Do you think Binance is the best crypto exchange currently available ?

[krishnaverma]

We all know what happened to FTX and why are crypto users so scared after the incident. It is hard to trust any crypto exchange now. But if you are using Binance, then you can worry a little less. I came across a positive news related to Binance. They have hired a professional audit firm to verify crypto reserves :

https://cointelegraph.com/news/binance-hires-audit-firm-that-served-donald-trump-to-verify-crypto-reserves

So, if you have keep some funds in exchanges like for futures or other transactions, Binance can be a good choice. But always do your own research because there cannot be 100% certainty when money is involved.

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[Charles-Tim]

Move this thread to exchanges.

So, if you have keep some funds in exchanges like for futures or other transactions, Binance can be a good choice. But always do your own research because there cannot be 100% certainty when money is involved.

Never mind me. Is it not a stupid research to be looking for the exchange to keep your coins? Get yourself a reputed open source cold wallet or a open source hardware wallet while you can use online wallet for small amount of money. It should be to 'research on which wallet is better' rather than an exchange.

Exchange means to trade, not to hold. Never trust anyone of them but yourself, hold your coins yourself.

[krishnaverma]

Never mind me. Is it not a stupid research to be looking for the exchange to keep your coins?

I appreciate your suggestion. I mentioned in my post that sometimes we need funds on exchanges for things like doing future trading.

[Charles-Tim]

I appreciate your suggestion. I mentioned in my post that sometimes we need funds on exchanges for things like doing future trading.

You mean future trading, or ven if someone is a trader and trade often like in minutes, hours or daily on an exchange. That means you have to look for one of the best exchange.

Do you know that Binance has been hacked before in the past? Any exchange can be hacked. You just have to know that anything can happen that you do not see coming when using a centralized exchange.

There are other exchanges too, not only Binance is providing the excellent service, but you can go for it while knowing in mind that it is not your coin once it is with another party and not you. Also some people are not convenient with KYC.

Some people can prefer to go for a no KYC required exchange like Kucoin or OKX, but still knowing that they are centralized and coins can also still be freezed and KYC can be forcefully demanded for. But just that no KYC reqesuted for when you registered and I think some people are using such no KYC exchange like Kucoin for long time now, but few people complain of freezing of coins or account while KYC was demanded for.

[PrivacyG]

CZ has always focused on user experience which proved to be incredibly efficient for his business and credibility.  However, we should not ignore that some vulnerabilities exist even in the most secure websites.  Even NASA had some vulnerabilities in the past, right?  They still do today, I can bet on that.

They are definitely doing this to win credibility against their competitors.  It definitely provides a sense of safety knowing their team is working on avoiding most possible risks.

So while they proved so far to be the best, I would not put my whole trust in their hands.  I think the basic rules should stick to users game plan no matter how good and 'safe' the Exchange is.  When you are done trading, withdraw.  Only deposit necessary amounts.  Do not trust them with your holdings.  Always ask yourself, Is it worth the risk? before depositing or putting your funds into these APY returning investments.  Is a 2% annual income worth the risk of having $10,000 in their accounts instead of your own?

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Regards,
PrivacyG

[suzanne5223]

We all know what happened to FTX and why are crypto users so scared after the incident. It is hard to trust any crypto exchange now. But if you are using Binance, then you can worry a little less. I came across a positive news related to Binance. They have hired a professional audit firm to verify crypto reserves :

Yes, the issue of FTX took a lot of crypto investors that use an exchange as storage by surprise but I want you to know that Binance is a marketing crypto exchange and very a good one in the field and they will always do everything possible to gain the trust of crypto enthusiast. However, this doesn't mean they are the best or should be totally trusted.

So, if you have keep some funds in exchanges like for futures or other transactions, Binance can be a good choice. But always do your own research because there cannot be 100% certainty when money is involved.

Maybe since they appear to be transparent but keeping funds in exchange for the long term is never advisable.

[jackg]

Did the auditor audit Donald Trump and say he was fine? Sounds like someone willing to sell their reputation or with nothing to lose .

This is very reactionary from binance's end, it'd have made more sense if they did this in advance of the ftx/blockfi collapses and would make them look a lot more reputable.

They look to me like a firm that's been trading with user assets until they got burnt hard (luna) and have now decided to stop (maybe because they offer "savings" products now they can make money off)...

[NotATether]

Not your keys, not your coins.

It doesn't matter which exchange is the best right now. At the moment, it is extremely dangerous to keep unnecessary funds on any exchange, since you don't know who is going to go down next.

[PrivacyG]

It doesn't matter which exchange is the best right now. At the moment, it is extremely dangerous to keep unnecessary funds on any exchange, since you don't know who is going to go down next.

