Cryptocurrency exchanges are very well regulated and as such most of them are completely safe to use but then you have to evaluate their terms and conditions especially for your region.
Are all cryptocurrency exchanges safe to use?
- Thread starter Naz Noshin
- Start date
Of course not all are same. Many people have lost millions of dollars in many cryptocurrency exchange platform that claim to be legit. The best exchange platform anywhere in the world are Binance, Coinbase and Luno e.t.c
There are numerous exchanges now, and most of them are present just to scam people and take their hard-earned money, before you put your money into any exchange it's best you read reviews and make research, else stick with the already known ones like binance, luno and some others. Don't ever think all exchanges are legit, because you'll be disappointed if you do so
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All of them are not safe to use. Before you use any crypto exchange, make sure you read it's review or possibly look for someone who is already using it. Some of the crypto exchange that are just coming up are not to be easily trusted.
You should always do your research about something no matter how it is. There are some cryptocurrency exchanges that have very high fees and you should not associate yourself with them.
If you have a lot of money in cryptocurrency, it's best to keep it in a wallet since history has shown that exchanges can get hacked at any time. Even Binance was not spared as one if it's chains was hacked a while ago.
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The reason I like making use of site is that I am not too conversant with a cold wallet or offline wallet,I make use of binance platform to do my online trading and exchange.
You should have stated your location, with that we could have known how to have advise you better.
For example binance is a very trusted cryptocurrency exchanges but residents of US may not be able to have access to it because of some policies.
However there may be other exchanges in such location that is trusted as well.
Most exchanges that are being used to trade shitcoin shouldn't be considered as safe platform. I've heard news about most exchanges like this being hacked.
All cryptocurrency exchanges and not safe to use because they basically have your coins stored and they can do anything with it. This just means that they can go insolvent.
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Sadly, not every bitcoin exchange is secure to use. Be sure you are employing a trustworthy and safe exchange by doing your research. Before using the exchange, be sure to study on its security features and user testimonials.
They are safe to a certain extent, they do not assure you that they can not go bankrupt and simply dissapear, as they have already happened more times, in addition there is no firm regulation that protects you from this, just looking back a little we have the case of FTX, or we can say Mt.gox among others.
I cannot say with certainty that all cryptocurrency exchanges are safe. When there are legit site, they will also be fake. There are, for sure, legit cryptocurrency exchanges but they will also be fake ones. That is why I always advice people to research about cryptocurrency exchanges you want to use.
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