A BETTER WAY TO EXCHANGE DIGITAL CURRENCIES.

[Wenbing]

I was reading some articles on the exchange of digital assets and currencies recently, I found some things that will interest you too.

I discovered these two platforms for conversion and exchange of your crytocurrencies.They are:

1. BINACE and
2. SHAPESHIFT

The article never take time to explain the difference and which is better.

Friends, I went to know your opinions about the digital asset or digital  currency exchange platforms in use by members of this platform.

How do you rank them base on the parameters of simplicity of use and effectiveness?

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[Upgrade00]

Since March till April 2016 Shapeshift experienced a total of 3 attacks which resulted in 469 BTC, 1900 LTC and 5800 ETH stolen from their hot wallets. As a result, the Shapeshift team put Shapeshift.io offline through April 20 to rebuild Shapeshift's infrastructure with enhanced security protocols.

In August 2017 ShapeShift announced it would stop functioning in the state of Washington because of BitLicense-style regulations imposed by the passage of Senate Bill 5031.

A 2018 investigation by the Wall Street Journal found that ShapeShift had processed $9 million in funds from criminal activities over a two-year period.

This is a quote from Wikipedia about shapeshift. I have personally never used it, but have come across several bad reports about it on various social media sites about it. Also I've come across positive reports about it. Do extensive research before using their service.

Binance is a more reliable website in my opinion. But it has also suffered security breaches and hacks.
You should also note that there are key differences between both platforms. Binance is a centralized exchanges, while shapeshift is non-custodial swap platform.

[Wenbing]

Since March till April 2016 Shapeshift experienced a total of 3 attacks which resulted in 469 BTC, 1900 LTC and 5800 ETH stolen from their hot wallets. As a result, the Shapeshift team put Shapeshift.io offline through April 20 to rebuild Shapeshift's infrastructure with enhanced security protocols.

In August 2017 ShapeShift announced it would stop functioning in the state of Washington because of BitLicense-style regulations imposed by the passage of Senate Bill 5031.

A 2018 investigation by the Wall Street Journal found that ShapeShift had processed $9 million in funds from criminal activities over a two-year period.

This is a quote from Wikipedia about shapeshift. I have personally never used it, but have come across several bad reports about it on various social media sites about it. Also I've come across positive reports about it. Do extensive research before using their service.

Binance is a more reliable website in my opinion. Still do your research.

Any exchange platform that is prone to attack or hacking should not be consider in my opinion because the security of your currency is equal to your currency.

Rule: The security of your crytocurrencies is your currency. If it is not secured it doesn't belong to you and if it's secured then its yours.

Shaoeshift fall outside this rule, so it is not an option I'll like to consider. Thanks

[mk4]

Any exchange platform that is prone to attack or hacking should not be consider in my opinion because the security of your currency is equal to your currency.

Rule: The security of your crytocurrencies is your currency. If it is not secured it doesn't belong to you and if it's secured then its yours.

Shaoeshift fall outside this rule, so it is not an option I'll like to consider. Thanks

Literally every single exchange that's custodial will be prone to attacks; it's pretty much just a matter of 'when' not 'if'. With that said, since Binance isn't currently strict with KYC, I've been using it for a while when mid-long term trading altcoins. But again, since custodial platforms are prone to attacks, it's heavily recommended to immediately withdraw your funds every time you make an exchange transaction to protect yourself if ever something happens to the exchange.

Don't let history repeat itself: http://cryptosec.info/exchange-hacks/

[hd49728]

1. BINACE and
2. SHAPESHIFT

I don't know them both. Furthermore, if you want to give others good exchanges or any good platforms, you must give them in full links, rather than just a name. With a name, we can find bunches of different domain names and sure only one of them is legit for one exchange. The rest are fake, phishing sites. With Shapeshift as a name, we can have some sites:

Code:

shapeshift.com
shapeshift.org
shapeshift.io
shapeshift.it
shapeshift.fr
and much more

What is Binace?  

About phishing sites, you can read:
- What to do to avoid phishing sites
- Host-file to deal with phishing sites

[Upgrade00]

...

I just edited my reply to include that binance has had security breaches as well. However the stolen funds was repaid to users affected in full. There has also been a case of potential personal data being stolen.

When choosing a site to exchange currencies, do not only follow personal recommendation as users opinion of a website can vary. Always do your personal research.

[taufik123]

What I've used from the two exchanges you mentioned is Binance.
I often use Binance to trade Altcoin and Bitcoin, but for all my assets, I don't keep it in binance, because to overcome security vulnerabilities that could happen at any time.

Binance is one of the largest and most popular Exchange today with a variety of features, attractive appearance and easy to use.

As @Upgrade00 said, Binance was hacked and some user assets were lost, but all of these assets were replaced by Binance.

Binance now continues to build better security to protect its users.

The most important thing is not to store all your assets in a third party wallet (Exchange).

[Wenbing]

Any exchange platform that is prone to attack or hacking should not be consider in my opinion because the security of your currency is equal to your currency.

Rule: The security of your crytocurrencies is your currency. If it is not secured it doesn't belong to you and if it's secured then its yours.

Shaoeshift fall outside this rule, so it is not an option I'll like to consider. Thanks

Literally every single exchange that's custodial will be prone to attacks; it's pretty much just a matter of 'when' not 'if'. With that said, since Binance isn't currently strict with KYC, I've been using it for a while when mid-long term trading altcoins. But again, since custodial platforms are prone to attacks, it's heavily recommended to immediately withdraw your funds every time you make an exchange transaction to protect yourself if ever something happens to the exchange.

