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

[TheUltraElite]

It is warning for the potential hack events and investors should avoid storing the cryptocurrencies on the online exchanges. The Mtgox case was the invaluable lesson, the Binance can be the second similar case. There is no "safe" in online world, unfortunately.

Binance is one of the biggest out there so they will likely be a target of hackers since the most popular ones attract to most attacks. But they are knowing about this from beforehand so likely they have some countermeasures in place. Of course if it is a insider job and the exchange decides to scam its users then there are people who can be sought after like the owner of Binance but still the ability to get back any amount on liquidation is grim. Because crypto is not regulated like that, in fact is completely unregulated still that all a common user can do.

It is say that dont store your coins on exchanges but what about those people who have buy or sell orders that have been at at certain points which are less likely to hit in the next few months?

[fortunecrypto]

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

It's easy only go for trusted and stable exchange, they have earned their reputation because they address all issues and they have worked with the community to make it clean, these exchanges that were hacked are new exchanges or exchanges that have low rating, exchanges are multi million dollar business, it's their job to make their exchange clean and reputable.

[inanilujimi]

not all exchanges are safe for trading. If you just want to trade, use an exchange that has been popular with crypto.
never trade on exchanges with fake trading volumes, it may be that sooner or later they leave as fraudsters.

[Stanlo]

No single crypto exchange is safe, either old or new but new exchanges are the most dangerous of all, few old exchanges are more reliable but would be a bad idea to leave your coins on any exchange, they can get hacked any time

[AthenaBanana]

in my experience, in trading, I always go for the exchange that  has a good review and I would ask the crypto community (or traders)what is their experience in this exchange before I use the exchange, Always secure your self when it comes to money do your own investigation before using an exchange

[rudin123]

in my experience, in trading, I always go for the exchange that  has a good review and I would ask the crypto community (or traders)what is their experience in this exchange before I use the exchange, Always secure your self when it comes to money do your own investigation before using an exchange

it's a way to find out whether an exchange is good or not, but I suggest using a trusted exchange rather than using a new exchange that is not sure that the exchange is good to use, you can use binance exchanges because there are large and trusted volumes of them there many more features they offer in the market

[ethereumhunter]

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

That is what happens with the exchanges. We don't know how long the exchange can give the service to us, and we don't know how good their security to protect our account from the hackers. We need to safe our coins at another wallet. Don't send all of the amounts on those exchanges. No exchanges would be 100% safe from the hackers or trouble because that will depend on how the exchange can manage their website, and they can reduce the number of the attack from the hacker.

[Buttercup123]

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.

Agree, The wisely done to do is when your done on trading is withdraw your coin, even there are good reputation about the exchange , we wouldn't predict what would happen. As you would know there are still some complaint on trader on using popular exchanges.

[Bezobraznike]

   I think why to not be safe? If they are not safe they will not be able to work and make profit in long-term!
Crypto-market is growing, and why to not have so many new exchanges, all of them are competing for more
users, and if they are not reliable they will not have users!
   If you doubt in exchange don't trade there, don't register there. Find good exchange with good user reviews
and try it with some money, you will check by yourself how safe they are!

[Findingnemo]

Even if a new exchange got good reviews you shouldn't have to trust them for huge amount, why you want to run off with a new one when there are lot of exchanges have millions in trading volume. but none of the exchange is safe to hold your coins for too long.

[pealr12]

Dont be fooled by exchanges with fake volumes.otherwise you will regret trading on that exchange. If you wat to trade on secure exchange go to exchanges like binance and bitrex.

[Ridwan Fauzi]

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 know the risk that you will be faced when you trade and use and exchange. Spend a little money in it and don't store your money in the long term. I spent arround 30% in my capital to trade and the rest I choose cold wallet to store some coins for long term investment.

For the exchange that I choose and only use binance exchange so far. At least this exchange has shown up when the security system successfully was hacked they tried to change the fund from some user. This is why I'm still using this exchange although the security is depend us as well.

