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Topic: A tip for choosing the exchange. - page 3. (Read 843 times)

legendary
Activity: 2926
Merit: 1130
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October 10, 2018, 03:20:34 PM
#49
Forget about how much the fees on every exchange because I am sure that the fee is not too big especially if we can get a big profit. I think you can try to choose a big exchange with a big list of coins and that exchanges can move fast than the other exchanges so you can have a chance to chase the profit. Besides that, you need to think about their customer service because this is important for every customer so they can solve the problem as soon as possible.
Yeah, fees may not necessarily matter anyway when you are a low volume trader, but for high volume trader, it is usually something to always consider. However, like you said, it is not just about the fees alone as there is so much about the reputation of the exchange itself that should not be discarded. What is important most of the time is to just find good exchange with a very quality number of coins and that is actually what is mostly important.

Customer service is also a very important thing when it comes to exchange but for reputable exchanges most time, it would not always be needed, as hardly will you find a reason to. I am honestly in love with Binance because it has almost all the things I want in a single exchange, but all the same, coupled with the fact that I prefer spreading risks across exchanges, I make use of bittrex and Kucoin as well.
full member
Activity: 686
Merit: 100
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October 10, 2018, 11:12:55 AM
#48
Exchanges establish their own fees. The fees are different not only between exchanges but sometimes between different trading pairs on the same exchange. Use a free service like Switchain to compare rates between a few different exchanges for each individual transaction.

There are custodial and non-custodial exchanges. Put simply, the first ones hold onto your assets that you leave with them which is what makes it vulnerable. Once it's hacked there's nothing you can do but watch. Non-custodial ones only hold your assets for the time necessary to complete the exchange.

Hope this helped.



Some people afraid about fees but for me delay is the biggest problem. I play buy fast sell fast no need time to wait because price action always move. For people who using strategy like me finish transactions in short time is very important because if I can make a lot transaction my profit will be double but also my losses.
full member
Activity: 456
Merit: 100
October 10, 2018, 08:56:05 AM
#47
Nah, the bottom line here is don't leave any amount in exchange sites that in the first place you can't afford to lose.
Having high fees is all usual nowadays and so far biggest fee that I encountered was 0.001btc in hitbtc and hotbit.
I think what should we look at is the credibility of exchange sites and likely its trading volume.
member
Activity: 115
Merit: 14
October 10, 2018, 07:37:58 AM
#46
Security of funds should be paramount in selecting an exchange, hence I go with known and well established exchanges, then other important factors should be about the fees, both trading and withdrawal, volume, trade pairs and quick responses to user issues. Then am fine
Security of funds is something that has to do with a whole lot of users themselves and hardly will you see any exchange today that does not have 2FA enabled and if there is no 2FA available, you should not even be bothering yourself about using such an exchange at all.

Additional layer securities are there for users to protect their funds, not this is totally different from using an exchange that is known to be problematic and full of scams themselves, which is one reason why I believe before using an exchange, get to see what people are saying about each exchanges first and you won't miss it when making your own decision.
legendary
Activity: 1302
Merit: 1037
October 09, 2018, 05:13:21 AM
#45
Exchanges establish their own fees. The fees are different not only between exchanges but sometimes between different trading pairs on the same exchange. Use a free service like Switchain to compare rates between a few different exchanges for each individual transaction.

There are custodial and non-custodial exchanges. Put simply, the first ones hold onto your assets that you leave with them which is what makes it vulnerable. Once it's hacked there's nothing you can do but watch. Non-custodial ones only hold your assets for the time necessary to complete the exchange.

Hope this helped.


I do think that every exchange out there is vulnerable to any attack that will come hackers, though some of them will be difficult and be able to withstand attacks to a certain level. The very first thing you should have in my mind is to not buy from a place that will disappear overnight. After that, consider your location and the exchange that is best for your location.

