How do you define a good exchange? - page 23.

tadpole_bitfrog

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Activity: 464

Merit: 10

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

A good exchange is when it allows traders to order stoploss and have a low transaction fee. Besides, exchange should have good security to commit to keep the assets for traders. That's the minimum that a good exchange needs.

cybersofts

copper member

Activity: 658

Merit: 284

No. There are too exchanges too just the coins / tokens. Unless you have a huge amount of money to invest in to your new exchange from development, infrastructure, security and marketing. I suggest you should go in to bitcoin mixing service if you have the money, skills and expertise.

novaprime

sr. member

Activity: 812

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UniDApp - it's DeFi time!

Quote from: jony35490 on April 21, 2019, 01:25:33 PM

In my opinion, a good exchange should have a nice and friendly interface and quick accessibility. Good support, High trading volume, Low trading fees, instant deposit and withdraw that's it.

This forum can give you a lot of good choices to choose from, but you also need to be careful with these exchanges because it will certainly not be as safe as you think and if you have problems giving In that case, you should give negative ideas to make them better. Currently many new exchanges are in a way to attract investors and if it is an exchange that is trusted by people, you should consider using it because it will be very good for making a profit.

Quote from: Distinctin on April 21, 2019, 12:18:21 AM

Quote from: The Seller on April 20, 2019, 03:28:17 PM

At this time there have been so many new exchanges that have sprung up, but even they have missed a number of important things that are really needed by users. If you want to make a good exchange then at least prioritize customer service that is ready at all times and also has good security and is easy to use.

We can't stop them, they will try to operate because of the potential in this market.
Binance which is the most popular exchange now are making huge money because their trading volume is so high, for sure new exchange's goal
is to maximize their income but it needs time to build reputation and people now are wiser, they will ensure they trade in a liquid and reputable exchange.

All exchanges are expected to earn big profits just like Binance and they are trying to be able to best develop their platform. I think in the future there will be great competition because people often tend to choose new exchanges with a better interface or want to find the best possible investment place. This will definitely make the market better and people have more options besides Binance

raven7886

legendary

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Quote from: simplelisten on April 20, 2019, 12:13:23 PM

For me, a good exchange should have a simple yet nice website design, fast respond to customer support, friendly staff, secured wallet, and low trading/withdrawal fees, I'm a small-time trader so I want to save any profit I got from my investment.

You have said it all, the Op might just have to compete with some exchanges, because when it comes to trading fee, I am not so sure he will be able to compete with some exchanges like Binance, before he will be able to talk of low trading fee, he must have really gotten enough volume that will assist him in deciding on reducing the fee, which usually take lots of years.

Anyway, he can compete with other attributes, such as the ones you mentioned and I am sure that if he tries his best, the sky might decide to favor him and be his limit.

shesheboy

full member

Activity: 714

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Quote from: jony35490 on April 21, 2019, 01:25:33 PM

In my opinion, a good exchange should have a nice and friendly interface and quick accessibility. Good support, High trading volume, Low trading fees, instant deposit and withdraw that's it.

seems too good to be true but actually only few exchanges have all this kind if features because its not easy to have this all . there is no perfect exchanges . popular and top exchanges do always have an issue but they will be fixing it from time to time .

Quote from: Kulkhan on April 21, 2019, 02:30:21 PM

I Think the best policy to define a good exchanger is showing forum discussion. Here comes all traders. They comments what exchange is good and what exchange is bad. So i get proper news from Bitcointalk Forum.

this is another way to know if an exchange is good or bad because users will give thier feed backs but there are also exchange that are not being discuss on this forum or on other forums yet that does not mean that they are already bad exchange .

Quidat

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Quote from: Supercrypt on April 21, 2019, 01:27:53 PM

Quote from: geegaw on April 19, 2019, 10:05:08 AM

Quote from: agatha90 on April 18, 2019, 12:57:30 PM

What I like best in crypto exchanges is low fee fees and fast transactions. Because each exchange has a different fee, and to make it easier not to allow KYC.

I don't think low fees and fast transactions are factors to determine a good exchange because I see a lot of exchanges have the same advantages but people still underestimate these exchanges when its advantages cannot compensate for the problems and risks it can bring. In my opinion, I think the factor to determine good exchange is probably the volume of transactions, quality of service and security, low cost is not so important, important is still safe and we can trade on a vibrant platform full of opportunities

Many people base it on volume but I don’t work with volumes that much but quality of services and other things you also mentioned in your point, some exchanges have really used volume to deceive and manipulated a lot of traders since it’s something they can tamper with easily.

I even prefer to see ones with low volumes, it is when they don’t have volumes at all that I overlook them, but provided they have volumes, whether low or not, I can still give them a try, most big exchanges started somewhere and since this volume factor too is what we use to judge them, they manipulate the volume and deceive people into checking it out.

Manipulated volume doesnt last long and those stats will just bring back to normal after a while thats why always checking out the exchange before using it up.
Checking out volumes on each trading pair isnt really that hard and yes,these is one of the indications on where a good exchange would be. The more volume it has the
more users it have but as said this isnt only the thing you should rely alone when choosing up.

Kulkhan

jr. member

Activity: 938

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I Think the best policy to define a good exchanger is showing forum discussion. Here comes all traders. They comments what exchange is good and what exchange is bad. So i get proper news from Bitcointalk Forum.

Supercrypt

legendary

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Quote from: geegaw on April 19, 2019, 10:05:08 AM

Quote from: agatha90 on April 18, 2019, 12:57:30 PM

What I like best in crypto exchanges is low fee fees and fast transactions. Because each exchange has a different fee, and to make it easier not to allow KYC.

