Topic: A tip for choosing the exchange. - page 4. (Read 871 times)
Just go to the coinmarketcap and choose some exchanges you can use for your money to earn a good profit and now you just need trade your coins.
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.
I noted that majority of exchanges manipulating their markets with fake trades, you need to consider about this issue as well.
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'm also using Bittrex as my cryptocurrency exchanger, its good, fast and reliable. So when choosing an exchanger, make sure that they are operating legally, safe and secured it is very essential to all user of the exchanger when it is safe and secured, hack-proof and system error=proof. Recently i used Bancor for a single transaction and i am impressed although fee is quite higher, im looking to use bancor as my optional exchanger. 
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.
If good exchange is that operated more than 2 to 3 years. How about Binance, okex, and houbi these 3 exchange as far as I know surpassed Bittrex and Poloniex already and these 3 exchange platform also listed on top 10 exchangers. Probably, in choosing a good exchange I think the good basis is the volume itself they have. Meaning, years is not a basis for us to know the good exchange.
If you're exchanging large amount, those transaction fees is almost negligible realizing that you need to store your coins to the most secured exchanges. Always put in mind, security is one of the most important things about cryptocurrency. However, develepers are still working on it to setup a hacker-proof exchanges.
Go to coinmarketcap anf find some good exchanges for suited for you. Because top 10 in coinmarketcap is so nice and legit if you choose in for your trading work.
it's not enough you have to do an analysis based on the other trader's response to an exchange. I give the example of hitbtc all seem safe and reliable but some traders often complain about services there.it can be a consideration for you.
a flawless or 100% service which there would really be possible errors or issues to be faced might not be today or in future.The important thing is just stick to the current famous ones because you can somehow assure that they are really better than the rest.
Go to coinmarketcap anf find some good exchanges for suited for you. Because top 10 in coinmarketcap is so nice and legit if you choose in for your trading work.
it's not enough you have to do an analysis based on the other trader's response to an exchange. I give the example of hitbtc all seem safe and reliable but some traders often complain about services there.it can be a consideration for you.
Even if we are listing exchanges, HitBTC should not even be counted among. This is an exchange that is engaged in day light robbery like you said, no support, not even a good platform to trade on, several attempt to keep stealing users fund and so much more and I still wonder why people still make use of this exchange by the way.
People (mainly noobs) these days look for exchanges with soft to no verification policies, and exchanges that continue to list utter shitcoins. Hitbtc checks all noob-requirement boxes, and for that reason it managed to grow out to where it is right now. I think it's safe to say that 7 out of 10 exchanges are straight garbage and operating illegally due them not having the required licenses and registrations.
In the end, can we really blame some of these exchanges for being absolute scam holes? It's people's fault to use these exchanges with how much information there is available to read into before signing up. The noobs using these exchanges make sure they they act as the demand needed by these exchanges to exist. Without noob demand there won't be any scam exchange. It's that simple.
People really need to start looking at themselves and acknowledge how they are the reason exchanges as Yobit and Hitbtc are still a thing today.
Most traders don't care about those things. They are after for the money that they will get. But once they are screwed and can't get out of their coins, they are crying so loud about the scamming activity of that exchange. They should be very careful at the start. It is almost impossible to get what you lost because very few to no one will help you in recovering those money lost.
it is absolutely true to what you say, and almost all exchanges determine the costs they set, and I don't think that is a problem because it is their rule.
Go to coinmarketcap anf find some good exchanges for suited for you. Because top 10 in coinmarketcap is so nice and legit if you choose in for your trading work.
Even if we are listing exchanges, HitBTC should not even be counted among. This is an exchange that is engaged in day light robbery like you said, no support, not even a good platform to trade on, several attempt to keep stealing users fund and so much more and I still wonder why people still make use of this exchange by the way.
People (mainly noobs) these days look for exchanges with soft to no verification policies, and exchanges that continue to list utter shitcoins. Hitbtc checks all noob-requirement boxes, and for that reason it managed to grow out to where it is right now. I think it's safe to say that 7 out of 10 exchanges are straight garbage and operating illegally due them not having the required licenses and registrations.
