Topic: Best exchange to start trading? - page 7. (Read 1170 times)

In my opinion, you can't put it that simply. Slippage in particular makes it relatively difficult to predict how high the profit/loss on the sale will actually be. It's similar to selling at the market price on a CEX, where you also don't know what price you will actually achieve.
In addition, techniques such as stop-loss and take-profit do not exist on a DEX (or not to the same extent). This is one of the most important tools for any trader.

I would therefore advise the @OP to start on a highly frequented CEX, e.g. Coinbase or Binance. Not only do you have the required volume there, but the fees to be paid are also known in advance.

Also don't trade with altcoin/USD ita not the ideal pair to trade since altcoins are not that volatile. Since all you are after in trading is to profit, you need the volatile market which is this BTC/USDT. The more volatile the market, the price spikes and plunges deep where you can profite substantially even with just a capital of $200.

There are many markets available for Kaspa, such as KuCoin, Gate.io, Bybit with several pairs available such as KAS/USDT, KAS/TRY, KAS/KRW.
https://coinmarketcap.com/currencies/kaspa/#Markets

If OP means AllianceBlock Nexera (NXRA), then this token/coin is available on several exchanges such as KuCoin, Uniswap v3, MEXC, Bitrue.
Available NXRA token/coin pairs available, NXRA/ETH, NXRA/WETH, NXRA/USDT.
https://coinmarketcap.com/currencies/allianceblock-nexera/#Markets

Currently the best exchange right now is Binance but unfortunately it will not accepting new users since October 2023. However, there are good alternative exchange that is good for trading.

My only advice since you're just a beginner, I would recommend to always manage your risk. I know that we are here for money but we should bear in mind that it will never come easy. Don't force your profit if you see that the market is not tradable. Always stick to your plan.

As with the ability to trade, I feel the DEX with their top DEX platform, like Bitcoin and Pancake, Ethereum and Uniswap, will have a huge advantage. The platform provides a way to trade anonymously and escape government monitoring. There will also be a greater number of coins on the platform than on the CEX. Choosing a CEX depends on a country's residence and the future viability of fiat-crypto exchanges.

Binance is a good one. The exchange also provides P2P which makes the deposit and withdrawal process easier, to access P2P Binance requires a KYC process. Second option MEXC or Kucoin. I used MEXC without KYC until recently.

Op has already mentioned the coins that they want to trade, and you can find it in this post:

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You can no longer trade on Kucoin without passing KYC, Kucoin introduced compulsory KYC since July, and you need to verify your identity before you can access any of their services:
https://cointelegraph.com/news/kucoin-crypto-exchange-to-introduce-mandatory-kyc-in-july

Trading might not be easy the way you see it, you might see two different altcoins pump in less than 24 hours, but that doesn’t mean if you decide to start trading, the coins that you will be trading will pump. When looking at the market and you are not into it yet, everything is always looking easy, but immediately you start trading, you will notice that most of the coins you are trading won’t be pumping, and that’s when you will start noticing a reduction in their prices. If you want to trade, you need to understand what trading is really all about, and you should know that you can easily lose money from trading. Don’t be pushed by what you are seeing in the market currently.

Which coins you want to trade you didn't mentioned. If your coins listed on Binance then it's a good reputed exchange with no doubt but you need to complete kyc on Binance.
Both of kucoin and mexc also major exchanges here you can trade without kyc but you can withdraw limited amount of USD.

Binance is what usually will be suggested but check them out if it's still allowed on your area because AFAIK, there have been some issues from that region.

Well, it's easy for you to check the exchanges available in your location because of your IP. The results will suggest you the most possible and suggested exchanges in your area.

But don't be closed minded to the suggestions, check also those that won't require you to do kyc if kycnot.me is allowed in your location.

If I were a new trader I would stick to the major coins only and use major exchanges. I'm not sure about UK laws but if it's available I would use Binance to trade.
You picked 2 coins from Kucoin, that's also a well known exchange. Since you start with small amount of money don't be scared about KYC processes.

If you just want to get started, there are many Exchanges to choose from.
Binance is the most popular trading place.

But the question is, do you already have good trading knowledge so you feel very confident that you can get a profit with the $200.