I don't think low fees and fast transactions are factors to determine a good exchange because I see a lot of exchanges have the same advantages but people still underestimate these exchanges when its advantages cannot compensate for the problems and risks it can bring. In my opinion, I think the factor to determine good exchange is probably the volume of transactions, quality of service and security, low cost is not so important, important is still safe and we can trade on a vibrant platform full of opportunities

Many people base it on volume but I don’t work with volumes that much but quality of services and other things you also mentioned in your point, some exchanges have really used volume to deceive and manipulated a lot of traders since it’s something they can tamper with easily.

I even prefer to see ones with low volumes, it is when they don’t have volumes at all that I overlook them, but provided they have volumes, whether low or not, I can still give them a try, most big exchanges started somewhere and since this volume factor too is what we use to judge them, they manipulate the volume and deceive people into checking it out.

jony35490

jr. member

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In my opinion, a good exchange should have a nice and friendly interface and quick accessibility. Good support, High trading volume, Low trading fees, instant deposit and withdraw that's it.

Gatotare

sr. member

Activity: 728

Merit: 261

Security is the first important things for me, I think most of the investor like me also. Binance is most secure site from 1-1.5 years so it is first exchange for us. Then other things like design etc is important for me.

angel55

full member

Activity: 630

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I go with exchanges that have a large selection of coins and it is appealing to the eye. I know it sounds petty but the color and layout of the website matters a lot to me. I also like to have a large selection of trading pairs and good customer service.

apolok

sr. member

Activity: 742

Merit: 250

I love to trade that site which exchager support is so good.Deposit and withdraws service fast.Friendly interface.Security should be best.So many sites have bad reputations for bad support behaviour.

Quote from: erikalui on April 16, 2019, 12:03:08 PM

Insurance is the only thing currently that I want and expect from an exchange. It could be hacked anytime but if it has an insurance, there is a possibility we could get back our investments. KYC is not such a problem if the exchange does have an insurance.

Yeah you are right.Nowdays exchangers hacked is the common problem.

guoyu78

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Quote from: qmclak on April 19, 2019, 05:55:18 AM

For me transparency is everything. Crypto exchange must safe and secure as well. The CEO of exchange must be trusted too and prove that he is transparent.And most important the exchange should not much complain about their withdrawals too.

That is right. Transparency is the main thing which is the basic feature of the blockchain technology. In addition, I look for the kind of exchange which thinks about its users. They just do not list the coins or tokens that have a weak project because ultimately the investor gets hurt. Binance is great in this regard and has never listed a dubious token. The CEO is actually a man made for the tech stuff.

Quote from: coinplus on April 21, 2019, 06:10:02 AM

I think if any exchange reads here we can honestly say almost everyone wants the same thing.

You mean providing support through this forum ? I must agree on this. Yes, if an exchange has active support through this forum then we can be sure about at safer hands as we will be able to enforce them to be honest in all means. But, unfortunately most exchanges are not at all preferring to announce their services here.

Karmakid

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A good exchange should have the following. First, a good exchange should have a user friendly interface where people can easily get into the basic things regarding to the usage of exchange. Second, a good exchange should have a responsive customer service where they will guide the confused users and resolve all of their problems. Third, a good exchange should have a high level of security to make sure that even though there will be a cyber attack, it can sustain itself and it will not let the hackers steal their money. Even with just those 3 qualifications of mine, it is enough for me to trust them with my money.

SixOfFive

sr. member

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Merit: 257

You can rate an exchange on the basis of its service, trading volume, variety of coins listed, customer support, user-friendly platform, security in term of private and public keys, network security, operating platform option(website or app) and last but not least login security. These are some factors which encourage any investor or trader to get on that exchange.

coinplus

legendary

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I think if any exchange reads here we can honestly say almost everyone wants the same thing. First of all volume, if you have no volume than you will not be important, binance fixed that by giving money to affiliates (first %50 than 20% which is a shame but not much we can do about it).

Since volume is too general we can pinpoint as more coins and more withdraw quickness. If you have a lot of coins than there is a chance those people who own that coin will come to your website, even if its 5k+ dollars or something its still better than not having it and getting zero, have a thousand coins if you can as long as they are just making you 1 dollar profit its good. And if you can allow withdraws to be quick and cheap that will just put the cherry on top.

qiwoman2

legendary

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Oikos.cash | Decentralized Finance on Tron

I like exchanges that have an easy to use UI interface because I am older and need less techy stuff to park my funds on, an easy to use UI is very important to me. Other very important things are cybersecurity and also a very good support system. These two are paramount for me if I want to join or use any exchange for crypto trading or trading any assets or currencies for that matter. I already lost money on three exchanges due to hackers and the monies were never returned, so exchanges likes Binance for me feel safer than smaller exchanges without any insurance.

senne

hero member

Activity: 1078

Merit: 507

Any exchange with

Quick withdrawals/deposits
Less fee
Decent volume
easily accessible
Secure
Good Support

Asmonist

sr. member

Activity: 756

Merit: 251

I think the best thing is to test it at your tolerable price. There are many reviews of that particular exchange that may also help you decide. I prefer to something that has good reviews.

samcrypto

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Vave.com - Crypto Casino

Quote from: simplelisten on April 20, 2019, 12:13:23 PM

For me, a good exchange should have a simple yet nice website design, fast respond to customer support, friendly staff, secured wallet, and low trading/withdrawal fees, I'm a small-time trader so I want to save any profit I got from my investment.

Everything is here already and one thing that i want to add is that, they must be more transparent so the trading volume is real and not just a fake volume. Many big exchanges are being hacked so security must be there top priority since millions of money are on their exchanges. They don't need to become the best exchange, they just need to be consistent on delivering a good and quality system thru their exchange.

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