Deleted due to compromised account

[reallester]

You are right. Scam and lack of security are major things we experience centralized exchanges.  Nevertheless, we can't 100% ascertain that all centralized exchanges fall in this category. We still have top leading centralized exchanges in the space still doing exceedingly well. One just needs to be choosy when it comes to which exchange to use.

Decentralization is good for crypto transaction but regarding on exchange. Being decentralized is the best IMHO. Exchane is a very sensitive matter which really requires a lot of deep layer of security. Being decentralized doesn't its untouchable so that being said. It's better to be centralized so someone will into your money security as there top priority compared to none. Time will come that most exchange will regulated and being centralized is not gonna matter at all.

You are right. Being Decentralized is the best regardless of whether it's an exchange or wallet. Decentralization is the way!

[alyssa85]

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.

Lots of people simply don't know DEX's exist in the first place.

Quick! Name three DEX's people can use...

[Spider A4]

True, Hacked & scammed is so common issues from in the last year. Idax exchange is scammed 2 months ago now another centralized exchange scam warning, i lost worth of 400$ assets which is very difficult to afford for me. But it's a great mistaken because idax a lot of fraudulent activities with IEO projects team. BCNX exchange got a little bit popularity, i have small amount money but pending almost 17 hours.

[valuater]

I am not surprised that bcnex is a scam because this exchange is a bit awkward in my opinion because some of the volumes there are very low, but coins that have low volumes is "pumping" at unreasonable prices and also when the airdrops bcnex many people use fake data, but don't know how their accounts have escaped verification whereas for real kyc verification there is very difficult, besides bcnex there is also an exchange that should be suspected also in my opinion that is hydax because I feel under hydax in fake volume.

[crzy]

I don’t trust even the top exchange though I have my money with them but not to the extent of putting too much with them. Yes, scam on a centralized can also happen if possible trade on the best exchange and forward the coin your personal wallet, it can be more secured.

[LbtalkL]

Yes, you are right nothing is safe, binance and other exchanges is created by a person so it can be hacked by a person too, but you know what? Binance has insurance if there is a hacked that happen they can easily refund what have been lost so for me binance is still the best. Unlike other exchanges if got hacked possibly close or shutdown.

[DaMut]

we should not trust the exchange in the first place, both dex and cex are the same. I am a victim of the hack that happened with the dex and cex, no matter what exchange you are using. they will require you to deposit your asset to the platform if you want to make a trade, the point is. do the trade as soon as possible and then withdraw it from the exchange, because we do not know what will happen with the exchange when we are leaving our asset there. do not ever keep your asset for more than a day on the exchange, because everything can happen.

[duuuuude]

Sometimes there is no choice and you have to deal with such exchanges and there is nothing to be done. From the very beginning, I don’t have confidence in them because it’s all illegal and if it’s illegal then no one is immune from fraud and you should take this into account.

[nickenburg]

Yeh I never leave my Crypto on a exhange if im not going to look on there and trade everyday, after the MTgox drama it has gotten quite clear that you shouldnt do that.
Back in the day everyone was already warning you about dont leave your coins on a exchange it is not a Bankaccount, just have them in your own wallet.
And time has proven you cant trust the exchanges, you dont know which one will get hacked, quit or go broke.

Poloniex was a really good one I kinda trusted but their support was pretty bad and they didnt respond for months, after the takeover they responded again so I guess that is kinda good.

Now everyone trusts Binance and I am sure new exchanges will come up.

What do you guys think of Waves, it is a wallet with a Decentralized Exchange build in the wallet, you think it is safe to keep your Crypto in that wallet?

[tsaroz]

There are several issues with Dex that are making me stay away from them. They are not fast enough to place and cancel the trades.
There are actually more security risks while trading on DEX than on centralized exchanges as there are 2FA and email confirmations for centralized exchange while there are several ways your keys could be obtained by a malware or hack on DEX.

[luckyflop]

Hack, scam are common things in Centralized exchange. Don't get fooled by the high rank or huge trading volume, still, they are not safe! Binance CEO CZ was very confident that Binance is like a hardware wallet, he tweeted about it and after one month of that tweet, Binance got hacked and 7000 Bitcoin was compromised! Bithumb, Coinbene was hacked several times, many centralized exchanges scammed us.

Recently BCNEX exchange is likely to scam, they locked withdrawal, after 20 days when they unlocked the withdrawal function, people started withdrawing their money, but BCNEX is not finishing our withdrawals, they limited the itl by 50$ only! I have withdrawn my ETH 6 hours ago, still pending, some withdrew 14 hours go, still pending!

