Altcoins Talks - Cryptocurrency Forum
Learning & News => For Beginners => Basic Questions about Cryptos => Topic started by: Taylor77 on February 05, 2024, 05:40:15 PM
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During my investments I felt very comfortable with binance, but after this, which are the safest exchanges?
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During my investments I felt very comfortable with binance, but after this, which are the safest exchanges?
There is actually no safest exchange, everything has risks. Binance itself has experienced a hack, but they want to compensate for the losses. In this case, to determine which exchange is the best, this will honestly depend on each individual's preferences.
Indeed, in terms of ranking in coin market cap, Binance is number 1.
https://coinmarketcap.com/rankings/exchanges/
However, there are many people who don't like Binance because it is a centralized exchange. And there are several countries that cannot access and use Binance. So, this will also affect its users.
Personally, yes, Binance is one of my favorites to use. And so far I am also very comfortable using this exchange. Despite the risks, so far I am comfortable and easy to use it, especially among global exchanges.
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There is no 'safe' centralized exchange, i know that a lot of people trade using Binance, but take note that it is not safe for storing coins, centralized exchanges can confiscate people's funds, engage in fractional reserve 'scam' with customers money, or they could even be hacked and lose customers funds, because of all of this i would not call it safe.
It is also worth mentioning that centralized exchanges are data farms, and this data can be exposed to the public through data breaches. So if you want to trade without all these risks, use p2p exchanges.
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During my investments I felt very comfortable with binance, but after this, which are the safest exchanges?
If this is about the exchange that is safe to buy or sell cryptocurrencies, you can use Binance as this is a safe exchange, but you might also consider to try using other exchanges like Bybit, Kucoin, MEXC, or OKX. But if you're asking where you can have less worry about storing your investment, I advise not to keep it in any of the exchanges. No exchange can be a safe place for your funds. It would be better to put your investment in a personal wallet where you are the only one with access.
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During my investments I felt very comfortable with Binance, but after this, which are the safest exchanges?
Binance is the leader among many centralized cryptocurrency exchanges worldwide. According to CMC, it is the number in terms of trading volume (with $15B turnover). Next to Binance, we have Coinbase, Bybit, OKX, Upbit, Kraken, Kucoin, Gate.io and so on. With billions of dollars in revenues, the business for CEX is really booming and that is why CMC is listing at least 709 exchanges operating globally. With this scenario, we can conclude that more people are trusting Binance than any other CEX in the market. Yet we know that Binance is not perfect, it can have many flaws too and in the past it made it to the news because of many things...bad and good, of course. Right now, with CZ not anymore on the helm, its future can be dimming a little bit but am sure it will continue to be leading the pack...into the future. Should we consider Binance to be the best crypto exchange? In many aspects and factors, it can be. However, everything here can be based on experience and that can be subjective. People who never encountered any bad experience with Binance but just convenience would surely praise Binance for what it is to them...but for those who experience the other side of things maybe they are not with Binance anymore and that's no problem as we have now many choices.
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During my investments I felt very comfortable with binance, but after this, which are the safest exchanges?
Binance is one of the innovative exchanges in the industry, but lately, they have been involved in a lot of issues as CZ stepped down and paid a heavy fine, here in our country they are going to be banned for letting users from our country to trade in their platform without a license coming from our government, same case from the country where they are ban.
Centralized exchanges are very popular means to trade our coins but they should not be a storage of our coins because even if the exchange is popular and reputable we just can't be sure that government will not close their operation or they will go bankrupt so follow the experts advice to only store your coins on wallet where you control the private keys.
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During my investments I felt very comfortable with binance, but after this, which are the safest exchanges?
Binance isn't the safest exchange in fact no exchange can be consider as safest because each exchange runs on a code and when someone finds a flaw in that code then that person can easily take over the exchange and can do many bad things.
Binance isn't a bad exchange because I have been using it for long time and I haven't faced any issue with it so far. However, I will never recommend Binance or any other exchange for those who want to hold Bitcoin or other altcoins because anything can happen with those exchanges.
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During my investments I felt very comfortable with binance, but after this, which are the safest exchanges?
You can use any other word for these exchanges and not safest. Exchanges are not even safe let alone to have safest but I understand from the context you are coming from.
