How do you define a good exchange? - page 17.

Kupid002

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Quote from: jazmuzika217 on December 28, 2019, 06:52:32 AM

I think it is hard to define a good exchange. All we know that there are lot of exchange or project that we see here in crypto but we can consider a good exchange if exchange is good if it can stay alive for a long time like bitcoin that can survive for a decade even it experienced a lowest price value.

daily volume is what its required to know if its good exchange.
Other than that the users feedback also can help and how many traders use that exchange the more users the more volume it wil be added to that exchange. You can also check list of highest volume exchnage in cmc and coingecko.

jazmuzika217

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I think it is hard to define a good exchange. All we know that there are lot of exchange or project that we see here in crypto but we can consider a good exchange if exchange is good if it can stay alive for a long time like bitcoin that can survive for a decade even it experienced a lowest price value.

gweedo

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There are lots of exchanges in this market and there are also a lot of people using different exchanges. So you don't need to focus on surveying everyone, you just need to try to list as many exchange as possible. So everyone will be happy with the exchange they are using

KnightElite

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Quote from: Natalim on December 26, 2019, 10:41:39 PM

Quote from: lemipawa on December 26, 2019, 10:24:01 PM

In the company where I work, we usually receive client questions on a daily basis and if that query is assigned to a representative, the representative needs to reply right away and resolution should be given in maximum of 72 hours or else get back to the client and don't leave them hanging. One thing I hate is exchanges that don't acknowledge the email that clients submits to them, personal acknowledgement not by a bot that says "this is an automated reply, we received your query and we will get back to you...". We are giving them business, and they treat us like crap.

Usually that's the first reply, that's an assurance that you email has been receive but eventually when that will be taken care by the support then you will receive a reply from them, it's not treating us a crap, bot are just program that way.

An active support is what we need, there issues that are inevitable so we need the help of the support of the exchange. They should have a fast reply where we can feel special and convenient. I do not like exchange that will take a day if you send an issue to their support. Fast reply of the support makes the exchange to be good. We should find an exchange that have this kind of characteristics.

akmal1984

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I define a good exchange is to look at the service and the amount of fees they offer. If the service is good and the feats are not too expensive, this is a good category for me. Because surely there will be many traders who will use this exchanger so that the trading volume there will increase

quality.crypto

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Quote from: Natalim on December 26, 2019, 10:41:39 PM

Quote from: lemipawa on December 26, 2019, 10:24:01 PM

In the company where I work, we usually receive client questions on a daily basis and if that query is assigned to a representative, the representative needs to reply right away and resolution should be given in maximum of 72 hours or else get back to the client and don't leave them hanging. One thing I hate is exchanges that don't acknowledge the email that clients submits to them, personal acknowledgement not by a bot that says "this is an automated reply, we received your query and we will get back to you...". We are giving them business, and they treat us like crap.

Usually that's the first reply, that's an assurance that you email has been receive but eventually when that will be taken care by the support then you will receive a reply from them, it's not treating us a crap, bot are just program that way.

A company with an active team and active response raised for the support will always help the exchange to get more exposure for the exchange. An exchange who are generating their volumes through bots will not help them to get more exposure. Instant withdrawals will always help the exchange to get a reputation.

Blitzboy

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Quote from: nydiacaskey01 on December 26, 2019, 05:56:26 PM

A good exchange MUST have good customer service. If a customer have an issue and send a ticket, they should acknowledge the issue right away and let their customers know that they are working on it and give a time frame of resolution. One thing I learned about running a business that deals with people is you need to know how to good care of your existing customers or else, someone else will do that and take your customers away from you.

What will happen if you had good customer service but you didn't have enough customers to grow? Good customer service is necessary, but it needs to have other factors to attract users, such as safety, fast transactions, low cost and transparency, etc. Take a look at the biggest exchanges right now, they start from a normal exchange, they are full of user requirements, so they are used more and more, bigger and bigger.

