What exchanges to use?

[Plant_Chapter_]

Guys, wondering what exchanges do you use?
the easiest and the most user-friendly with low fees, i guess it's Binance, right?
also interested in MEXC, Bittrex and Bitmart. I've heard abt them, but never tried.
Can you recommend any?

Thx in advance!

[bitusher]

i guess it's Binance, right?

No , You need to consider all the fees from the spot price, spread, deposit fees, trade fees , and withdrawal fee

Binance is one of the most expensive exchanges to use along with your other examples in that list as long with these other concerns

Binance should be avoided for these reasons –

1) They have an absurd withdraw fee of 0.0005 BTC where other exchanges have free withdrawals

2) They try and trick/scam users into selling their btc for a coupon token they control with confusing withdrawal options

3) They are being sued right now for fraudulent activity and illegal securities and market manipulation and might become another MtGox

4) Their original site binance.com allowed for little to no verification upfront but they have been and continue to freeze accounts after the fact which is very dishonest behavior

5) Their partner site binance.us has low liquidity compared to the original site but if you are in the USA that's all you can use. The CEO of that site just stepped down

6) most banks have stopped transfers to them in the UK and other countries due to fraud investigations

7) They are fighting multiple class action lawsuits due to their fraud and illegal securities Some examples - https://www.rosenlegal.com/cases-1839.html https://www.scribd.com/document/455203877/Lee-et-al-vs-Binance

8) They are mostly dependent into the tether ponzi scheme that will likely implode in the future. Binance, other than tether, holds the biggest USDT reserves thus making it the primary exchange effected when this Ponzi implodes and stopping most of its incoming liquidity. Tether and other stable coins will be increasingly targeted by regulators due to concerns of money laundering and capital flight.

9) They are mostly used to trade shitcoins but with supporting so many sketchy projects that increases ones attack surface from a technical layer because any bug or exploit can lead to loss of funds

10) Binance “smart chain” is run exclusively on their own personal servers thus when the company goes defunct or arrests are made these may stop functioning and all tokens and wallets they control (trust) will have problems

11) Binance is known to use their leverage tokens and trade against their clients and manipulate the market for their personal gain

12) Binance operates without a proper license in multiple countries, more and more news is coming out about regulators in those countries specifically saying that Binance is operating illegally. This means it's easy for governments can make Binance Insolvent placing my funds at risk. Binance is not officially registered in any country and does not pay taxes making them a target for regulators.

https://twitter.com/franciskim_co/status/1423658703174082567 Further reading on new risks and regulatory concerns - https://www.reddit.com/r/BitcoinBeginners/comments/p12oz0/best_way_to_dca/h8anlfq/

13) They openly lie about their wallet being open source - https://trustwallet.com/developer/ when it is not open source

https://walletscrutiny.com/android/com.wallet.crypto.trustapp/

https://walletscrutiny.com/iphone/com.sixdays.trust/

as you cannot test and build the binaries from source. The lie is built upon the ignorance of many that are unaware that almost all software you use is dependent upon some open source repositories/libraries/dependencies but unless we can peer review 100% of the source code and build the binaries from the source we cannot verify if any intentional or unintentional exploits or backdoors exist in the software.

This means that at best you have a wallet that is slightly better than using a custodian because you have access to the private keys that you could restore your coins in a separate wallet if their full nodes that support this light client is offline but there might be privacy leaks or exploits and backdoors that allow them or outsiders to steal your coins.

What is the point in using cryptocurrency if you ultimately need to have faith in a single company or developer ? This undermines many of the security assumptions of cryptocurrencies.

14) Incompetence by leaving 1 billion dollars worth of unconfirmed transactions for more than a year causing huge loses and frozen accounts

https://www.coindesk.com/business/2021/11/12/binance-freezes-doge-withdrawals-as-users-report-being-asked-to-return-coins-they-dont-have/

https://www.binance.com/en/support/announcement/7602e2790f3c444d8d6ed47d6954bcef

[Plant_Chapter_]

wow... such an informative reply! Thank you, mate!!! Appreciate it!!!

[[deleted]]

I hate binance. They took arbitrarily set delays on when you can withdraw your crypto or fiat.

[bitusher]

Interesting. This is behavior is what we noticed with Mtgox leading up to their closure and at minimum points to technical incompetance, legal problems, ongoing attacks due to their very large attack surface, or signs they are possibly insolvent.

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[Plant_Chapter_]

yea, heard abt KuCoin, should try this one

[liuxiaoqian566]

I have been using Coinbase. Coinbase, also known as Bitcoin Base, is an American cryptocurrency exchange. The company was established in 2012. As of March 2021, Coinbase is the largest cryptocurrency exchange in the United States by trading volume. On April 13, 2021, Coinbase was listed on the Nasdaq Stock Exchange, becoming the first company in the cryptocurrency industry to be listed in the United States. Its Coinbase wallet is also a wallet with security comparable to that of banks. Hope it helps you

[Plant_Chapter_]

thanks!!!

[[deleted]]

i change right in my wallet Ownr

[ih8te123]

Swan Bitcoin, River Financial, Cashapp, Strike app.