How do you define a good exchange? - page 11.

djmixen

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Activity: 518

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Quote from: Lugdunex on April 16, 2019, 09:58:07 AM

Hello to all the Bitcointalkers!

Because it is my first post, I have, at least, to present myself in several words. I am a coins/tokens dev and web developer full stack.
After several years of crypto experience, I decided to create my own project. It is not a coin, nor a token (there is already plenty of ERC20 tokens and coins), it is a cryptocurrency exchange.

There is already some exchanges available on the web, but I would like to build one which may fit to Bitcointalk users, it's why I opened this thread, and ask you today what do you like the most in crypto exchanges, as well as the things that you dislike. It can be specific features, themes, properties...
I want to build a good exchange, and for that I need to know your preferences.

Waiting for your replies

Lugdunex

I cannot define the good exchange, maybe if the exchange has a lot of coins that have big volumes I could say it's a good exchange.
One of a good example of this are Binance, Bittrex, Bibox, Houbi, Bitforex, and Kucoin because for me as long as you earn and you comfortable
that your assets are safe that means the exchange you used is safe in my own perception.

sulendra12

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Undeads.com - P2E Runner Game

Quote from: Salauddin1994 on August 29, 2020, 08:16:18 AM

One of the above exchange sites there is no need to search for these later investors invest with a lot of confidence.

Those exchanges are really fine and safe to invest, but even though those exchanges are legit you need to actually do a research for making a decision which coins are the best to actually invest. I mean good exchange doesn't mean they have good coins too! Poloniex is a great example a good exchange but they have a bunch of shitty coins.

whyrqa

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Activity: 1093

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Quote from: ?? on ??

It depends on several criteria such as :

1-Geographical location and restrictions;
2-Transaction fees;
3-Security, anonymity, and support;
4-UI and ease of use;
5-Volume and liquidity.

Furthermore, cryptocurrency exchanges should be used for trading and purchasing, not for storage.

I believe that in addition to the points that you have already named, I would add an item with multi-level protection, as well as with several options for confirming all actions on the exchange using a phone number and email, as well as two-factor authentication. In addition, the exchange can be selected according to the availability of guarantees from the administration, such as binance, which has a fund for hacker victims if something happens to the user's funds. I believe that this is also a great argument when choosing a cryptocurrency exchange.

nasipadang

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The first for me is security, in system development class lessons and technology development that I must prioritize is the security of the system. Then it is continued with UI / UX because of the user's interest based on this, from these two things the user trust arises. For the features myself I prefer the features for technical analysis, chat, demo, and basically features that help trading.

Salauddin1994

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Binance, Kucoin are a really good investment site these are very reliable in the crypto market and there is no fear of being scammed. Exchange fees are much lower we always refer to good sites as reliable sites and the tendency to lower fees. One of the above exchange sites there is no need to search for these later investors invest with a lot of confidence.

bangkecol

sr. member

Activity: 784

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Good exchange is an exchange that have easy features to use even a common people. Then, Fast loading website, low fee withdrawl and zero fee for deposits, No KYC needed.And don't forget to have fast respond contact support if users face problems.

Free1bitco.in

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Quote from: Renampun on August 28, 2020, 11:35:46 AM

Quote from: AnwarDah on August 28, 2020, 06:19:22 AM

Everyone of us has its own definition of a good exchange; and it depends on what they are looking for and their own preferences. For me, a good exchange is the one that cares about its users, always has good projects, and has low trading fees. Isn't this what we all want? I found all of this when I started using ProBit Exchange.

you are right but the security is still the main thing...
for me a good exchange can maintain the trust of its users, cheap fees are useless if the exchange is only profit-oriented and not user-friendly/safety.

Well, even though we have each definition of a good exchange, we also have in common that good exchanges like Binance, Kucoin, Okex, and other exchanges are already popular and trusted.

Renampun

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Activity: 2338

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Quote from: AnwarDah on August 28, 2020, 06:19:22 AM

Everyone of us has its own definition of a good exchange; and it depends on what they are looking for and their own preferences. For me, a good exchange is the one that cares about its users, always has good projects, and has low trading fees. Isn't this what we all want? I found all of this when I started using ProBit Exchange.

you are right but the security is still the main thing...
for me a good exchange can maintain the trust of its users, cheap fees are useless if the exchange is only profit-oriented and not user-friendly/safety.

AnwarDah

newbie

Activity: 21

Merit: 0

Everyone of us has its own definition of a good exchange; and it depends on what they are looking for and their own preferences. For me, a good exchange is the one that cares about its users, always has good projects, and has low trading fees. Isn't this what we all want? I found all of this when I started using ProBit Exchange.

rexxarofmoknathal

sr. member

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Low fees, good security, good reputation and liquidity. These are some of the factors in my opinion are good to apply when judging what a good exchange looks like. So just to put some of these into context, undoubtedly, in the mind of many security sits at the top of the list but low fees is also just as important as while your money is all safe when trading, moving money from one place to another or withdrawing you don't want to incur loss of half of that in the process.

It also then depends on the type of action you want to make. A few good ones are kraken, binance, primeXBT, bybit and among these giants there're other less popular one but still growing and hitting all the points as above, one of them I've had a great experience with is bestchange.

