Do you trust centralized exchanges?

[Lanatsa]

I think you heard the last news about the Turkish stock exchange:
https://decrypt.co/68703/billion-dollar-rug-pull-turkish-bitcoin-exchange-goes-dark
Customers fear a rug pull as Turkish crypto exchange Thodex abruptly halted trading.
At any time, money can be blocked for an unknown time.
Recently, I have not been trading on centralized exchanges and have kept as much money there as it’s not a pity to lose

Put up on your mind that never ever put all of your assets on an online exchange or centralized platforms on where you don't possess or own the keys of it because chances that you would lost
money is high because you wouldn't know on what comes next into those platforms which can have some potential problems in the future.

Im not saying I don't trust them since ive been using them for years now when making out some trades but doesn't mean it would really be on 100%.

It might be really that on expense on having active deposit and withdraw but at least you can really avoid that possible risk.

[agustina2]

I trust global exchange more compare to local exchange. It's unfortunate that something bad happened to that Turkish exchange.

But I'm always picky. Binance, Kucoin and exchanges within their league are worth to put some trust. Not saying they will be scam in the future but it's impossible to happen for now. I don't want a Cryptopia 2.0 and that's my mistake for putting trust to mid tier exchange as I end up no choice as some of my coins are only listed on that exchange.

[dunfida]

I trust global exchange more compare to local exchange. It's unfortunate that something bad happened to that Turkish exchange.

But I'm always picky. Binance, Kucoin and exchanges within their league are worth to put some trust. Not saying they will be scam in the future but it's impossible to happen for now. I don't want a Cryptopia 2.0 and that's my mistake for putting trust to mid tier exchange as I end up no choice as some of my coins are only listed on that exchange.

When we do already know on whose the owner and already built up some trust in the community or the entire globe then its really hard to deny that we cant just trust them.When it comes to security then those top tier exchangers are much better option for you to take than on those mid-tiers which is a no brainer thing for someone to consider. Trust might be hard to be given out but if it do able to suit out your needs on a specific exchange or platform then its really hard to ignore that as you go by then trust would be built up but of course always be mindful about on possible risk.

It might be in less chances but we cant really get rid of that small chance.So be prepared.

[Willitivity]

No I don't trust centralized exchanges completely, cause at any point in time they can just close their doors and run away with users money on the exchange's account, it has happened so many times not once or twice that's why I can't fully trust any centralized exchange, they can also decide to lock up your account any time they like just like the reports have been seeing around about coinbase freezing users accounts, things like that scares me honestly.

[Princeofpoetry]

Actually this issue is not about cex exchange or dex exchange. I honestly don't know the reputation of the exchange you mentioned. if it is not trusted, it is better not to use it because you will lose money. why don't you use binance?

[Japinat]

If that centralized exchange is properly regulated by the regulators, then I will trust them.

Centralized are getting more volume for a reasonn, its because they are safer and easier to use, however, there are regulations that has to be followed, if the exchange itself will not follow it, their license might be revoke and the exchange will stop operating, however, the funds should be recovered by the clients as the government will take over.

we love decentralizations, but let's face the reality that on exchanges, it's centralized exchanges are mostly use.

[adekogbe]

The centralized exchanges that i trust with my cryptocurrencies are the top exchanges that are well known with a strong reputation and have proven over the years to be able to safeguard their systems making it next to unbreachable  and can also boast of high liquidity.
Liquidity and security are very important to a choice of exchange in my opinion
 

[ene1980]

Customers fear a rug pull as Turkish crypto exchange Thodex abruptly halted trading.
At any time, money can be blocked for an unknown time.
Recently, I have not been trading on centralized exchanges and have kept as much money there as it’s not a pity to lose

Throughout the years we have seen many exchanges getting hacked and then eventually halting their services and so is the reason majority who knows the history warns about holding the coins in exchanges. I will not trust holding my coins in exchanges and even with the high fees if i am not trading nor having any plans i will move them to my hardware wallet.

[Twinkledoe]

The centralized exchanges that i trust with my cryptocurrencies are the top exchanges that are well known with a strong reputation and have proven over the years to be able to safeguard their systems making it next to unbreachable  and can also boast of high liquidity.
Liquidity and security are very important to a choice of exchange in my opinion
 

The one mentioned by the OP, Turkish exchange, Thodex, is it under the jurisdiction of their Central Bank? Because if it is a local crypto exchange, and legit in operations, it should be registered under their Central Bank, right? So if in case, they go dark, their Central Bank can go after them. However, if not registered, that's the problem. For local crypto exchanges, I really don't store funds as there is high chance that they can really disappear. I will trust more  top exchanges like Binance as they have insurance for their users.

[xSkylarx]

For long term investments, keeping cryptocurrencies on exchanges is not really safe. Even if it is the most popular exchange it can still be hacked and you won't be able to withdraw your cryptos there because you don't hold any private keys. If you plant to hold bitcoin or any other altcoin, it is better to have a software or hardware wallet especially if it's a big amount. It's not easy to hack those type of wallets unless you didn't secure it properly or carelessly share the passphrase or private key to anyone. Never share those info other than yourself even if ghey are close to you.

[Yamifoud]

For long term investments, keeping cryptocurrencies on exchanges is not really safe. Even if it is the most popular exchange it can still be hacked and you won't be able to withdraw your cryptos there because you don't hold any private keys. If you plant to hold bitcoin or any other altcoin, it is better to have a software or hardware wallet especially if it's a big amount. It's not easy to hack those type of wallets unless you didn't secure it properly or carelessly share the passphrase or private key to anyone. Never share those info other than yourself even if ghey are close to you.

