small crypto exchanges and hacks

[SmartGold01]

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.

[Z-tight]

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.

[SmartGold01]

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.

[Aanuoluwatofunmi]

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.

[Asiska02]

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.

[_act_]

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.

[milewilda]

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.

[|MINER|]

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.

[Z-tight]

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.

[bayu7adi]

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...

[Stuart]

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.

[MrSpasybo]

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.

[Aanuoluwatofunmi]

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.

[bayu7adi]

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.

[Bobcrypto]

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