Do you trust centralized exchanges?

[DoublerHunter]

I trust some centralized exchange. Like Binance, Coinbase. Ok, let me express my thoughts. If you have already enough and have a good chance to get more big milestone in future then why you want to scam?

And that's why i trust some centralized exchange. Those exchanges already have enough. So i think they will not scam. This is totally my opinion.

^ Exactly right, sometimes we need to trust them and there is nothing we can do is just trust them an amount that we want to leave on them. But those exchanges that already existed and runs how many years on their service, in that way, if you have fund to deposit as your initial capital in trading, you don't need to worry at all because your fund is safe. Large exchange and very popular is probably the most trader's choice because this is the only way where you can put trust to deposit your fund even it is a centralized one. Nevertheless, in my opinion, and the most common popular exchange is Binance, I don't know others if we have the same choice.

[capokmerah]

Honestly, when it comes to money wherever it is, it must be risky. I do not really believe and believe to save money especially in large amounts. remember! we're talking about money. who always appear irresponsible and greedy people.

[poldanmig]

Store your money in large centralized transactions if you are a regular trader on those deals. Holding long-term crypto needs to be stored on major, reputable exchanges or withdrawn to personal wallets for safety.
Your key, your money. Remember that.

After this issue, for now, it is better to be wise in placing your money or crypto assets not on any exchange. for long term hold I've bought a hard wallet which is more secure to protect assets.
now there are so many fraud and hacking actions and you as an investor can be more careful. do not let the assets you build are lost because of carelessness in saving

[isaac_clarke22]

~

I traded back in Binance before though I wouldn't entrust my personal info through KYC processes through them cause I remember that there was a recent data leaks there back in the days. I can't quite pinpoint what year was it.
You never want somebody contacting you anonymously one day.

[bittick]

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

Don't trust centralized exchanges because of one hacked Turkish exchange? There are at least 3-4 centralized exchanges, very large and popular. Or trade on decentralized exchanges. To choose for you

I think he meant to be aware and never really trust an exchange, it's true that this first quarter year around if i'm not mistaken only this turkish exchange that did a rugpull or exit scam but we've experienced such thing quite frequent times from the past not to mention the third rated exchange that we don't even know where those are based on.
There's definitely nothing wrong with using cex more specifically if it's a big 5 exchanges but just don't too trusting to these exchanges I guess, as people have said many times "not your privkey not your money"

[Davian144]

Honestly, when it comes to money wherever it is, it must be risky. I do not really believe and believe to save money especially in large amounts. remember! we're talking about money. who always appear irresponsible and greedy people.

Everyone who deals with money directly, he must be smart in choosing his partners, otherwise loss will be very easy for him to get, so caution must always exist when playing with money because everyone's goal is to make money.

[Impala8_]

I don't trust them to be honest but we don't have decentralized marketplace with enough liquidity to trade as such in centralized exchanges so I am not leaving any funds iut there for any reason, just deposit == trade == withdraw with not much of waiting time so I can reduce the chances of losing funds.

Exactly!

[1l1l11ll1l]

I still use CEX until now, but I won't take any risk by storing my assets in the wallet provided by CEX. btw, the cases in Turkey are quite crazy, they are like being irresponsible and leaving many victims and hurting the community, I hope the culprit is caught sooner

[the rise]

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

That is a risk in a centralized exchange, if they do not have complete requirements as well as complete legal documents. And also our risk of trading if we lose money. Therefore I suggest to to a trusted exchange such as binance. I think everyone knows, I'm sure you'll be happy to trade there.

[the rise]

Honestly, when it comes to money wherever it is, it must be risky. I do not really believe and believe to save money especially in large amounts. remember! we're talking about money. who always appear irresponsible and greedy people.

That's right, I see turkey too severe in this case, However, there has been no viral news about turkish cryptocurrency lately, quite dangerous and quite avoid exchanges from turkey, they are vague and irresponsible, I hope it is handled immediately.

[Botnake]

I still use CEX until now, but I won't take any risk by storing my assets in the wallet provided by CEX. btw, the cases in Turkey are quite crazy, they are like being irresponsible and leaving many victims and hurting the community, I hope the culprit is caught sooner

I'm not aware of the news, but are you referring to this https://www.aljazeera.com/economy/2021/4/23/turkey-crypto-exchange-probe-62-arrested-ceo-on-the-run?

I guess we should already learn as it happens a lot of time that exchanges are seized and CEO could disappear together with our money.
It's wise to only trust big exchanges but never leave your coins in their wallet in the long run.

just remember that "not your keys, not your wallet" it's pretty basic and everyone has to be aware.