Binance is among the largest exchanges and it has been around for a while and widely trust. Even if it cannot be qualified with the name safest, but could be called safe among equals. I do not know about many other exchanges because I don't use them. But I think kucoin is another reputable exchange in the class of Binance.
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Yeah, I use binance exchange for my P2P trading but the exchange I love for futures trading is Digifinex. Other exchange that I have used in the past was probit exchange, MEXC, Kucoin, coinstore, cointiger, Huobi exchange and a few other ones I can't remember. Although am not using any of those exchange any longer and it's been a long time since I used them but while I used them in the past, I did not face any issues apart from with coinstore which really have some issues with their future trading.
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During my investments I felt very comfortable with Binance, but after this, which are the safest exchanges?
When something is addressed as safest, that means you can trust them with your funds or any other important document of yours.
In the real sense of everything, nothing is to be addressed as being the safest, without having an error "so as Binance exchange" because they can fail or disappoint you when you are less expected. However, the only safety you can have for yourself is what you keep for yourself, not on someone else care, permission, or taking control over your funds without you completely being in charge of it.
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During my investments I felt very comfortable with binance, but after this, which are the safest exchanges?
I also like Binance, I am still using Binance so far.
If you look at Coin Market Cap or CoinGecko, Binance is number 1, which means the EBS exchange, right? But this is for CEX, while there are many people who don't like CEX, prefer DEX.. so this will also depend on several interests and needs. Moreover, we understand that Binance requires KYC verification, and this can sometimes be an invasion of privacy for someone who doesn't want to do it. But yes, I have been using Binance and am used to the features and display. Just comfortable. But that doesn't mean it guarantees safety. Every exchange must try to prioritize its security system, but there is still no guarantee that it will always be safe.
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Yeah, I use binance exchange for my P2P trading
Take note that there is no p2p trading on Binance, the 'p2p' on Binance is actually peer to Binance and then Binance to peer, that is because there is a third party involved, and this third party is Binance. If you want to trade p2p, then you must use p2p exchanges and you can choose one from this list:
https://kycnot.me/?type=exchange
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During my investments I felt very comfortable with binance, but after this, which are the safest exchanges?
There are many other safe exahnges like Bybit, MEXC, OKX, etc. But it totally depends what is the definition of Safe in your mind, if it means you want a safe place to hold onto your funds for a longer period of time then none of the centralized exchanges are best for you, you need a non-custodial wallet, or cold wallet to store the funds for longer period of time. And talking non-specifically, I must say Binance is really a good exchange.
But I started to see some hidden fees which is really annoying I wonder if anyone else also has faced this issue. Well, I prefer Bybit the most, because it have good withdrawals and deposit fee, and the exchange works fine, we can set 2FA and set password on the trades, or whatever we do to make any change on the funds we have, Kucoin also do the same, but ByBit is most famous then other I think. I suggest before choosing one just DYOR.
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During my investments I felt very comfortable with binance, but after this, which are the safest exchanges?
Truth be told, Binance was the first centralized exchange I came across, and I still use it occasionally. I remain loyal due to its flexibility and easy access. However, it's important to note that centralized exchanges are not very secure, especially when it comes to leaving personal funds on their wallet platforms.
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But I started to see some hidden fees which is really annoying I wonder if anyone else also has faced this issue.
I don't think there is any 'hidden' fees, binance has its trading and withdrawal fees and you can find out about how much fees you are going to pay when you use their system. By the way, Binance charges a lot when you want to withdraw BTC from their platform.
Well, I prefer Bybit the most, because it have good withdrawals and deposit fee,
Exchanges hardly charge any fee for deposits, it is for trading and withdrawals.
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During my investments I felt very comfortable with binance, but after this, which are the safest exchanges?
Binance happens to be one of the most convenient and popular exchanges around the globe, but that doesn't make it the safest. Although it's mostly considered the safest exchange in the world of crypto, but that doesn't mean it's completely impenetrable. Irrespective of the many security measures employed by Binance, measures such as the 2FA, Address whitelisting as well as cold storage of user funds, it still doesn't offer a 100% guarantee because even what is considered to be the safest exchange could still be breeched by scammers.