Next is the level of security, you need one that has a strong level of security just like Coinbase. Maybe this will help you choose, read this article on CNBC– https://www.cnbc.com/2018/03/21/how-to-pick-the-best-cryptocurrency-exchange.html
jr. member
Activity: 341
Merit: 4
October 09, 2018, 01:50:43 AM
#44
Forget about how much the fees on every exchange because I am sure that the fee is not too big especially if we can get a big profit. I think you can try to choose a big exchange with a big list of coins and that exchanges can move fast than the other exchanges so you can have a chance to chase the profit. Besides that, you need to think about their customer service because this is important for every customer so they can solve the problem as soon as possible.
full member
Activity: 882
Merit: 126
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October 08, 2018, 04:19:59 AM
#43
Thanks for the tips. IMO, reputation of exchanges and trading volumes are important apart from trading fees. It is good to weigh these factors when choosing an exchange.

I concur. For me, trading fees is the least factor when choosing a good exchange. I would rather choose one with a higher fee with a way better security.
Higher fees doesn't mean high security so you need to pick the exchange based on the reputation not by fee and to be honest the most reputed exchange is Binance where the fee also very less when compared to others.No exchanges have better security so neer store your fund in any of the exchanges after the trade completed.
full member
Activity: 826
Merit: 100
October 08, 2018, 02:51:08 AM
#42
Thanks for the tips. IMO, reputation of exchanges and trading volumes are important apart from trading fees. It is good to weigh these factors when choosing an exchange.

I concur. For me, trading fees is the least factor when choosing a good exchange. I would rather choose one with a higher fee with a way better security.
satisfying security and service i think it will be more in demand, compared to transaction costs. other than that there are many large exchanges with higher costs, but have many members
legendary
Activity: 2114
Merit: 1149
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October 08, 2018, 02:11:58 AM
#41
Thanks for the tips. IMO, reputation of exchanges and trading volumes are important apart from trading fees. It is good to weigh these factors when choosing an exchange.

I concur. For me, trading fees is the least factor when choosing a good exchange. I would rather choose one with a higher fee with a way better security.
newbie
Activity: 1
Merit: 0
October 08, 2018, 01:17:11 AM
#40
Thank you for this depth this will help you specify the previous ICO before they should be started or making for advertising for their. I would suggest that you continue to update the database paths frequently to accommodate more data that will come later. Smiley
sr. member
Activity: 826
Merit: 252
October 08, 2018, 01:02:08 AM
#39
Exchanges establish their own fees. The fees are different not only between exchanges but sometimes between different trading pairs on the same exchange. Use a free service like Switchain to compare rates between a few different exchanges for each individual transaction.

There are custodial and non-custodial exchanges. Put simply, the first ones hold onto your assets that you leave with them which is what makes it vulnerable. Once it's hacked there's nothing you can do but watch. Non-custodial ones only hold your assets for the time necessary to complete the exchange.

Hope this helped.



Fees is not my problems but how they give good services and solve my transactions problem is more important. Low fees not guarantee they can give us best services but most exchange with difficult rules and high fees can. I will not suggest you to take exchange with high fees but see how they works will much better, replace your money on that will create better transactions.
sr. member
Activity: 1988
Merit: 283
October 07, 2018, 10:27:51 PM
#38
 Make some research about the exchange mate don't ever jump quickly because mostly exchange has big fees and high minimum withdrawal which not fair. And sometimes scam.  So make sure to make a research to ensure if it's friendly exchange. 
sr. member
Activity: 616
Merit: 252
October 07, 2018, 08:12:13 PM
#37
I think the second part is not necessary anymore, just by choosing a well reputable exchange will make you money safe as they are the ones who are legally operating under the law as well as they are the ones who are legally liable once something has happened in your money while it is with them. Rates and fees also are highly competitive and you won't see any big difference. For me what a trader would need to look into more are its withdrawal options with them as some exchanges really don't have any good withdrawal options for some countries.