These are just the few ones I've had experience with but I'm sure other people would recommend similar ones also.

Piston

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Trade an exchange of prisoners to replace returned merchandise with an equivalent or something else most stores will allow the purchaser to exchange goods to part with in return for some equivalent; transfer for a recompense barter to exchange goods with foreign countries. system of exchange where participants in a transaction directly exchange goods or services for other goods or services without using a medium of exchange, such as money.

tbterryboy

sr. member

Activity: 2030

Merit: 323

Best case has always been trust, if you do not trust an exchange you are not going to use it, that is number one in everyone's eyes. Hell there are people who do not trust or like binance because of CZ and how he handled few issues, which means even if binance is the biggest exchange out there in volume or liquidity they are not going to use it, they are just going to find an alternative, that is why there is a market for many exchanges.

If everyone here is right and volume is the only important thing, people all would have gone to binance and there wouldn't be any alternatives, but there are many, why? Because people trust them more. And also availability, there are exchanges that list some smaller coins that gets attention, that is how they stay alive and continue to operate.

cheezcarls

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Looking for gigs

Quote from: Lugdunex on April 16, 2019, 09:58:07 AM

Hello to all the Bitcointalkers!

Because it is my first post, I have, at least, to present myself in several words. I am a coins/tokens dev and web developer full stack.
After several years of crypto experience, I decided to create my own project. It is not a coin, nor a token (there is already plenty of ERC20 tokens and coins), it is a cryptocurrency exchange.

There is already some exchanges available on the web, but I would like to build one which may fit to Bitcointalk users, it's why I opened this thread, and ask you today what do you like the most in crypto exchanges, as well as the things that you dislike. It can be specific features, themes, properties...
I want to build a good exchange, and for that I need to know your preferences.

Waiting for your replies

Lugdunex

In my own opinion regarding the definition of a good exchange, there are several factors that I had in mind.

1. Safety and security (impossible or difficult to hack)
2. Low or reasonable trading fees
3. Hosting trading competitions regularly or on a consistent basis.
4. Excellent customer and technical support (response time, sorting out problems or issues, etc.)
5. Multiple or creative ways of 2FA or any other security measure
6. Speed of transactions or trading from crypto to crypto.
7. Run by an honest and reliable group of development team with years of experience and great public reputation.
8. Speedy or reliable loading time in the platform.

This is what I have to share for now and I hope this helps a bit. Cheers!

agourbet

newbie

Activity: 12

Merit: 0

In my opinion and experience a good exchange has to have 3 things:

1) Good UI (you need to feel "happy" when you are logging in)
2) Deep liquidity (you need to check orderbook and see the volume that it has)
3) Crash protection mechanisms (the exchange should have mechanisms to protect you from flash crashes)

Dr.Osh

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Buzz App - Spin wheel, farm rewards

Quote from: shadowdio on June 01, 2020, 09:41:27 AM

Well it is enough for me an exchange that has low fees, no manual checking for withdrawing(it takes long to accept my request you know, sometimes hours I don't like it) and also with high volume, just keep promoting to gain users.

Low fee exchanges are the best, but I prefer popular markets like Binance. maybe we can see the potential trust and professionalism of exchange from how they deal with problems. no problem to pay a slightly more expensive fee, the most important is trust and security.

pankaj1234

copper member

Activity: 504

Merit: 0

Good exchange definition means a exchange with good volume can be accessable arround the world for trading. It should has some withdrawal limit before kyc. Binance is the best example of a good exchange. Apart from Binance there are other good exchange as well like kucoin, Bittrex, upbit etc.Exchanges application should be more flexible to use. Some app. Just hang too much you don't like to open 2nd time. Deposit and withdrawal should be authorized so trader can check their balance more often. These are some quality that a good exchange should have.

Xxmodded

sr. member

Activity: 2254

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SOL.BIOKRIPT.COM

Based on my opinion good exchange most have many kind of altcoin to trade and available with many option trading like using btc, doge, eth and bnb peer, I think not all people have bigger amount to trade and will available and interested if using small coin value like doge to trade than using bitcoin peer, best choose right now is binance exchange market.

shadowdio

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Activity: 1876

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Zawardo

Well it is enough for me an exchange that has low fees, no manual checking for withdrawing(it takes long to accept my request you know, sometimes hours I don't like it) and also with high volume, just keep promoting to gain users.

Desscount

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ComboLabs

a good exchange is an exchange that has a high volume and can be responsible,
like Binance, Huobi or Bithumb, in my opinion like that Wink

Shallow

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Activity: 938

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SmartFi - EARN, LEND & TRADE

Irrespective of the properties we wish to see in an exchange everything still comes down to the team or developers, how? Their activeness will determine how advanced the exchange will be, their listening to their community will determine the implementation, improvements etc that needs to be done; thus the first thing first is the team. Now coming down to what defines an exchange or what I would like to see in an exchange, the first is user friendliness and easy accessibility which comes in the form of having a mobile application. Another is the the trading tools the exchange have, good customer care service and the withdrawal speed. But most importantly is the security within the exchange, which involves users account security and funds security, the steps the team takes everyday to ensure this is upheld matters a lot. Lastly I think once an exchange has taken into account all these and many more it will attract more users and in return will lead to the exchange having good volume.

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