Do you trust centralized exchanges?

[wayaneka]

I don't trust CEX but I need it for trading and to make fiat withdrawals, alot of CEX in the crypto market, and  I really careful to choose it, because if we put money there, that mean they has full control with our fund, and we have seen some CEX like MT Gox, BTC-E.COM, Cryptopia and Livecoin is closed and turn in to scam. I only use CEX which has the highest trading volume because these CEX is trusted by many crypto users. For long term investment, I prefer to stored crypto in my personal wallet. For staking crypto, I also avoid to use CEX, much better to make account on DEX or Personal wallet so that full control is belong to users, not the exchange and this is the most important thing in crpto markets because currently less regulation in crypto space.

[1715058952]

1715058952

[1715058952]

1715058952

[1715058952]

1715058952

[trauchot]

I trust centralized cryptocurrency exchanges, I didn't have any problems with them, you just need to use the most popular centralized cryptocurrency exchanges and you will not have any problems, but if you will use new centralized exchanges that were created just recently, of course there is a huge risk of losing your money that you will have on this exchange, so you always need to be careful when choosing any centralized exchange and just better to always use top centralized cryptocurrency exchanges.

[panjay]

I didn't trust as much anymore...cryptopia got hacked..my fund is gone, too lazy to claim it lol.

I just use it as a means to trade and withdraw to my own account for now. So if keep my fund on exchange and the exchange suddenly stop/hacked/seized etc that on me.

[Cryptomiles1]

Sincerely this is my first of hearing about this exchange, most at time we have to take appropriate precaution before moving our funds to CEX. Not all that are trusted that is DEX is really taking over.

[stomachgrowls]

Sincerely this is my first of hearing about this exchange, most at time we have to take appropriate precaution before moving our funds to CEX. Not all that are trusted that is DEX is really taking over.

There are lots of local exchange platforms out there and its normal that we arent aware of their existence since we do mostly focused on top tier or ranking like Binance,Coinbase etc.

It had been thousands of reminders about storing your coins in centralized platforms is never been worth the risk or not really recommended at all, no matter how reputable or known it is

you wouldnt know on when issues would come out neither sudden lock of funds and need for sure to pass kyc or to those exchange hack incidents might happen.
This is just basic but people never ever learn until it do happen and do cry and whine later.

[bitterguy28]

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.

Centralized exchange for decentralized currency , does it sounds appropriate? of course not lol.

Abnd besides this ask KYC in which we all hates as we want to remain anonymous at least in some areas of crypto investing.

[smyslov]

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.

The big risk in decentralization is when investors take out the liquidity, leaving you with a useless coin but it also happens on centralize exchange, if the coin losses trust from investors there'll be no buy order I also don't trust centralized exchange but it's something that we have to get used to it because how can we trade coins that we invest in if it is only available in centralize exchange.

[DOH!]

I personally believe in centralized exchanges a lot. Because so far no high-quality exchanger has cheated with customers.

Have you heard about Vebitcoin?

Don't expect financial freedom? Do you still wish to lose your sovereignty and integrity?? Lol, I use CEX as a compulsion because no DEX meets the liquidity and volume essentials. Some DEXs, Defi today have first run and many crashes as a hard-to-control item. So I'm watching Sovryn because of Vested and voting rights. I hope they can achieve their desire to satisfy the right of "Financial Freedom" for the crypto world.

[onecall123]

You have been warned if you are one of those people who follow blindly. Crypto gets bigger and more mainstream, so you have to be concerned about centralized exchanges securities and longevity. Right now, their security is not guaranteed. As a result, I am dividing my portfolio now. It is better to be protected before anything happens.

[stadus]

You have been warned if you are one of those people who follow blindly. Crypto gets bigger and more mainstream, so you have to be concerned about centralized exchanges securities and longevity. Right now, their security is not guaranteed. As a result, I am dividing my portfolio now. It is better to be protected before anything happens.

Choose an exchange that is insured, like a bank, they have insurance so in the event the bank gets robbed, you'll still get your money up to the amount fix by the insurance company, the same treatment should be done if we entrust our money into exchanges, we should diversify it to exchanges as that would help to minimize the risk.

However, if you really like to be fully safe, you should keep it yourself in a hard wallet.

