Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => Crypto Exchanges => Topic started by: Yamane_Keto on October 29, 2024, 05:42:21 PM
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I read an article that talks about Hackers Are Light Years Ahead and with government support for some sides, Small Crypto Exchangs will be easy goals for these hackers as these platforms are managed by small groups and the hackers can target and drain their hot portfolio without worrying about organizational measures or government tracking.
What do you think of the future of Small Crypto Exchange and their use in the next few months, especially since large platforms usually require personal data.
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I read an article that talks about Hackers Are Light Years Ahead and with government support for some sides, Small Crypto Exchangs will be easy goals for these hackers as these platforms are managed by small groups and the hackers can target and drain their hot portfolio without worrying about organizational measures or government tracking.
What do you think of the future of Small Crypto Exchange and their use in the next few months, especially since large platforms usually require personal data.
You already said it; they are easy target by hackers to train their skills and tools for major hacking, so these small exchange should prove their capability by upgrading their platform, Users always look for security, and when it comes to exchange, security is a big concern and it doesn't mean that if you're a small exchange, its prone to hacking.
They have potential for growth if only they can prove that they are on standard with big exchanges when it comes to security.
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I don’t think it's wise to use small exchanges and participate in the market. I would rather give my documents to be legally part of and a member of a big, known, and reliable exchange.
I would take a risk for that instead of an unknown exchange. I would use decentralized exchange if I were to prevent doing KYC.
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What do you think of the future of Small Crypto Exchange and their use in the next few months, especially since large platforms usually require personal data.
Their future is that they will also still survive as long as the hackers are unable to get access to their customers coins.
If you go to each countries that are crypto friendly, you will notice how some people are advertising small exchanges there.
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I don't know what the future holds for small crypto exchanges, i do not use them, neither do i recommend them, because a lot of them are run by scammers themselves and once you deposit funds into them, it is lost. However, for the genuine ones, if they fix their security, then they may not fall prey to hackers, it all depends on measures they take to secure their customers funds.
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A small exchange will protect your fund! This is something to be distrusted as there are a lot of scams in crypto. We have seen many big exchanges and they got scams problem. Also, i don't want to use a small exchange myself and blame you for rejection. A large number of employees are hired to develop an exchange. So a small exchange will never spend so much money on security guards. Moreover, security is more emphasized in crypto so always choose big exchange to keep your fund safe. Also you can make your account more secure by using kyc there.
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Moreover, security is more emphasized in crypto so always choose big exchange to keep your fund safe. Also you can make your account more secure by using kyc there.
Kyc does not mean your money in your centralized exchange is safe, kyc is simply a way for the exchange to identify their customers and hand their info over to LE if the need arises. It is recommended to trade in popular exchanges, but do not store your money in any exchange, be it small or 'reputable'.
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except these small exchanges are usually dex where a hacker might just have to try breaking the blockchain which is close to impossible. maybe the small CEX can be a target but the dex may not be as easy for them to penetrate.
but is it worth to penetrate small exchange that probably has less than $100k of volume and less than 100k funds on it?
nevertheless if i own a small exchange, i would certainly hardened the security of the exchange knowing hackers are going to target such exchanges.
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Moreover, security is more emphasized in crypto so always choose big exchange to keep your fund safe. Also you can make your account more secure by using kyc there.
Kyc does not mean your money in your centralized exchange is safe, kyc is simply a way for the exchange to identify their customers and hand their info over to LE if the need arises. It is recommended to trade in popular exchanges, but do not store your money in any exchange, be it small or 'reputable'.
Actually we use different wallets to save money but in exchange we keep fund to buy and sell tokens. Since we have to pay fess every time we want to do fund transaction on the exchange so we keep some money as deposit. But it is better to keep kyc in a big exchange because your account will have less personal problems. Moreover, kyc targets legal exchange users. Currently kyc service has been made mandatory in all major exchange right now.
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For us users, it's not hard: exchanges are not wallet
Use exchanges when it's necessary and withdraw your coins, leave with your custody
It's hard to deal against hackers, every exchange, small or big exchange, all of them are in risk.