In the end, can we really blame some of these exchanges for being absolute scam holes? It's people's fault to use these exchanges with how much information there is available to read into before signing up. The noobs using these exchanges make sure they they act as the demand needed by these exchanges to exist. Without noob demand there won't be any scam exchange. It's that simple.
People really need to start looking at themselves and acknowledge how they are the reason exchanges as Yobit and Hitbtc are still a thing today.
mostly what happens is they stay in the exchange to avoid the large transaction fees.
The problem is they will get something out of your trade and then they will take another from your withdrawal.
Miners fee + others. Can't they just change it into dynamic mode? One of the questions I have been trying to look for answers.
Another is like HitBtc which is a robbery. Deposit fees. Ergh. That is just too much if you add the payment that you will have to do from all that little move you made.
Even if we are listing exchanges, HitBTC should not even be counted among. This is an exchange that is engaged in day light robbery like you said, no support, not even a good platform to trade on, several attempt to keep stealing users fund and so much more and I still wonder why people still make use of this exchange by the way.The problem is they will get something out of your trade and then they will take another from your withdrawal.
Miners fee + others. Can't they just change it into dynamic mode? One of the questions I have been trying to look for answers.
Another is like HitBtc which is a robbery. Deposit fees. Ergh. That is just too much if you add the payment that you will have to do from all that little move you made.
Normally, we should expect that exchanges will always tend to make a whole lot for themselves, and even though we may want to see something dynamic, they are in it for the business of rendering service and bills got to be paid, isn't it ? However, being lenient with the fees is one thing that we should clamor on, and for what it is worth, we have seen exchanges like Binance doing a great job so far.
There are no sure shot tips that can guide you for selecting the best in the industry. One can surely conduct proper research before finalizing a deal. You can read articles on the internet and get guidelines from people who are already involved in trading on various exchanges. Some of the basic tips that you should consider before opting an exchange are mentioned below:-
Security:- An exchange must be equipped with high-security features ensuring the excellent safety of the funds of their traders.
Supports Multiple Cryptocurrencies:- As we all know that there is not just one cryptocurrency format known as bitcoin, but there are a lot of other cryptocurrencies in the market. You need to check whether the cryptocurrency you want to deal with is being traded on the exchange.
Liquidity:- It is necessary that the exchange offers sufficient liquidity and trading volume to help ensure your transaction is quick and easy.
Fees:- This is the most critical factor to be considered. You need to make sure that the fees that are charged by the exchange are not very high. At the same time, you do have to see that you are not selecting an exchange that charges very less or nominal fees, because if you pay next to nothing in transaction fees and then you might lose your funds to a potential hacker's attack. So always prioritize security over fees.
Location:- It is one of the factors which is neglected the most. The location of your selected exchange will dictate the regulations it will have to comply with.
The tips as mentioned above are being taken from a blog found online. To know more about the tips mentioned in the blog, you can visit the following URL:- https://medium.com/@ibinex/key-features-to-be-considered-before-choosing-a-crypto-exchange-b628a718e812
Security:- An exchange must be equipped with high-security features ensuring the excellent safety of the funds of their traders.
Supports Multiple Cryptocurrencies:- As we all know that there is not just one cryptocurrency format known as bitcoin, but there are a lot of other cryptocurrencies in the market. You need to check whether the cryptocurrency you want to deal with is being traded on the exchange.
Liquidity:- It is necessary that the exchange offers sufficient liquidity and trading volume to help ensure your transaction is quick and easy.
Fees:- This is the most critical factor to be considered. You need to make sure that the fees that are charged by the exchange are not very high. At the same time, you do have to see that you are not selecting an exchange that charges very less or nominal fees, because if you pay next to nothing in transaction fees and then you might lose your funds to a potential hacker's attack. So always prioritize security over fees.
Location:- It is one of the factors which is neglected the most. The location of your selected exchange will dictate the regulations it will have to comply with.
The tips as mentioned above are being taken from a blog found online. To know more about the tips mentioned in the blog, you can visit the following URL:- https://medium.com/@ibinex/key-features-to-be-considered-before-choosing-a-crypto-exchange-b628a718e812
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
In as much as fee is one major factor for trading and choosing an exchange, most especially for high volume traders, I would still not say it should be the only criteria to choosing an exchange. There are so many exchanges out there, and you really want to be sure, you are not ending up with the wrong one all in the name of looking for lower fees.
