Do you trust centralized exchanges?

[Woodie]

Of course, if your are a trader what you should be looking out for is an exchange with liquidity and last I checked a cex has more liquidity than a dex. And besides this you can trade on multi blockchains with a few clicks other than coins only found on that blockchain.

Another reason to use a cex is some now have insurance so they are  responsible should a hack happen unlike a Dex where you're sorely responsible for what ever happens.
I guess I have all the reasons to trust a centralized exchange.

[tarable]

Take it or leave it, the best performing exchanges in crypto space are still centralised exchanges, they have the best volumes and liquidity, is choose binance, kraken, bitfinex, kucoin, gate and few others over uniswap and pancakeswap

Yes, but you should also know that uniswap and pancakeswap will not be the same as binance, kraken, bitfinex, kucoin, and gate, so don't confuse centralized exchanges with non-centralized exchanges because each exchange runs on its own path based on development before the exchange was used by many people.

[uray]

This is a decision that has to be made from case to case. For me the most important factor is whether the exchange is licensed, the people behind it are publicly known and where the exchange really operates. If there is no chance for any recourse should the exchange get hacked or the owners run off with the coins, I wouldn't touch it.

If the exchange is license and if they have insured then it would be great but how many exchange does have these options and there wont be many. I wont trust anyone even if they are publicly known as we have seen operators running off with the coins in the past and you should not take the risk by trusting these operators unless it is licensed in a reputable country as there are many exchanges registered in offshore countries and it does not mean nothing if something bad happens.

[meysonYo]

When I was newbie to the crypto market, I was also a proponent of the idea that any centralized exchange is evil, and only decentralized exchanges should be at the top in crypto. But very quickly I changed my mind. DEX is much more vulnerable and much unreliable compared to CEX. And especially for beginners, I would recommend using the popular CEX.

[MUG1WARA]

No I don't, the reason is because my money is stored in an exchange wallet in which I have no access to the private key, its like their hands in my pocket kind of thing, they can do whatever they like with my money in their wallet, and the risk of not getting my money back whenever a hack occurs is a bit scary, so I only deposit trade then withdraw my money back to my wallet where its safe, although sometimes I leave a little amount of money to use in trading again.

[CaVO32]

This is a decision that has to be made from case to case. For me the most important factor is whether the exchange is licensed, the people behind it are publicly known and where the exchange really operates. If there is no chance for any recourse should the exchange get hacked or the owners run off with the coins, I wouldn't touch it.

If the exchange is license and if they have insured then it would be great but how many exchange does have these options and there wont be many. I wont trust anyone even if they are publicly known as we have seen operators running off with the coins in the past and you should not take the risk by trusting these operators unless it is licensed in a reputable country as there are many exchanges registered in offshore countries and it does not mean nothing if something bad happens.

As far as I know, only Binance and Coinbase have some type of insurance. But for Coinbase only their USD assets are insured (https://www.coinbase.com/legal/insurance). However in Binance, all your assets are secured by their SAFU, which I believe, is much better. So even if you store other alts, you are pretty much covered with their insurance, in case, something happens to their platform. For me, I will trust my coins on Binance but if you can store your own coins in your own wallet, why not?

https://www.binance.com/en/blog/307883269744750592/Binance-Is-SAFU-7-Ways-We-Secure-Your-Assets-247

[motun01]

I haven't heard if this Turkish exchange before and i only stick to the major well known centralized exchanges in the cryptocurrency space.
I like Binance, Kucoin, and a few others as far as centralized exchanges go and i always try to keep my trading between this few exchanges just to be safe

[SistaFista]

Honestly i don't trust them, just look at the centralized exchanges that have been hacked, eg. cryptopia, etc
The security of centralized exchange is not 100% safe, we should not put our money too much on it.
On the other hand, decentralized exchanges such as uniswap, pancakeswap, etc are promising, we can be a liquidity provider on those exchanges to gain profit.

[Dr.Osh]

I think exchangers like Binance have clear information about the people in them, so I think if something happens that you don't want, then I think the people inside will be easily punished. So, because of that, I believe in CEX like binance, even if it's not 100%. however, there are always risks such as hacks and others. It's just that, seeing the quality of Binance in being responsible, I think it deserves appreciation.

