How do you define a good exchange? - page 2.

dunfida

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Quote from: abel1337 on September 01, 2022, 03:02:11 PM

Quote from: hashrateproducts on August 29, 2022, 02:16:22 PM

Quote from: virasisog on August 29, 2022, 12:28:44 PM

I personally prefer storing my long term investment in my personal hard wallet because I find it safer. Putting your eggs in one basket would be a lot risky since hacking is everywhere and that could possibly happen even in highly reputable top exchanges. Store funds in exchanges for a short-term period and trading purposes only and make sure to keep your long-term investment in a more secured wallet where hacking isn't possible.

Exchanges are recommendable mainly for trading and they serves their purpose perfectly. There are various or numerous wallets, I use Binance which happens to be one of the most safest exchange in the space and difficult for some scammers to invade one's account, the only way that could happen is through phishing of spammed mails. Exchanges are used for trading but some traders and investors also stored their long term coins with exchanges favorable to them. I rather have my long term investment in a separate wallet like Trust wallet which only me can assess it with my 12 coded phrases.

Not your keys, Not your coins. A simple phrase that I believe since the time I learned it. There are many recommendable and has a good reputation exchanges but it doesn't mean they are safe from outside risks such as hacking. Storing your coins on them for a very long time is just not advisable a dumb thing to do if you are an investors.

I hope no one here who is planning to become a long time investor plans to store their coins in an exchange for a long time because of the additional risk it gives you. Simply storing it on your non-custodial wallet could give you peace of mind about your investment security.

People shouldnt really get that confident on storing up their coins even if they are dealing with the most reputable and known exchange that we do have today.We cant really be just sure that it would really be havingt

that 100% risk free kind of condition which it had been said and mentioned that about not your keys not your coins which is a simple common line where people should be baring up into their minds.
So that whenever there are certain events or conditions that might happen then you wouldnt really be just ending up on regretting just because you havent stick into the basic principle
about total security of your coins.

abel1337

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Quote from: hashrateproducts on August 29, 2022, 02:16:22 PM

Quote from: virasisog on August 29, 2022, 12:28:44 PM

I personally prefer storing my long term investment in my personal hard wallet because I find it safer. Putting your eggs in one basket would be a lot risky since hacking is everywhere and that could possibly happen even in highly reputable top exchanges. Store funds in exchanges for a short-term period and trading purposes only and make sure to keep your long-term investment in a more secured wallet where hacking isn't possible.

Exchanges are recommendable mainly for trading and they serves their purpose perfectly. There are various or numerous wallets, I use Binance which happens to be one of the most safest exchange in the space and difficult for some scammers to invade one's account, the only way that could happen is through phishing of spammed mails. Exchanges are used for trading but some traders and investors also stored their long term coins with exchanges favorable to them. I rather have my long term investment in a separate wallet like Trust wallet which only me can assess it with my 12 coded phrases.

Not your keys, Not your coins. A simple phrase that I believe since the time I learned it. There are many recommendable and has a good reputation exchanges but it doesn't mean they are safe from outside risks such as hacking. Storing your coins on them for a very long time is just not advisable a dumb thing to do if you are an investors.

I hope no one here who is planning to become a long time investor plans to store their coins in an exchange for a long time because of the additional risk it gives you. Simply storing it on your non-custodial wallet could give you peace of mind about your investment security.

r_victory

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In my opinion, a good exchange can be defined as good when it has liquidity, credibility, is innovative and transparent. Being very judicious in its listings, and committed to the safety of its investors.

rby

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A good exchange is one that is secured, that won't lose people's money easily. A good exchange should not kill its customers with high fee. A good exchange is ine that doesn't list scam coins in their platform. A good exchange should have good customer care services.

Quote from: Cryptmuster on August 29, 2022, 04:45:26 AM

Quote from: Om.monata on September 11, 2021, 06:18:38 PM

each exchange has its own differences, I see that currently the most prioritized is the transaction fee. if an exchange has a small transaction fee I think it can be faster to develop than an exchange that has a high transaction fee. This is what many people talk about nowadays.