Well, it is your duty that when you do some transactions in an exchange, you should check first the fees, the withdrawal options and especially the reviews of the people of the exchange. I would check first if their customer service is responding and how fast they can deliver the service. It would check as well the possible problems that will rise. Nevertheless, I wouldn't keep a coin in an exchange if I intend to hold a coin for the long time because there is always a risk that it will be hacked.
full member
Activity: 413
Merit: 100
October 07, 2018, 07:51:12 PM
#36
I would like add one more tip. Traders should also choose an exchange which complies with the regulations including KYC/AML compliance. Governments are tightening their policies and regulations towards cryptocurrency as it is an easy method for terrorists, smugglers and scammers to transfer their cash without getting caught.
I noted that majority of exchanges manipulating their markets with fake trades, you need to consider about this issue as well.
Well, thanks to OP's tip surely it will enlighten us. Correct, choosing a good and reputable exchange is to lower your risk in putting the fund. There are many exchanges now having shady services to the trader, they are freezing your fund and you cant avail to withdrawn it back.
I don't like having KYC but most likely exchange now implementing on that law just to have a minimal scam activity, but there is a risk to us by sharing our personal data.


Although there's a risk in sharing our personal data, but the important is you keep you personal passwords or any private keys confidential. Of course you won't deal with those new and non reputable exchanges to get some of you personal information, so you're still safe with your self identifications submitted. We should entrust our funds on those exchanges with higher volume of trading funds and have that assurance of trading security upon withdrawal of your profit specially the trading fee of the trading site.
member
Activity: 130
Merit: 10
October 07, 2018, 07:13:53 PM
#35
For me, If you are choosing an exchange, you must be wise to keep safe of your coins. Choose an exchange with a good reputations to avoid loosing of your coins. Some exchanges are scam.
member
Activity: 560
Merit: 13
October 07, 2018, 05:56:28 PM
#34
Good exchange is exchange that operated more than 2 or 3 years and they has good reputation, never get any hack and comply with the regulation in the country their located. I used Bittrex and Poloniex more than 2 years and i have balance in that exchange also since 2 years and untill now that my balance is safe. So this both exchanges is one of the best exchanges.
I don't know what are those exchanges in cryptocurrency that operates 2 to 3 years but maybe, it is one of the reason we need to see if a certain exchange is legit or not. There are many exchanges that exist nowadays and the worst is, most of them are scam exchange. If I will trade my coins, I always wait for a centralized exchange or popular.
hero member
Activity: 1470
Merit: 509
October 07, 2018, 05:31:12 PM
#33
Good exchange is exchange that operated more than 2 or 3 years and they has good reputation, never get any hack and comply with the regulation in the country their located. I used Bittrex and Poloniex more than 2 years and i have balance in that exchange also since 2 years and untill now that my balance is safe. So this both exchanges is one of the best exchanges.

You're right what you said. But i don't recommend you to keep your money in exchanges which centralized and never give you the private key. Also they can freeze your money on any problem, even they won't tell you that. You just need to keep your money in the offline wallet.
jr. member
Activity: 1050
Merit: 1
October 07, 2018, 05:02:53 PM
#32
One of the Don'ts of trading is never to leave assets/coins on any exchange — no exchange is beyond hacking. Nevertheless deal with the ones that have proven themselves to be reliable and credible. Other criterium to watchout for is good and responsive customer service.
hero member
Activity: 1806
Merit: 672
October 07, 2018, 01:17:37 PM
#31
I think the second part is not necessary anymore, just by choosing a well reputable exchange will make you money safe as they are the ones who are legally operating under the law as well as they are the ones who are legally liable once something has happened in your money while it is with them. Rates and fees also are highly competitive and you won't see any big difference. For me what a trader would need to look into more are its withdrawal options with them as some exchanges really don't have any good withdrawal options for some countries.
full member
Activity: 938
Merit: 105
October 07, 2018, 01:08:51 PM
#30
I would like add one more tip. Traders should also choose an exchange which complies with the regulations including KYC/AML compliance. Governments are tightening their policies and regulations towards cryptocurrency as it is an easy method for terrorists, smugglers and scammers to transfer their cash without getting caught.
I noted that majority of exchanges manipulating their markets with fake trades, you need to consider about this issue as well.
Well, thanks to OP's tip surely it will enlighten us. Correct, choosing a good and reputable exchange is to lower your risk in putting the fund. There are many exchanges now having shady services to the trader, they are freezing your fund and you cant avail to withdrawn it back.
I don't like having KYC but most likely exchange now implementing on that law just to have a minimal scam activity, but there is a risk to us by sharing our personal data.
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