How do you define a good exchange? - page 19.

babysweetTiger0401

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Activity: 777

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Quote from: Lugdunex on April 16, 2019, 10:58:07 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 can define a good exchange that has a good name in crypto industry business in terms of trading.
An exchange that has a great volume most of the time, and huge community traders to their platform as well.
And mostly always on top exchange in the market, just like what happened into Kucoin, Coinbene and Binance.

kotyrqq

newbie

Activity: 2

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Different people define a good exchange in different ways. It can be security, liquidity, fiat currency support, payment methods, verification requirement or its omission, trading and transaction fees, … the list goes on. Old crypto exchanges like CEX are popular among traders because the platform has been gaining its reputation for several years, it’s not ideal though. I also use it for BTC/EUR trading because it’s convenient for me — https://cex.io/btc-eur. But I don’t like tedious registration. Although I realize that the registration is a part of security measures adopted by the exchange to ensure traders’ protection.
The idea of creating a crypto exchange isn’t new today. Much as you would try, you won’t create the ideal platform that would suit everyone. IMO, to create a good crypto exchange you need your platform to solve the issue of crypto trading in another new way that will endure more value for your future users.

Viscore

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Quote from: abstractednerve on June 14, 2019, 03:10:09 PM

Most of the exchange has a good interface nowadays. You may come with a different and unique color and design. The main priority should be security! 2fa bind, SMS bind, email bind, and withdrawal should be done without KYC! Therefore, You have to be transparent and some good partners. Otherwise, how can we believe you where we have plenty of proved exchange!

Base on their feedback reviews will find out if this exchanges have a good reputation and can be trusted to put our funds. Isn't enough to have that security, 2FA, KYC and etc, only it have to show that everything will run smoothly and no fake volumes. Investors and traders are looking into high reputable exchanges that can provide safety and low transactions fees which for me is the right place to stay.

abstractednerve

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Bcnex - The Ultimate Blockchain Trading Platform

Most of the exchange has a good interface nowadays. You may come with a different and unique color and design. The main priority should be security! 2fa bind, SMS bind, email bind, and withdrawal should be done without KYC! Therefore, You have to be transparent and some good partners. Otherwise, how can we believe you where we have plenty of proved exchange!

normanderecho

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Activity: 460

Merit: 100

For me, a good crypto exchange have a strong security and support thousands of assets not included shit coins. And also has a big volume on each asset , so that it will easy execute buy and sell in any altcoins. And friendly users which is cannot make hassle to use and less withdrawal fee and no minimum require interms of depositing your coins or alts.

sana54210

legendary

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Quote from: SirLancelot on June 11, 2019, 01:46:20 AM

LOL there are already lots of exchanges in the market and to be sincere the competition is already too much and you're not going to find it easy, not when there are already exchanges like Binance and Coinbase that are causing smaller exchanges to die off. And the worst part of it all is that some scammers has given new exchanges bad names. People are no longer trusting new exchanges because everyone is now thinking that new exchanges are owned by scammers, so no one goes for it. And another thing is that most exchanges these days are now faking their trade volume, which is another thing that is making people not trust them. Everyone now trust the biggest exchanges only. I don't mean to discourage you though, just saying the truth.

We are basically the ones pushing these smaller exchanges to fake volume which I really would be in support so that they don’t die off. You said it yourself now, these bigger exchanges that are trying to monopolies crypto exchanges are not giving upper hand to smaller exchanges to flourish at all, and to worsen the matter, people generally are also not encouraging these potential exchanges.

You see everyone here and there always advising people to go for exchanges with volume and reputation which we know that they are these big exchanges, but the thing we fail to understand is that these bigger exchanges are even more prone to hacking and security threat because of their popularity.

BlackFor3st

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Betking.io - Best Bitcoin Casino

Most of the users especially me are worried about the security knowing that the hackers are targeting any exchanges that they can hack as they can get a big amount of money once they can bypass the security of any exchange.

Aside from security, it's better that your exchange will have a user friendly interface that most of the traders and new users can operate it without any problem.

ginobitcoiner

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Quote from: Dilerium90 on June 08, 2019, 12:25:56 PM

A good crypto exchange is an old exchange. The second is the ability to trade not only in long, but also in short. Accordingly, the number of exchanges is sharply reduced. And the third for me is the huge volatility. What it is, the better.

I'm not too sure if a good exchanger is an old exchange.
Isn't there a new exchanger like Binance, Idax, IDEX and so on, is there an old exchanger?
the good or bad of an exchanger cannot be determined by the old or new exchanger,
but security, volume, convenience and other exchanger supporters that make an exchanger good.

guoyu78

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Activity: 1190

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Quote from: Natalim on June 08, 2019, 11:22:16 PM

Quote from: Vness10 on June 08, 2019, 07:49:10 PM

You can define a good exchange if their security is good, many people are trusted to them and the exchange is easy to use for everyone. It's so rare to fine a good exchanger to use so make research before use a exchanger so your assets will be safe.

It's easy if we will just follow the people, if more people like a certain exchange, that means they are good exchanges.
I only refer to the ranking here https://coinmarketcap.com/rankings/exchanges/.

Based on the rank, DOBI Exchange is the number 1, maybe it's a good exchange but I haven't tried it.
I am a fan of the no. 2 exchange in the list which is Binance,

I don’t know what coinmarket cap is really using as their own criteria for their selection which it is not a must for me to follow because the person that own CMC is also a human like you and I, and sometimes they will put sentiment into things, as far as I am know in this cryptocurrency market, the best exchange for now to me is Binance and will always be Binance.

