[Poll] What are the safest platforms?

[bbc.reporter]

My vote from this list are for Binance and Kraken. I do not trust all of the news articles and the negative propaganda being written about Binance. CZ has been bailing out platforms in the cryptospace that are at risk of bankruptcy or those that have been bankrupted already. Is this the activity of company that is at risk to be bankrupt? Head scratching if you say yes.

On Kraken, it has been online for a very long time without problems, without big scandals and I reckon it certainly will continue to exist without problems and without scandals.

[1714672338]

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[1714672338]

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[fortunecrypto]

I agree with you on Binance there are a lot of bad writes up about CZ and Binance but this is the same guy who in times of pandemic helped motivate the market, and when the FTX fiasco is at its hottest CZ launched a bailout to help companies that suffered from the breakdown, we need many more CZ in our industry.
On Kucoin I've been trading on this exchange for the past 4 years and have been into any issues this is one of the tokens I invested in where I got good profits, these two set the exchange standard in the Cryptocurrency exchange industry.

[Charles-Tim]

First, there are still some exchanges that are highly rated but not on your list. Second, your coins on exchanges are not yours on blockchain.

It is not a wise question to ask because any exchange can be the next to be hacked. You can receive a coin from a friend, seen as tainted from the exchanges and be seized or your account can be frozen.

The question can be 'what is the best exchange for trading', not the safest because all exchanges are not safe. Use open source noncustodial cold storage option to hold your coins which is the safest.

Try as much as possible to stay away from exchanges and hold your coins on a cold wallet, or hardware wallet.

[aioc]

I don't trust exchanges now because of what happened to FTX the advice, not your keys, not your coins hold true more than ever but I still do trust these two exchanges Binance and Kucoin, as having the least risk, CZ is pictured by authorities as manipulators but we in the industry considered him as the savior of bad times, his words and wisdom are something the community valued in times of troubled, there are still a lot of good exchanges but this is based on my observation and experienced on using both exchanges.

[mindrust]

I don't know which is the safest but I am damn sure crypto.com isn't among them. crypto.com sounds like a crap business that a good domain. It looks pretty similar to ftx.com to me. Back in the day I knew ftx.com was going to go shit and I feel the same stuff for crypto.com.

I have no idea about bybit.

I traded some coins on kucoin and binance before. Binance asked for KYC out of the blue and I had to comply just to get my a few hundred bucks out. I haven't had a problem like that with kucoin but that don't mean these exchanges are the safest.

[Maus0728]

Regardless of which platform claims to be the best or whether someone believes they have high security against exploits. Still, it does not justify as to how you will be going to hold your money using an exchange. In fact, knowing that your coins are stored off of an exchange can save you a lot of headaches, especially when the big trading platforms go south. You also don't want to consider fund reimbursements promised by exchanges as insurance though!!

Plus, knowing which red flags are associated with bankruptcy is not important because remember exchanges are safe until such time it didn't. We have no control over them except over our own money.

[o_e_l_e_o]

Where is the option "None of the above"?

CZ has been bailing out platforms in the cryptospace that are at risk of bankruptcy or those that have been bankrupted already. Is this the activity of company that is at risk to be bankrupt? Head scratching if you say yes.

Umm, FTX bailed out BlockFi just a few months before FTX collapsed. Bailing out another company means nothing, and indeed, could simply be a ruse to try to convince users that everything is ok.

On Kraken, it has been online for a very long time without problems, without big scandals and I reckon it certainly will continue to exist without problems and without scandals.

FTX had been online for a long time without problems. So had Celsius. So had Voyager. So had every other exchanges which has collapsed recently. Again, this means nothing.

I wouldn't trust a single one of these platforms with a single satoshi.

[NotATether]

CZ has been bailing out platforms in the cryptospace that are at risk of bankruptcy or those that have been bankrupted already. Is this the activity of company that is at risk to be bankrupt? Head scratching if you say yes.

As o_e_l_e_o just posted, I think you forgot about FTX bailing out Voyager and BlockFi?

Yeah, that didn't end well for either of them.

You see, bailing out some other company may make you look altruistic, but it does not make you trustworthy to most people. Altruism =/= trust (and in SBF's case he had a particularly cynical form of "altruism").

[Helena Yu]

Bisq, because there's no single authority who will control everyone funds, Bisq wallet is non custodial but you need to transfer to your hardware wallet to make it more safer.

Those centralized exchanges on the poll are very vulnerable against hacker since hacker is more clever and will trying to find a way to get huge money from centralized exchanges.