For safety and security assurance, that would be our option. As we are prone to hacking and possible inside job manipulation, using exchanges as our fund storage is likely we are willing to lose our funds at any time.
These days, we find a lot of local exchangers popping out and most of them can't be trusted and just scamming tools. That is why we need to be more cautious in choosing exchanges not only for centralizing exchanges but also for decentralized exchanges.

[Johnyz]

I think you heard the last news about the Turkish stock exchange:
https://decrypt.co/68703/billion-dollar-rug-pull-turkish-bitcoin-exchange-goes-dark
Customers fear a rug pull as Turkish crypto exchange Thodex abruptly halted trading.
At any time, money can be blocked for an unknown time.
Recently, I have not been trading on centralized exchanges and have kept as much money there as it’s not a pity to lose

I trust centralized exchange but not our local exchange because our government can really ban cryptocurrency any time and if I put my money on our local exchange, I might be on a high risk of losing it.

This is why I only use Binance which is operating on a country that accepts cryptocurrency, there’s a lot of good exchange and better to look for it, don’t just settled using the local exchange.

[tanjiran]

Yes, I trust CEX, moreover in my country, cex which is officially recognized for crypto asset trading. this makes it easy to withdraw money in the currency applicable in my country. well, cex and dex have their own advantages and disadvantages, it all depends on their respective needs. so don't be bothered, use both of them if it can provide more benefits.

[GreatArkansas]

Actually this issue is not about cex exchange or dex exchange. I honestly don't know the reputation of the exchange you mentioned. if it is not trusted, it is better not to use it because you will lose money. why don't you use binance?

Yes, researching before using such centralized exchanges is a must, there are already a lot of resources for doing the research before putting our money in some random centralized exchanges, google is our friend, there is a lot of forum now.
But we should just be aware that even how high the reputation of an exchange, there are still small possibilities that your money will get lost, like for example hacking incidents, or insiders, etc.  Very lot, this is just the main disadvantage of using centralized exchanges.

[Republikcoin.com]

I trust centralized exchange but not our local exchange because our government can really ban cryptocurrency any time and if I put my money on our local exchange, I might be on a high risk of losing it.
This is why I only use Binance which is operating on a country that accepts cryptocurrency, there’s a lot of good exchange and better to look for it, don’t just settled using the local exchange.

Local exchanges are safer and have clear certainty than foreign exchanges that are not within the jurisdiction of your country. The existence of a local exchange actually gets direct supervision by the government and local residents, the occurrence of fraud is a suicide for those who want to cheat. I happen to live in a country of law, where all activities are protected and regulated by law.

Meanwhile, Binance really has a high level of trust and I believe in Binance as a centralized exchange.

However, the cryptocurrency ban in China in September 2017 made Binance move its HQ to Japan until now. That means, Japan still has the possibility to impose restrictions on cryptocurrency, and here Binance's steps will be seriously threatened if that happens. The only thing CZ can do is move again to a country that is neutral or tends to be more accepting of cryptocurrency.

[lienfaye]

I think you heard the last news about the Turkish stock exchange:
https://decrypt.co/68703/billion-dollar-rug-pull-turkish-bitcoin-exchange-goes-dark
Customers fear a rug pull as Turkish crypto exchange Thodex abruptly halted trading.
At any time, money can be blocked for an unknown time.
Recently, I have not been trading on centralized exchanges and have kept as much money there as it’s not a pity to lose

Im not aware of this news but if its true then thats the risk of using Cex.

I dont really trust centralized exchanges however compared to Dex, it is more convenient and it has high liquidity and volume which is good for traders.

What we can do is not storing our coins for too long in the exchange and choose a reputed one to avoid scam.

[inanilujimi]

I prefer local exchanges that already have a clear address and legality from the government, or trade on the best exchange that is currently available, namely Binance, the rest I will trade on other exchanges just to sell altcoins from bounty .
Centralized exchanges don't all make it difficult for customers, it's good to use one that's already trusted by many crypto enthusiast communities.

[ChaoChibai]

No I don't trust centralized exchanges completely, cause at any point in time they can just close their doors and run away with users money on the exchange's account, it has happened so many times not once or twice that's why I can't fully trust any centralized exchange, they can also decide to lock up your account any time they like just like the reports have been seeing around about coinbase freezing users accounts, things like that scares me honestly.

This is pretty bad if you are talking about centralized exchanges. There are so many things that makes us worry, especially with its safeness.
we have to be extra careful and doing more research before using such centralized exchanges.

[lixer]

Recently, I have not been trading on centralized exchanges and have kept as much money there as it’s not a pity to lose

But, if you take example like bittrex which is a centralized and regulated exchange, has been serving us for years without any major issues. I have kept more than $10k at some point of time, and then gone for withdrawing, all went smooth. I'm not saying, keeping funds with exchanges is a good idea but if you're choosing your exchanges wisely then he could solve most usual problems easily.

All the above, exchange getting hacked or sudden shutdown kind of things are highly unpredictable and we might need to face them. Only primary solution here is never holding big money with them.

[javainn]

crypto lovers globally may not believe it because they cannot yet give confidence what the advantages of this exchange are. So for myself, it's better to be on an obvious exchange like Binance than having to stake our assets there