stefan466 (OP)
Newbie
Offline
Activity: 17
Merit: 1
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
July 22, 2022, 09:36:23 AM |
|
Hello, I know you should always have your coins on a hardware wallet.
But for my trading position I don't want to put the coins on a hardware wallet because that would be too cumbersome but I want to distribute the coins on several exchanges.
In your opinion, what are the most secure exchanges in the world, i.e. where can I be most sure that the exchange will not go bankrupt, be hacked, etc.?
|
|
|
|
Oshosondy
Legendary
Offline
Activity: 1554
Merit: 1167
Gamble responsibly
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
July 22, 2022, 10:03:19 AM |
|
Exchanges can be hacked.
On exchanges, you do not have complete control over own money.
It is not advisable to have your money on exchanges.
I have been using Binance and OKX now very well and incan recommend both. For future trading, I think Huobi global is good as well but the fee for spot trading is huge. I have Huobi global account but not that active.
Other exchanges I have heard about: Kucoin, said to be recommended but I have not used it before.
Always know that some exchanges are shady.
|
|
|
|
dkbit98
Legendary
Offline
Activity: 2338
Merit: 7401
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
July 22, 2022, 11:16:16 AM |
|
where can I be most sure that the exchange will not go bankrupt, be hacked, etc.?
Didn't you learn anything from recent cases of Celsius, Voyager, and all other centralized exchanges like MtGox? Read this carefully, ALL centralized exchanges can go bankrupt, be hacked and die, and sending coins to them you are officially not owning those coins anymore. Exchanges are used for trading and exchanging coins, not for holding, so I am not going to recommend any centralized exchanges, but best ones probably have biggest volume. I would recommend using decentralize exchange Bisq, so you don't have to make compromises or to worry about bankruptcy or kyc.
|
|
|
|
NeuroticFish
Legendary
Offline
Activity: 3780
Merit: 6483
Looking for campaign manager? Contact icopress!
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
July 22, 2022, 11:20:30 AM |
|
Exchanges can get hacked. Exchanges can suffer from inside jobs. Exchanges can get bankrupt. Exchanges can lock your funds because of whatever laws. Exchanges can lock your funds because of something they don't like in your KYC filling. Exchanges can lock your funds because you got your funds from somewhere they don't like or you use your funds somewhere they don't like.
And... does anybody expect them admit that they're unsafe for your funds?!!!?
|
|
|
|
Coin_trader
Copper Member
Legendary
Offline
Activity: 2884
Merit: 1203
Leading Crypto Sports Betting & Casino Platform
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
July 22, 2022, 11:24:15 AM |
|
Hello, I know you should always have your coins on a hardware wallet.
But for my trading position I don't want to put the coins on a hardware wallet because that would be too cumbersome but I want to distribute the coins on several exchanges.
In your opinion, what are the most secure exchanges in the world, i.e. where can I be most sure that the exchange will not go bankrupt, be hacked, etc.?
Binance, FTX, Huobi and Okx are the leading exchange that least can encounter bankruptcy among all the CEX available on crypto right now. Why not use DEX instead of CEX if you want to play safe on this kind of market so that you still have the keys while trading at the same time. There’s just a limited option on order type but its a small compromised for the safety of your funds that you can get.
