Do you trust centralized exchanges?

[dotcoin.info]

I trust the centralized Exchanges as much as I trust the beggars on the street. Think for yourself, you are assuring your funds to a third party, for which the cornfields are also responsible. Therefore, you run the risk that this third party may somehow lose your money, and you will not be able to do anything about it. And the exchange can lose money for completely different reasons. Such as Hacking or regulatory intervention and so on. You can trust the exchanges, but not for long because too many things do not depend on them.

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[doctor877]

its best to limit your trust on any exchange and let your coins be in your custody. anything can help to the exchange or the owners which there wont be a remedy. i think the problem with many traders is because there funds are low thats why it dosent bother them. whales and any serious trader dont joke with this kinds of things.

[Nivia1st]

a recent issue with one of the exchanges might lower my trust in CEX. but even so I realized CEX was still needed. I have no other way to withdraw to FIAT other than using CEX. So there's nothing I can do but believe and hope that the exchange I use can be trusted.

[btcltcdigger]

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

While all CEX-es have the same concern, and that is THEM holing your money (not your keys, not your crypto) you have to factor in the recent Turkish ban on crypto.
I'm not defending the guy by any means, but it could have had an impact in his immoral decision

[bisdak40]

its best to limit your trust on any exchange and let your coins be in your custody. anything can help to the exchange or the owners which there wont be a remedy. i think the problem with many traders is because there funds are low thats why it dosent bother them. whales and any serious trader dont joke with this kinds of things.

Good point, because of the amount that is not too big many traders are trusting their money on centralized exchange.

But even if it is a small amount, it is still very painful for us if we lose our money so we better find some ways to be able to control our coins and at the same time we could transfer it instantly to centralized exchange whenever we need the fiat.

Not your keys, not your coins, we should always put this in mind.

[goaldigger]

There’s still a lot of good exchange in the market but of course it is still not advisable to put huge money on a wallet that you don’t control and CEX are too strict, so if you violate their ToS your money might be put on a big risk.

Every traders have their own CEX account here, and most of them knows the risk of trusting too much on CEX, some trader they buy and withdraw the token to their wallet just to be sure, i also prefer to use local exchange because their ToS is applicable to my country.

[cabron]

Whenever New Biden Tax law is approved I guess many of the traders will just go to the DEX and swapping sites later and these centralized exchanges will likely have few traders that government can tax. CEX will find it not worth holding and not allowing users to withdraw funds when there's just $1000 in their account.

The volume in DEX are gradually increasing, we can all see sometimes it reaches up to 3B already.

[samcrypto]

Whenever New Biden Tax law is approved I guess many of the traders will just go to the DEX and swapping sites later and these centralized exchanges will likely have few traders that government can tax. CEX will find it not worth holding and not allowing users to withdraw funds when there's just $1000 in their account.

The volume in DEX are gradually increasing, we can all see sometimes it reaches up to 3B already.

That’s the hardest thing for US citizen to deal with, they are about to pay huge taxes and they can’t avoid this one and as per Trump before, the market will crash if this tax law will take effect. I also believe that they’ll start to use DEX since most of the DEX now are gaining the trust of the public.

The Turkish news about a possible scam exit of the crypto exchanges is alarming but still I have to trust CEX because that’s my trading platform and I have to deal with the best CEX to ensure the safety of my wallet, Binance made this possible.

[MadeMen]

There are only a handful of centralized exchange that I trust. The truth is that most centralised exchange should not be trusted and that explains why its never a wise idea to hold substantial amounts of cryptocurrency assets on centralised exchange. The major reason why I could trust a centralised exchange is because they're global exchange with long term existence.

[devollito]

I have been stolen by centralised exchange omce and lost my money $5000. After that i will never trust centralised exchange anymore, i mean here i will never Hodl my coin in exchange. Maybe i will trade for a while but after trading i will withdraw my coin in to my ledger wallet.

[ecnalubma]

I don’t trust centralised exchanges thats why as much as possible I don’t store big amounts to them. The risk of putting money in centralised exchanges is very high, we know how vulnerable they are in terms of security. Sometimes the problem of loss funds is not the exchanges fault, some are users neglect in securing their accounts.

