Deleted due to compromised account

[Aabcde]

Already know centralized exchange is always a lot of problems but still just put money there with large amounts.
I personally put just enough money there for trading, when I definitely withdraw profit, and so on.
In this virtual world that is only connected to the internet, I will not easily entrust my money to be stored in a centralized exchange even though they say 'safe'.

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[Free1bitco.in]

for binance, even though they were hacked, they can be held responsible. Well, I think for binance, it's at a different level, and I think they are still very reliable. we know that CZ is the CEO, so when a problem occurs, isn't it easy to hold responsibility?
while for BCNEX, it's a new market, so I think this is an exchanger that should be considered. even after 20 days, there are still quite a lot of people who complain about WD their assets from there.

[Adriano2010]

I agree that we should not trust centralized exchanges but i think it should be make a law so they can somehow put some in Escrow to some authorities and if something happen people to get money from there. And if an exchange say the coin are safe and get hacked how someone can proove it was indeed a hack and not an exchange inside stolen funds?

[Little Mouse]

Sorry to hear that. This has been discussed couple of times that you must not keep your fund on exchange. On the other hand, BCNEX isn't an old exchange and it's not a reputed exchange. You should not trust them. People know everything but they are lazy enough to follow.
Good luck.

[Bossfidelity]

I'm in full agreement with your view. Its a bad idea to entrust funds in centralised exchange. The issue of bcnex is rather much more unfortunate. I'm still in shock as to how such an exchange could be so ridiculous. They really need to fix whatever is going on and build the trust they earned. Several users of the platform are disenchanted by the withdrawal issues which has been partially resolved.

[joeperry]

All of them are true they are getting hacked at some point its because they're always the target of the hackers so there's no doubt that it may happen, we can't do anything about it after all we need to use the market in order to and to buy in the market. I don't agree the fact that people may think of exchange is the one hacking us but its not they're just targeted by the hackers.

That's why KYC and 2fa might be a big help in exchange but we are all aware of the leakage that can happen when submitting KYC to any websites.

[fortunecrypto]

Binance exchange is exceptional, this exchange is safe than any others exchange. I know Binance exchange got hacked but they did all funds back, who's lost investment. Latoken isn't a good exchange but legit, once withdraw time was 10 hours. Ultimately bcnex exchange got negative feedback from me even this exchange raised enough funds by ICO.

As long as they can insured all their member's money and as long as they can refund their traders money and as long as they can address all the issues, then people also have no issue trading on Binance, hacking is everyday dilemma of every exchange, hackers are getting sophisticated and they will always try to hack anything that has huge coins on it.

[LogitechMouse]

Even the most popular exchange right now which is Binance aren't trusted anymore for me.

Whatever happens, a centralized exchange have always the chance to get away with the money they are holding just like what the OP is shared. It is not a familiar exchange for me but I still believe that they are now a scam exchange already. This is also the reason why I don't put too many funds on the exchanges where I trade most of the time. If I doubled my money, I will transfer some of it for some reasons.

Getting hacked can be their reason but the truth is they will just scam traders who are trading in their platform. They are just using hacked as a frame-up.

[mu_enrico]

who da fuk is "BCNEX"? i have never heard of them...    

I believe BCNEX is a Vietnamese exchange. I noticed some of the members on the local board wore their signature.

Anyway, people should not trust exchanges, whether CEX or DEX. It does not matter since almost all exchanges were centralized, except they use atomic swaps.

I wonder what will happen if there is a successful global proof-of-keys event. I bet almost all of them will suspend withdrawal. That said, you should keep your coins in a wallet, preferably offline one.

[Inkdatar]

Better not to trust a centralized exchange and also it happens they are hacked. This is why I never store my coins in an exchange because of low security and not safe to store all coins. Even a popular exchange it's not trusted so as a user we should protect our asset. I admit I use to trade buying and selling coins but for storing I never do that. I just transfer it to a hardware wallet for security purposes.

[ecnalubma]

Yes its always advisable to not store for long our crypto assets in centralised exchanges even if they claim that they had the best security features available. There are a lot of CEX’s that are compromised or faulty, that could’ve already served a lesson.

[Karto]

well it depends
i feel comfortable to hold coins on centralized exchanges if they have insurance like Binance had..

