Quora: Which is a safe crypto exchange?

Greetings,

The answer depends on which perspective the question based on.

First of all, I am a cryptocurrency lover (certain fans of Litecoin cryptocurrency), investor and the founder of a relevant team. I don’t discredit any digital asset trading platform and activity, some are mentioned in the passage as examples. The brief answer is based on my research and analysis in cryptocurrency and network industry.

In general, major exchanges are your first options without doubts as they’re more regulated and multiple major altcoins supported such as NEO. Then I would like to share my opinions in a way to notify you two existing safety risks in exchange platforms.

Digital assets safety.

Most major exchanges are safe and they have security systems to detect and defend hack activity and virus attack. However, your digital asset safety are not 100% guaranteed when hacking gets greater and stronger, for example, Cloud coin announced that internal trading platform has been attacked by virus.

Additionally, be cautioned that some exchanges have been in rupture and closure such as Namocoin. A few of them, unregulated by laws or organizations, are intentionally not responsible for proceeding refund when experiencing closure. Check where the exchange located and local policy before using it. If you have already uploaded crypto or cash, contact their customer service immediately, or seek for law enforcement.

*e.g. I myself have lost almost 834 pieces of ETC in an exchange without a refund.

Personal information & data safety, nowhere is safe

Your personal information and the data of digital transactions, balance, deposit and withdrawal, etc. are unsafe not only in the exchange but also in related sites. The major reason is that your asset data is too valuable. Your information and data are actually sold to many network companies such as coinmarketcap which is obviously collecting transaction data from exchanges.

Well, this is only a slight part of business. Your account data in Facebook, Google.. has all been at least once collected and sold to buyers who needed it for commercial purpose (Yes, those spamming adds on websites are the result of this).