[zasad@]

Information about the hacking of a large cryptocurrency exchange
https://hotbit.zendesk.com/hc/en-us/articles/1500008915521-

"Dear respected users,
Hotbit just suffered a serious cyber attack starting around 08:00 PM UTC, April 29,2021, which led to the paralyzation of a number of some basic services. Meanwhile, the attackers also tried to hack into Hotbit’s wallets (However, the attempt was identified and stopped by our risk control system).
In this case, Hotbit team has shut down all services for inspection and restoration immediately, and the overall recovery period is expected to be no less than 7 days.
Please note that all your assets are safe and secure, and you can follow us on Twitter,Facebook, and Telegram for Hotbit’s latest recovery progress."

[junkerr]

That's right, I see turkey too severe in this case, However, there has been no viral news about turkish cryptocurrency lately, quite dangerous and quite avoid exchanges from turkey, they are vague and irresponsible, I hope it is handled immediately.

bad news like that could put this market into bad trouble.
hopefully, it can be handled soon. that is if in their country there are clear regulations to handle it all. or the exchange is indeed registered in their country as a clear company.
if everything is not regulated I'm sure it will be a little difficult to handle it all.

[Fivestar4everMVP]

Yeah, centralized exchanges shouldnt be trusted most especially the not so popular ones, exchanges like binance, kucoin, coinbase to my understanding have all stood the test of time and this are the kind of exchanges I have little trust for, every other exchanges that are not so popular I personally have great fear for, this is why I don't for any reason leave my money on centralized exchanges, I only deposit money when am ready to sell and also withdraw my money immediately I sell or buy a coin, if am not ready to sell the coins, then its better its on my wallet, this is why the saying goes, not your keys, not your crypto, I've learnt the hard way from cryptopia.

[South Park]

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

The obvious answer is no, if you want to make a trade I get that but there is no reason to let your coins on the exchange for long, deposit your coins, make your trade and then get your coins out of the exchange, rinse and repeat as much as you need to, exchanges do not like this as you are not leaving your coins with them and they think there is something you want to hide, but this is simply to avoid scenarios like the one you are describing which unfortunately are very common.

[ibuddy122505]

Yeah, centralized exchanges shouldnt be trusted most especially the not so popular ones, exchanges like binance, kucoin, coinbase to my understanding have all stood the test of time and this are the kind of exchanges I have little trust for, every other exchanges that are not so popular I personally have great fear for, this is why I don't for any reason leave my money on centralized exchanges, I only deposit money when am ready to sell and also withdraw my money immediately I sell or buy a coin, if am not ready to sell the coins, then its better its on my wallet, this is why the saying goes, not your keys, not your crypto, I've learnt the hard way from cryptopia.

That's the point. Any centralized exchanges can compromise at any time and who can dare take the risk with our hard earned money. Cryptopia, Livecoin once regarded popular centralized exchanges but they all toke our money in the name of HACK! It's necessary to connect with centralized exchanges because not every coins/tokens listed on decentralized exchanges, where we should take the necessary caution.

[Moeda]

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 think our belief in exchange is not based on centralization or decentralization. Binance is a centralized exchange, and it's the top choice for crypto users to trade. We trust this exchange. Although there are other exchanges that stop and money gets caught up in it. That is, trust depends on the owner of the exchange in managing it. Will they do well in the long term? or they want to get instant profit by tricking members?

[sangjoewara]

Honestly, I do believe in centralizing exchange, but for the Turkish stock exchange as you said, I don't know anything about this, and I feel doubtful. My advice is if you still believe in the exchange, that's okay, but don't put too much of your money there, keep on monitoring the news about the exchange, and good luck

If now there is an exchange that is truly trusted and safe to use at any time, why use a new exchange with a very high risk, because I personally use that exchange to trade with all the capital I have, so I automatically have to choose the one I have proven safe to use.

[Skinny48]

I trust centralised exchange more than decentralized exchange because if something goes wrong centralised exchange will be responsible for the loss but on decentralized exchange it's a whole new story, the fact its stay away from centralised exchange that are new, you can only trust top centralised exchange like binance or kucoin or gate.io

[Benefactor]

No one and nothing can promise you the full security for your resources. The danger is truly might be high and pointless. Furthermore, a large portion of the instruments that are accessible on CEX are missing on decentralized trades. This is the chance of utilizing edge exchanging, fates and such rudimentary ones as stop misfortune.