I have not even heard so much of this exchange you talked about and I also don’t even know their team , not to talk of monitoring them, so how did they get to be the best exchange, anyway, like you and I agree, the best exchange in our heart will be Binance.

SirLancelot

hero member

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LOL there are already lots of exchanges in the market and to be sincere the competition is already too much and you're not going to find it easy, not when there are already exchanges like Binance and Coinbase that are causing smaller exchanges to die off. And the worst part of it all is that some scammers has given new exchanges bad names. People are no longer trusting new exchanges because everyone is now thinking that new exchanges are owned by scammers, so no one goes for it. And another thing is that most exchanges these days are now faking their trade volume, which is another thing that is making people not trust them. Everyone now trust the biggest exchanges only. I don't mean to discourage you though, just saying the truth.

Tungsten-1

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Activity: 994

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Quote from: LogitechMouse on June 09, 2019, 03:43:30 AM

There are many factors that can define that the exchange is good but this is I think the most important.

1. Customer Support - We know that the a good support team is a good exchange.
2. Transparency - The team must be transparent and the owner must not hide something that can affect the reputation of the exchange.
3. Security - More secured = more reputable.
4. Volume - More volume of coins = better exchange.
5. User Friendly - this can help newbie traders.

It is any exchange that can give you security and a perfect environment to stay online 24/7 and trade your crypto anytime you want. I think the best exchange so far has been and Binance which is why there are more than 90% of the crypto users on the exchange. It was hacked but then it recovered stronger than before and now launched Harmony and is planning to go for Binance stable coin.

pixie85

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Quote from: Freny250 on June 09, 2019, 04:48:25 PM

A good exchange should be transparent and have real volume. Most exchange are characterised by fake trading volume. A good exchange should also have user friendly interface

I have more important points in my mind.
A good exchange should have good and responsive support. It should never be caught lying like CZ did when the exchange got hacked and he said that funds are safe and they are doing maintenance. A good exchange should not have any delays processing withdrawals and shouldn't share data with government agencies without at least telling people about it.

Freny250

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A good exchange should be transparent and have real volume. Most exchange are characterised by fake trading volume. A good exchange should also have user friendly interface

atjiat

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It seems to me that there is no point in paying attention to the durability of a trading stock exchange or in general for the period of its existence. For example, you can take any exchange, like hitbtc, which is constantly accused of some fraudulent actions or theft of personal funds of users, and more recently accused it of insolvency. Although all these charges the administration of the exchange rejects. Based on this, it is very difficult to assume that trailers studying this information will be calm for their means.

canman

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Quote from: Dilerium90 on June 08, 2019, 12:25:56 PM

A good crypto exchange is an old exchange. The second is the ability to trade not only in long, but also in short. Accordingly, the number of exchanges is sharply reduced. And the third for me is the huge volatility. What it is, the better.

New exchange is also a new alternative for many investors because recently many good exchanges have a very nice interface and one of the new exchanges is very successful in security and that's why they have attracted many new investors to join. Joining the old exchange is not bad but we should choose a new exchange to be able to make better profits in this market.

99subsats

newbie

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It just needs not to follow binance's protocol... I'd prefer mpcx instead

joshy23

sr. member

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Quote from: LogitechMouse on June 09, 2019, 03:43:30 AM

There are many factors that can define that the exchange is good but this is I think the most important.

1. Customer Support - We know that the a good support team is a good exchange.
2. Transparency - The team must be transparent and the owner must not hide something that can affect the reputation of the exchange.
3. Security - More secured = more reputable.
4. Volume - More volume of coins = better exchange.
5. User Friendly - this can help newbie traders.

This selections of qualifications is definitely good for all types traders, there's always support who's willing to assist customers while the interface is not
too complicated where even newbies can easily adopt the process, if owners can manage to deal with this features then the site will be more visited and
uses by many traders around.

kidoseagle0312

hero member

Activity: 1092

Merit: 500

Honestly most of the top exchange in the market are centralized exchange. This is the truth happened now while those decentralized platform are always out of it in the top exchange. And almost all centralized platform exchange are asking for kyc to their clients users and this shouldn't wonder to any users. So, I'm not saying centralized are not good as long as they have a huge volume in the market whether Centralized or decentralized this could be say its good anyway.

LogitechMouse

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There are many factors that can define that the exchange is good but this is I think the most important.

1. Customer Support - We know that the a good support team is a good exchange.
2. Transparency - The team must be transparent and the owner must not hide something that can affect the reputation of the exchange.
3. Security - More secured = more reputable.
4. Volume - More volume of coins = better exchange.
5. User Friendly - this can help newbie traders.

Natalim

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Activity: 2898

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Quote from: Vness10 on June 08, 2019, 07:49:10 PM

You can define a good exchange if their security is good, many people are trusted to them and the exchange is easy to use for everyone. It's so rare to fine a good exchanger to use so make research before use a exchanger so your assets will be safe.

It's easy if we will just follow the people, if more people like a certain exchange, that means they are good exchanges.
I only refer to the ranking here https://coinmarketcap.com/rankings/exchanges/.

Based on the rank, DOBI Exchange is the number 1, maybe it's a good exchange but I haven't tried it.
I am a fan of the no. 2 exchange in the list which is Binance,

Topic: How do you define a good exchange? - page 19. (Read 7119 times)