I read an article that talks about Hackers Are Light Years Ahead and with government support for some sides...
Maybe you're talking about Lazarus group, right?
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But it is better to keep kyc in a big exchange because your account will have less personal problems. Moreover, kyc targets legal exchange users. Currently kyc service has been made mandatory in all major exchange right now.
It is kind of hard to understand exactly what you are saying here, however, take note that your personal information can be leaked in any service, be it big or small. Many big and reputable services have suffered data breaches and their users who completed kyc with them were subjected to phishing attacks.
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We should not make use of any exchange we don't know much concerning them, also, we should be ready for the worst task ahead as long as we are using a centralized exchange, they are prone to attack, but when the exchange tries to spend more over the security of its platform, hackers may not be able to penetrate in, but when they fail to secure, everything turned a vulnerability.
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also, we should be ready for the worst task ahead as long as we are using a centralized exchange, they are prone to attack, but when the exchange tries to spend more over the security of its platform, hackers may not be able to penetrate in, but when they fail to secure, everything turned a vulnerability.
You can use a centralized exchange without storing your funds there, though you will lose your privacy because you will submit your personal data to the exchange and that is why p2p exchanges are a better option in terms of privacy. Smaller exchanges are more risky and it is possible they could be run by scammers.
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I read an article that talks about Hackers Are Light Years Ahead and with government support for some sides, Small Crypto Exchangs will be easy goals for these hackers as these platforms are managed by small groups and
That's a bit exaggerated, some new exchanges today have extent tight security thus you can't see any small exchange have been hacked despite that their hot and cold wallet have small stocks. Most hackers will target those big volume exchanges thus they will not spend and waste their resources on smaller targets but thats not an excuse to forget to tighten their security.
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I don’t think it's wise to use small exchanges and participate in the market. I would rather give my documents to be legally part of and a member of a big, known, and reliable exchange.
I would take a risk for that instead of an unknown exchange. I would use decentralized exchange if I were to prevent doing KYC.
there are big decentralized platforms anyway why choose small ones?
some may be legitimate but it would be quite difficult to pick out which ones are legit and which ones are not plus i doubt their services would be better than most since they probably do not have the budget to develop their platform just yet what could be a reason for anyone to prefer small crypto exchanges?
i have seen many people get scammed in small scale exchanges so i dont want to test my chances
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What we should know is that all large exchange today were once small exchange and it's was trust that made them grow so large, uses more exchange does not mean that you cannot trade in that exchange but what mostly matter is how consistency they will seems to be with their trust and not folding up with people funds. It's also wise to trade with small amount on the small exchange to build trust maybe after they might have succeeded build trust for years you can gradually increase your trading volume and of course will follow their regulations to pass kyc.
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and of course will follow their regulations to pass kyc.
Even new centralized exchanges require kyc from the beginning, it is very difficult to find a no-kyc centralized exchange right now. They are required by law to be kyc and aml compliant and they would not want to run into problems with the authorities later on in their lifespan, especially when they look at how the authorities have fined and sanctioned exchanges for this reason.
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and of course will follow their regulations to pass kyc.
Even new centralized exchanges require kyc from the beginning, it is very difficult to find a no-kyc centralized exchange right now. They are required by law to be kyc and aml compliant and they would not want to run into problems with the authorities later on in their lifespan, especially when they look at how the authorities have fined and sanctioned exchanges for this reason.
Yes that is why most of them are afraid of no being No-kyc exchange, even though the posses to be none later or during Large amount transaction they would definitely asked for kyc to keep their standard and also to avoid AML to seal up there operational power from the country. So, which exchange we are using we should be prepared to under go documentation.
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It is more advisable that we make use of the so called big exchanges because they have enough finance to carter for the security of their platform and they can go to any length in seeing this happen, this will also reflect on the way our own personal security measures is going to be like, we are going to see that when they are safe, we their users are also secured on their platform and the y wont easily get attacked.
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I read an article that talks about Hackers Are Light Years Ahead and with government support for some sides, Small Crypto Exchangs will be easy goals for these hackers as these platforms are managed by small groups and the hackers can target and drain their hot portfolio without worrying about organizational measures or government tracking.
