Do you trust centralized exchanges?

[lxiaoh]

No matter centralized exchanges or decentralized exchanges,i dont turst,i just trust myself. But on the other hand, i have to trade on exchanges, and that is centralized exchanges, because comparing to decentralized exchanges, imo centralized exchanges is more easy to operate and sell.

[Leonardo7]

I only leave just a fraction of my asset on reputable exchnages for the sake of trading only and for the fact that ERC20 withdrawals are now very expensive. I know friends that lost millions of dogecoins to Cryptopia and coinexchange, won't allow such mistakes again. Not your key, not your money.

[Anonylz]

I only leave just a fraction of my asset on reputable exchnages for the sake of trading only and for the fact that ERC20 withdrawals are now very expensive. I know friends that lost millions of dogecoins to Cryptopia and coinexchange, won't allow such mistakes again. Not your key, not your money.

Your friend probably was not active following updates and news, most times some exchange usually make announcement of a possible closure so people can withdraw their funds, am not sure but i think even cryptopia made announcement or some people posted about it to warn people to take their funds, i can't remember, anyways, it is not adviceable to leave funds in the exchange for too long, if you are not trading then better to move them to a personal wallet,
just like the above poster said, i don't trust any exchange but they are necessary for trading which is why sometimes we have some part of our funds there.

[ZaraCB]

I don't trust centralized exchanges. But I have nothing to do. As a bounty hunter, I have to trade the tokens that are listed on the exchange. However, the trading fee is less in centralized exchanges. Decentralized exchanges like Uniswap can not suitable for small beds. I think Binance Smart Chain platform's DEX like Pancakeswap is the best to trade now.

[Botnake]

I don't really believe in centralized exchanges but nowadays almost everyone uses centralized exchanges. we can do exchange analysis before placing funds. from checking the clarity of the site to trust in the community. Often times when the market pump or dump that I don't like is the withdrawal becomes an error or the exchange can't be accessed. Regarding security issues I am pretty sure for a highly protected exchange to have insurance on customer funds

Just like investing, we can also diversify the risk in using exchanges, don't put all your eggs in one basket, that's the basic principle when it comes to investing. One exchange that goes dark this year is LIVECOIN, they used to be a little decent exchange but they disappear suddenly, probably with the money of the traders.

There's no choice at the moment but to trust the centralized exchange as DEX doesn't have the volume to cater the traders.

[Jackl87]

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 never heard of that exchange before it is true though that if you leave your funds at an exchange (a cex) than of course you do not have control over your funds anymore. "Not your keys, not your coins" it's as simple as that. That being said i also have a few Kucoin Shares on Kucoin because of the Kucoin bonus program. If i remember correctly kucoin was also a victim of a hack in the last months were the hot wallets where compromised but they recovered well from that. I only own a few KuCoin shares and therefore i am willing to take the risk that hey could be gone anytime if another hack occurs.

[prosperoustop]

no, but we still need CEX. one of the functions of CEX is to disburse funds from crypto to fiat. This service does not exist in the DEX yet, in fact it is difficult to exist. we don't believe in CEX, but they are still needed today. The problems at CEX are numerous such as privacy concerns, hacking, and risk of losing funds due to closure issues like this.

Such problems we have in DEX too! but as for me my data and documents are real value and very confidential, no one could ask me about it, because crypto was created as decentralized currency..

[Sparrow96]

I never trust a centralized exchange or wallet. I hate them because of some bitter experiences with them. When I need them urgently they deliver them lately. Also, locks fund sometime after changing security settings. If I talk about a non-custodial wallet, Coinbase, it's the worst experience. I was using Coinbase since 2014 and last year they locked my account for an unknown reason. I contacted them but they never reply. Worst customer service from them. My fund still there, may be locked forever. So I hate centralized exchange or wallet. Everyone should use a noncustodial wallet if they want to hodl.

[iram3130]

Its a constant fear of every trader or holder. A small holder or trader would never be able to withdraw everything from the exchanges because of its high fees and if there is a fluctuation, it will be harder to trade it. I trust some of the exchanges like Binance and Kucoin but most of them are hard to trust these days.

