How do you define a good exchange? - page 21.

davinchi

legendary

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Quote from: izanagi narukami on May 28, 2019, 07:20:45 AM

Actually I try to find something trustable based on community feedback.
Sometimes I gambling because when you see the exchange already trustable but it's security still flaw so we often heard about well known exchange that got hacked.

Well, this is cryptocurrency , the world of full risk

There is no exchange that will deliberately leave their database opened to threat, most exchanges that have been hacked have very strong security tools in place, but hackers too are very strong and professional when it comes to hacking, so it is not every time they will always win the battle. Take for example, do you know how many time these exchange would have successfully battled hackers till they got hit by one that managed to be successful.

So we cannot completely say they don’t have security, sometimes, it happens even to the strongest of them all, and it’s the reason why we should be responsible for our own security, but what will make a trade successful is volume.

CryptoPowerL

member

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ASO Service

I do not trust the new exchanges. If I need to sell some kind of token that can only be sold on a new exchange, then I will immediately withdraw the cryptocurrency to my wallet after the sale.

Remainder

hero member

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Quote from: D3m1r4wanti on May 28, 2019, 10:01:17 AM

Quote from: Om.monata on May 28, 2019, 02:12:48 AM

in my opinion a good and good exchange presents a lot of factors including the volume of sales, the number of coins listed and the low fees that can be a good exchange and attract many investors or traders to be there.

The trading volume can be manipulated, it cannot be a factor that makes an exchanger a good exchanger. so I continue to argue that security and service for 24 hours a day is the most important thing in an exchanger to be said to be good.

That could be true, I read an article about that and I like to share it here, you can refer to the link below.

https://www.theblockcrypto.com/2019/05/28/up-to-86-of-total-reported-cryptocurrency-trading-volume-is-likely-fake-according-to-analysis-of-exchange-website-visits/

That would mean only few exchanges in the market are reputable, and we should trust them over the questionable exchanges.

D3m1r4wanti

full member

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Quote from: Om.monata on May 28, 2019, 02:12:48 AM

in my opinion a good and good exchange presents a lot of factors including the volume of sales, the number of coins listed and the low fees that can be a good exchange and attract many investors or traders to be there.

The trading volume can be manipulated, it cannot be a factor that makes an exchanger a good exchanger. so I continue to argue that security and service for 24 hours a day is the most important thing in an exchanger to be said to be good.

calya

sr. member

Activity: 784

Merit: 250

Quote from: angel55 on May 28, 2019, 08:23:36 AM

Now the biggest factors on if I will use a new exchange is how low their fees are and how strict is their KYC process. I tryo avoid handing over my personal information at all costs so I will favor the exchanges that let you take out under a certain amount without revealing your identity.

if you choose this kind of exchanges, maybe dex exchanges could be the solution.it no need any document for its user but dex exchanges has low volume trading.and its be our problems if we want sell asset in huge amount.

angel55

full member

Activity: 630

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Now the biggest factors on if I will use a new exchange is how low their fees are and how strict is their KYC process. I tryo avoid handing over my personal information at all costs so I will favor the exchanges that let you take out under a certain amount without revealing your identity.

ololajulo

sr. member

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SOL.BIOKRIPT.COM

Safety of token, true and high volume, low fee transaction, fast response of support and good interface. Track record of such exchange are also considered, period of year of existence build confidence of traders. Exchanges with high number of token are likely to see more users, also exchanges are encouraging fiat-crypto exchange to increase crypto investorment at large.

izanagi narukami

legendary

Activity: 2030

Merit: 1028

Actually I try to find something trustable based on community feedback.
Sometimes I gambling because when you see the exchange already trustable but it's security still flaw so we often heard about well known exchange that got hacked.

Well, this is cryptocurrency , the world of full risk

JNvak

jr. member

Activity: 82

Merit: 1

Well, in my opinion, a good exchange is secure, has low fees and responds to customers' needs. For example, let's look at coindeal: it is protected by SwissSign, SSL and Cloudflare. It has discounts for Segwit users. Also, it gives its users a chance to vote for the next crypto to be added to its offer.

Om.monata

full member

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in my opinion a good and good exchange presents a lot of factors including the volume of sales, the number of coins listed and the low fees that can be a good exchange and attract many investors or traders to be there.

Kiweikoo

hero member

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Quote from: Ndlongap Ndlongop on May 27, 2019, 10:02:11 AM

In my opinion important features that make me happy with crypto exchange are: full secure (all security features needed), anonymous (no need KYC verification), lower withdraw and trading and of course easy for contact service.

Well a good exchange is the one that take care of its users. The one that covers your loss in case there is a hack and loss of value as a result of hack. Of course I am talking about Binance which has been able to win the trust of crypto enthusiasts and geeks. It provides you extra care and security and you end up quick trading here than anywhere else.

Ndlongap Ndlongop

member

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In my opinion important features that make me happy with crypto exchange are: full secure (all security features needed), anonymous (no need KYC verification), lower withdraw and trading and of course easy for contact service.

grenrich

newbie

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Merit: 0

Users’ preferences vary so it would be hard if not impossible to develop a perfect, universal exchange that would fit everyone.

IMO, in order to create a good crypto exchange, you need to combine the best features of the centralized exchange and decentralized one. This means to make a platform as secure as decentralized crypto exchange, and as easy to use as centralized platforms. Plus add to it the needs of high trading volume and liquidity, anonymity, 24-hour customer support, and lower withdrawal fees. If you succeed in creating a user-friendly and highly secure platform, where the users own private keys, you may achieve high volumes.