[whiteblue]

I haven't heard if this Turkish exchange before and i only stick to the major well known centralized exchanges in the cryptocurrency space.
I like Binance, Kucoin, and a few others as far as centralized exchanges go and i always try to keep my trading between this few exchanges just to be safe

If the exchange you are using now is much safer and more comfortable, there is no need to think about new exchanges that exist in different countries, because we use exchanges to be safer in terms of storing assets and more comfortable when we use them, not for others.

[_IRMAN]

I trust CEX, but only large exchanges like Binance. This exchange may not be a scam like the exchange you mentioned. Apart from that my reason is that the fees on DEX are very expensive.

[leea-1334]

Of course, if your are a trader what you should be looking out for is an exchange with liquidity and last I checked a cex has more liquidity than a dex. And besides this you can trade on multi blockchains with a few clicks other than coins only found on that blockchain.

Another reason to use a cex is some now have insurance so they are  responsible should a hack happen unlike a Dex where you're sorely responsible for what ever happens.
I guess I have all the reasons to trust a centralized exchange.

Depends on which CEX you are looking at. Some CEXs also just fake the orderbooks as soon as you want to put an order the order disappears when you want to take it. Some CEX like Coinbase do not even display orderbook so you have no idea of liquidity. DEX displays the real amount assuming the smart contract is also valid:)

[Stanlo]

I trust any crypto service provider that works better for me, either centralised or decentralized it doesn't matter, we have bad decentralized and centralised exchanges in crypto space so there is no need trying to figure which one is safer or not just don't keep your coins and tokens on any one of these platforms, your assets are more safer in your wallets

[Mauser]

I trust any crypto service provider that works better for me, either centralised or decentralized it doesn't matter, we have bad decentralized and centralised exchanges in crypto space so there is no need trying to figure which one is safer or not just don't keep your coins and tokens on any one of these platforms, your assets are more safer in your wallets

I agree, we had issues with centralised and decentralised exchanges in the past. It is difficult to so say with certainty that one type is better than the other. The first step should be to have a secure wallet. The second step should be to not leave to many coins on an exchange. It is better to trust in ourself and our wallets rather than the exchange. There can always be issues in the future that we didn't know about before. 

[sarmrakib]

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

We all have seen this news. It was a bad news for crypto platform. Its not mean actually we can't believe the CED exchange. We have seen many scam or hack by Dex as well but we are still using those. Myself still trust on Cex than Dex and really feel secured to use it.

[Shasha80]

I trust CEX, but only large exchanges like Binance. This exchange may not be a scam like the exchange you mentioned. Apart from that my reason is that the fees on DEX are very expensive.

That's right, I agree with your statement because Binance is really reliable and used by many people, because apart from being a low cost, Binance also has a lot of support that is very helpful for everyone.

If we want to use centralized exchanges we have to choose one that is popular and has a good reputation, like Binance is the right choice if
we want to trade safely. There's no way an exchange like Binance will scam or cheat, because Binance definitely wants to keep their good name,
to always be trusted by its users. As long as I use Binance there have been no problems, In conclusion, not all centralized exchanges are bad.

[laredo7mm]

I believe in some cex and avoid the less popular ones.Risk is always there and you can't avoid it 100% just to minimize it, let's say you save money in a bank, or in your personal wallet, you also have the risk of losing that money.

The only problem with cex is it's hackable and sometimes CEO does exit scam (IDAX exchange CEO disappears). In terms of security, the centralized exchange can not match decentralized one but cex provides better service and supports and that is the reason I do trust some reputable cex exchanges and personally use them. Just don't leave your funds in the exchange if you are intended to hold your funds for the long term.

[mr.robot8]

personally for my trading i am using a combination of decentralized exchanges such as uniswapp and 1inch and only two centralized exchanges that i trust coinbase pro and bitfinex i avoid all the others because i consider them too risky

[rahmatullah9305]

personally for my trading i am using a combination of decentralized exchanges such as uniswapp and 1inch and only two centralized exchanges that i trust coinbase pro and bitfinex i avoid all the others because i consider them too risky

I wonder when you are different from the others when it comes to choosing an exchange, aren't Binance, Kucoin and Gate easier to use when it comes to trading? and another one for decentralized ones, I prefer Pancakeswap instead of Uniswap which swap fees are still very expensive.

[masterrex]

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

It depends on what kind of centralized exchange because I only trusted the one that I'm using like Binance because I was using it since 2017 when it was launch and until now it never gives me a problem so far and for the sake of safety precautions I never use those unknown crypto exchange for trading and any other purposes. Be wise by choosing only those trusted crypto exchange platforms.