|
..Stake.com.. | | | ▄████████████████████████████████████▄ ██ ▄▄▄▄▄▄▄▄▄▄ ▄▄▄▄▄▄▄▄▄▄ ██ ▄████▄ ██ ▀▀▀▀▀▀▀▀▀▀ ██████████ ▀▀▀▀▀▀▀▀▀▀ ██ ██████ ██ ██████████ ██ ██ ██████████ ██ ▀██▀ ██ ██ ██ ██████ ██ ██ ██ ██ ██ ██ ██████ ██ █████ ███ ██████ ██ ████▄ ██ ██ █████ ███ ████ ████ █████ ███ ████████ ██ ████ ████ ██████████ ████ ████ ████▀ ██ ██████████ ▄▄▄▄▄▄▄▄▄▄ ██████████ ██ ██ ▀▀▀▀▀▀▀▀▀▀ ██ ▀█████████▀ ▄████████████▄ ▀█████████▀ ▄▄▄▄▄▄▄▄▄▄▄▄███ ██ ██ ███▄▄▄▄▄▄▄▄▄▄▄▄ ██████████████████████████████████████████ | | | | | | ▄▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▄ █ ▄▀▄ █▀▀█▀▄▄ █ █▀█ █ ▐ ▐▌ █ ▄██▄ █ ▌ █ █ ▄██████▄ █ ▌ ▐▌ █ ██████████ █ ▐ █ █ ▐██████████▌ █ ▐ ▐▌ █ ▀▀██████▀▀ █ ▌ █ █ ▄▄▄██▄▄▄ █ ▌▐▌ █ █▐ █ █ █▐▐▌ █ █▐█ ▀▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▀█ | | | | | | ▄▄█████████▄▄ ▄██▀▀▀▀█████▀▀▀▀██▄ ▄█▀ ▐█▌ ▀█▄ ██ ▐█▌ ██ ████▄ ▄█████▄ ▄████ ████████▄███████████▄████████ ███▀ █████████████ ▀███ ██ ███████████ ██ ▀█▄ █████████ ▄█▀ ▀█▄ ▄██▀▀▀▀▀▀▀██▄ ▄▄▄█▀ ▀███████ ███████▀ ▀█████▄ ▄█████▀ ▀▀▀███▄▄▄███▀▀▀ | | | ..PLAY NOW.. |
|
|
|
Strongkored
Legendary
Offline
Activity: 2884
Merit: 1112
Vave.com - Crypto Casino
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
July 22, 2022, 11:25:39 AM |
|
No exchange is safe from hacking even if they are not hacked they can still freeze your money for all kinds of reasons, so when you have placed your money on the exchange you must be prepared with all possibilities to lose, for now Binance is still at the forefront but you have to be ready with KYC, Kucoin can be you use it without doing KYC with a withdrawal limit, besides looking for an exchange that you think is safe I think trading and withdrawals fees also trading volume should also be considered.
|
|
|
|
Potato Chips
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
July 22, 2022, 11:52:30 AM |
|
When it comes to centralized exchanges, the best you can do are:
1. withdraw your funds if you're not actively trading. 2. minimize how much you put in to relatively small exchanges. IMO they have less chances of properly investing in cybersecurity and being able to hold out during tough times like bear market. 3. keep yourself updated on what's going on with the exchange/s you use, sometimes there are signs you need to get out. 4. if you can, avoid them or limit your usage.
|
|
|
|
stompix
Legendary
Offline
Activity: 2996
Merit: 6552
Leading Crypto Sports Betting & Casino Platform
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
July 22, 2022, 12:39:22 PM |
|
In your opinion, what are the most secure exchanges in the world, i.e. where can I be most sure that the exchange will not go bankrupt, be hacked, etc.?
Nobody knows the answer to this question. There are some who vouch for x or tell y is better but nobody here, absolutely nobody knows their financial status, nobody knows how deep in debt or how many reserve funds they have, nobody knows the level of security they have or how bad or inexistent those are in reality. All you're going to get ar the name of the largest and most known and that's it because something if this exchange has lasted for 4 years then it's trustworthy which can' be more false. If I were to ask what makes Binance or Huobi so secure the only answer will be that they have money and CZ said funds are safu, nobody knows the true situation as they don't have access to that data. So bottom line, you're going to have to gamble on this and maybe in one year see that all top ]3 exchanges have been hacked while some no-name ranked 300th is still up and running. I have been using Binance and OKX now very well and incan recommend both
Thousands used MtGox, hundred recommended it too as it worked well for them, till it didn't. Binance was hacked once, can you say it will not happen the second time?