[Rodeo02]

Yes its always advisable to not store for long our crypto assets in centralised exchanges even if they claim that they had the best security features available. There are a lot of CEX’s that are compromised or faulty, that could’ve already served a lesson.

You can still use exchange but for storing it for long is not advisable , it is more secured to stay it in your own wallet if you dont need to trade your coins just stay it in your wallet.  Also always update the feedback of the exchange before going to trade so before you will use it you will have a
Idea that there are no problems and its still safe to use.

[fuer44]

something that is centralized is not good for crypto, because centralized control can actually cause FUD or even hacked as it had before. centralized coins also suffer the same fate, although not about hacked or fraud, centralized coins show less signi fi cant strength compared to decentralized coins.

[Karto]

something that is centralized is not good for crypto, because centralized control can actually cause FUD or even hacked as it had before. centralized coins also suffer the same fate, although not about hacked or fraud, centralized coins show less signi fi cant strength compared to decentralized coins.

you can not have full decentralization..
some centralizaton points are good for growth and evolvement of the crypto space
also custodian services and exchanges are the ones who make the ecosystem go forward more than anything!

[LouVandetta]

But having to use a reputable exchanges is so much better and we will feel safer, even though they might be hacked or things. What have happened with binance and some other exchanges, surely, it was really unfortunate for them and their users. I keep telling myself, If I want my money safe, then I won't store them on an exchanges. Especially if I have quite the assets on my hands. But, Binance gave back the users funds with using their own funds, iirc.

And I haven't heard any good words about BCNEX so far. Which was kinda controversial for the last few weeks. People keep talking about them, not in a good way, it seems.
No matter how popular one exchange can be, it doesn't mean that they're 100% safe and cannot be hacked or things.

[VanDeinsberg12]

That's the weakness of centralized exchange, we don't have full access to our own assets, because all user assets are fully controlled by them. I personally never long to store assets in a centralized exchange, if the goal has been fulfilled, then I immediately withdraw assets and this is always done in every trade.

I still hope that DEX will soon be born which can be a solution to the problems often occur in centralized exchange at this time.

Dex has bought all of the solution to the centralized exchange site's problem but the fact that the implementation for the new features will be much more easy when it comes to the centralized exchange site. The problem is how to attract the traders to use the DEX. This is an old problem that never gets fixed even various dex has been doing a lot of the marketing.
It looks like people is much more easy to control their money on the trusted cex the bad cex should be included on the exception.

[shoreno]

That's the weakness of centralized exchange, we don't have full access to our own assets, because all user assets are fully controlled by them. I personally never long to store assets in a centralized exchange, if the goal has been fulfilled, then I immediately withdraw assets and this is always done in every trade.

I still hope that DEX will soon be born which can be a solution to the problems often occur in centralized exchange at this time.

Dex has bought all of the solution to the centralized exchange site's problem but the fact that the implementation for the new features will be much more easy when it comes to the centralized exchange site. The problem is how to attract the traders to use the DEX. This is an old problem that never gets fixed even various dex has been doing a lot of the marketing.
It looks like people is much more easy to control their money on the trusted cex the bad cex should be included on the exception.

i havent seen alot of dex promoting thier exchange but i have seen some cex promote thier exchange and they can easily became popular  but there are popular dexes like binance dex and etherdelta that still gains a massive costumers  . its just that cex exchange like binance ( orginal ) are the ones that is the king when it comes to exchanges  . idk why but maybe cex have some advantage that cant be found on a dex type exchange  and users are willing to face risk just to experience that   .

[NathanJB]

But with all those hack incidents hitting the largest of cryptocurrency exchanges, the people are still using them more than DEXs. I don't understand why. The volume is not a reason because sooner or later when people are really choosing DEXs over centralized exchanges, the volume will immediately follow. There is really no future with centralized exchanges for me. KYC is one issue. Hacking and stealing of coins and other personal information is another.

[joinfree]

Well i understand your pain and frustration but you are now adding some of the performing cryptocurrency exchanges into the same pot. Remember, Binance is the only exchange that i heard reimbursed its customers of that huge number of bitcoins that was stolen.  One thing that you also got wrong is that not only centralized exchanges but you should simply not save your funds on exchanges. I don't know most people still feel safe in saving their funds on exchanges. \