What are your views on cryptocurrency exchange? - Seedly
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Shareen Teo

Asked on 11 Aug 2018

What are your views on cryptocurrency exchange?

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Amos Goh
Amos Goh, BBA at National University of Singapore
Level 4. Prodigy
Answered on 17 Aug 2018

Hey Shareen!

It depends on what aspect you're interested in, so it'll be helpful if you can let us know more!

As a user, cryptocurrency exchanges are necessary if you're looking to get your hands on some tokens / cryptocurrencies. There are different ways to categorise & look at cryptocurrency exchanges. Here are some ways to look at them:

  1. Centralised vs decentralised: Centralised exchanges (e.g. Coinbase & Binance) act as the middleman in storing your tokens & conducting your buy / sell orders, whereas Decentralised exchanges (e.g. IDEX) use smart contracts and other technologies (e.g. atomic swaps) to conduct your trades completely peer-to-peer. Generally, centralised exchanges are more usable and have greater liquidity, but represent a 3rd-party risk. Decentralised exchanges are theoretically more secure, but have lower liquidity and are less usable.

  2. Fiat-to-crypto vs Crypto-to-crypto: Fiat-to-crypto (e.g. Coinbase & Coinhako) are usually used to exchange your SGD / USD to major cryptocurrencies (e.g. BTC / ETH / LTC), whereas your crypto-to-crypto exchanges (e.g. Huobi & Binance) help you exchange your cryptocurrencies to other cryptocurrencies.

Logically speaking, as a new user looking into cryptocurrencies, you'll use a fiat-to-crypto exchange such as Coinhako to acquire your major cryptocurrencies. If you want to own other cryptocurrencies, then you can use crypto-to-crypto exchanges such as Binance.

Hope this helps!

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HC Tang
HC Tang, Financial Enthusiast, Budgeting at The Society
Level 9. God of Wisdom
Answered on 16 Aug 2018

Not safe to use, few got hacked. Must buy hardware wallet to store your cryptocoins and ensure it is not connect to any network. Store your private ekey somewhere else safe also.

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James Yeo
James Yeo
Level 5. Genius
Updated on 07 Jun 2019

Go for established ones like Binance, Huobi etc.

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James Yeo
James Yeo

17 Aug 2018

The above i mentioned are for crypto to crypto.
Kenneth Lou
Kenneth Lou

17 Aug 2018

cool understand!
Gabriel Tham
Gabriel Tham
Level 9. God of Wisdom
Updated on 15 Sep 2018

Quite a few of them got hacked. I don't feel they are as safe as banks now. And crypto is losing their value now.

Blockchain is a good technology but crypto may or may not be useful. I feel the investment is too risky.

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