Just recently, there was even an unconfirmed rumor flying around about Binance being hacked, but no credible sources have have so far confirmed the credibility and authenticity of the rumor. But whether it's true or not, there's every chance that Binance could be breeched.
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During my investments I felt very comfortable with binance, but after this, which are the safest exchanges?
There is actually no safest exchange, everything has risks. Binance itself has experienced a hack, but they want to compensate for the losses. In this case, to determine which exchange is the best, this will honestly depend on each individual's preferences.
Indeed, in terms of ranking in coin market cap, Binance is number 1.
https://coinmarketcap.com/rankings/exchanges/
However, there are many people who don't like Binance because it is a centralized exchange. And there are several countries that cannot access and use Binance. So, this will also affect its users.
Personally, yes, Binance is one of my favorites to use. And so far I am also very comfortable using this exchange. Despite the risks, so far I am comfortable and easy to use it, especially among global exchanges.
Yes i am agree with you, there are no any exchanger which is 100% secure. But i think allover considering Binance is best and also Secure. But it also true Binance also hucked, although users are get return his fund by Binance. So Binance is also trusted.
We know Binance obliges KYC. And for KYC i think it has been more secure.
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There is actually no safest exchange, everything has risks. Binance itself has experienced a hack, but they want to compensate for the losses. In this case, to determine which exchange is the best, this will honestly depend on each individual's preferences.
Indeed, in terms of ranking in coin market cap, Binance is number 1.
https://coinmarketcap.com/rankings/exchanges/
However, there are many people who don't like Binance because it is a centralized exchange. And there are several countries that cannot access and use Binance. So, this will also affect its users.
Personally, yes, Binance is one of my favorites to use. And so far I am also very comfortable using this exchange. Despite the risks, so far I am comfortable and easy to use it, especially among global exchanges.
Yes i am agree with you, there are no any exchanger which is 100% secure. But i think allover considering Binance is best and also Secure. But it also true Binance also hucked, although users are get return his fund by Binance. So Binance is also trusted.
We know Binance obliges KYC. And for KYC i think it has been more secure.
because there is no exchange that guarantees 100% safety, so at least we have to choose the best and most comfortable one that we can use. And Binance is one of the most trusted. even on CMC and also other tracekr exchanges. Binance is still the first. There used to be FTX which was almost close to Binance but was destroyed overnight because of that incident. And now, several of Binance's competitors also seem to be very potential and good to use. Such as: Coinbase, Kraken, Huobi, and so on. However, habits are sometimes hard to stop. Especially if we are used to Binance. So that's what we will often use and recommend, because we have experience in this exchange at least.
And regarding the level of security, we ourselves must also be able to maintain the privacy and security of our assets. Don't use an exchange wallet to invest, in this case to store large amounts of coins for a long time on the exchange, avoid this.
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During my investments I felt very comfortable with binance, but after this, which are the safest exchanges?
Definitely Binance is very good and safe exchange. If you want to find a safe exchange after binance exchange then definitely I can suggest you Kucoin, Bybit after binance. I am mainly taking services from Binance, Kucoin, Bybit exchange I have not felt any annoyance from any of these services so far. From here I can p2p anytime anywhere in my native currency in very short time. Also I am using these exchange platforms for trading. But you can definitely go with all these exchanges if you like.
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But I started to see some hidden fees which is really annoying I wonder if anyone else also has faced this issue.
I don't think there are any 'hidden' fees, binance has its trading and withdrawal fees and you can find out about how much fees you are going to pay when you use their system. By the way, Binance charges a lot when you want to withdraw BTC from their platform.
Hmm, actually I never saw the fee list provided by Binance that carefully, but now I just checked it again and in they don't really tell how much they are going to charge when you will buy or sell some crypto in spot trading, they do show at that page the fee they are going to deduct but after making the trade the fee deducted is more then that which made me to say my statement you have mentioned.
But you are right about withdrawal fee on Binance they are so high, for example, ETH, BTC, and other coins, Bybit, and gate.io provide better rates, in compared to Binance.
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Yeah..everyone feels secure with Binance because it's widely used. So, users expect all the staff and owners of Binance to take responsibility if there's ever a problem. As long as they hold the top position and remain the most popular, I think they should also commit to providing top-notch service as the number one exchange.
The business ecosystem has been well-established, which should reassure users because Binance's finances should be sufficient to enhance their security and offer better service to users.