So, this is proved again why you shouldn't keep your money on a centralized exchange! Your money can be a scam or hacked anytime!

If BCNEX has a withdrawal limit of $ 50 per person, their exchange is certainly scam, it is better to accuse them and most likely the Vietnamese government will punish them. I don't understand why they were able to complete an ICO with a $ 30 million hardcap, which is a huge amount of money for a new project in the bear market. But it's clear that the way they have been working for the last time is not worth the money, a bullshit exchange

[Leah38]

I no longer store my assets in an exchange. After trading , I withdraw all my profits. If I'm waiting for my order to be finished, I would let it stay there for a few days but not for months. I was lucky to have withdrawn my ETH before that thing on Cryptopia. I pity those who lost much of their assets there.

[jostorres]

I guess dex is not bad and we all agree on that but you do realize that when there is a DEX exchange usually they are all bad right? Like no good design, no good UX, many many things are wrong, hell sometimes even there are bugs involved as well. So long story short people do not really care about DEX creation, they don't use that much time and effort to make one and that is why it gets less popular.

I personally like binance a lot not because they are centralized, nobody goes to binance like "oh please be centralized, I won't use it unless its centralized", nobody cares if its centralized or not, I go to binance because its actually good, and its really awesome, if one day there is a DEX that is as good as binance, I promise you we will all go there, but until then there is none.

[enhu]

There isn't a lot of option for us who wants to keep the coins at disposal all the time but if I meant to store them for good without the trading activity, I would send them to my electrum. I have some dilemma regarding this because I'd like to trade it easily when opportunity knocks which is why keeping it on a wallet with a dex will be more appropriate for it. There are several of these such as EIDOO.

[StephenieDuong]

I agree that Centralized exchange are not safe right now, many exchange already scam. This reason that why investors should not hold their fund on the exchange, the best way is download the wallet on store on mobile phone. I always use exchange for 1-2 day to sell my coins and withdraw all after everything finish, for trading i must accept the risk that exchange might gone.

[ije07]

fraud is always around us even not only in centralized exchange but in everything related to cryptoqurrency, that's where the fraudsters are and they always have various ways to do that. With regard to exchanges, my advice for anyone is never to save big money on the Exchange and it is important to remember that fraudsters like a place where it is big money.

[nutriagrigia]

True, Hacked & scammed is so common issues from in the last year. Idax exchange is scammed 2 months ago now another centralized exchange scam warning, i lost worth of 400$ assets which is very difficult to afford for me. But it's a great mistaken because idax a lot of fraudulent activities with IEO projects team. BCNX exchange got a little bit popularity, i have small amount money but pending almost 17 hours.

I also lost my money on many exchanges, and after each loss, I told to myself that I would not hold my money on exchanges. Now I  hold on the exchange only small amounts of money that I constantly trade. I use a cold wallet for storing money.
BCNEX is in the same situation. the transaction is in Pending for 20 hours ...

[bluebit25]

Hack, scam are common things in Centralized exchange. Don't get fooled by the high rank or huge trading volume, still, they are not safe! Binance CEO CZ was very confident that Binance is like a hardware wallet, he tweeted about it and after one month of that tweet, Binance got hacked and 7000 Bitcoin was compromised! Bithumb, Coinbene was hacked several times, many centralized exchanges scammed us.

Recently BCNEX exchange is likely to scam, they locked withdrawal, after 20 days when they unlocked the withdrawal function, people started withdrawing their money, but BCNEX is not finishing our withdrawals, they limited the itl by 50$ only! I have withdrawn my ETH 6 hours ago, still pending, some withdrew 14 hours go, still pending!

So, this is proved again why you shouldn't keep your money on a centralized exchange! Your money can be a scam or hacked anytime!

Reputable exchanges like Binance, Okex, Huobi are difficult to hack. But unfortunately it happened in 2019 for Binance but your assets have been repaid by Binance's Safu fund, so you will not need to worry too much when using top exchanges like this. And with so many other small exchanges becoming scams in the bear market, the BCNEX you listed is an example. Obviously this was a scam exchange when they stopped withdrawing for 20 days and now they are only limited to withdrawing 50$.

[huu78]

It is as risky as it is, as we keep our money into our personal wallets or physical wallets such as safer flash drives.
Exchange in my opinion only a place to sell a coin without holding it too long so it does not happen like that.

[kambaralikhan]

I never place my cryptos on exchanges and never suggest anyone to place as well. Exchanges are not safe, they can be hacked so better do a little favor and put cryptos in wallets not on exchanges.. It is time taking job to tranfer crypto from wallet to exchange when you have to make a sale or purchase but it's a safe approach.