CEX exchange is our first step into the entire cryptocurrency circle, and security is of paramount importance. However, over the years, NPC has seen too many exchanges run away and collapse.
Several ways for exchanges to run away
1. Coins are stolen:
Bitcoinica: In 2012, Bitcoinica suffered three consecutive hacker attacks, losing more than 100,000 bitcoins and being unable to repay the debts. Finally, Bitcoinica was deregistered in November 2012.
MtGox: On February 7, 2014, MtGox, the largest exchange at the time (processing 70% of global Bitcoin transactions), was also hacked. 850,000 BTC were stolen, and MtGox had no choice but to file for bankruptcy.
2. Misappropriation of user assets for cryptocurrency trading
Fcoin: 9,900 BTC from Fcoin’s public address flowed into other exchanges. Many people said that the owner of Fcoin exchange went to other exchanges to play contracts and got liquidated. As a result, FCOIN, which was once in its heyday, chose to run away directly in 2020.
FTX: Alameda once used FTT as collateral to obtain a large loan. FTX lent the funds deposited by customers in the exchange to Alameda for repayment, and worked hard to maintain the price of FTT. When users withdrew large amounts of money, FTX was unable to repay and declared bankruptcy at the end of 2022.
3. Run away directly
ZB: On August 2, ZB Exchange suddenly announced that it had encountered a malfunction and had stopped deposit and withdrawal services without informing the recovery time. It was restored for a while, but on March 7, 2023, ZB Exchange really ran away.
BitForex: On February 23, 2024, a cryptocurrency exchange claiming to be based in Hong Kong quietly transferred nearly $57 million from their hot wallets under the name BitForex and then completely disappeared from public view.
4. Withdrawal due to policy reasons
BTCC: The September 4 incident in 2017 caused BTCC, one of the largest exchanges in China, to withdraw from the domestic market. It never recovered from this and eventually chose to close down.
Yunbi: It was also one of the exchanges that chose to close after the 94 incident. At that time, the quality of the altcoins on Yunbi was very good. Due to the suspension of the exchange, a large number of users chose to sell their coins at half the price and suffered heavy losses.
CEX exchange is our first step into the entire cryptocurrency world, and security is of vital importance. Although DEX (decentralized exchange) is also easy to use, it is not as convenient and hassle-free as CEX traditional exchanges.
1. CEX Exchange integrates C2C business. This is our first step into the cryptocurrency world.
2. For example, exchanges save dex cross-chain fees
3. The exchange has greatly improved transaction efficiency, and the verification time of dex buying and selling is very long
4. The exchange integrates almost all trading methods, such as spot, contract, leverage, options, grid, pledge, loan, copy trading, etc., and it is currently impossible for any dex to have so many trading functions at the same time.
But over the years, we have seen too many exchanges run away and collapse.
The reason is that the discounts offered by fake and swindle exchanges are relatively large, so many people deceive their relatives and friends into buying all kinds of worthless air coins on various swindle exchanges in order to get rebates.
Always, maybe it's because of greed and profit. According to NPC's understanding, in reality, a large number of people enter the cryptocurrency circle through fake institutions.
Advice for everyone
In an uncertain environment, find the platform with the highest certainty (stay away from fake exchanges) to ensure the safety of your assets.
Don't put all your eggs in one basket. Share the risk (diversify your investments) so that even if something unexpected happens, it won't be a big deal.
I would like to recommend two exchanges that I think are the most reliable so far. They have been running stably for many years and have the best reputation so far. They are the best choices in the entire industry.
1. Binance: Binance is the world's largest exchange so far. It originated in 2017 and has been operating stably. The new coins listed are very good. BNB and BSC are also well-known. It is highly recommended that everyone trade on Binance.
2. OXX: OXX originated in 2013 and has been running stably for more than ten years. Domestic players are basically familiar with it. The WEB3 wallet integrated in the OXX APP is also very powerful. It can be said to be one of the must-use exchanges.
But I personally prefer Binance, which is better than other platforms in terms of platform operation and currency selection. Binance has been growing bigger and stronger over the years, and I hope it will get better and better.
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