[terrific]

You have been warned if you are one of those people who follow blindly. Crypto gets bigger and more mainstream, so you have to be concerned about centralized exchanges securities and longevity. Right now, their security is not guaranteed. As a result, I am dividing my portfolio now. It is better to be protected before anything happens.

We can always put our portfolios into a safer vault like hardware wallets and cold storages.
It's a different thing from trusting centralized exchanges as we trade crypto to another crypto or fiat.
As long as you don't put all of your eggs on any centralized exchanges and you just use them when it is necessary, that's what it should be.

[Maslate]

You have been warned if you are one of those people who follow blindly. Crypto gets bigger and more mainstream, so you have to be concerned about centralized exchanges securities and longevity. Right now, their security is not guaranteed. As a result, I am dividing my portfolio now. It is better to be protected before anything happens.

We can always put our portfolios into a safer vault like hardware wallets and cold storages.
It's a different thing from trusting centralized exchanges as we trade crypto to another crypto or fiat.

It's our money, we should find a way to handle it carefully, we have to understand the risk to be able to minimize it.

As long as you don't put all of your eggs on any centralized exchanges and you just use them when it is necessary, that's what it should be.

This is a golden rule in investing, everyone should follow it to minimize the risk unless an investor is a real risk-taker and still winning to lose everything he has. If we educate ourselves on the current market situation, it would be easy for us going forward as safeguarding your assets is just part of the basic things you need to do.

[terrific]

You have been warned if you are one of those people who follow blindly. Crypto gets bigger and more mainstream, so you have to be concerned about centralized exchanges securities and longevity. Right now, their security is not guaranteed. As a result, I am dividing my portfolio now. It is better to be protected before anything happens.

We can always put our portfolios into a safer vault like hardware wallets and cold storages.
It's a different thing from trusting centralized exchanges as we trade crypto to another crypto or fiat.

It's our money, we should find a way to handle it carefully, we have to understand the risk to be able to minimize it.

It is, and don't trust the exchanges to take care of it for you.

As long as you don't put all of your eggs on any centralized exchanges and you just use them when it is necessary, that's what it should be.

This is a golden rule in investing, everyone should follow it to minimize the risk unless an investor is a real risk-taker and still winning to lose everything he has. If we educate ourselves on the current market situation, it would be easy for us going forward as safeguarding your assets is just part of the basic things you need to do.

No matter how interesting it would be to leave your assets into exchanges, just don't be too confident doing it.

[stomachgrowls]

You have been warned if you are one of those people who follow blindly. Crypto gets bigger and more mainstream, so you have to be concerned about centralized exchanges securities and longevity. Right now, their security is not guaranteed. As a result, I am dividing my portfolio now. It is better to be protected before anything happens.

We can always put our portfolios into a safer vault like hardware wallets and cold storages.
It's a different thing from trusting centralized exchanges as we trade crypto to another crypto or fiat.
As long as you don't put all of your eggs on any centralized exchanges and you just use them when it is necessary, that's what it should be.

But transferring from time to time from exchange to your hardware wallet is somewhat hassle and does really involve fees from time to time but if you dont mind on spending some bucks just for the sake of security
then it could still be done or just really only good if you do make out that certain trade then pull it off in one go.

Its just a matter of self choice and its true that as long you dont put all  of your assets on centralized exchange then that should be fine.As long you are aware with the risk even how popular or known
the exchange was but dont remove out the probabilities of being hacked or some exit scam or something like that.

We can trust them but not giving out that 100% where you do make them as a long term wallet.

[DOH!]

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.

Cex is the key piece in this arena, but the same issue of security is making investors appreciate a lot of things.  Not to mention, Thodex (Turkey), Fcoin (China), AXC (Australia) all ripped apart without leaving a trace, causing serious consequences for the market.  Dex is good but I think it will take a long time for the distance between Cex and Dex to be restored and balanced to the user.  While Cex has a lot of security concerns, Dex has too many problems with carpets and effects, volume, manipulation, ... It's hard to pick the perfect one and I trust Cex  will continue to be used in the years to come.  Binance, Huobi, Kucoin are my top picks.