[coin-investor]

All centralized exchange are at risk of getting hacked, even Binance is not safe, CZ has done a lot of great things but centralized are constantly on the attack and they are vulnerable to losing the trust of investors, of all the exchanges listed on the poll Binance is the least risky, but its risk not different from all the risk all exchanges are facing.
We don't need another FTX fiasco for us to realize that exchanges are not for storing coins, only exchange the amount that you want to and pick the right noncustodial wallet.

[Woodie]

From the list I strongly believe that to make this a fair comparison for all, we have to consider how many countries are able to access these platforms and I think crypto.com and bybit doesn't cover most countries...which means they are low risk takers and don't move on to my finalists but could be considered safe in their small markets  

On the contrary Binance seems to be the big dog of the industry and have fought off several hurdles such as regulation blocks which was used to slow them down, but they made it out alive and still hold top spot and pretty much have all the experience & they have seen it all in regards to safety which probably has forced them to have put measures to protect their clients assets in case something unfortunate happens which makes them the safest bet here.

As for Kucoin, well these guys could have taken top spot  as they have been in this business for such a long time and understand the industry well, but they seem to be keeping a low profile in terms of making their presence known which suggests they are comfortable were they are. In terms of a safety, they have had less incidents of exchange compromises which makes them another safe platform to consider.

But remember, "not your private key not your coins" so remain cautious when using any of these exchanges.

[Lucius]

Where is the option "None of the above"?
...
I wouldn't trust a single one of these platforms with a single satoshi.

I share your opinion, and I also can't stop being surprised that many people ask identical questions, as if, after all, people should still be encouraged to unreservedly believe that option A will be better than option B or C. As for trading, which is why centralized platforms exist, then I guess it should be most important that they have liquidity, as few fees as possible and KYC, which is not a nightmare.

I do not trust all of the news articles and the negative propaganda being written about Binance. CZ has been bailing out platforms in the cryptospace that are at risk of bankruptcy or those that have been bankrupted already. Is this the activity of company that is at risk to be bankrupt? Head scratching if you say yes.

It's your personal matter, if you want to believe that CZ is a person of high trust who does good for all of us, then live in that belief. Until recently, you had a very positive opinion about Bankman, and it turned out that he is not exactly the most intelligent, quite the opposite.

Are we witnessing the emergence of the biggest bitcoin antagonist in the cryptospace? I think Sam Bankman-Fried is one of the most intelligent founders in the cryptospace, however, I am starting to be more skeptical about his agenda. In the article, he mentioned that bitcoin may have a future as an asset, a commodity or a store of value. I am scratching my head on what he might be implying in his statement. Is he telling us that bitcoin will not forever be no.1 in market capitalization?

[2double0]

Although I and most of the users here have submitted the names of Binance and bybit, it doesn't mean that these are the platforms to blindly put trust on. I would never trust any exchange to store my money because what happened with FTX, shows that the best of the best exchanges can go bankrupt and we may lose our funds if we just blindly keep our money stored there.
I know some of my friends who cried because they are unable to take out their funds (the amount was not that considerable but still) from FTX when they came to know about its collapse. It wasn't like losing their lifetime earnings at that place, but their trust in crypto was over after what happened.

[Findingnemo]

I won't bet my money on any of the exchange, how many of you guys ever imagined FTX will go bankrupt few months back?

Binance seems to be safer for many I do agree but it does one of the exchange emerged in recent years so better not to trust any of the FUD as well as centralized exchanges.

[robelneo]

For so many tears I've been reading a lot of complaints on exchanges and what happened this year on FTX cemented my belief that all exchanges can suffer a breach because this is the platform most targeted by scammers because this is where the money is I'm also one f those who preach that never trust an exchange and also go for the most stable and have the least risk in the industry in my experience Binance and Kucoin.
When using an exchange don't let your coin hang in there for long, you just never know what happens both of the exchanges I picked can be hacked or can get in trouble.

[Ryker1]

This must be what the title says ^{[What are the safest centralized exchange platforms]}.
We know that centralized exchanges are not safe at all, but for all of those you have mentioned above, I voted for Binance and Kucoin which I think are safe as for now --I don't know in the future.
Even CZ says, your funds are in SAFU and keeps believing people that they are fine now behind those rumors that they suffer massive losses due to many people withdrawing their funds. It is not good to store your coin there for a long period of time all CZ says are marketing ads that will attract people. Decentralized exchnage is the safest platform ^{[bisq and Hodl-hold]}.

[Darker45]

Much of what is thrown at Binance right now is probably just out of spite. But it doesn't discount the fact that Binance could fall anytime, just like Mt. Gox, QuadrigaCX, FTX, and countless others.

