Do you trust centralized exchanges?

[South Park]

I trust centralized exchanges more than decentralized ones as long as they are one of the most credible exchanges (e.g. Binance). I trust them because you can't find scam projects easily. Being listed on Binance for example is not an easy thing to achieve for all of the projects exist in the market. But you can see many scam projects in decentralized exchanges. And it's really a big threat for the investors.

It depends on the trust that you want to place on the exchanges, it seems that you want an exchange where only good projects exist and centralized exchanges are the best bet for that, many decentralized exchanges list every single project available and that means the chances there are scams in there is 100%, however when it comes to the security of your coins I will say that decentralized exchanges are better as they never have control of your coins and that is way better than what any centralized exchange can offer.

[1714658455]

1714658455

[Chathusand]

Not only can they keep our tokens, putting them at risk in the event of a hack or other disruption, but trading at centralized exchanges often creates income, and this revenue is so high that the larger exchanges now hold massive volumes of crypto and can have immense market dominance if they so choose. My assumption is that they do. It is preferable to use more decentralized markets as soon as possible.

[odukoyaewatomi27]

I really do not see any reason why anyone should trust these centralized exchanges or store their money there. because over a couple of times, we have seen these exchanges get hacked and millions of dollars worth of coins get stolen. It is best for you to store your coins in your personal wallet.

[N2CoinOfficial]

They function as trusted intermediaries in trades, and often act as custodians by storing and protecting your funds.

[raji1995naya]

In reality, we have no choice but to trust the centralized markets. However, I hope that in the future, we will be able to do away with them, at least in terms of trading and holding on the exchanges. All cryptocurrencies should be available on pancakeswap, uniswap, and other related exchanges, according to me. So that I don't have to worry about getting blocked when I trade.

[JooBra]

In reality, we have no choice but to trust the centralized markets. However, I hope that in the future, we will be able to do away with them, at least in terms of trading and holding on the exchanges. All cryptocurrencies should be available on pancakeswap, uniswap, and other related exchanges, according to me. So that I don't have to worry about getting blocked when I trade.

I think that it will come with time. Right now we are not ready yet for something like that since the fees are getting too high. But when when we switch from proof of work to other types we will be close and that is going to happen in next couple of years.

[olabiyijummy02]

I trust centralized exchanges a lot more than DEX
Not all centralized exchanges are good though that is why i only restrict my cryptocurrency trading to only the top exchanges. This turkey exchange that you're referrencing here is not a top exchange and there is no reason why i will trust such an exchange with my cryptos.

[verita1]

Fortunately, there will be justice for the culprits of this crypto scam. I do not know the background of this Turkish exchange platform.
It is appropriate to recognize that we are vulnerable to being users of websites like this and being scammed and causing serious consequences for the crypto community and it is logical that governments act in retaliation to prohibit activities with bitcoin and cryptocurrencies.

https://www.reuters.com/technology/turkey-jails-6-crypto-probe-including-thodex-ceos-siblings-courthouse-2021-04-30/

A Turkish court jailed pending trial six suspects late on Thursday as part of a probe into cryptocurrency trading platform Thodex, including the CEO's siblings, a spokeswoman for the prosecutor's office said.

More recent information about this case as tracking transactions here:

https://finance.yahoo.com/news/where-did-thodex-crypto-exchange-134800259.html

[firmino10]

generally, I don't trust centralized exchanges (because they are not very secured) and prefer to use decentralized exchanges. But the major issue i have is that most of these decentralized exchanges don't have much volume and liquidity like the centralized ones.

[stadus]

generally, I don't trust centralized exchanges (because they are not very secured) and prefer to use decentralized exchanges.

What's your reason, and how is DEX more secured than centralized exchange? did you know that one of the DEX was hacked before?

https://mashable.com/2017/12/21/etherdelta-hacked/

Cryptocurrency exchange EtherDelta gets hacked and replaced by a fake site that steals your money

But the major issue i have is that most of these decentralized exchanges don't have much volume and liquidity like the centralized ones.