What do you think of the future of Small Crypto Exchange and their use in the next few months, especially since large platforms usually require personal data.
All exchanges started very small before they became popular and they began to dominate more and more to have more people on board using their services. Small crypto exchanges are susceptible to high risk of hacking and this is because they’re very vulnerable and hackers easily take advantage of them. If we are boycotting the small exchanges for the big ones, I feel it’ll short lived to some extent what the crypto space can get to achieve.
In a competitive environment, more exchanges are suppose to be on board to offer more services and make the market widely open to chose from. This will not allow just a single entity to have total control of the market when they see one. With time, security of smaller exchanges will get better, but while they’re at their developmental stage, they should be traded and used with more caution.
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It is more advisable that we make use of the so called big exchanges because they have enough finance to carter for the security of their platform and they can go to any length in seeing this happen, this will also reflect on the way our own personal security measures is going to be like, we are going to see that when they are safe, we their users are also secured on their platform and the y wont easily get attacked.
You are very right but we should always have it in mind that any exchange can still get hacked. But I like the way those big exchanges hacks since 2 years ago were. There are many of them that are still existing now. I think Kucin and HTX is even one of them. Also recently BingX. They are able to make sure that their customers do not lose money. But we should make use of noncustodial wallet when necessary.
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It is more advisable that we make use of the so called big exchanges because they have enough finance to carter for the security of their platform and they can go to any length in seeing this happen, this will also reflect on the way our own personal security measures is going to be like, we are going to see that when they are safe, we their users are also secured on their platform and the y wont easily get attacked.
You are very right but we should always have it in mind that any exchange can still get hacked. But I like the way those big exchanges hacks since 2 years ago were. There are many of them that are still existing now. I think Kucin and HTX is even one of them. Also recently BingX. They are able to make sure that their customers do not lose money. But we should make use of noncustodial wallet when necessary.
There's no such thing about perfect security on this world but if we do try to compare the rate of exchange hacks in the past than with the present then we can really be able to say that we arent that seeing some major exchange hack even into this year which does signifies that exchangers are now putting up some focus on strengthening their security yet we do know that hackers will really be looking on exchanges as honeypots considering on the amount that they could possibly exploit. Hacking incident could really still possibly happen but as with those exchange platforms then it wont really be that something simple that they would let it happen.
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I read an article that talks about Hackers Are Light Years Ahead and with government support for some sides, Small Crypto Exchangs will be easy goals for these hackers as these platforms are managed by small groups and the hackers can target and drain their hot portfolio without worrying about organizational measures or government tracking.
What do you think of the future of Small Crypto Exchange and their use in the next few months, especially since large platforms usually require personal data.
And that is why they are small exchangers if they don't have enough security to secure their customers all of their customers will not relay on them and obvious chose the better option.
Like for me I always choose the top exchangers for my using like always check they are trading volume and also explore the Crypto communities to check out their feedback. And then go for chose to use in this case I always choose the top ones because of the security and trust. And you already mentioned I avoided the small exchangers.
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It is more advisable that we make use of the so called big exchanges because they have enough finance to carter for the security of their platform and they can go to any length in seeing this happen,
It is only recommended to use big exchanges to trade, that's all, however, do not use ANY exchange to store your funds, be it a large or a small exchange. Big exchanges have been hacked or have collapsed, i.e. ftx, look how it ended, the only recommended place to store your funds is in your self custody, as for trading, you can use big exchanges only.
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It is more advisable that we make use of the so called big exchanges because they have enough finance to carter for the security of their platform and they can go to any length in seeing this happen,
It is only recommended to use big exchanges to trade, that's all, however, do not use ANY exchange to store your funds, be it a large or a small exchange. Big exchanges have been hacked or have collapsed, i.e. ftx, look how it ended, the only recommended place to store your funds is in your self custody, as for trading, you can use big exchanges only.
Large exchanges do have a better reputation, but that doesn't mean they are free from problems... we still can't guarantee that our money is safe on centralized exchanges, because they could do something with better planning... and anticipation when committing fraud against customers....