|
..Stake.com.. | | | ▄████████████████████████████████████▄ ██ ▄▄▄▄▄▄▄▄▄▄ ▄▄▄▄▄▄▄▄▄▄ ██ ▄████▄ ██ ▀▀▀▀▀▀▀▀▀▀ ██████████ ▀▀▀▀▀▀▀▀▀▀ ██ ██████ ██ ██████████ ██ ██ ██████████ ██ ▀██▀ ██ ██ ██ ██████ ██ ██ ██ ██ ██ ██ ██████ ██ █████ ███ ██████ ██ ████▄ ██ ██ █████ ███ ████ ████ █████ ███ ████████ ██ ████ ████ ██████████ ████ ████ ████▀ ██ ██████████ ▄▄▄▄▄▄▄▄▄▄ ██████████ ██ ██ ▀▀▀▀▀▀▀▀▀▀ ██ ▀█████████▀ ▄████████████▄ ▀█████████▀ ▄▄▄▄▄▄▄▄▄▄▄▄███ ██ ██ ███▄▄▄▄▄▄▄▄▄▄▄▄ ██████████████████████████████████████████ | | | | | | ▄▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▄ █ ▄▀▄ █▀▀█▀▄▄ █ █▀█ █ ▐ ▐▌ █ ▄██▄ █ ▌ █ █ ▄██████▄ █ ▌ ▐▌ █ ██████████ █ ▐ █ █ ▐██████████▌ █ ▐ ▐▌ █ ▀▀██████▀▀ █ ▌ █ █ ▄▄▄██▄▄▄ █ ▌▐▌ █ █▐ █ █ █▐▐▌ █ █▐█ ▀▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▀█ | | | | | | ▄▄█████████▄▄ ▄██▀▀▀▀█████▀▀▀▀██▄ ▄█▀ ▐█▌ ▀█▄ ██ ▐█▌ ██ ████▄ ▄█████▄ ▄████ ████████▄███████████▄████████ ███▀ █████████████ ▀███ ██ ███████████ ██ ▀█▄ █████████ ▄█▀ ▀█▄ ▄██▀▀▀▀▀▀▀██▄ ▄▄▄█▀ ▀███████ ███████▀ ▀█████▄ ▄█████▀ ▀▀▀███▄▄▄███▀▀▀ | | | ..PLAY NOW.. |
|
|
|
PX-Z
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
July 22, 2022, 02:40:50 PM |
|
Binance, FTX, Huobi and Okx are the leading exchange that least can encounter bankruptcy among all the CEX available on crypto right now.
There's no best exchange. But i agree the mentioned exchanges above at least you are insured (this is based on exchanges recent hack incidents such binance) that even a hacked incident happened your funds will stay there. Of course, when you consider such statements you're disregarding the risks and safety measures of "not your keys, not your coins" idea.
|
|
|
|
Potato Chips
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
July 22, 2022, 04:34:18 PM |
|
There's no best exchange. But i agree the mentioned exchanges above at least you are insured (this is based on exchanges recent hack incidents such binance) that even a hacked incident happened your funds will stay there.
Past incidents where funds were reimbursed should not be taken as a means of insurance. The reason they were fine is because it was only a small-scale loss and there is no guarantee that the SAFU jar will be able to cover every losses if a large scale hack happens.
|
|
|
|
sheenshane
Legendary
Offline
Activity: 2464
Merit: 1231
|
There's no best exchange. But i agree the mentioned exchanges above at least you are insured (this is based on exchanges recent hack incidents such binance) that even a hacked incident happened your funds will stay there.
Past incidents where funds were reimbursed should not be taken as a means of insurance. The reason they were fine is because it was only a small-scale loss and there is no guarantee that the SAFU jar will be able to cover every losses if a large scale hack happens. The SAFU could be their marketing strategy only but the fact doesn't give true insurance to their customers. Don't believe in SAFU and store your coins with them in a long run, though they're trusted the best thing is to withdraw your fund after your session in trading. Never leave your coins in an exchange for a long-term purpose or don't let your coins sleep in their wallet while you're comfortable that it's safe, there's no single centralized exchange that safe nowadays. The best golden rule was always this " Not your keys, Not your coins" we keep advice this to everyone and remind them of the correct storing of our valuable coins. The best example is that what happened to MtGox exchnage will happen again in random trusted crypto exchangers.
|
|
|
|
Apocollapse
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
July 23, 2022, 09:18:38 AM |
|
How it can be consider as cumbersome when you're only holding on your hardware wallet, you're not doing anything lol.
There's no safest centralized exchanges, since they're holding your coins on their hot wallet. The safest exchanges would be decentralized exchanges since they're not holding your coins, it's peer to peer transaction.