But unfortunately, this is a centralized exchange, so there's no guarantee it will remain safe indefinitely. There are things they know that we don't. So, it's important to stay cautious even though Binance is currently the best.
Someone said... not your key, not your coin.
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During my investments I felt very comfortable with binance, but after this, which are the safest exchanges?
Binance is a centralized exchange, so it could be the best in this category, but when we are considering the decentralized exchanges, we can make use of bisq or hodl hodl crpto exchange, maybe we should also go beyond their global recognition and focus on the benefit and danger in choosing any particular one for our own choice, and this will bring about looking at the difference between a centralized exchange and a decentralized one first.
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Binance is a centralized exchange, so it could be the best in this category, but when we are considering the decentralized exchanges, we can make use of bisq or hodl hodl crpto exchange, maybe we should also go beyond their global recognition and focus on the benefit and danger in choosing any particular one for our own choice, and this will bring about looking at the difference between a centralized exchange and a decentralized one first.
A decentralized exchange is recommended because it's not centralized and unlike exchanges like Binance which are centralized, so you don't have full control.
But whether both of these are safe, it can also be said to be safe, depends on how committed the exchange or DEX is to its users.
DEX will also not always be safe, there are some problems that can arise.
The safest is for investment, store it in a hardware wallet that has better security than other wallets.
Related What are the best exchanges, tier 1 exchanges like Binance, Coinbase, Huobi etc.
It's an optional option, but I've been a Binance user myself from the beginning of Binance until now and it's still pretty safe.
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Yeah, I use binance exchange for my P2P trading
Take note that there is no p2p trading on Binance, the 'p2p' on Binance is actually peer to Binance and then Binance to peer, that is because there is a third party involved, and this third party is Binance. If you want to trade p2p, then you must use p2p exchanges and you can choose one from this list:
https://kycnot.me/?type=exchange
This is true, and I believe this defeats the whole essence of having a P2P system in the first place which is to eliminate the use of any middleman while carrying out any transaction.
But for convenience's sake - I guess we can still just keep referring to it as "p2p". Many newbies prefer to use Binance rather than a DEX because Binance ensures the safety of your funds while performing the work of the middleman.
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Many newbies prefer to use Binance rather than a DEX because Binance ensures the safety of your funds while performing the work of the middleman.
So many people use Binance because of 'convenience' and they were exposed to only centralized exchanges when they joined crypto. Take note that funds are not safe in any centralized exchange and they don't ensure the safety of your funds, only you can ensure that, by being in control of it.
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Take note that funds are not safe in any centralized exchange and they don't ensure the safety of your funds, only you can ensure that, by being in control of it.
Not Your Key Not Your Coin.
When I said "safety," I meant them holding onto the coin until the other party involved in the trade has made the payment. I never meant safety as in to store our funds.
As long as we all treat exchanges the way they were meant to be treated, i.e as an exchange and not as a wallet, then we shouldn`t have any problem with them.
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Binance Crypto Exchange is perhaps the most popular crypto exchange out there. Earlier FTX was very popular in terms of popularity along with Binance but now Binance has become the most popular exchange after FTX disappeared from the market. All the features are provided in this exchange very easily and all kinds of features are available in this exchange so the users get the benefits of the features of this exchange very easily. In terms of trading, all kinds of features have been added to this exchange, besides this exchange has sufficient security, that is, considering all aspects, we can consider this exchange as the best crypto exchange in the market.
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Talking about hot wallets or cold wallets? Because with my best experiences in the crytop currencies storages and exchanges, grew more comforts with Binance exchange wallet not because of its fast and high influences of its users but because they are reputable and enhances fast and reliable transactions.
But talk about the Cold wallets where to store and safe your coins, then I would suggest electrum wallet due to its two factors of authentications and lot of its advancements of security factors.
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Talking about binance the most popular crypto exchange because it is convenient with them to exposed centralised exchange when they joined in crypto.
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Yes i am agree with you, there are no any exchanger which is 100% secure. But i think allover considering Binance is best and also Secure. But it also true Binance also hucked, although users are get return his fund by Binance. So Binance is also trusted.
We know Binance obliges KYC. And for KYC i think it has been more secure.