[Strongkored]

You have been warned if you are one of those people who follow blindly. Crypto gets bigger and more mainstream, so you have to be concerned about centralized exchanges securities and longevity. Right now, their security is not guaranteed. As a result, I am dividing my portfolio now. It is better to be protected before anything happens.

We can always put our portfolios into a safer vault like hardware wallets and cold storages.
It's a different thing from trusting centralized exchanges as we trade crypto to another crypto or fiat.
As long as you don't put all of your eggs on any centralized exchanges and you just use them when it is necessary, that's what it should be.

Well, this can only be done by long term holders, but for regular traders who do trade every day this will be a little difficult to do. We can still trust CEX but first find out its reputation.
But the most unfortunate thing is that many think CEX is a safe place to store assets in the long term because they are reluctant to download a wallet or spend extra money to buy a hardware wallet.
I still trust some CEX especially my local exchange because I know the legality of the exchange.

[mrjoy15]

You have been warned if you are one of those people who follow blindly. Crypto gets bigger and more mainstream, so you have to be concerned about centralized exchanges securities and longevity. Right now, their security is not guaranteed. As a result, I am dividing my portfolio now. It is better to be protected before anything happens.

We can always put our portfolios into a safer vault like hardware wallets and cold storages.
It's a different thing from trusting centralized exchanges as we trade crypto to another crypto or fiat.
As long as you don't put all of your eggs on any centralized exchanges and you just use them when it is necessary, that's what it should be.

Well, this can only be done by long term holders, but for regular traders who do trade every day this will be a little difficult to do. We can still trust CEX but first find out its reputation.
But the most unfortunate thing is that many think CEX is a safe place to store assets in the long term because they are reluctant to download a wallet or spend extra money to buy a hardware wallet.
I still trust some CEX especially my local exchange because I know the legality of the exchange.

we have no option but to put our trust on several CEX exchanges. I have been go through several DEX and CEX exchanges, but CEX exchanges gives me best service and also give option to to store assets. However, I don't promote to store your assets on CEX exchanges but fact is there is lot of users already used to store their assets on CEX. Safety depends on you, and you know what suite to you. 

[terrific]

You have been warned if you are one of those people who follow blindly. Crypto gets bigger and more mainstream, so you have to be concerned about centralized exchanges securities and longevity. Right now, their security is not guaranteed. As a result, I am dividing my portfolio now. It is better to be protected before anything happens.

We can always put our portfolios into a safer vault like hardware wallets and cold storages.
It's a different thing from trusting centralized exchanges as we trade crypto to another crypto or fiat.
As long as you don't put all of your eggs on any centralized exchanges and you just use them when it is necessary, that's what it should be.

Well, this can only be done by long term holders, but for regular traders who do trade every day this will be a little difficult to do. We can still trust CEX but first find out its reputation.
But the most unfortunate thing is that many think CEX is a safe place to store assets in the long term because they are reluctant to download a wallet or spend extra money to buy a hardware wallet.
I still trust some CEX especially my local exchange because I know the legality of the exchange.

Do only trade at reputable cex's.
That's the only thing that we can do if you're not a long term holder and you need to put at least some hefty amount on those exchanges.

[ivankoh]

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.

Then there was the next sudden death of the Vebitcoi exchange. It is also within the cycle that the market panics afterwards. Users have refused to send funds to exchanges(CEX). Binance also has some cases but not necessarily risks. I still believe in CEX as a P2p sourcing measure. Dex cannot respond to this until this vulnerability is patched. I think DEX will be the perfect destination for the future of trading.
The volume of DEX will get bigger and bigger. It will definitely happen.
https://coinmarketcap.com/en/rankings/exchanges/dex/

[shoreno]

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.

The big risk in decentralization is when investors take out the liquidity, leaving you with a useless coin but it also happens on centralize exchange, if the coin losses trust from investors there'll be no buy order I also don't trust centralized exchange but it's something that we have to get used to it because how can we trade coins that we invest in if it is only available in centralize exchange.

this is what im afraid of more than the exchanges getting hacked because i love collecting random coins hoping that they will get a nice value and lots of this coins i hold have been abandoned because of lack of interest by investors or the coin is scam  but i never experienced to get hacked by using a centralized exchange because im not that active in buying or trading coins .