[bastian466]

That's the risk all have the risk of trading in real life such as trading in traditional markets or modern markets can face experiencing bad things such as loss by theft of losses from other things. New exchanges usually provide lots of bonuses to attract people into it to make the exchange grow and be able to compete with old exchanges

[TheUltraElite]

in my experience, in trading, I always go for the exchange that  has a good review and I would ask the crypto community (or traders)what is their experience in this exchange before I use the exchange

Best way to evaluate them is through using it by a testing account.

Reviews are often one sided because every project employs some shills to promote them mindlessly and some are doing it so conspicuously that it becomes evident to the seasoned trader but not for the newbies. Asking the community is a good thing but again you will get biased opinions about exchanges and not what is suitable for you, or the number of times the top exchanges get told will be much bigger than what you need.

So use the exchange and test it and see it is good for you.

[SARA ISLAM]

None exchanger is 100% secured. Top rated exchanges have been hacked at various times such as Coinrell hacked and never returned. In the past, many traders lost their funds. That's why you have to calculate how much funds can be kept in the exchanger.
Of course one can rely on coinmarketcap.com's top exchangers because many people are using them.

[irfan_pak10]

I do not believe in investing in new coins, I think you should not also invest in coins which are newly added to some top exchanges like binance as they are more prone to the first dump before to go up. I have posted here some top coins which I believe are good to invest with good ROI [To check ROI of coin please visit coinmarketcap]

Top crypto pairs in which you should invest? https://bitcointalk.org/index.php?topic=5221979.0

[milewilda]

I do not believe in investing in new coins, I think you should not also invest in coins which are newly added to some top exchanges like binance as they are more prone to the first dump before to go up. I have posted here some top coins which I believe are good to invest with good ROI [To check ROI of coin please visit coinmarketcap]

Top crypto pairs in which you should invest? https://bitcointalk.org/index.php?topic=5221979.0

As one of the recognized bounty managers back in the past then i do heavily agree into your input which is actually true and would really be a suggested thing to be done.ICO days are far gone and most project are becoming more shit as years passed.It would really be more worth to consider those coins into your list but if people are still keen on throwing up money into those options you mentioned then they can simply stick out on established
or top ranking ones.
Back on topic in talks of exchanges then always stick out into the best or popular ones.Nothing is safe towards hacking but at least we do know that those who are on top position do have that tight security.
They wont last long and able to reach that point if they arent that capable of.

[numpadxx5]

in my experience, in trading, I always go for the exchange that  has a good review and I would ask the crypto community (or traders)what is their experience in this exchange before I use the exchange, Always secure your self when it comes to money do your own investigation before using an exchange

Exactly, It's better and safe to use popular exchange like binance not like other new exchanges that had fake volume. But be aware that even top exchange is vulnerable to hackers. Think wisely before leaving your coins on exchanges you can lost you money instantly.

[Buttercup123]

Even if a new exchange got good reviews you shouldn't have to trust them for huge amount, why you want to run off with a new one when there are lot of exchanges have millions in trading volume. but none of the exchange is safe to hold your coins for too long.

I don't use new exchange, old exchanges with higher reputation is recommended, right now Binance is still a major cryptocurrency exchange to its legal and safety it is the most reliable exchange. There are some good exchanges that are available but you must be careful before choosing.

[hulla]

Even if a new exchange got good reviews you shouldn't have to trust them for huge amount, why you want to run off with a new one when there are lot of exchanges have millions in trading volume. but none of the exchange is safe to hold your coins for too long.

I don't use new exchange, old exchanges with higher reputation is recommended, right now Binance is still a major cryptocurrency exchange to its legal and safety it is the most reliable exchange. There are some good exchanges that are available but you must be careful before choosing.

New and old exchange site are the same and what make them different is there liquidity, users, trading volume, trust, security, reputation,  community support level but none of them is ever safe which the reason why people are advised not to keep huge coins on the exchange site. However, new exchange are the most worse and my advise to people is to never use an exchange site they did trust or that look suspicious.