The safest way to avoid this is not to keep large amounts of money on the exchange for too long, we need to store it in our personal wallet which is safer, such as a hardware wallet for example...
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I read an article that talks about Hackers Are Light Years Ahead and with government support for some sides, Small Crypto Exchangs will be easy goals for these hackers as these platforms are managed by small groups and the hackers can target and drain their hot portfolio without worrying about organizational measures or government tracking.
What do you think of the future of Small Crypto Exchange and their use in the next few months, especially since large platforms usually require personal data.
Small exchanges do face lots of challenges along its performance in the crypto industry. This challenges could range from the performance of its website/trading exchange tools and the performance of its support team etc. Bigger challenges is the security of those small exchanges, which truly is a target of hackers to test their tools. Those who uses this small exchanges faces the threat of losing their money if the security strength is weak.
Most times, for those small exchanges to grow, they compel those who participate in their campaign as bounty hunters, airdroppers and investors to use their trading exchange, aiming at working on the development of their exchange. Those who manage things are those who ends up having their security being threatened or broken.
A friend of mine advised me, when trading on small exchanges, make use of little capital to trade there, to avoid losses huge sum of money if they get hacked.
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Small exchanges do face lots of challenges along its performance in the crypto industry. This challenges could range from the performance of its website/trading exchange tools and the performance of its support team etc. Bigger challenges is the security of those small exchanges, which truly is a target of hackers to test their tools. Those who uses this small exchanges faces the threat of losing their money if the security strength is weak.
Most times, for those small exchanges to grow, they compel those who participate in their campaign as bounty hunters, airdroppers and investors to use their trading exchange, aiming at working on the development of their exchange. Those who manage things are those who ends up having their security being threatened or broken.
A friend of mine advised me, when trading on small exchanges, make use of little capital to trade there, to avoid losses huge sum of money if they get hacked.
Yeah, the small CEXs will face financial difficulties and find it hard to maintain their security features. They may not even use cold/hardware wallets to store a portion of all users assets. They become attractive targets for hackers and users will always face higher risks, especially if the CEX doesn't have a fund to compensate users in the worst-case scenario.
Usually, I would avoid using small CEXs if possible. I only try out small CEXs such as Coinsbit, Azbit, Latoken, and Probit in special cases. Binance, KuCoin, GateIO, and OKX have better liquidity and can make me feel more secure when using and investing.
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I read an article that talks about Hackers Are Light Years Ahead and with government support for some sides, Small Crypto Exchangs will be easy goals for these hackers as these platforms are managed by small groups and the hackers can target and drain their hot portfolio without worrying about organizational measures or government tracking.
What do you think of the future of Small Crypto Exchange and their use in the next few months, especially since large platforms usually require personal data.
Hacking occurs at anytime and this as well can be done by anyone or group of people for their bad intentions to be achieved, we may not be able to get notified that an exchange is going to be hacked or even went bankrupt, this can be a shocking news at us, because we aren't prepared for it, but we can't deny of not being aware of all these as a condition, henceforth that all of us must be well informed about the danger a centralized exchange could offers in such manners.
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What do you think of the future of Small Crypto Exchange and their use in the next few months, especially since large platforms usually require personal data.
Most people prefer a safe exchange to be trusted to store money temporarily... and usually small exchanges are not protected by the local government, maybe because the platform does not comply with regulations or may not be in accordance with local government regulatory policies... risking money on something that cannot be guaranteed is a difficult thing for many people to do... in addition to the greater potential for scams, small exchanges are also less comfortable to be used as a place to trade... liquidation is usually the main problem on these platforms so that we can see price spreads that are too far and make us uncomfortable.
As a cryptocurrency user, I don't dare to put a lot of money on small exchanges... it's really scary and has the potential to be dangerous.
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I think is very risky to trade on small exchanges especially with large capital. I will advice that trading on small CEX exchanges should be with small capital because the can easily go insolvent.
I have an experience with a small CEX exchange few months ago where almost every users had complained of withdrawal issues but the keep promising users that everything was fine. As a long time user with some of these CEX exchanges, i wrote them several times about my withdrawal issues and even indicated that the exchange could go insolvent because users are stranded on withdrawals predicaments, unfortunately they deleted my KCY information and stopped replying my mails.