It is important to check the reputation of each exchange in terms of security, support and some other relevant things which includes fee as these should be the criteria you will be putting all together to know where you want to be trading. Like many people here, based on listing of one trading-pair, I am forced to sign up with an exchange. At those times, just checking with coinmarketcap and finding that coin's all exchange are the few steps being followed before signing up with an exchange.
It is important to check the reputation of each exchange in terms of security, support and some other relevant things which includes fee as these should be the criteria you will be putting all together to know where you want to be trading. Like many people here, based on listing of one trading-pair, I am forced to sign up with an exchange. At those times, just checking with coinmarketcap and finding that coin's all exchange are the few steps being followed before signing up with an exchange.
For investors (long term traders) trading fees are unnoticable. They are noticable for daytraders/ short term traders. But for them there are thing that are dozen times more important (like liquidity, spread, trust, interface, sharpness (time from creating order to beeing it anable to fulfill by other trader - simply if i create order and its on market 10 s after, then i cancell it and i have money 20 seconds after - its not for daytrader)
So this tool is useless. Trading fees are not the only factor in choosing exchange.
I have 1 feature of good trading platform. Its name has to be Binance. That the best option for regular trading. Its sharp, without fake trades, has great interface, its secured the most. Binance help even users with hacked API kays. It also has highest volume (lowest spread) and very low trading fees. I've used at liest 10 exchanges (just to utilize shitcoins that i had for free). Noone was even close to binance. And none of new trading platforms will ever get close to binance because every new one will have volume close to 0 (huge spread). To convince me to switch from binance it must mature, get good reputation, survive few hackers attack without loosing coins and get massive volume. I dont think that it is possible in less than year.
So this tool is useless. Trading fees are not the only factor in choosing exchange.
I have 1 feature of good trading platform. Its name has to be Binance. That the best option for regular trading. Its sharp, without fake trades, has great interface, its secured the most. Binance help even users with hacked API kays. It also has highest volume (lowest spread) and very low trading fees. I've used at liest 10 exchanges (just to utilize shitcoins that i had for free). Noone was even close to binance. And none of new trading platforms will ever get close to binance because every new one will have volume close to 0 (huge spread). To convince me to switch from binance it must mature, get good reputation, survive few hackers attack without loosing coins and get massive volume. I dont think that it is possible in less than year.
I totally agree and I hope that more people read your post and realize that a good exchange should have all that you mentioned in your post.
OP, I do not think you should worry too much about the fees that are charged, but worry about the things that @Tytanowy Janusz mentioned. Imagine that one day you use yobit because the yobit bastards would be charging very low fees, but at the time you withdraw your coins do not get in your wallet and yobit support ignores you for years. in the end it was not a good decision to use yobit
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.
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.
And mostly what happens is they stay in the exchange to avoid the large transaction fees.
The problem is they will get something out of your trade and then they will take another from your withdrawal.
Miners fee + others. Can't they just change it into dynamic mode? One of the questions I have been trying to look for answers.
Another is like HitBtc which is a robbery. Deposit fees. Ergh. That is just too much if you add the payment that you will have to do from all that little move you made.
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.
Necessarily does not have to be more than 2 or 3 years, but most of the time, there is always something that comes with reputation and for an old exchange that has been doing well, it is normal for traders and investors to want to tend to that area. Moreover, if we are to be looking at years, I am sure HitBTC has been on for quite some years now, and if we really are to judge based on that, I am sure you will definitely know the answer to give in terms of using HitBTC or the likes of Yobit.
There are new exchanges that are building good reputations, have a nice platform, very good fee and a nice support, and as far as I am concerned, as long as you know the exchange is compliant to a regulatory body and all these things are in place, then there is nothing stopping you as a trader from using such e.g. the likes of binance and Kucoin.
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.
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.
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.
That's nice to share this, it's very useful to all newcomers here in forum to get an idea for choosing about in exchange site. Actually, there are many popular exchange site that we can use like bittrex, binance and poloniex etc. Just be careful to used it, study first on how to used it.
Jump to: