So many new cryptocurrency exchange now, Are they safe to trade?

[qmclak]

Been on crypto for 4 years and I know how risky to trade unknown or new trading exchange, A lot of trading exchange was suddenly closed and some got hack by anonymous hacker. I like to hear everyones thoughts about this.


Thank you

[mindrust]

None of the exchanges are safe.

None.

It doesn't matter if it is new or old. All of them are unsafe. Even binance leaked people's KYC documents before. There isn't a safe exchange. It is just waiting its turn to get hacked. If you don't want to be the sucker, don't keep your coins on exchanges.

[bathrobehero]

I'm strictly sticking to non-custodial exchanges. I'm not going to trust even the most popular exchanges with my money. Bitrex and Poloniex both screwed me even after many years of using them (grandfacther accounts). They suddenly started asking for full-on verification and didn't allow withdrawals. Sure, some would say the writing was on the wall, but I'd expect they would at least would let us withdraw our funds in case we don't want to get verified. But no.
And they get to decide if they accept or deny verifications and if they do deny, they get to keep the funds.

So yeah, never again. I'm sticking to mostly Bisq. Not perfect, but waaay better/safer than traditional exchanges.

The only time I'm using non-custodial services, is if I'm dealing with small amounts of money, like online betting on cloudbet.

Basically, if anyone who keep using centralized and/or custodial wallets/exchanges/services, they WILL get screwed eventually. They introduce having to trust the other party, which is one of the basic principles crypto goes against so it's foolish to give up - even if it's very convenient.

[tukagero]

Been on crypto for 4 years and I know how risky to trade unknown or new trading exchange, A lot of trading exchange was suddenly closed and some got hack by anonymous hacker. I like to hear everyones thoughts about this.


Thank you

Just stick on the trusted exchanges that has been operating for years , dont fall on new exchanges that offers 0%fee on trades, sometimes its only front act to attract traders and then steal thier money.

[Akiko]

Been on crypto for 4 years and I know how risky to trade unknown or new trading exchange, A lot of trading exchange was suddenly closed and some got hack by anonymous hacker. I like to hear everyones thoughts about this.


Thank you

You already have idea that its not really secured to use new exchange to stored your money.

We have many thread created here for scam new exchange.

SCAM Exchange - creekex.com
Warning! 20 days are over! BCNEX likely a scam exchange now!
Folgory exchange is a scam
COINSBIT.IO SCAM EXCHANGE + PONZI SCHEME !!!

this proven more of them created just to scam trader's this is also the reasons why you should be careful using new exchange.
Use only exchange that trusted by many users here , even its trusted you should not stored your crypto on that exchange for long . use it only for trading porpuses.

[shoreno]

Been on crypto for 4 years and I know how risky to trade unknown or new trading exchange, A lot of trading exchange was suddenly closed and some got hack by anonymous hacker. I like to hear everyones thoughts about this.


Thank you

your 4 years on this space but your still confuse if what exchange are safe and not  ? of course new exchange are risky than on older one but if your really curious with them then dont depo big   . see how they work because its not easy to gain reputation from scratch   .

  old exchanges got hacked too but its rare to see them closing down   . if ever they will close they will always announce it in advance because old exchange are mainly legit   . newer ones are most potential to scam exits but less prone from being hacked   .

[stomachgrowls]

Been on crypto for 4 years and I know how risky to trade unknown or new trading exchange, A lot of trading exchange was suddenly closed and some got hack by anonymous hacker. I like to hear everyones thoughts about this.


Thank you

Its been said for a thousand times or even hundreds of thousands about exchange platform is never been a good place for you storing up your coins - for trading it up then its considerable but putting it on idle on an exchange wallet then its a risky one.When it comes to the "safe" word in terms of trading activity then always stick with the best ones and dont consider or select to those who arent known or just newly heard of.
Also with KYC thing where even best exchange doesnt guaranteed out that given documents of its users are totally safe into its hands.Just mentioned above that even Binance do have that issue of leaked documents.
Custodial exchangers are commonly used due to fiat pairs compared to non-custodial..Some are fully aware but majority are just neglecting this one because they do stick out on a place where
it do gives out their needs.

[sunsilk]

You already knew how risky they are so you don't have to give them attention and just skip everytime something invites you to pay them a visit. They are not worth of your time and even the slightest satoshi that you will ever deposit to them.

Avoid and forget them that's all you need to react. For the four years of your experience, you can easily tackle what are the exchanges that you can continue using and what are not to trust.

[Jack_uk]

Exchanges can be really useful if you need to change between currencies and thus can be relatively safe however overall it is never a good idea to treat an exchange like a bank.

[BlackFor3st]

Been on crypto for 4 years and I know how risky to trade unknown or new trading exchange, A lot of trading exchange was suddenly closed and some got hack by anonymous hacker. I like to hear everyones thoughts about this.


Thank you

Of course new exchange are not safe to use as most of them will end up scamming the funds of users who have deposited to their exchange. It will be best if you are going to use the top exchange and are currently being use by many users like Binance and etc.

Trading to a new exchange is not safe at all but if you are going to take the risk then it is up to you because there are many cases that new exchange turned out to scam at the end even if they started prettty good like BCNEX and etc. So it will be best if you will be wise in choosing what exchange you are going to use if you like to trade.

[Renampun]

all exchanges in the world still cannot be said 100% safe...
but you can choose the safest according to their reputation, Binance, OKEx, coinbase, huobi, bitfinex I think it's very safe. but you are also required to further strengthen the security of your account by activating 2fa authentication.

[TheUltraElite]

Since there is a lack of regulation and legal lacking in cryptcurrency and its trading, you have to assume that every exchange is going to scam one day and then decide how to proceed. The ones who have established business and a registered business somewhere on the mainlands can be trusted to a larger degree than the ones running from less known island/offshore businesses - which is done for several reasons one of which is tax evasion.

Now for new exchanges you are always at risk of them being scam. So dont use them as soon as they start but wait for others to review it and also check the legitimacy of these reviews.

For established exchanges, use the exchange as long as you need to trade. Once you are done trading withdraw your coins.

[Stanlo]

Been on crypto for 4 years and I know how risky to trade unknown or new trading exchange, A lot of trading exchange was suddenly closed and some got hack by anonymous hacker. I like to hear everyones thoughts about this.


Thank you

Do not use new exchanges, there are high chances of hacks and exit scams, top exchanges are the best and just because they are the best do not leave your coins on them, anything can happen, your coins will be more safer in your wallet

[Mahanton]

Been on crypto for 4 years and I know how risky to trade unknown or new trading exchange, A lot of trading exchange was suddenly closed and some got hack by anonymous hacker. I like to hear everyones thoughts about this.

Thank you

Do not use new exchanges, there are high chances of hacks and exit scams, top exchanges are the best and just because they are the best do not leave your coins on them, anything can happen, your coins will be more safer in your wallet

Its not really that necessary for you to cross out all new exchange since not all are just scams or frauds.There were even good ones but doesnt really get too much attention due to very high competition when it comes to exchange markets.

Come to think that we didnt even expect for Binance to get that big since we do much prefer into those old times on using Bitfinex,bittrex and poloniex but all of these exchangers
been surpassed but i do agree that top exchangers would be always the best choice to consider.

[TheUltraElite]

Do not use new exchanges, there are high chances of hacks and exit scams, top exchanges are the best and just because they are the best do not leave your coins on them, anything can happen, your coins will be more safer in your wallet

The demand for the newer exchanges comes from the fact that some investors want to take the risk with newly launched currencies. These ICO/IEOs need to list themselves somewhere due to public demand and thus they have to fund it too. So now the newer exchanges give them a easy deal than Binance who asks for huge listing fees. Thus the partnership between a new token for a new exchange happens and leads a lot of exchanges popping up everywhere.

If you are into bitcoin trading only then you will not face these problems which is IMO the safer and more sane way to trade here. More you get into the newer shitcoins, more you are taking risks.

[Stanlo]

Most exchanges are scam, even those that looks legit like vindax, coinsbit and other new exchanges will exit scam one day, it's better to use top exchanges like kucoin or binance and make sure you don't leave coins on exchanges

[leea-1334]

The demand for the newer exchanges comes from the fact that some investors want to take the risk with newly launched currencies. These ICO/IEOs need to list themselves somewhere due to public demand and thus they have to fund it too. So now the newer exchanges give them a easy deal than Binance who asks for huge listing fees. Thus the partnership between a new token for a new exchange happens and leads a lot of exchanges popping up everywhere.

If you are into bitcoin trading only then you will not face these problems which is IMO the safer and more sane way to trade here. More you get into the newer shitcoins, more you are taking risks.

Exactly. New exchanges are basically just new listing sites for IEOs. Some exchanges launch also to take a new market that the big guys ignore (for example like if you are from a country that does not have a local currency listed in Binance). Demand is always from public,,, so even if you only use Bitcoin but your country fiat is not supported in the exchange, you will find one that does right?

[TheUltraElite]

so even if you only use Bitcoin but your country fiat is not supported in the exchange, you will find one that does right?

In such cases the is a problem for the trader. Either they have to stop trading and wait till a proper and well maintained exchange comes up that supports their local currency or withdraw their coins and use a P2P trade to clear out their coins and luiqdate to fiat currency, basically means ending their trading of crypto.

Now when a new exchange that supports their own country's fiat appears it would again be better to wait till they become established, get verified there and then use the same principle of not leaving coins on exchanges to be safe. Of course one can be never be safe of sudden hacks and exit scams when their orders are still on hold, but that how it is here.

[Winscosinally]

No single exchange is safe, not even binance or kucoin because they can still be hacked and you will lose your funds, do not leave your coins that worth alot on exchanges, you have no total control over the coins

[Twinkledoe]

None of the exchanges are safe.

None.

It doesn't matter if it is new or old. All of them are unsafe. Even binance leaked people's KYC documents before. There isn't a safe exchange. It is just waiting its turn to get hacked. If you don't want to be the sucker, don't keep your coins on exchanges.

Yes, simple and straightforward. After you trade in the exchange, move it to your own wallet. Don't store your coins for too long even in top exchanges. They all have vulnerability to attacks because hackers will try their very best to penetrate their system. Also, when you want to trade a specific coin, choose an exchange with better liquidity so you will not wait for days just to trade and get out of your funds.