Reliable exchanges:
Choose that one exchange that good with the user and has a good background, Portability, Efficiency, security, and provides friendly interference in the market.
This is one of the biggest challenges in trading, finding the perfect exchange, the best would have been decentralized ones, but they don’t have much liquidity and also many trading features like the centralized ones. Then the centralized ones no matter how reputable they are defeats the purpose of anonymity and privacy through collection of KYC details, with also the risk of losing your funds when they get compromised.
Exactly! Additionally, the few exchanges that permit trading without KYC may offer less liquidity in efficient trading features that a trader need, which is why most traders prefer reputed exchanges that require KYC before trading on them.
While good and reputable centralized exchanges have good trading features, KYC requirements make them a no-go option for traders that cherish their privacy due to trust issues.
The best way to beat this when trading on centralized exchanges would be using two or more of the top exchanges. This way one will be able diversify there funds into many different exchanges and as such minimizes the risk of closing everything when a particular exchange get compromised.
Can this be the possible solution?
I just feel it may minimize the risk of losing your money at once because anything can happen with centralized exchanges at any time; therefore, I will prefer to buy and hold Bitcoin for the long term rather than risk my funds on CEX.