Since joining this forum I have seen reasons why I should cautious about doing Kyc and Centralise Exchanges do ask for it but for a Trader is using Centralized exchanges the best ?
If Yes, what is the most secure centralise exchange to use? because I read that aside from a person identity be stolen, they may lost their funds or not been able to access it and this happened to FTX customers
Thwrei no most secure centralized exchange as when the flood comes they won't be able to withstand the heat. Even Binance that's standing head above the rest at the moment, if it gets hit majorly and customers begin requesting for their coins been held on the exchange, I don't they'll be able to withstand the heat and would halt withdrawal. You should never trust any centralized exchange as they can go out if existence at any moment. If many were told that FTX was going to collapse they won't have believe for a second that it was possible but today the rest is history.
Centralized exchange aren't the only option available for trading, we have decentralized exchange that can do the job quite easily. Decentralized exchanges now has the volume that was once held by only the centralized exchanges so complaining of liquidity shoudn't be in the debate anymore. Trading on decentralized exchange is even more comfortable then the centralized exchange and you get to hold the coins in your personal wallet as such if the platform get compromised, you won't be after affected.