Durad

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I think a good exchange should have the following:
1. Good and user-friendly interface: you have to check if the user interface is simple and easy to use on both desktop and mobile device
2. Transparency on fees: did they publish their fees publicly on their website or not. check the withdrawal fees because some exchanges are known to offer unreasonably high withdrawal fees
3. liquidity: the higher the trading volume, the more liquid the exchange is.
4. Technology: you should check the web address of the exchange. it should start with HTTPS. avoid HTTP connections. For login safety, it should use two-factor authentication or another form of security apart from only your password. Deposits should be stored offline in cold storage.
5. Support and customer care: some exchanges do not have a support team, they make use of robots while some have irresponsive support staff.
6. Check for REVIEWS. you should check for what others are saying about the exchange. most of the truth are found here.

most exchanges differ from one another in the aspects mentioned above. some are designed for beginners.while others are designed for advanced traders. pick the one that aligns with your need.

Savemore

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Quote from: Yatsan on December 25, 2019, 06:12:50 AM

For me it's just simple, the biggest exchange is the best exchange. Only because lot's of traders are going there to trade which means a lot of people are trusting it, so with regards to the safety of your funds I think you cannot complain about safety for example to Binance. And for me, the biggest exchange establishes their names so why trade on the new exchange if big exchanges are there and can guarantee the safety of your funds.

The biggest exchange it means that the exchange have the highest volume and also market capitalization. Those big exchange are good to use because of their platform and their good support. Having a good support is really good because if we experience a problem, the support is the only key to help us. Those small exchanges are not convenient to use because of their bad support.

Natalim

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Quote from: lemipawa on December 26, 2019, 10:24:01 PM

In the company where I work, we usually receive client questions on a daily basis and if that query is assigned to a representative, the representative needs to reply right away and resolution should be given in maximum of 72 hours or else get back to the client and don't leave them hanging. One thing I hate is exchanges that don't acknowledge the email that clients submits to them, personal acknowledgement not by a bot that says "this is an automated reply, we received your query and we will get back to you...". We are giving them business, and they treat us like crap.

Usually that's the first reply, that's an assurance that you email has been receive but eventually when that will be taken care by the support then you will receive a reply from them, it's not treating us a crap, bot are just program that way.

lemipawa

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In the company where I work, we usually receive client questions on a daily basis and if that query is assigned to a representative, the representative needs to reply right away and resolution should be given in maximum of 72 hours or else get back to the client and don't leave them hanging. One thing I hate is exchanges that don't acknowledge the email that clients submits to them, personal acknowledgement not by a bot that says "this is an automated reply, we received your query and we will get back to you...". We are giving them business, and they treat us like crap.

Kurokonobasuke

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Quote from: nydiacaskey01 on December 26, 2019, 05:56:26 PM

A good exchange MUST have good customer service. If a customer have an issue and send a ticket, they should acknowledge the issue right away and let their customers know that they are working on it and give a time frame of resolution. One thing I learned about running a business that deals with people is you need to know how to good care of your existing customers or else, someone else will do that and take your customers away from you.

A very well said buddy. This is some exchanges are lacking of perhaps they are less capable of handling it due to few people being asigned for that specific job. Some of them are replying like 3-7 days after you send the ticket which is bad if you're impatient customer or you really need the money right away. On the other hand, a lot of exchanges have these good customer service which is great for the crypto community.

nydiacaskey01

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A good exchange MUST have good customer service. If a customer have an issue and send a ticket, they should acknowledge the issue right away and let their customers know that they are working on it and give a time frame of resolution. One thing I learned about running a business that deals with people is you need to know how to good care of your existing customers or else, someone else will do that and take your customers away from you.

doomloop

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Quote from: hajirkhalid2 on December 24, 2019, 05:47:28 AM

I have 5 years in experience in cryptocurrency industry, I know that how many Exchanges are scammers I know like idax,cobinhood,mtgox,cryptopia and hitbtc etc. These are the scam exchange.in my experience binance, kucoin,cointiger. I define good Exchange is about volume.

There are so many nice exchanges out there and few of them you have already mentioned. I would like to add few more names of exchanges that work great for traders or investors such as binance, Bitfinex, Gemini, Bitstamp, kraken and bitpanda. Those who try different exchanges because of their amazing offers are the ones who get scammed easily and mostly. So simply stick to these legit exchanges.