[DarkDays]

i trust some centralize exchange like binance, coinbase enough to keep my funds for sometimes and not be afraid, i know the 'not your key not your fund' propaganda but as long as centralized exchange exist people will always want to use them and also keep their funds, besides, the high transaction fee is another reason why people will keep their funds on cex, paying fees to transport funds back and forth is in anyone's best interest.

You can never trust anything.

Binance and Coinbase are good exchanges but neither of them provide you with a hack-proof security - no one can. The best way is to secure funds externally onto a cold wallet. This is the only way to keep your funds really safe.

DEX or CEX you can never be sure how can they be exploited in the future which I agree makes things harder but it is best to be cautious and not leave large capital on exchanges.

[Bilgent]

I trust the big centralized exchanges actually. Binance is one of them for me. I use it generally for trading and staking. But when it comes to HODLing my coins, I choose to withdraw them to my crypto wallet to be even safer.

[Wahyuihib]

It is unfortunate why this can happen. and my question is, why do people easily trust an exchange that still doesn't have good credibility. and this case will provide valuable lessons for us to always be careful when deciding whether to invest or trade on the stock ..

[whiteblue]

I trust the big centralized exchanges actually. Binance is one of them for me. I use it generally for trading and staking. But when it comes to HODLing my coins, I choose to withdraw them to my crypto wallet to be even safer.

For HODLing it is not recommended to store it on any exchange, so obviously it must be stored in your own wallet which you think is very safe to store it, and for an exchange like Binance obviously everyone likes it a lot, including me personally.

[irsykes]

Not about trust or not trust, but i think people don't have choice because there are a lot of reputable exchanges. If me maybe only trade on site that already have good reputation and maybe local exchanges. Honestly can't wonder if the site collapse, but i think if local exchanger and have real place, people will still can reach them in real life.

[max6575]

the service of swaps gives of chance on trader and investors with the possession of token to work on exchange with the least on expends as uses with customs of transparency and decentralized as service might apply different kind of level with the administrative tasks on kyc to confirm profile with the persona on action.

[andthereyou]

Yes, I have trusted centralized exchange for easy trading of cryptocurrency. I have use the current best exchange availble like binance. But if I plan to hold for a long time I have to put it in cold wallet like ledger.

[akgandalf]

I do not trade in centralized stock exchanges other than major stock exchanges. I trade on Binance and bitmax exchanges. Thodex have made it big in Turkey. There are 391 thousand customers who are victims.

[Similificator]

I feel the same. Although it may sound stupid not trusting something legit and governed by law, I cannot help but feel more distrust specially now when this industry is getting more and more known widely all throughout the world. My reason is because these type of exchanges are prone to manipulation or abuse by the government or banks. What if they suddenly decide to ban crypto all of a sudden? I then pity those who have their names confirmed to he connected to crypto. They will aurely have problems. Even if it's just huge taxing for crypto currency gains, it still isn't that good of a position for anyone.

[blue_nexus15]

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

For Cex I just go to do everything with Binance and Huobi.  I live in Southeast Asia.  Everything is very familiar, professional and has a very good link to support my community.  I am not interested in other CEXs as they are still the most reputable, reputable and reliable exchanges.

 If with Dex, UNI (ETH) and Pancake (BSC).  Also, I'm quite interested and really seriously watch Sov.  If SoVryn becomes the first defi - Dex exchange for the best bitcoin, I will definitely join it!
https://live.sovryn.app/trade

[slaman29]

No matter centralized exchanges or decentralized exchanges,i dont turst,i just trust myself. But on the other hand, i have to trade on exchanges, and that is centralized exchanges, because comparing to decentralized exchanges, imo centralized exchanges is more easy to operate and sell.

Well, you do have to trust 2 things at the very least. One is the Bitcoin network or the network of the blockchain you're using. I personally only trust Bitcoin, maybe also ETH to a certain extent, maybe also some alts like Monero and Litecoin.

But you also need to trust the wallet client you use;)

So if you trade at min you have to trust 3 things (the platform, regardless of CEX or DEX).