Post
Topic
Board Exchanges
Re: What are the problemes of crypto currency exchanges?
by
timerland
on 26/07/2019, 11:25:26 UTC
So how can you trade securely? Do you feel comfortable?

How do you see the future of decentralized and centralized exchanges?

I've been trading daily for years, except when I couldn't find anything to trade, or when I didn't have time to look for something, and I was lending my money at those times. But after what Poloniex did (see my signature), I'm not so comfortable, and I've moved some of my coins to my own wallet. Where it just sits without giving me any interest. So I'm always looking for new ways to trade or lend...

I guess we could get some kind of a rating system for exchanges. A bit like the "trusted Seller" logo they have on Ebay.
I believe there are sites where exchanges get rated and their faults are showcased to the public. Cointelligence has a section dedicated to exchanges, rating them and also commenting on their level of security. Based on Cointelligence, the top 5 exchanges (from first to 5th) are Liquid (Qoine), Gemini, Gibraltar Blockchain Exchange, OKex and Kraken. I personally have no used the first 3, but Okex and Kraken are great choices.

If you are scared of losing coins to exchanges, services like shapeshift and DEX always exists. Keep in mind, a common misconception is that Idex is a DEX, while it's more of a hybrid exchange because they utilize smart contracts and you still need to send them coins.

So I want to ask another question. If there is a decentralized exchange: user friendly and easy to use. How can it prove that is it really decentralized? How can you say that 'okay this is really decentralized and I am secure here.'?

Are you blockchain developer? If not, how can believe a person to this?
Most of them are open source and have been verified by other users. Their exchange is built in a way that they literally can not touch your coins while you are trading.