As at today, the small exchanges has crashed, worst still, I have not withdrawal my coins, though very small, but I was mindful to that fact that they will definitely crash. The most funny part after crash was that i have to complete KYC again to withdraw my tokens even when it is obvious that everything is not working
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I think is very risky to trade on small exchanges especially with large capital. I will advice that trading on small CEX exchanges should be with small capital because the can easily go insolvent.
I have an experience with a small CEX exchange few months ago where almost every users had complained of withdrawal issues but the keep promising users that everything was fine. As a long time user with some of these CEX exchanges, i wrote them several times about my withdrawal issues and even indicated that the exchange could go insolvent because users are stranded on withdrawals predicaments, unfortunately they deleted my KCY information and stopped replying my mails.
As at today, the small exchanges has crashed, worst still, I have not withdrawal my coins, though very small, but I was mindful to that fact that they will definitely crash. The most funny part after crash was that i have to complete KYC again to withdraw my tokens even when it is obvious that everything is not working
Many small CEXs are conducting loud promotional campaigns to attract users, but I usually skip them to prioritize the safety of my assets. I don't want to encounter the same problems as you; they're really troublesome and time-consuming.
Binance, Bybit, OKX... we have plenty of more reputable options with better liquidity, more trading pairs, and more exciting services. There's no reason for us to risk it with small and less-known CEXs. I might consider using them in the future if they become more established.
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Binance, Bybit, OKX... we have plenty of more reputable options with better liquidity, more trading pairs, and more exciting services. There's no reason for us to risk it with small and less-known CEXs. I might consider using them in the future if they become more established.
That's why big platforms are getting bigger because they prioritize the security of their users but they still have the drawback that the custody of our money is still in their hands.
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There's no reason for us to risk it with small and less-known CEXs. I might consider using them in the future if they become more established.
In the past, I only went to small CEXs whenever a certain coin/token I want to sell can only be done with them otherwise I always prefer bigger exchanges because I am assuming they are more invested with security measures and if ever they can be hacked there are safety nets laid down to protect the users or the victims. Smaller exchanges should do some partnerships with many new projects that their coins/tokens be exclusively initially available to be traded only in their platforms and then slowly invest with security measures so as to gain the trust and confidence of cryptocurrency users and traders.
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Binance, Bybit, OKX... we have plenty of more reputable options with better liquidity, more trading pairs, and more exciting services. There's no reason for us to risk it with small and less-known CEXs. I might consider using them in the future if they become more established.
That's why big platforms are getting bigger because they prioritize the security of their users but they still have the drawback that the custody of our money is still in their hands.
Small exchanges are very risky, many of them don't have FAQ or even listen to users advise. I have used some small exchanges because of certain rewards, however many smaller exchanges lack consistency, and trading activities. I think most small exchanges are not likely to improve on their community growth because low capital for ING and promotions, and as we know, without large number of users, many of these small exchanges may become insolvent due to poor revenue generated.
It is important to that note big Cex exchanges spend much money to get what they wanted over times. They are constantly running promotions and marketing activities to compete with each others and remain a top exchange globally.
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In the past, I only went to small CEXs whenever a certain coin/token I want to sell can only be done with them otherwise I always prefer bigger exchanges because I am assuming they are more invested with security measures and if ever they can be hacked there are safety nets laid down to protect the users or the victims. Smaller exchanges should do some partnerships with many new projects that their coins/tokens be exclusively initially available to be traded only in their platforms and then slowly invest with security measures so as to gain the trust and confidence of cryptocurrency users and traders.
Exactly
Many here are younger and don't remember what it was like in the past
Today we have many exchanges, dex, aggregators, various networks etc, but a few years ago we had to go to small exchanges to trade very new coins or those with little marketcap
I remember Cryptopia and TradeOgre, which I used a lot when I was mining unknown coins.
You could make good money that way
It was expensive to get out of the exchange with BTC and many of us used LTC, XRP, XMR etc hahaha