Topic: How do you define a good exchange? - page 4. (Read 7119 times)
For newcomers like me who have just entered the field of cryptocurrency trading, I think that a good exchange should have a simple and clear interface, and it is best to have video explanations for new users; secondly, I hope I will be on the exchange The identity information registered on the website can be protected from being leaked; there are also transaction time and costs, hope to be controlled within a reasonable range; finally, I hope that this trading platform can have strong technical support, and there will be no hacker attacks. My wallet has been lost. That's all I can think of for the time being.
The first is to ensure safety and avoid negative news that will give users a negative impression of the transaction. And it is not easy to be attacked by hackers.
The speed of withdrawing coins must be efficient. This is the most important aspect of the comprehensive service quality of the exchange. Of course, I am talking about small amounts.
There are also easy-to-understand, complicated apps that I don’t like to use. :
The speed of withdrawing coins must be efficient. This is the most important aspect of the comprehensive service quality of the exchange. Of course, I am talking about small amounts.
There are also easy-to-understand, complicated apps that I don’t like to use. :
I want to assume by exchange you are only talking about Centralized exchange!
To me it should have a minimum which one can withdraw without a need for KYC, and that minimum should be high enough!! If possible no KYC!
Must be super secured, I don't need any insurance, if it's secured enough you wouldn't need insurance in the first place!
The interface should be easily navigable!
Fees must be at fixed and at barest minimum, no matter the trade size!
What else? That's all!!
To me it should have a minimum which one can withdraw without a need for KYC, and that minimum should be high enough!! If possible no KYC!
Must be super secured, I don't need any insurance, if it's secured enough you wouldn't need insurance in the first place!
The interface should be easily navigable!
Fees must be at fixed and at barest minimum, no matter the trade size!
What else? That's all!!
You can't really be sure about the security of the platform up until someone tries to hack into their system. That's why for me, insurance is important just like what is present in Binance. Because even top exchanges boasting the security layer of their network, hackers will always be there and they will try and try with sophisticated softwares to hack into their system. No one is totally safe these days.
For me, security is real important. And so is customer support. It would be great if I could instantly any time get in touch with a professional who is an expert in the field, to answer all my queries.
a perfect exchange is a good security exchange, all good services and very cheap transaction fees, I prefer to use FTX exchange, how about you?
I want to assume by exchange you are only talking about Centralized exchange!
To me it should have a minimum which one can withdraw without a need for KYC, and that minimum should be high enough!! If possible no KYC!
Must be super secured, I don't need any insurance, if it's secured enough you wouldn't need insurance in the first place!
The interface should be easily navigable!
Fees must be at fixed and at barest minimum, no matter the trade size!
What else? That's all!!
To me it should have a minimum which one can withdraw without a need for KYC, and that minimum should be high enough!! If possible no KYC!
Must be super secured, I don't need any insurance, if it's secured enough you wouldn't need insurance in the first place!
The interface should be easily navigable!
Fees must be at fixed and at barest minimum, no matter the trade size!
What else? That's all!!
I will choose the exchange which will have good background reputation and good history.
Moreover if there will be also no KYC then more people as me will like the exchange.
A good exchange must support KYC to reduce the high level of scammers infiltrating their site without proper documentation I personally don't invest in any site without KYC I feel more safer on sites where I had to pass through so kind of verification process. Scammers don't like using their documents so they avoid sites with KYC and that's what makes it more secured. Moreover if there will be also no KYC then more people as me will like the exchange.
But most of the Bitcoiners are like to stay anonymous in this decentralised getaway. most of us do not prefer to share our sensitive documents with any third-party provider, it is very risky though. a third-party service provider may be lost our sensitive KYC documents or being hacked and leaked the documents so that scammers can use those documents in any illegal works or blackmailing the owner. So, I don't think KYC is good for preventing scams, personally, I don't like it.
I will choose the exchange which will have good background reputation and good history.
Moreover if there will be also no KYC then more people as me will like the exchange.
A good exchange must support KYC to reduce the high level of scammers infiltrating their site without proper documentation I personally don't invest in any site without KYC I feel more safer on sites where I had to pass through so kind of verification process. Scammers don't like using their documents so they avoid sites with KYC and that's what makes it more secured. Moreover if there will be also no KYC then more people as me will like the exchange.
