such fee, an investor with little capital would rather keep the funds on the exchange for the next opportunity that will come. If a trader really wants to keep the safest path while trading, its going to be best to just trade on DEX.

Trading a whole day for 0.001BTC in profit sounds like a waste of time, regardless of how poor or rich someone is. I can't imagine people actually stressing themselves out all day for such a negligible amount

This is like 8 dollars a day

Which produces over 200 dollars a month (then compounding kicks in). I for one wouldn't call that a negligible amount, at least not for the best (or worst) part of the world. Indeed, it depends on how much effort you put into this but if you make a dozen trades daily in a semi-automatic way to earn so much (for example, using a ping-pong or similar strategy), it is not something to sneeze at. In fact, it can be fun and entertaining, so it is not like you make it look (stressing yourself out all day)

It all depend to where you are from. If you live somewhere in the 3rd world country, 8 dollars is a day of eating more than 3 decent meals. If the markets swings wild everyday, one trader can win big with dozen positions in the market sadly crypto market doesn't do that unless a coin is pumped.

Withdrawing funds with $8 fee is just unacceptable for them, to me either at some point and I'm from a worse country too where some people will even just work for a meal. There are lots of us here who does that, why do you think we work the whole week of joining a signature campaign all for $30/week?

[tonyja2017]

Ima be blunt, based on the fact that loads of people are still without exchanging trade pairs because the likes of binance and such have decided to close deposits indefinitely (gcse computer science and business for us teaches how to develop disaster recovery regimes) so the fact that high profit exchanges can't do it is just off.

Most of these exchanges do stuff with customers money too while on there especially if they haven't withdrawn for a long time. Coinbase, poloniex, bitmex and binance I believe will all be susceptible to this, as well as bitfinex who have already proven how great their money management strategies are (I luckily only had a dollar on there at the time of that hack)...

It is also a way for exchange to gain revenue from traders. For a decentralized market like crypto, it is called a fee.
Because they have provided us with quite good services and we should also let them get good profits. I do not have any objection to their strategy.

[deisik]

Trading a whole day for 0.001BTC in profit sounds like a waste of time, regardless of how poor or rich someone is. I can't imagine people actually stressing themselves out all day for such a negligible amount

This is like 8 dollars a day

Which produces over 200 dollars a month (then compounding kicks in). I for one wouldn't call that a negligible amount, at least not for the best (or worst) part of the world. Indeed, it depends on how much effort you put into this but if you make a dozen trades daily in a semi-automatic way to earn so much (for example, using a ping-pong or similar strategy), it is not something to sneeze at. In fact, it can be fun and entertaining, so it is not like you make it look (stressing yourself out all day)

It all depend to where you are from. If you live somewhere in the 3rd world country, 8 dollars is a day of eating more than 3 decent meals. If the markets swings wild everyday, one trader can win big with dozen positions in the market sadly crypto market doesn't do that unless a coin is pumped

It depends, but 200 bucks is still 200 bucks

Especially if it doesn't require you to be glued to the screen all the time, day in and night out. A trade here and a trade there are not overly expensive in terms of both time and mental effort (unless you make a big deal out of it). Besides, if you can be profitable on a consistent basis (even if it is only 8 dollars), it is just a matter of raising and adding more capital to the furnace to earn 80 dollars a day instead of a measly 8 (remember the power of compounding). But 80 dollars a day is not a monkey business even by the most first world standards

There are lots of us here who does that, why do you think we work the whole week of joining a signature campaign all for $30/week?

Many a little makes a mickle

[lovesybitz]

Ima be blunt, based on the fact that loads of people are still without exchanging trade pairs because the likes of binance and such have decided to close deposits indefinitely (gcse computer science and business for us teaches how to develop disaster recovery regimes) so the fact that high profit exchanges can't do it is just off.

Most of these exchanges do stuff with customers money too while on there especially if they haven't withdrawn for a long time. Coinbase, poloniex, bitmex and binance I believe will all be susceptible to this, as well as bitfinex who have already proven how great their money management strategies are (I luckily only had a dollar on there at the time of that hack)...

Hacking doesn't have to do anything with the reputation of an exchange. Any and every exchanges are prone to hacking no matter how stringent information security mechanisms they have! The reputation matters when an exchange gets hacked and how they manage the entire scenario to get back online and refund their customers.

On the recent hack on Binance, I believe they are trying really hard to get the situation under control. The owner is being upfront in communicating their plans and they have created a fund called SAFU to deal with such unforeseeable events. That's where the reputation comes from!

I honestly, agreed on you Sir that almost all exchange are really prone to hacking. But I also believed that in some other exchange there is a big possible an inside job happen. Like what happened before on etherdelta, its a decentralized platform exchange were it has been hacked many times and yet still they have a traders who used their platform though majority are afraid to use anymore. For me, there in that case I do believed that there is an inside job though I don't have evidence, maybe my evidence only was etherdelta before you can able to use it you need to import first your private key and eth address, so in that case they have an access to steal your coins ion there, in my opinion only and based on my experienced too. But for now it is an advantage to use an exchange that belong to top in the market like Houbi, coinbene, okex and others. 

[Oilacris]

Ima be blunt, based on the fact that loads of people are still without exchanging trade pairs because the likes of binance and such have decided to close deposits indefinitely (gcse computer science and business for us teaches how to develop disaster recovery regimes) so the fact that high profit exchanges can't do it is just off.

Most of these exchanges do stuff with customers money too while on there especially if they haven't withdrawn for a long time. Coinbase, poloniex, bitmex and binance I believe will all be susceptible to this, as well as bitfinex who have already proven how great their money management strategies are (I luckily only had a dollar on there at the time of that hack)...

Hacking doesn't have to do anything with the reputation of an exchange. Any and every exchanges are prone to hacking no matter how stringent information security mechanisms they have! The reputation matters when an exchange gets hacked and how they manage the entire scenario to get back online and refund their customers.

On the recent hack on Binance, I believe they are trying really hard to get the situation under control. The owner is being upfront in communicating their plans and they have created a fund called SAFU to deal with such unforeseeable events. That's where the reputation comes from!

I honestly, agreed on you Sir that almost all exchange are really prone to hacking. But I also believed that in some other exchange there is a big possible an inside job happen. Like what happened before on etherdelta, its a decentralized platform exchange were it has been hacked many times and yet still they have a traders who used their platform though majority are afraid to use anymore. For me, there in that case I do believed that there is an inside job though I don't have evidence, maybe my evidence only was etherdelta before you can able to use it you need to import first your private key and eth address, so in that case they have an access to steal your coins ion there, in my opinion only and based on my experienced too. But for now it is an advantage to use an exchange that belong to top in the market like Houbi, coinbene, okex and others. 

You don't know on what you are saying man. Etherdelta hack was a redirection with the site not totally having the PK's of each user of the site.They are phished indirectly so you can
directly make a blame with the site that it do have an inside job but its been known that's its an attack.We do have some options though but even the most reputable ones "Binance"
do even suffer such incident that's why its better not to entrust anyone with our funds.