Since there is no such perfect exchange yet, I use CEX. Although it’s a centralized crypto exchange, it is a rather secure and reliable platform that has never been hacked. The exchange is extremely easy to use. It allows fiat to crypto trading as well as crypto to crypto - https://cex.io/xlm-usd. The only disadvantage is tedious registration and verification processes due to the KYC policy.

mikelsmith2020

member

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For me security and anonymity is one of the most important thing in exchange since exchange is all about assets and investment, Two things a security for my account and security for my funds and that's all.

But there are some bonuses such as the volume of the exchange itself since how are we able to trade in there if there's no volume and decentralized exchange we all know that a good exchange is a decentralize one and lastly no bot as much as possible.

joeperry

sr. member

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Telegram: @jperryC

I've been in different exchange sites and I know their differences the negatives and positives... Honestly different people have a different definition of what's a good exchange and what's not and in my case I'll list down the things I like about the exchange site:

* The design and ambiance of theme of the exchange site (For me a calm combination of colors will do),so the users will keep calm while using the exchange and calm while seeing their investment dropping, just kidding lol.
* Security of the platform
* 24/7 Live customer support
* A level 1-3 KYC verification
* Lower withdraw fee
* Lower Trading fee
* Anonymity of the users and their transactions
* The coins listed meet the requirements and not just any shitcoins who just got listed because they pay a fee.
* High Volume
* A lot of bonuses
* I think an account that uses a private key (not wallet private key but the private key of the account itself)
* 2FA Security
* Licensed
* Indicated Office address
* Contact infos (No. and email)

So far here are the list of the things I define as a good exchange... there's a lot of exchange existing so far but not all of the exchange meet all of this and if you can meet all of this I can guarantee that I'm going to be one of the user of your exchange.

Samuel4

jr. member

Activity: 331

Merit: 1

A lot of features defines a good exchange. Personally I prefer exchanges with maximum security to ensure user's assets, an exchange with seamless interface, an exchange with a good volume and 24/7 relationship between the users and the administrators. This and other factors will enhance Swift Transactions.

John46285

jr. member

Activity: 100

Merit: 1

Security and Privacy Features on the Blockchain

There have several way to define a good exchange. At first I will check the daily trading volume in that exchange and then I will check their support. Also transactions fees need to be lowest. If I get this all in aby exchange then I will define that exchange as a good exchange.

marketone

legendary

Activity: 1302

Merit: 1000

Quote from: futile-resistance on April 25, 2019, 04:00:53 AM

Quote from: Thanasis on April 18, 2019, 12:47:05 AM

When an exchange have high trading volume then it literally means as good exchange because people will not trade on bad exchanges much.

If you are going to launch your new crypto exchange then it is not easy to make people trade on your exchange even if you are better than those big exchange,so just advertise it as much as you can and bring traders and more coins on your exchange.

I think a good exchange could be the one that think about its users. Let’s talk about Binance which has been very instrumental in imparting value to the portfolios of the users because that exchange just does not list fake or low projects.

Moreover, they stop conducting the IEO of a crypto startup because it was not in the interest of the users on the exchange. So an exchange where you could stay secure is the best exchange you can look for. All services must work for customer's interest and satisfaction otherwise they cannot sustain and succeed within their business.

Exactly, you are right Binance is the right project for focusing on improvement and developments. We know and we are already seeing from the community that many people are supporting Binance is one of the best exchange considering it as for many aspects.

futile-resistance

hero member

Activity: 840

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Quote from: Thanasis on April 18, 2019, 12:47:05 AM

When an exchange have high trading volume then it literally means as good exchange because people will not trade on bad exchanges much.

If you are going to launch your new crypto exchange then it is not easy to make people trade on your exchange even if you are better than those big exchange,so just advertise it as much as you can and bring traders and more coins on your exchange.

I think a good exchange could be the one that think about its users. Let’s talk about Binance which has been very instrumental in imparting value to the portfolios of the users because that exchange just does not list fake or low projects.

Moreover, they stop conducting the IEO of a crypto startup because it was not in the interest of the users on the exchange. So an exchange where you could stay secure is the best exchange you can look for. All services must work for customer's interest and satisfaction otherwise they cannot sustain and succeed within their business.

prtty2gal2

hero member

Activity: 1092

Merit: 523

Quote from: sopanbmp on April 23, 2019, 07:23:24 AM

The most important things on the exchange is Safety including privacy guard for the costumer, also you can add some promotion perhaps? to increase Volume on your exchange. and that is not less important is low fees
many exchange on this days the fee is so ridiculous, you can setting up for this recommendation. Good luck wish you success and don't you dare to do a bad thing Grin

As a newbie in the exchange, he might really find it a bit difficult to be able to beat the transaction cost down until he has a very good trading volume on his platform, if he forces low transaction fee and not able to get money that he will use to run the exchange, he might pack up too quickly.

The major thing he needs to focus and his strength on now, is building a platform that has full security features that people can easily testify to, then secondly, I am sorry to say, pending the time he gets a very good volume, take advantage if the fact now that many people hates KYC, he should not introduce KYC from the onset, it will attract users that will get him volume, once he gets volume, then he can use the fee strategy like Binance.

Topic: How do you define a good exchange? - page 21. (Read 7378 times)