But what if the exchange has the lowest commissions, but there are many reviews regarding this exchange that it freezes accounts, or funds disappear from the accounts? Of course, all this can be avoided if you do not store your funds on the exchange, which will be the most correct decision. Probably the commission indicator is not the most important, although many people certainly pay attention to it.

Many people doesn't care about the commission, people that has much transaction volume they care about security much.

hashrateproducts

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Quote from: virasisog on August 29, 2022, 12:28:44 PM

I personally prefer storing my long term investment in my personal hard wallet because I find it safer. Putting your eggs in one basket would be a lot risky since hacking is everywhere and that could possibly happen even in highly reputable top exchanges. Store funds in exchanges for a short-term period and trading purposes only and make sure to keep your long-term investment in a more secured wallet where hacking isn't possible.

Exchanges are recommendable mainly for trading and they serves their purpose perfectly. There are various or numerous wallets, I use Binance which happens to be one of the most safest exchange in the space and difficult for some scammers to invade one's account, the only way that could happen is through phishing of spammed mails. Exchanges are used for trading but some traders and investors also stored their long term coins with exchanges favorable to them. I rather have my long term investment in a separate wallet like Trust wallet which only me can assess it with my 12 coded phrases.

virasisog

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Quote from: TWW on August 29, 2022, 09:54:45 AM

Quote from: andriarto on August 29, 2022, 09:41:35 AM

Quote from: Cryptmuster on August 29, 2022, 04:45:26 AM

Quote from: Om.monata on September 11, 2021, 06:18:38 PM

each exchange has its own differences, I see that currently the most prioritized is the transaction fee. if an exchange has a small transaction fee I think it can be faster to develop than an exchange that has a high transaction fee. This is what many people talk about nowadays.

But what if the exchange has the lowest commissions, but there are many reviews regarding this exchange that it freezes accounts, or funds disappear from the accounts? Of course, all this can be avoided if you do not store your funds on the exchange, which will be the most correct decision. Probably the commission indicator is not the most important, although many people certainly pay attention to it.

Indeed, commission is one of the considerations for choosing an exchange in certain situations, but for me the security of funds is the most important, especially for those who use large funds, so they will prefer to use a trusted and recommended exchange. but for small-scale transactions, I personally prefer to use exchanges with low fees, but I don't put long-term funds there, I even withdraw them directly to my wallet, to avoid unwanted things

you are very careful with the security of your assets. but it's true. we just need to put our money in exchange only for traded assets. but for long-term investment assets, we can store them in a personal wallet.
but nowadays exchanges are also at risk of being hacked. no matter how good the system still needs to be updated. and we have seen how large exchanges have also been successfully hacked by hackers.
I prefer the high volume and also convenience that the platform provides. because I trade only for profit, so any way we are looking for a platform that can give us profit.

I personally prefer storing my long term investment in my personal hard wallet because I find it safer. Putting your eggs in one basket would be a lot risky since hacking is everywhere and that could possibly happen even in highly reputable top exchanges. Store funds in exchanges for a short-term period and trading purposes only and make sure to keep your long-term investment in a more secured wallet where hacking isn't possible.

TWW

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Quote from: andriarto on August 29, 2022, 09:41:35 AM

Quote from: Cryptmuster on August 29, 2022, 04:45:26 AM

Quote from: Om.monata on September 11, 2021, 06:18:38 PM

each exchange has its own differences, I see that currently the most prioritized is the transaction fee. if an exchange has a small transaction fee I think it can be faster to develop than an exchange that has a high transaction fee. This is what many people talk about nowadays.

But what if the exchange has the lowest commissions, but there are many reviews regarding this exchange that it freezes accounts, or funds disappear from the accounts? Of course, all this can be avoided if you do not store your funds on the exchange, which will be the most correct decision. Probably the commission indicator is not the most important, although many people certainly pay attention to it.

Indeed, commission is one of the considerations for choosing an exchange in certain situations, but for me the security of funds is the most important, especially for those who use large funds, so they will prefer to use a trusted and recommended exchange. but for small-scale transactions, I personally prefer to use exchanges with low fees, but I don't put long-term funds there, I even withdraw them directly to my wallet, to avoid unwanted things

you are very careful with the security of your assets. but it's true. we just need to put our money in exchange only for traded assets. but for long-term investment assets, we can store them in a personal wallet.
but nowadays exchanges are also at risk of being hacked. no matter how good the system still needs to be updated. and we have seen how large exchanges have also been successfully hacked by hackers.
I prefer the high volume and also convenience that the platform provides. because I trade only for profit, so any way we are looking for a platform that can give us profit.

andriarto

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Quote from: Cryptmuster on August 29, 2022, 04:45:26 AM

Quote from: Om.monata on September 11, 2021, 06:18:38 PM

each exchange has its own differences, I see that currently the most prioritized is the transaction fee. if an exchange has a small transaction fee I think it can be faster to develop than an exchange that has a high transaction fee. This is what many people talk about nowadays.

But what if the exchange has the lowest commissions, but there are many reviews regarding this exchange that it freezes accounts, or funds disappear from the accounts? Of course, all this can be avoided if you do not store your funds on the exchange, which will be the most correct decision. Probably the commission indicator is not the most important, although many people certainly pay attention to it.

Indeed, commission is one of the considerations for choosing an exchange in certain situations, but for me the security of funds is the most important, especially for those who use large funds, so they will prefer to use a trusted and recommended exchange. but for small-scale transactions, I personally prefer to use exchanges with low fees, but I don't put long-term funds there, I even withdraw them directly to my wallet, to avoid unwanted things

Cryptmuster

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Quote from: Om.monata on September 11, 2021, 06:18:38 PM

each exchange has its own differences, I see that currently the most prioritized is the transaction fee. if an exchange has a small transaction fee I think it can be faster to develop than an exchange that has a high transaction fee. This is what many people talk about nowadays.

But what if the exchange has the lowest commissions, but there are many reviews regarding this exchange that it freezes accounts, or funds disappear from the accounts? Of course, all this can be avoided if you do not store your funds on the exchange, which will be the most correct decision. Probably the commission indicator is not the most important, although many people certainly pay attention to it.

Munir575

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Merit: 10

Liquidity, low fees, strong security, and a solid reputation. These are some of the criteria that, in my opinion, should be used when determining what constitutes a good exchange. In order to put some of these into perspective, security is probably at the top of the list for many people, but low costs are also crucial since even though your money is safe when you trade, transfer funds between accounts, or withdraw cash, you don't want to lose half of it in the process. The kind of action you want to take is also a factor. Kraken, Binance, KuCoin, and Bybit are a few excellent examples. Among these giants, there are other, lesser-known companies that are still expanding and meeting the criteria outlined above; Coinsbit is one of them, and I have had a positive experience with it.

These are only a handful of the ones I've used, but I'm sure others might suggest others that are comparable.

cryp24x

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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

To build your own exchange, I think you need to also to build a team management for that platform dude. You cannot do it alone by yourself,
And your exchange will become good if you have a lot of partners who invested to your exchange as well. Moreover, you have a lot of things where you need to consider it as well. And as long as your community are happy because they earn and you have a lot promo, perhaps, in that way your exchange can be consider as one of the good one.

JohnBitCo

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Quote from: NicNacCoin on July 15, 2021, 09:42:25 PM

It very much important and hard to identify a good exchange plafrorms because all exchange have a strong security system and good communication bondages but sometimes it's a mistake that some good exchange run fake projects ( specially latoken) we invest. It's a wonder that latoken has a strong security system and good communication community.

There are only few centralized exchanges these days where you will find good liquidity for trading and also volume. Binance is the exchange which almost everyone uses.

You can find the list of CEX here.

https://www.coingecko.com/en/exchanges

Om.monata

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each exchange has its own differences, I see that currently the most prioritized is the transaction fee. if an exchange has a small transaction fee I think it can be faster to develop than an exchange that has a high transaction fee. This is what many people talk about nowadays.

Quidat

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Quote from: otundebis on September 11, 2021, 02:36:11 PM

It is good that you are working on new exchange for Cryptocurrency users, There is always need for more infrastructure in Cryptocurrency space and having variety of exchange will serve different market segment. I will advice that you make your exchange to be an hybrid, hybrid in the sense that you provide decentralized services as well as centralized services! Giving your clients an option of chosen different services will give them sense of freedom and give you loyalty from your client! Good luck!

We dont really need lots but only a few which is sufficient as long it does really serve it actual purpose on the entire community but somehow there are people whom do really consider on making a platform because they have seen on how profitable this business could be if ever they would really get that kind of attention and recognition in the entire community this is why we do see lots of platforms which had been mixed up by scammy ones
this is why we should really be careful on dealing with these places. Good exchangers is simply sitting in the top in terms of recognition and of course with liquidity or volume which does indicates that they are
doing well into this market.

otundebis

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It is good that you are working on new exchange for Cryptocurrency users, There is always need for more infrastructure in Cryptocurrency space and having variety of exchange will serve different market segment. I will advice that you make your exchange to be an hybrid, hybrid in the sense that you provide decentralized services as well as centralized services! Giving your clients an option of chosen different services will give them sense of freedom and give you loyalty from your client! Good luck!

Zilon

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Bitcoindata.science

One thing I dislike about exchange is it's centralized nature bridging the pseudonemous nature of the originator of the first successful crypto currency in the world, also giving the government a way of monitoring what individuals posses. If only we could have a decentralized exchange if it really such can exist I think it would be pretty useful hiding your identity and making it completely open sourced without KYC verification

aria.newman

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I make a list of the most popular exchanges, i filter out those that don't fit my criteria. My next step is to use a tool to compare those exchanges that suit me. In this way, I get a quality list of those exchanges that meet my criteria.

checkmatesir

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I didn't like some of the exchanges due to having some coins their more fee due to their gas fee. But their are some coins that are in Bep-20 which didn't have that much fee as compared to ERC-20 as i want to like that these coins should made less of their fee or these coins should change into Bep-20.

Sweetbtc

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All the exchanges have different features whether it is pancakeswap, binance or even some others exchange or even trading platform, all of them have their own different features and some contains low fees or most of them contains high fess but you have to visit or even everyone like to exchange with low fee.

Ridi

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Quote from: Cherylstar86 on July 26, 2021, 01:05:46 AM

Quote from: NicNacCoin on July 15, 2021, 09:42:25 PM

It very much important and hard to identify a good exchange plafrorms because all exchange have a strong security system and good communication bondages but sometimes it's a mistake that some good exchange run fake projects ( specially latoken) we invest. It's a wonder that latoken has a strong security system and good communication community.

Indeed. Good exchange platforms is hard to define because of the strong security system and good communication bondages but still it is very important. Maybe sometimes it has some mistakes such as run fake projects just what you just said. As what I know about good exchange in cryptocurrency, it is a platform in which you can buy and sell cryptocurrency. It is a platform in which facilitates the trading of cryptocurrency for other assets including digital and fiat currencies. Thus, security is the first concern then it can serve quick with a reasonable charge. Good exchange means a trusted coins in which it has a good services and have responsibility to good customers.

I agree with your opinion exchange is where you buy and sell but not every exchange is convenient to every users. A good exchange is easy to use ,low withdrawal fees and support.

Topic: How do you define a good exchange? - page 2. (Read 7378 times)