If you think that Binance's behavior right now is a guarantee that it isn't going bankrupt anytime, you could have been fooled more easily by FTX's behavior mere months before it collapsed. You should indeed be shaking your head with that logic of yours.

Who would have thought that FTX would crumble down after bailing out Voyager and BlockFi, looked into buying Robinhood, considered bailing out Celsius as well, and had billions ready to save crypto firms that lost liquidity amidst the crypto winter?

Who would have imagined that the CEO of FTX who donated many millions to politicians, even mentioned that he could donate a "soft ceiling" of $1 billion in the 2024 elections, is actually running a bankrupt company?

Who would expect that the platform that squandered so much money on very expensive ads like the Super Bowl, naming rights on Miami Heat's Arena, UC Berkeley football field, Mercedes F1 team, and others is actually going insolvent soon?

Who would have expected that the exchange that has stars like Steph Curry, Naomi Osaka, Tom Brady, Shaquille O'Neal, and others under its payroll is actually having financial troubles within?

Binance's activities right now are incomparable to that of FTX months ago, and yet FTX suddenly died. Is it, therefore, a surprise to you if Binance would also die anytime?

[bbc.reporter]

@everyone. I am very aware that with centralized exchanges, none of them is 0% risk from bankruptcy, insolvency, government crackdowns or hacks. I am also not encouraging everyone to deposit their coins to the exchange with the highest votes in the list. However, the poll is asking which of those exchanges in the list have the least risk. None of the above is not an option.

Everyone can vote for 2 exchanges.

[o_e_l_e_o]

which probably has forced them to have put measures to protect their clients assets in case something unfortunate happens which makes them the safest bet here.

Nope. The exact opposite (emphasis mine):

TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, IN NO EVENT WILL BINANCE, ITS AFFILIATES AND THEIR RESPECTIVE SHAREHOLDERS, MEMBERS, DIRECTORS, OFFICERS, EMPLOYEES, ATTORNEYS, AGENTS, REPRESENTATIVES, SUPPLIERS OR CONTRACTORS BE LIABLE FOR ANY INCIDENTAL, INDIRECT, SPECIAL, PUNITIVE, CONSEQUENTIAL OR SIMILAR DAMAGES OR LIABILITIES WHATSOEVER (INCLUDING, WITHOUT LIMITATION, DAMAGES FOR LOSS OF DATA, INFORMATION, REVENUE, PROFITS OR OTHER BUSINESSES OR FINANCIAL BENEFITS) ARISING OUT OF BINANCE SERVICES, ANY PERFORMANCE OR NON-PERFORMANCE OF BINANCE SERVICES, OR ANY OTHER PRODUCT, SERVICE OR OTHER ITEM PROVIDED BY OR ON BEHALF OF BINANCE AND ITS AFFILIATES, WHETHER UNDER CONTRACT, STATUTE, STRICT LIABILITY OR OTHER THEORY

Something unfortunate happens - the customers lose everything and agree that Binance are not responsible in any way. We gave all your money to random third parties? We went bankrupt? We were hacked and lost everything? Whoopsie! Not our problem. In such an event the average user of Binance will be in the exact same position as the average user of FTX, of Celsius, of Voyager, etc. They will be classed as an unsecured creditor, meaning they will be dead last on the list of entities who get compensation and will therefore be unlikely to see a single satoshi of any coins they have lost.

-snip-

That's how the saying goes - the empty vessel makes the most noise. Often the platforms which are struggling the most will spend the most on advertising and partnerships and sponsorships and all the rest to make them appear in a much stronger position than they actually are. Meanwhile actually strong projects (such as Bisq) essentially have no advertising at all.

It's a mirror image of the whole of crypto itself. Bitcoin, a truly decentralized coin has essentially zero advertising budget, but is and always has been the safest and most secure coin. Centralized shitcoins, on the other hand, spend millions on advertising, airdrops, flashy websites, signature campaigns, social media campaigns, YouTube sponsorships, and so on on, and end up collapsing or scamming and everyone losing their money.

[Saisher]

You should change the title of your thread to what's on your poll

Which of these exchanges is the least at risk of bankruptcy?

there are no safe exchanges right now only the least risk, we all thought FTX is safe because it's being managed by a seasoned entrepreneur but look at what happened to FTX, it can also happen to Binance, and Kraken or Kucoin no exchange is safe now, but we can categorize exchange as least risky for me its Binance they have shown their reserves and CZ is very diligent on making his platform safe.