At first, you are just a Holder and want to try trading.
It can be risky if you don't have the basics.

It's not easy to grow a profit with just $200, let alone you make quick trades.
Plan to make extra money with $200 capital, it could be the start of you losing $200, and you lose some of your long-term investment.

You think and say very simply but in reality completely different. Every time you think about turning $200 into $300 and $300 into $1000 you will never be able to do it if you actually want to do it. Everyone thinks like you and by participating in trading platforms with your thoughts, at some point it becomes difficult for many to return with the original balance. In some cases people lose their original balance. But I want to tell you that if you are very skilled in trading then you can do trading and if you are less qualified then avoid trading because at any moment your trading can be damaged.

yes Mate i totally agreed with you we have many choice to pick exchanges which most high trustable exchange (Binance , Kucoin , Bitget , Gate etc ) to give us all comforts to make simple way trades and gives us user friendly experience

You want to trade with altcoins, and not Bitcoin; so this topic should prolly be in the altcoin discussion board.

I don't know anything about these two coins you have just mentioned, but i know they are pump and dump coins, you have seen them pump and that's why you want to get in right now, mind you that it is the dump that usually follows next. Altcoins generally do not have any actual utility like Bitcoin does, so they just pump and dump and if you must buy them, you have to know when to sell; if you hodl it longer than necessary, you might end up being a badholder. That's why buying/trading altcoins is generally regarded as gambling.

It will totally depend on the coins you want to trade lol. If you're talking about majors, then just go with the biggest exchange that's available in your country.

If you're going to trade the bottom-of-the-barrel shitcoins, then you're going to need to go with the kuCoin's and Gate.io's.

I would rather use that $200 to invest in Bitcoin than to waste it on trading, I am expecting you to say that I am trying to discourage you because it's what most newbies used to say on here but I don't care, the truth is always something you guys don't want to hear, trading isn't something you can start because you have the money, as a matter of fact put that money aside first, what do you know about trading? Nothing, just because you have money to try trading out doesn't mean you should, there is also no demo trade for crypto trading available that I know of, if you want to know trading start learning first and when you are at a level you are free to use $10- $20 dollars as your testing amount, not $200.

I have cousins that are into trading, as smart and educated that they are, it took them three years to start knowing the real strategy of trading, they started with rush and they lost a lot of money but that's not even the case, the thing is they end up in debt and I came to their rights rescue, trading is not like investing in coins and tokens, it's very complicated and you need to take your time in learning only, fix your mind on learning it instead of thinking about making money right now, the longer you take your time in learning the more you will get better knowledge about trading.

I won't dare stop you if you are ready to pay for your own ignorance though, but I hope you will listen, it's not about having money to trade, it's about the skills you have gained from learning how to trade, start your trading journey today with zero money, learn how to read the charts and other important things, this is like going back to school honestly, you will come back and tell me that I am right.

Like I said I am not looking at trading to make a big return and if I start with $200 will be happy if I can turn that into $1k to then invest the profits in my long term position.

Alliance block I mentioned above has pumped even more and done over 55% now in less than 24 hours so had I put my $200 in when I thought I would now be over $300 in less then a day.

The plan would then be to put that $300+ into another coin that yet to pump, wait for it to go up then repeat till i reach $1k so it is swing trading I am thinking of.

You are not the only who got affected by trading as I was also a victim of such loss as I thought of how easy people were actually claiming trading is and how much profits they have made from it and this increase my anxiousness and curiosity to get into the trading world and I learnt my lesson the hard way as I lost some tangible fund in trading and since then I don't even believe all these ads about how trading is beneficial and how people are using it to make a living and I bet that if you follow these ads you will just end up crashed and wrecked. Although as for now I see that people are saying that trading can be beneficial if you learn the trade very well but with my experience I think even the so called expert get the losses.

You can see the altcoin you are referring to listed on certain exchanges. and you can see the best price and trading volume that you can choose.
whatever you will earn depends on how good you are at trading. You may see the opportunities some altcoins present, but without the skills to trade you won't make anything.
you can't just talk about profits when trading. because there is a risk that you will lose money if you make the wrong analysis.