Avoid other exchanges e.g. Binance, FTX, Kucoin, Coinbase etc if you're really want the most secure exchanges.
|
|
|
|
The Cryptovator
Legendary
Offline
Activity: 2338
Merit: 2209
Crypto Casino and Sportsbook
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
July 23, 2022, 06:59:21 PM |
|
No, you won't find what you are looking for. Then have to use the direct decentralized exchange. But you might not get your desired pair there. For centralized exchange, no one can assure they wouldn't hack or bankrupt. We can't read exchanges owners' minds. Anytime could change their mind and anything could happen. So I won't suggest you any exchanges on that case. DYOR.
|
| | | | | | FIRST NO WAGERING BONUS CASINO & SPORTSBOOK SLOTS │ LIVE CASINO │ LIVE GAMES │ SPORTS | | | ► | WELCOME BONUS ─── UP TO ─── [ $500 ] | | ► | MULTI BET BONUS ─── UP TO ─── [ 200% ] | █████████████▄██▄ ████████████▐█████ ███▄██▄█████▐██████▄ ████████▄▄██████████▄ ███▐██▀██▀███████████ ██████████████████████▄ ███▐▄█████▄████████████▄ ▄▀▀███████████▄███████░█▌ ▀███████████████████████ ░███████████████████████ ░░▀▀▀▄██▄███████████████▄ ░░████▀█▀█████████████████▄▄ ██████▀███████████████████████▄ | PLAY NOW |
|
|
|
BitMaxz
Legendary
Offline
Activity: 3360
Merit: 3094
BTC price road to $80k
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
July 24, 2022, 10:46:15 PM |
|
There's no safest exchange all of them are risky if you are planning to hold coins for a long period of time. Why would you transfer your coins from a hardware wallet which is way more secured and have full control of your wallet?
That's pretty bad practice if you don't want to lose in a bear market when coins are dropping then it is better to use virtual Bitcoin on PayPal for safety but the only problem is Bitcoin/other cryptos on Paypal can't be able to transfer to another wallet. However, the advantage is that you can able to exchange your Crypto back to fiat instantly. Since Paypal is a big finance company and it was here for many years Paypal is safe but the problem you don't actually holding a real Crypto.
|
|
|
|
sheenshane
Legendary
Offline
Activity: 2464
Merit: 1231
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
July 24, 2022, 11:29:11 PM |
|
That's pretty bad practice if you don't want to lose in a bear market when coins are dropping then it is better to use virtual Bitcoin on PayPal for safety but the only problem is Bitcoin/other cryptos on Paypal can't be able to transfer to another wallet. However, the advantage is that you can able to exchange your Crypto back to fiat instantly. Since Paypal is a big finance company and it was here for many years Paypal is safe but the problem you don't actually holding a real Crypto.
I didn't know why you advised OP to put his money in Paypal since Paypal is a very strict company, we shouldn't trust any centralized exchange out there even though how big a company they are. They're still prone to hacking or it becomes bankruptcy. BTW, PayPal allows users to withdraw Bitcoin to external wallets anytime if you wanted to transfer it into your external wallet. A hardware wallet could be the right choice because it has security features that can protect your wallet and never leave a footprint on any computers that you'll use. CEXs IMO, should be used for trading and converting fiat to crypto or vice versa, they shouldn't be trusted on storing your coins in the long run.
|
|
|
|
Yogee
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
July 25, 2022, 04:55:35 AM |
|
That's pretty bad practice if you don't want to lose in a bear market when coins are dropping then it is better to use virtual Bitcoin on PayPal for safety but the only problem is Bitcoin/other cryptos on Paypal can't be able to transfer to another wallet. However, the advantage is that you can able to exchange your Crypto back to fiat instantly. Since Paypal is a big finance company and it was here for many years Paypal is safe but the problem you don't actually holding a real Crypto.
I didn't know why you advised OP to put his money in Paypal since Paypal is a very strict company, we shouldn't trust any centralized exchange out there even though how big a company they are. They're still prone to hacking or it becomes bankruptcy. BitMaxz already said it's not safe but it's about choosing the lesser evil since stefan is likely to use exchanges despite all the warnings anyway. Paypal is less likely to go bankrupt compared to those unregulated centralized platforms with less than 10 years of existence.
|
|
|
|
PX-Z
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
July 26, 2022, 11:12:33 AM |
|
Past incidents where funds were reimbursed should not be taken as a means of insurance. The reason they were fine is because it was only a small-scale loss and there is no guarantee that the SAFU jar will be able to cover every losses if a large scale hack happens.