That speaks the reason, people trust CEX more than DEX because they feel it's safer, and because it's regulated, they can go after the site unlike DEX of course.

[bittick]

I use centralized exchanges to trade. I mainly use Binance and Kucoin, I trust them to some extent. Decentralized exchanges are expensive to use due to too high commission. And risk exists everywhere in one way or another.

if i'm being frank that's true, even better if the cex offers insurance so it equals out the risk we can have from exchanging using either dex or cex, but the problem with dex is sometime there's fake smart contract everywhere it's just really risky and i think the dev of the dex should do something about that like making community report feature to tag it as phishing or scam, but the lower tier of cex also could be very shady, sometime i just look at the liquidity and just use it temporarily like withdrawing after im done converting my money

[dotcoin.info]

If you want to trust decentralized exchanges, then you should choose only those that are in tier 1.
The logic is simple, all exchanges from tier 1 are fighting for clients, even if they are hacked, they cannot afford to lose clients, which means they will in every possible way restore balances and recover funds .

[ingiltere]

Thodex was a whole different case, it was an unknown exchange even locally, there were a lot of shady things around it. Luckily nobody I know got affected because majority of Turkish people use Btctürk and Paribu, which I have less trust latter. Even the biggest exchanges have some flaws and things may go bad at an unexpected time, like Mt.Gox case. Right now everybody use Binance but do we trust it? We have to use it, what can you do even if you don't trust. Not all coins and volume is in decenteralized exchanges. Maybe in the future that will change for better but even then we have to use centralized exchanges at some point, e.g. profit realization.

[Darktongue]

In a decentralized world, dominating centralized exchange. If we check the Binance exchange, Binance exchange also has some fear of centralization. Now Binance also provided decentralized service. Actually, we can get out from the centralize after transaction has completed, but our information is left in the decentralized. We need both services, which means none of these services will die.

[devil2man]

obviously for centralized exchanges the saying not your keys not your money always applies in other words you have to be cautious and keep altcoins on them only for the minimum time i personally trust (a bit even for force majeure) only a few centralized binance exchanges, kraken, mercatox obviously i prefer decentralized ones (dex, swap, aggregators) like uniswap,1inch and forkdelta

[Alert31]

It's difficult to trust a centralized exchanges but we can't hide the fact that many are using this platform. Decentralized is good to use but it has a low or fake volume. I used cointiger before and one of my token got stuck there because of a very high transaction fee. Avoid using that exchange.

[bamb]

Some centralized Cryptocurrency exchange have proven themselves trust worthy!  Binance as an example have had devastating hack of it's website and huge funds were stolen.  However,  binance did not collapse,  binance was able to mitigate these loss through funds saved for such eventualities and became even stronger!  I will not trust centralized exchange with 100% of my portfolio but I  will still trust the trust worthy ones with 20% of my portfolio!

[triat]

Some centralized Cryptocurrency exchange have proven themselves trust worthy!  Binance as an example have had devastating hack of it's website and huge funds were stolen.  However,  binance did not collapse,  binance was able to mitigate these loss through funds saved for such eventualities and became even stronger!  I will not trust centralized exchange with 100% of my portfolio but I  will still trust the trust worthy ones with 20% of my portfolio!

only if 20% of these tokens are used in trading. If they just lie on the wallets on the exchange, this is very bad. In this case, only cold wallets should be used.

[santiPOGI]

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 have no idea about this platform dude, but for the well known exchange in the market I could probably give my trust in them.
And some of this centralize exchange I might be using it actually. And there is nothing wrong if we do use it especially if you are earnings
through with it as well. But I never hold a large amount of assets over it.

[Mpamaegbu]

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

A single isolated case isn't enough to blanket others in condemnation. Whether Cex or Dex, they're all controlled by the intuition of man. Man isn't perfect and as such we shouldn't expect perfection anywhere. I have heard about tokens getting hacked on Dexs. So, it's not as if Dexs are completely immuned from all that like a lot of people make it look. I trade on Binance from time to time and I haven't had any issues with it. Binance is a Cex and is rated 10 on trust score as the most secured.