What is The Reliable Trading Platform For Cryptocurrency?
What is The Reliable Trading Platform For Cryptocurrency
- Thread starter emilyjousha
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There are absolutely NO reliable cryptocurrency exchanges. None. This has been proven more times over than I can count.
This is why it is always recommended by us seasoned crypto folks that you put only as much crypto on an exchange as you intend to trade, and the moment you are done trading you move those coins back to your wallet. Never leave them on any exchange.
Exchanges get hacked. At times these hacks have been proven to be inside jobs. Exchanges have simply vanished from the internet taking millions upon millions of dollars worth of crypto with them.
Also exchanges are very location specific. For example a lot of people in the US use coinbase. But coinbase isn't global and doesn't accept people from every country.
If you want to go the decentralized route you could look into exchanges like Bisq - but even these have been hacked as they not entirely decentralized because there are no perfectly decentralized exchanges.
If you are looking to trade ethereum tokens idex is a popular option that is semi-decentralized (it works by importing your wallet keys making it more secure than most options).
If you only trade the most popular of currencies you can try options like Changelly. In my opinion these types of services are the most secure route however you have pretty much no options to set your own sale price, you either accept what they tell you will get for a trade, or you don't trade with them. I use them the most as they don't require me to do any KYC check and their rates are usually very good on the trades.
So overall I don't think there is a best, it depends on what type of trades you are looking to do, how willing you are to do KYC, and how much risk you are willing to take when using the exchanges.
This is why it is always recommended by us seasoned crypto folks that you put only as much crypto on an exchange as you intend to trade, and the moment you are done trading you move those coins back to your wallet. Never leave them on any exchange.
Exchanges get hacked. At times these hacks have been proven to be inside jobs. Exchanges have simply vanished from the internet taking millions upon millions of dollars worth of crypto with them.
Also exchanges are very location specific. For example a lot of people in the US use coinbase. But coinbase isn't global and doesn't accept people from every country.
If you want to go the decentralized route you could look into exchanges like Bisq - but even these have been hacked as they not entirely decentralized because there are no perfectly decentralized exchanges.
If you are looking to trade ethereum tokens idex is a popular option that is semi-decentralized (it works by importing your wallet keys making it more secure than most options).
If you only trade the most popular of currencies you can try options like Changelly. In my opinion these types of services are the most secure route however you have pretty much no options to set your own sale price, you either accept what they tell you will get for a trade, or you don't trade with them. I use them the most as they don't require me to do any KYC check and their rates are usually very good on the trades.
So overall I don't think there is a best, it depends on what type of trades you are looking to do, how willing you are to do KYC, and how much risk you are willing to take when using the exchanges.
Brightcrusher
Member
In my opinion, there are lots of brokers nowadays who offer brilliant conditions on cryptotrading, that's why everything you need to do is just to surf for such brokers in the internet. Actually, conditions are similaar everywhere. The main differences are in deposit methods and withdrawals. Maybe, there are some differences in leverages and the amount of cryptocurrencies which are avaliable for trading. I suppose that you can pick any broker which you want. Remember that trading activity is a very risky activty because cryptocurrency is considered to be the most volatile asset on the whole market.
Graybeard
Well-Known Member
I think "reliable cryptocurrency" is an oxymoron.
Coinbase may be safer as they are now a public stock company and they have the most to lose if they have any security breaches.
So far GBTC stock trust looks like a close mirror to the Bitcoin price with the caveat that:
Coinbase may be safer as they are now a public stock company and they have the most to lose if they have any security breaches.
So far GBTC stock trust looks like a close mirror to the Bitcoin price with the caveat that:
- if there is some major security exploit/hack that effects the overall BTC market price,
- the GBTC price,
- being based on the trust's BTC owned,
- would be effected also.
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is binance really such a good application?