It has always been dangerous, it has always been a risk.  In fact, security may be better today than it used to be years ago.  Probably very debatable.  The only variable that changed along the years is attractiveness for hackers.  It is obvious that Exchanges today are a much more attractive target than they were in 2013.

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Regards,
PrivacyG

[Charles-Tim]

It has always been dangerous, it has always been a risk.  In fact, security may be better today than it used to be years ago.  Probably very debatable.  The only variable that changed along the years is attractiveness for hackers.  It is obvious that Exchanges today are a much more attractive target than they were in 2013.

Exchanges have been attractive targets for hackers since 2011, exchanges hold the coins that belong to many people while large amount of it are on hot wallets.

Hacked Exchanges since 2011

[PX-Z]

Yes, no doubt about it, large volume, many options of alt/token, good user experience, have other services offered. But it doesn't mean they are invulnerable in any kind of hacking nor any exchanges. That's why always trade/exchange with cautious, trade what you can afford to lose if hack happens, and do the best practice to protect your funds.

[joniboini]

Even if they hired another 10 auditors I'd never fully trust them. I'll use them as long as they can do their job but I'll not leave my funds there for too long. Don't be fooled by them. Withdraw regularly, don't store your money there if the amount is too large for your risk profile. Try P2P if you are not day trading so you don't have to expose your funds to a third party. Bisq is quite decent if you're doing DCA. Anyone who plans to hold their crypto for at least a few months should never put it on exchange IMO.

[Darker45]

Well, if you really intend to trade, then I guess Binance is a good choice. But, lest you forget, nothing is safe when you have money in a centralized exchange. FTX was safe until it wasn't. Mt. Gox was also safe until it wasn't. The same is true with Binance. It seems safe today; tomorrow it might not be the same anymore. But, again, if you are looking for a platform to actively trade, then Binance is probably one of the good options. Although you might also want to consider the likes of Kraken, Huobi, KuCoin, and some more.

[noorman0]

Maybe, in the opinion of those who don't care about identity. For me no, I'm totally out of that exchange.
The FTX drama started from an internal (founder) problem that users didn't expect before. Binance also had an internal issue with users that should also be taken seriously. However they are centralized which at one point will fail, can not be ensured safe from all sides.

[hugeblack]

What is your country? For example, the options available to citizens in the United States, Spain, Singapore, Syria, Iran are completely different, and the access to platforms is completely different.

When we talk about the risks of using centralized platforms, it is up to your policy in managing your assets and the availability of alternatives. Often Binance are the best, but in any case, withdraw your money directly when you finish trading, and do not put large sums in the trading platform.

The more transparent the platform, the better the trust score.

[Oshosondy]

When we talk about the risks of using centralized platforms, it is up to your policy in managing your assets and the availability of alternatives. Often Binance are the best, but in any case, withdraw your money directly when you finish trading, and do not put large sums in the trading platform.

It is good to withdraw after you finish traidng, but some traders can leave a position opened for more than a day to a week and we do not know when an exchange will disable withdrawal and later said they have been hacked and money was stolen. The way I do it now is that I use more than one exchange, I have four now, but actively using two, dividing the trading fund to an amount I can afford to lose.

Future trading is not good for newbies traders and I can not advice anyone to use it, but it is an advantage for traders to further reduce the money they have on an exchange.

Assuming I have $500 as trading fund and I can only be able to risk $100. I will deposit $100 each on two exchanges, the two exchanges can not be hacked at once, or the possibility is very low. I will leverage each $100 on the two exchanges with 2.5x for any position I want to open. This makes the liquidation price to still be very far.

If I leverage the $200 with 2.5x leverage, that will be $500 in total, but I hold $300 dollars on a noncustodial wallet while two exchanges can not be hacked at the same time or the chance is very low.

The more transparent the platform, the better the trust score.

Which site is recommended for checking trust score? Binance is the owner of Coinmarketcap, Binance is not the first on Coingecko, it is in 12th position with a score of 9.

https://www.coingecko.com/en/exchanges

Binance is the first on Coinmarketcap but I will not go for their rating because Binance owns Coinmarketcap.

[cryp222]

I completely agree with previous comments that CEXs are not the best places to store your crypto. And as you ask about the best crypto exchanges, have you checked DEXs? Here's a superb comparison of DEXs and CEXs: https://oneart.digital/en/blog/dexs-vs-cexs-which-to-choose

[livingfree]

Still, that won't change the fact that people who are aware of having no keys wouldn't still wholly trust them even who's ever the auditor or audit firm they hired.

I saw the news that popped about them that they've got now the proof of reserve which is for bitcoin only as of the moment. And that means that they're going to open the POR soon in other coins and most likely, BNB is the next in line.