Don't let history repeat itself: http://cryptosec.info/exchange-hacks/

Thanks for this profound addition.
Donald Trump said his book "Why we want you to be Rich" that "he studies history in order not to repeat history."

That link will be helpful to understand the history of this exchange platforms.

Aside from ShapeShift and Binance what other exchange platform should we adopt and look keenly?

[Wenbing]

1. BINACE and
2. SHAPESHIFT

I don't know them both. Furthermore, if you want to give others good exchanges or any good platforms, you must give them in full links, rather than just a name. With a name, we can find bunches of different domain names and sure only one of them is legit for one exchange. The rest are fake, phishing sites.

Thank you for calling my attention to this. I'll edit and  add the full domain name and not just the brand names of these exchange platforms.

[mk4]

Aside from ShapeShift and Binance what other exchange platform should we adopt and look keenly?

It really depends. What cryptocurrencies are you planning on trading? Personally though, I've had zero problem with both Binance and Huobi Global(HBG) so it's really pointless for me to look for alternatives. It's been quite a while since I've used them though, so do your research.

[pooya87]

when it comes to exchanges it is not possible to say which one is "best" because they are all bad. you have to try to figure out the risks involved and then try to choose one that is least bad if you still wanted to trade. for example Binance which is so popular these days is still risky since it is the exact same thing as its ancestors: Poloniex, Bittrex, Cryptsy, Btc-e, Mt Gox,... it is centralized and it gives customers no guarantee of safety whatsoever. they keep giving you empty promises of safety just like all the others and eventually it is like a ticking time bomb that will explode some day. it could be today or years from now.

[Wenbing]

It is centralized and it gives customers no guarantee of safety whatsoever. they keep giving you empty promises of safety just like all the others and eventually it is like a ticking time bomb that will explode some day. it could be today or years from now.

Great contribution.
From what you state, one of the problem for security problem of these platforms is as a result of their centralization nature.

Is there an exchange platform that's decentralized and has solve the above problems.?

Very helpful comment.

[pooya87]

Is there an exchange platform that's decentralized and has solve the above problems.?

yes there are. they are called decentralized exchanges or DEX for short. example of which is Bisq. they solve the centralization problems (no KYC, no middle men to take fees, no centralized database to be hacked, you control your keys so nobody can scam you,...) but then they introduce other problems. for example lack of liquidity due to being less popular, having some possible bugs due to being new and open source/free projects, being harder to use and possible sometimes less fast.
keep in mind that sometimes there are projects that call themselves DEX but they are not really DEXes they are centralized like Binance DEX.

[Wenbing]

Aside from ShapeShift and Binance what other exchange platform should we adopt and look keenly?

Personally though, I've had zero problem with both Binance and Huobi Global(HBG) so it's really pointless for me to look for alternatives. It's been quite a while since I've used them though, so do your research.

Great point.
Let's assume that the two platforms you're using today starting have bugs and security issues, what will you do?
I suggest you have alternative exchange should in case that comes up.

What do you think?

[mk4]

Great point.
Let's assume that the two platforms you're using today starting have bugs and security issues, what will you do?
I suggest you have alternative exchange should in case that comes up.

What do you think?

Sure. But as far as I know both currently don't have "bugs". As for security issues, they will. It's just a matter of when. Hence why I put heavy emphasis on immediately withdrawing your funds to a non-custodial wallet after every transaction.

[Yogee]

Unfortunately, even decentralized exchanges can be hacked too due to flaws in the software like what happened to Bisq recently https://www.coindesk.com/hacker-exploits-flaw-in-decentralized-exchange-bisq-to-steal-250k

[Harlot]

1. BINACE and
2. SHAPESHIFT

You shouldn't be comparing the two since it caters to different people. Binance is for people inclined to trade cryptocurrencies while Shapeshift.io is for people who want to buy/exchange crypto instantly they call it "instant" crypto exchange by some people. In Shapeshift.io you cannot really set the asking/selling and the bid/buying price since the amounts are set by the Shapeshift itself, also the cryptocurrencies bought/exchanged by you are sent directly to your address and is not held in a wallet from your trading account. So if you are an active trader or will be putting up orders both in the buy and sell side Binance would be a better fit for you or look out for other crypto exchange that will be bank friendly with your country.

[Greatdev]

Exchanges are ranked based on volume and Liquidity, the difference between shapeshift and binance is marginal, binance is a top exchange, one of the best in crypto space and shapeshift is also a reliable insta exchange but not good like binance, shapeshift should be compared to changelly and instaswap

[pooya87]

Unfortunately, even decentralized exchanges can be hacked too due to flaws in the software like what happened to Bisq recently https://www.coindesk.com/hacker-exploits-flaw-in-decentralized-exchange-bisq-to-steal-250k

you will never ever find any software (open source or closed source) that has no bugs. decentralized exchanges are not an exception here. the important point is the severity of the hacks. such hacks in a centralized  exchange would lead to millions of dollars lost and all the platform users affected by it since there is one centralized point of failure. but in a DEX such hack leads to a smaller size loss and less user affected (7 users in this case and only 3BTC+4000XMR worth $250k).

[Festac]

No exchange is safer than keeping your coins in your wallet, the best advice I can give is never trust any exchange, either centralized or decentralized anything can happen, stay safe