If today Binance is hack, don't think that Binance will just fix everything and return users money to them. You might heaed of SAFU before, it's a kind of insurance money Binance has reserve for its customers in case of any problems in the future but that money is not up $1.5B, If today Binance becomes hack, it will be difficult to pay everyone because that amount is actually less than the total amount of Binance reserve but if the amount that is hack is less than such amount, then it can be paid but that doesn't justify any reason to depend on Binance and keep your funds there, anything can happen to any exchange even if security is very tight.
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For me i agree binance is the best crypto exchange so far, as what we observe binance can fix and returns any problems we incounter.
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Binance Crypto Exchange is perhaps the most popular crypto exchange out there. Earlier FTX was very popular in terms of popularity along with Binance but now Binance has become the most popular exchange after FTX disappeared from the market. All the features are provided in this exchange very easily and all kinds of features are available in this exchange so the users get the benefits of the features of this exchange very easily. In terms of trading, all kinds of features have been added to this exchange, besides this exchange has sufficient security, that is, considering all aspects, we can consider this exchange as the best crypto exchange in the market.
It was still Binance that is more popular even during the height of FTX. And to be hones, CZ work really hard from 2017 to bring where Binance is right now. There were times that they can't take any more customers so they have to halt new memberships. And then they have rolled out BNB which is the first.
And with that, we all know that when you are in the top, most likely there will be people who wanted to bring you down and that's what happen to CZ and his Binance, government are very hot on it's tail right now.
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And with that, we all know that when you are in the top, most likely there will be people who wanted to bring you down and that's what happen to CZ and his Binance, government are very hot on it's tail right now.
The relevant government in the jurisdiction of Binance.us always looking for mistakes that would happen to CZ,
and some mistakes were found and CZ eventually had to leave the CEO position and be replaced by Richard Teng.
But even so, CZ is definitely still behind the scenes and CZ is probably just taking a break and enjoying his vacation.
Binance will never be abandoned by its users if Binance always provides security and guarantees for its customers' funds with SAFU.
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And with that, we all know that when you are in the top, most likely there will be people who wanted to bring you down and that's what happen to CZ and his Binance, government are very hot on it's tail right now.
The relevant government in the jurisdiction of Binance.us always looking for mistakes that would happen to CZ,
and some mistakes were found and CZ eventually had to leave the CEO position and be replaced by Richard Teng.
But even so, CZ is definitely still behind the scenes and CZ is probably just taking a break and enjoying his vacation.
Binance will never be abandoned by its users if Binance always provides security and guarantees for its customers' funds with SAFU.
Yeah, I still believed that CZ is still at the helm of Binance, despite him being force to step down as their leader. And with that, it didn't even leave a mark on Binance itself, as they remain the best crypto exchange regardless of the attack on them.
Even our government who seems to give Binance a time here in our country suddenly made a U-turn and now it is being block already by the Philippine government. But then again, it's just a drop in the ocean for Binance and CZ as they continue to become the trend setter.
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For me i agree binance is the best crypto exchange so far, as what we observe binance can fix and returns any problems we incounter.
Not only the best but for me the biggest crypto exchange at the moment but lately we are having problems with this exchange as our country the Philippines is planning to ban this exchange because of its failure to met the necessary paper works thus leaving us in limbo on whether use the exchange as one day out government might ban and our funds are still inside the exchange.
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Not only the best but for me the biggest crypto exchange at the moment but lately we are having problems with this exchange as our country the Philippines is planning to ban this exchange because of its failure to met the necessary paper works thus leaving us in limbo on whether use the exchange as one day out government might ban and our funds are still inside the exchange.
Binance is a very trusted exchange by majority of crypto enthusiast, but yet binance doesn't satisfy the needs of every body. when I was really into investing on different altcoins some years ago, I still remember that binance never had all the tokens and coins i wanted to buy and even till date binance doesn't have every coins that some investors might want to buy, so, some people still go on other exchange to buy the coin of their choice that is not yet listed on binance exchange.
For me, I know I started using binance exchange and I quite ejoyed their serving but at some point up till date, I started using binance mostly for P2P trade, that's selling to my local currency or buying Bitcoin with my local currency. Since I started future trading, I have always made Digifinex my best exchange, I just prefer it over binance.