There are a lot of risks that come with trading on nested exchanges, one of those risks being security. Stay SAFU ⤵️
A nested exchange provides crypto trading services through an account or wallet on an existing host exchange.
In this article, you’ll learn how to avoid nested exchanges, the common security issues and how we combat this problem at Binance. Some users prefer nested exchanges because they enforce minimal know-your-customer and anti-money laundering requirements. Perhaps they live an anonymous life off the grid, or even worse, they’re up to something nefarious. More often than not, it’s the latter situation. Here’s how nested exchanges work:Person A deposits the ETH on the nested exchange.
It’s a telltale warning sign if your crypto exchange requires little to no verification checks or trading limits. If you suspect your provider is a nested exchange, you can always use a blockchain explorer to track if your funds came from a wallet on another exchange.The significant risks with these services are the lack of supervision from the host exchange. Remember, by putting the complete trust of your funds in an exchange with minimal security, you are also taking on more considerable risk.
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