Traders Tread Carefully As Red Flags in Crypto Exchanges Continue To Rise

[Faisal2202]

From recent reports, it turned out most of them would rather fight for their pockets rather than creating a profitable environment for traders. Source; https://x.com/solananew/status/1886159203095691684. More reason traders should take DYOR seriously, listing overhyped projects seems to be the new trend whereas this could lead to a “list and dump” situation for traders.

This is really not acceptable but it was all transparent and still no case opened against Binance guess it was their money and they can do whatever with it, but remind me next time they do it, I will follow their trail haha as we know the time they start doing it market from that point to know has dumped only and maybe out of 20 influencers I am following and none of them saw these dump coming I should follow Binance's moving their funds to see the market trend haha. Just in case.

Overall I don't think these exchanges if only take money from traders, they really don't care about traders but for each other they really do as Bybit lost huge amount of eth in a recent exploit and AFAIK Binance and Kucoin both gave half of the amount as in support to Bybit. This is another level of monopoly friendship then hehe we can call it that but TBH this shows the need of Defi and Web 3.

[hugeblack]

I don't think there will be free support and most of the support will be in the form of low interest loans (if you're lucky) and this support may be the reason for preventing the negative impact of what happened with Bybit, $1.5 billion is not a problem but panic can easily lead to liquidity withdrawal of more than 10 billion.


As for traders, they will most likely be the last to be compensated if bankruptcy occurs.

[vegasus]

This is about business, and whatever can benefit them optimally, they will do it. which is wrapped in various concepts that can attract the attention of its users, but it turns out that behind it all, there are big things that they do for our benefit. And in the end? We ourselves must choose, want it or not. If you still use the platform, it means that you have agreed with the various things in it. and if not, use another. Maybe that's what's on various platforms now. Because basically, optimal profit is what they are looking for, that's all. it's just that, maybe each exchange is different, depending on how they package it and make it seem as if the users are not aware of getting it.

[TomPluz]

This is about business, and whatever can benefit them optimally, they will do it. which is wrapped in various concepts that can attract the attention of its users, but it turns out that behind it all, there are big things that they do for our benefit. And in the end? We ourselves must choose, want it or not. If you still use the platform, it means that you have agreed with the various things in it. and if not, use another. Maybe that's what's on various platforms now. Because basically, optimal profit is what they are looking for, that's all. it's just that, maybe each exchange is different, depending on how they package it and make it seem as if the users are not aware of getting it.

In other words, we now have many choices available and so if one is doubting a certain crypto platform then maybe it is time to move on to the next best one. In fact, I think this is what many traders are doing...shopping for crypto exchange that can give them the optimal environment for possible profits. We can never deny that these exchanges are here for money and they are offering products primarily based on that mindset and then they make sure that their users are also doing good business but then again there is no perfect platform...we can only look for one that is more suited to our own interest.

[bitterguy28]

In other words, we now have many choices available and so if one is doubting a certain crypto platform then maybe it is time to move on to the next best one.

a way to judge a platform is by looking at the bigger picture if someone said that this one platform is bad you wouldn’t want to immediately believe just this one person because he may just be the extremity of what otherwise if pretty average general rating so you need to gather more reviews

but then again there is no perfect platform...we can only look for one that is more suited to our own interest.

very well said… even if 100 other people told you this one platform is the best but you don’t like it it doesn’t suit your preference and doesn’t meet your expectations then it’s not the one for you

[vegasus]

This is about business, and whatever can benefit them optimally, they will do it. which is wrapped in various concepts that can attract the attention of its users, but it turns out that behind it all, there are big things that they do for our benefit. And in the end? We ourselves must choose, want it or not. If you still use the platform, it means that you have agreed with the various things in it. and if not, use another. Maybe that's what's on various platforms now. Because basically, optimal profit is what they are looking for, that's all. it's just that, maybe each exchange is different, depending on how they package it and make it seem as if the users are not aware of getting it.

In other words, we now have many choices available and so if one is doubting a certain crypto platform then maybe it is time to move on to the next best one. In fact, I think this is what many traders are doing...shopping for crypto exchange that can give them the optimal environment for possible profits. We can never deny that these exchanges are here for money and they are offering products primarily based on that mindset and then they make sure that their users are also doing good business but then again there is no perfect platform...we can only look for one that is more suited to our own interest.

Exactly, there are still several other options, just adjust it to our needs and our consideration of some of the pluses and minuses. As you said, there is no perfect platform, there must be pluses and minuses, there are pros and cons. It's just a matter of which side we will consider more for our interests.

But what is certain is, still choose a platform that does have a high reputation and trust. Because if we don't think about that, then our funds will also be threatened, even worse, avoid fake platforms or scams.

[erus]

~snip~
As a trader, the chances of taking profits might get slimmer when the exchange you trust your funds with are being shady. At first it was Bybit, then Kucoin and now Binance …..the one exchange that’s a dominant player with high credibility, who would have thought but hopefully, the list doesn’t get longer. In the crypto world, exchanges are to bring about a reliable and secure environment for users not the one that instills fear.
~snip~

If you look at the tokens listed on Binance, all of them did not increase at the beginning of the listing, but after a few days the tokens increased and for all the tokens, they were Dumped, but there are also those that have survived until now and have increased in price on the market.

Polygon Matic = https://coinmarketcap.com/currencies/polygon-ecosystem-token/

So, not all exchanges give a bad image, but in fact Binance also provides good token launches like Polygon Matic.
Although there are also many tokens listed on Binance that end up Dumping and even Delisting, at least Binance provides a few examples of coins with good prices like Polygon Matic.