This is an automated archive made by the Lemmit Bot.
The original was posted on /r/monero by /u/gr8ful4 on 2024-04-02 09:25:19.
Background of this rating
This extensive list is a Monero community effort over the last 3 years.
Some of the insights may apply to other coins, others may not. Usually the top CEX have 1:1 backing of BTC, ETH and USDT* (other risks may apply) . Everything else may be bought as needed if requested for a withdrawal.
Be aware that some data points change over time. Also be aware that CEX that had never listed Monero like Coinbase (low risk), Bitstamp (low risk) or FTX (extremely high risk) didn't make the list.
USE CUSTODIAL CEX AKA "CRYPTOBANKS" WITH EXTREME CAUTION
Only day traders should use these third parties for their trading stack and ideally withdraw after closing a position. Newcomers should make themselves comfortable with hardware wallets before buying on a CEX and always and immediately withdraw, what they bought.
| Fractional reserve risk | Custodial CEX | XMR status (may apply to other coins) |
|
|
|
|
| Extremely high ⚠️ + KYC risk ⚠️ | KuCoin ➡️ | ⛔ withdrawals closed, regular incidents with XMR, *KYC since 01/24 |
| Extremely high ⚠️ + KYC risk ⚠️ + Scam alert ❌ | Gate.io ➡️ | ⛔ withdrawals occasionally closed, *KYC since 01/24 |
| Extremely high ❌ | Binance | delisted 02/24, ⛔ withdrawals closed most of the time (despite claims to be open for 3 months from delisting) |
| Extremely high ❌ | OKX | delisted 01/24, ⛔ withdrawals closed (despite claims to be open for 2 months from delisting) |
| Extremely high ⚠️ + Scam alert ❌ | Huobi/HTX | delisted 09/22, relisted and "operational" but ⛔ withdrawals closed > 4 months |
| Extremely high ⚠️ + Scam alert ❌ | Poloniex | "operational" but ⛔ withdrawals closed > 4 months |
| Extremely high ❌ | Waves "DEX" | delisted 03/2022 ⛔ withdrawals closed (despite claims to be open for 1 week from delisting) |
| Extermely high ❌ | ~~Bittrex~~ | delisted 01/2021, CEX insolvency |
| Fractional reserve risk | Custodial CEX | status |
|
|
|
|
| High ⚠️ + KYC risk ⚠️ | Bitfinex ➡️ | incidents with XMR |
| High ⚠️ + partial KYC risk ⚠️ | MEXC ➡️ | incidents with XMR, partial *KYC since 02/24 |
| High ⚠️ + KYC risk ⚠️ | CoinEx ➡️ | incidents with ARRR, *KYC since 01/24 |
| High ⚠️ | Tradeogre ➡️ | incidents with KAS and DOGE |
| Fractional reserve risk | Custodial CEX | status |
|
|
|
|
| Medium ❌ | Newton | delisted 06/2021 ⛔ withdrawals closed |
| Fractional reserve risk | Custodial CEX | status |
|
|
|
|
| Low ✅ + KYC risk ⚠️ | Kraken ➡️ | no incidents, delisted in UK, AUS |
USE NON-CUSTODIAL CEX AKA "INSTANT SWAP EXCHANGES" WITH CAUTION
Centralized instant swap exchanges which come with their own set of problems and risks can be a good way for many to route around CEX/CRYPTOBANKS.
Often those come with higher fees, shotgun KYC or are selective scams like "Changelly".
Most of them depend on external liquidity (or are fronts for CEX), which means they will halt or freeze the exchange process just as often as CEX (main culprits are ChangeNow and FixedFloat). In times of bigger market movements many of those sites will abandon trades that are not favorable for them.
You can use an aggregator like Trocador.app that has a security bond for transactions of up to $1000 and gives you a clear indication about competitive pricing and KYC risk.
| Instant exchange risk | Non-custodial CEX | status |
|
|
|
|
| Extremely high ⚠️ + Scam alert ❌ | Change**lly | selective scamming |
| Extremely high ⚠️ + KYC risk ⚠️ | ChangeNow | liquidity problems with long holds on funds |
| High ⚠️ + KYC risk ⚠️ | FixedFloat | liquidity problems |
| High ⚠️ + KYC risk ⚠️ | Godex | liquidity problems |
| High ⚠️ + KYC risk ⚠️ | StealthEx | |
| High ⚠️ + KYC risk ⚠️ | Simpleswap | |
| High ⚠️ | Swapuz | |
| High ⚠️ | Swater | |
| High ⚠️ | alfacash | |
| High ⚠️ | Letsexchange | |
| Medium | BitcoinVN | no known incidents, own liquidity pool |
| Medium | Exch.cx | no known incidents, proof of reserves, own liquidity pool |
Satoshi taught us not to entrust our money with third parties.
Not your key, not your coins
Crypto is all about control over your own money. If you don't self-custody, it means you entrust your stack, in some cases your life savings, with a third party that may or may not have ulterior motives, may or may not be a scam or may or may not be controlled or extorted by a rogue government.
The process of learning to become self-sovereign might include some pain. But as crypto history shows us, keeping "your" coins in the hands of a custodian is a 100% guarantee to set yourself and the community up for failure.
If you are in it for the gain, be smart and do it on-chain.
What exchanges to use then?
There are plenty of better (more secure, private, trustless) however still more inconvenient solutions that are preferable over using KYC/CEX. Those often come at a higher price as security and privacy have a price, but not necessarily at a lower speed. Indeed starting from zero, signing-up for a cumbersome and intimidating KYC process will often take days or weeks sometimes placing holds on funds while a P2P market like LocalMonero will give you access to coins <1 hour and coming at the benefit of not giving up your right to privacy.
| Exchange method | Exchanges | Trust level |
|
|
|
|
| DEX | bisq, Haveno | ✅ escrow |
| P2P | LocalMonero. AgoraDesk, Robosats, Zapit, Peach Bitcoin | ✅ escrow |
| Atomic swaps | Samourai Wallet, UnstoppableSwap.net, AtomicMonero, BasciSwapDEX | ✅ trustless |
| AMM (automatic market makers) | SeraiDEX, Maya, Thorchain, Uniswap | low for users / medium for liquidity providers (hacks) |
| Mining (buy via electricity) | XMRrig, Monero GUI, Grupax | ✅ trustless |
| Earning (buy via services and products) | any products or services | low - ⚠️ high (scams) |
What can you do?
If you are into cryptocurrencies for more than just some side gamble you really want to learn how to use the right tools to manage your money in a self-sovereign and self-custodial way. The more people learn about the risks involved and how to mitigate them the better for you and the health of the whole ecosystem.