Mumbeeptind1963

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Quote from: Yatsan on December 25, 2019, 06:12:50 AM

For me it's just simple, the biggest exchange is the best exchange. Only because lot's of traders are going there to trade which means a lot of people are trusting it, so with regards to the safety of your funds I think you cannot complain about safety for example to Binance. And for me, the biggest exchange establishes their names so why trade on the new exchange if big exchanges are there and can guarantee the safety of your funds.

Good exchange can be found in the list in coinmarketcap, we can the list there, for me , I could say that it could be good if the support of the exchange is fast, fast chat support is a sign that the exchange is paying attention in each traders concern, additional to that is the security of the exchange, it will be a big thing to me, since sometimes we pass our KYC for them to upgrade our withdrawal and deposit limits.

Yatsan

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Leading Crypto Sports Betting & Casino Platform

For me it's just simple, the biggest exchange is the best exchange. Only because lot's of traders are going there to trade which means a lot of people are trusting it, so with regards to the safety of your funds I think you cannot complain about safety for example to Binance. And for me, the biggest exchange establishes their names so why trade on the new exchange if big exchanges are there and can guarantee the safety of your funds.

crossabdd

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exchange without bots is what I like. trade with real volume. exchange that only includes quality coins. feature-wise, I like a market that has a lot of indicators on the chart, but has a simple and easy to understand display. have a notification alarm on completed orders. and certainly has an app version.

Assface16678

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Quote from: janggernaut on December 24, 2019, 08:35:19 AM

Quote from: hajirkhalid2 on December 24, 2019, 05:47:28 AM

I have 5 years in experience in cryptocurrency industry, I know that how many Exchanges are scammers I know like idax,cobinhood,mtgox,cryptopia and hitbtc etc. These are the scam exchange.in my experience binance, kucoin,cointiger. I define good Exchange is about volume.

Cryptopia has been closed, even mtgox much older than that after got hacked. Idax and cobinhood are dead exchange, thevolume on both exchange are really low. Hitbtc has highest fee among other exchange, but we can't say they are scam exchange.
Well judging from their volume is only one of reason why we should choose an exchange we trust, there are also other reasons why we choose that exchange

Trading or exchange this is a method where people use to have a huge of income they invest their money and use this to exchange currency. In trading we have a good and bad outcome, the bad is sometimes we are losing our trades because of having one mistake and doubts. In selling, we must focus on the positive side that our investment has a huge payback, trading is full of risk and high profit if you doubt on your investment, I think it is better to stop trading. The good side in trading is you got your profit this time you have a choices if you will store it or use again for another trading, we have a different trading too that is short term and the long term trading, in the short term we are trading daily to have an income, in long term trading we are investing our money, but it takes a long time before we get our profit.

janggernaut

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Quote from: hajirkhalid2 on December 24, 2019, 05:47:28 AM

I have 5 years in experience in cryptocurrency industry, I know that how many Exchanges are scammers I know like idax,cobinhood,mtgox,cryptopia and hitbtc etc. These are the scam exchange.in my experience binance, kucoin,cointiger. I define good Exchange is about volume.

Cryptopia has been closed, even mtgox much older than that after got hacked. Idax and cobinhood are dead exchange, thevolume on both exchange are really low. Hitbtc has highest fee among other exchange, but we can't say they are scam exchange.
Well judging from their volume is only one of reason why we should choose an exchange we trust, there are also other reasons why we choose that exchange

Nawrod

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It all depends on your personal preferences. My most important criterion is safety. I want to feel that my coins are safe so I use only reliable exchanges. Moreover, fees are pretty high on some platforms, it's good to find the exchange which prices are reasonable. What's more, I buy not only BTC but also some altcoins like XRP or ETH so I need the platform which broad variety of markets. Now, I use CoinDeal and I can say that this is the platform which definitely satisfy me.

Topic: How do you define a good exchange? - page 17. (Read 7447 times)