[Maslate]

I don’t trust centralised exchanges thats why as much as possible I don’t store big amounts to them. The risk of putting money in centralised exchanges is very high, we know how vulnerable they are in terms of security. Sometimes the problem of loss funds is not the exchanges fault, some are users neglect in securing their accounts.

Because in the first place, it is not advisable to store funds for very long to any exchanges either if that is a centralized or decentralized exchange if we want to keep our fund safe. Everything that we stored online is prone to hacking and that we need to be careful using them that is why we have to choose those who are already known exchanges.

[crzy]

I have been stolen by centralised exchange omce and lost my money $5000. After that i will never trust centralised exchange anymore, i mean here i will never Hodl my coin in exchange. Maybe i will trade for a while but after trading i will withdraw my coin in to my ledger wallet.

That’s advisable, don’t hold too much on exchanges because you might lose it since you don’t have control over your money. I don’t know what happened to your funds on CEX but its too unfortunate.

The owner of that turkish exchange might no plan of turning the site back, this could be a big scam if ever and it can ruin the trust of the public to CEX, this could be prevented at all cost. Even if you’re dealing with Binance, don’t over confident because bad things can still happen,

[pilosopotasyo]

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

You cannot avoid trading in a centralized exchange if the coins that you are holding or interested to invest are only trading in a centralized exchange, I still trust centralized exchange but only those centralized exchange with good reputation in the industry like Binance, Kucoin MXC you can be sure that if there are problem in their trading platform they will see to it that they are going to protect their trader's interest.
Always follow experts advice not to keep majority of your funds in the exchange.

[Ceyflix-Rez]

All Centralized exchanges have their ways of making money, that can not be denied but few of these centralized exchanges still cares for their customers, it's why I like and prefer binance exchange more than other top exchanges in crypto space, their customer service is top notch

[ololajulo]

I don’t trust centralised exchanges thats why as much as possible I don’t store big amounts to them. The risk of putting money in centralised exchanges is very high, we know how vulnerable they are in terms of security. Sometimes the problem of loss funds is not the exchanges fault, some are users neglect in securing their accounts.

Because in the first place, it is not advisable to store funds for very long to any exchanges either if that is a centralized or decentralized exchange if we want to keep our fund safe. Everything that we stored online is prone to hacking and that we need to be careful using them that is why we have to choose those who are already known exchanges.

Analysis showed that CEX still hold plenty coins even with the several warnings on the safety. Some exchanges like binance have the trust of users, maybe because they have been hacked before and users fund were safe. Exchanges don't keep such large fund on the platform to protect the backup fund.

[TastyChillySauce00]

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.

If only those stablecoins have a way to make its customers convert from stablecoin to fiat through bank quite easily we could've switched to dex like completely and I will definitely prefer using DEX because my experience in swap platform so far has been very smooth but yeah, considering all the regulations, etc I doubt any stablecoin could do that.
CEX on the other hand could be really disastrous if the exchange itself isn't some globally popular exchange, like in this case, I doubt the police could somehow catch the exchange owner considering his money which amounts to $2 billion any third world countries gonna be happy to hide him and get a share of what he has.

[gaston castano]

yes I know but everything is risky even saving money in the bank is also risky, so what guarantee do you have when saving your own money?
like a decentralized exchange or wallet, if you keep your money in your personal wallet you also have the risk of losing it if you forget your private key, keystore, etc.
you only reduce the risk but not eliminate it.

[Adreman23]

I don't trust centralized exchanges but i can't avoid to use them especially if i have  coins needed to trade quickly because Centralized exchanges has good volume compared to decentralized exchange. Maybe it's better to choose and trade in the top centralized exchanges and do not store large amounts for a very long time.

[martina14]

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

In my own opinion not all centralized are not good. There are still some centralized exchange that remain trusted, like Kucoin, Bitforex, Probit, and more because these platform that I had stated in the above are so far helpful to me actually, I had been using them for a couple months except for kucoin its almost 1 year for this one. But of course, just like the other's did, if I got earned big I withdraw some of it then convert it into fiat, something like that.