The SAFU could be their marketing strategy only but the fact doesn't give true insurance to their customers. Don't believe in SAFU and store your coins with them in a long run, though they're trusted the best thing is to withdraw your fund after your session in trading. Never leave your coins in an exchange for a long-term purpose or don't let your coins sleep in their wallet while you're comfortable that it's safe, there's no single centralized exchange that safe nowadays. The best golden rule was always this " Not your keys, Not your coins" we keep advice this to everyone and remind them of the correct storing of our valuable coins. The best example is that what happened to MtGox exchnage will happen again in random trusted crypto exchangers. Yeah, it might be one of their marketing strategy but it works as it is just like what binance did on its previous hacked incident. Yes, it was small-scale loss, but the thing is they did reimburse the affected accounts. Why it wasn't an insurance while it works like insurance? Of course, what do you expect from an insurance company, they won't give you the total 100% of the funds lost but they did reimburse some, and insurance work like that either it's a life insurance or accident or etc. And that's the risk of using exchange which everyone of us here knows already. What I'm talking is use the trusted of them all (exchange) and those exchange that had allocated funds when something hacked happened, lesser evil (just like mentioned above) because using DEX isn't for everyone especially newbies.
|
|
|
|
Potato Chips
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
July 26, 2022, 09:29:38 PM |
|
Why it wasn't an insurance while it works like insurance? Of course, what do you expect from an insurance company, they won't give you the total 100% of the funds lost but they did reimburse some, and insurance work like that
For this, we look into the user agreement/contract which details what is covered, what is not and up to which amount. Depending on one's situation, it's possible to not assume any loss e.g. when a bank files for bankruptcy and your deposit does not exceed the max insured coverage (from where i live). In binance? there are only tweets that says "your funds are safu" in case of hack and few articles.... which isn't surprising! they are merely relying on their own set money pool which will be shared by everyone. In the worst case scenario, it wouldn't be surprising to only get bits of your total cryto out of it, hence saying funds are insured seems wrong and sends the wrong message. plus this is all supposing that their safu jar remains untouched and CZ keeping his word-- to use them all for their users. I agree with the lesser evil point but I would never think I'm insured just because the exchange has set aside some funds that they also control.
|
|
|
|
examplens
Legendary
Offline
Activity: 3388
Merit: 3392
Crypto Swap Exchange
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
July 26, 2022, 10:57:20 PM |
|
Avoid other exchanges e.g. Binance, FTX, Kucoin, Coinbase etc if you're really want the most secure exchanges.
it is clear that there is no guarantee, nor can anyone claim that any exchange is completely safe, but I would also single out these exchanges (except Coinbase) which probably have the highest level of possible security. which is another reason for these exchanges to be a choice if something bad happens there like some new mt.gox, there would certainly be big falls and losses. because they store a huge amount of cryptocurrencies.
|
|
|
|
BitMaxz
Legendary
Offline
Activity: 3360
Merit: 3094
BTC price road to $80k
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
July 27, 2022, 12:20:23 AM Last edit: July 27, 2022, 12:31:15 AM by BitMaxz |
|
I didn't know why you advised OP to put his money in Paypal since Paypal is a very strict company, we shouldn't trust any centralized exchange out there even though how big a company they are. They're still prone to hacking or it becomes bankruptcy. BTW, PayPal allows users to withdraw Bitcoin to external wallets anytime if you wanted to transfer it into your external wallet. A hardware wallet could be the right choice because it has security features that can protect your wallet and never leave a footprint on any computers that you'll use. That's good news if they are now allowed to withdraw and deposit Bitcoin in Paypal. Paypal is founded in the year 2000 they serve customers for many years and it is proven trusted and it's a highly secure financial service. Yes, it's centralized and regulated I just recommend the safest one and there is no 100% safest option hardware can be still hacked physically but it is less exposed to any online attacks. I still choose the hardware wallet for holding coins for the long term but since he doesn't want to lose his investment due bankruptcy and hacked exchange and due to the unstable price of Bitcoin Paypal would be the best and safest option with instant exchange. You just need to sacrifice a bit of your documents ID and selfies to verify your account. I'm using Paypal to receive payment since 2009 I never experienced any issue with them except a few users trying to revert the transaction.
|
|
|
|
|