If you want to build a good exchange, then you should be know and observe the good quality exchanges which they gave to the exchanger. A good exchange gives to their customer such as many facilities, few advantages, fast transaction, security, good services and many other things.
Good exchanges can be defined by many ways and tbh it will differ from person to person.
I will choose the exchange which will have good background reputation and good history.
Moreover if there will be also no KYC then more people as me will like the exchange.
And yes the exchange should be legit and have good persons working in the backend.
Binance can be the best option to choose as a ideal Exchange in this scenario.
I will choose the exchange which will have good background reputation and good history.
Moreover if there will be also no KYC then more people as me will like the exchange.
And yes the exchange should be legit and have good persons working in the backend.
Binance can be the best option to choose as a ideal Exchange in this scenario.
I would say that a good exchange has a lot of users and whenever I search for their reputation, I always see more positive reviews rather than the negatives. They also should have a really good customer relations. Also, there should be an array of coins to choose from that you can trade.
The thing i don't like whenever the market is going up or even on crashes where these platforms are commonly not accepting deposits nor having trouble on logging in which do really sucks.
Additionally, this is a reputable exchange with many advantages.
My criteria listed by importance are the following:
- liquidity
- security and constant availability to trade
- quick and easy payment
- large selection of tradable coins
- fast and good support
- fees
Fortunately today there are many exchanges and a great selection. Everyone can find something for themselves
And Binance do have it all...- liquidity
- security and constant availability to trade
- quick and easy payment
- large selection of tradable coins
- fast and good support
- fees
Fortunately today there are many exchanges and a great selection. Everyone can find something for themselves
The thing i dont like whenever the market is going up or even on crashes where these platforms are commonly not accepting deposits nor having trouble on logging in which do really sucks.
Good exchange is basically;
-Huge volume
-Good support
-Fast UI/UX
and the rest is same as above.
My criteria listed by importance are the following:
- liquidity
- security and constant availability to trade
- quick and easy payment
- large selection of tradable coins
- fast and good support
- fees
Fortunately today there are many exchanges and a great selection. Everyone can find something for themselves
- liquidity
- security and constant availability to trade
- quick and easy payment
- large selection of tradable coins
- fast and good support
- fees
Fortunately today there are many exchanges and a great selection. Everyone can find something for themselves
The criteria for a good exchange in my opinion are those that have a large real trading volume, active on social media, do not have many complaints, fast response to consumers, and have a pair to local fiat currency.
There are several things I look for when choosing an exchange. Honestly, I only use about 3 different exchanges and wouldn't even have to do that if Coinbase offered more coins and tokens.
First thing I look for is reputation. I want an exchange that is reputable with lots of reviews and details across the web. I want to see them advertising and I want to see them being used by lots of people. If I could out and Google "Coinbase" for instance, I would see enough information to make me feel comfortable using them. I would also probably start to see adds after searching them which tells me they are a profitable company and spend money to advertise their service.
Second thing I look at is the company. I live in the US, so I prefer a US company with a US address and at least registered with the BBB (Better Business Bearue). If your exchange is based in Panama or Nigeria or something, then nothing against you but it probably isn't an exchange I want to use.
Finally, I like to look at what tokens/coins are offered. I don't buy/trade just one crypto, so I want an exchange that offers several of them.
First thing I look for is reputation. I want an exchange that is reputable with lots of reviews and details across the web. I want to see them advertising and I want to see them being used by lots of people. If I could out and Google "Coinbase" for instance, I would see enough information to make me feel comfortable using them. I would also probably start to see adds after searching them which tells me they are a profitable company and spend money to advertise their service.
Second thing I look at is the company. I live in the US, so I prefer a US company with a US address and at least registered with the BBB (Better Business Bearue). If your exchange is based in Panama or Nigeria or something, then nothing against you but it probably isn't an exchange I want to use.
Finally, I like to look at what tokens/coins are offered. I don't buy/trade just one crypto, so I want an exchange that offers several of them.
First of all, on a good exchange, there is always a huge capitalization, this is the first thing you need to pay attention to in my opinion, then you need to look at the commissions and interface, I also look at the exchange coin, for example, BNB from binance, an excellent coin with excellent capitalization, and this is the face of the exchange and has a huge weight in the choice of the exchange. It is also necessary to always choose an exchange based on its security and safety.
It's sure and certain that people have their differences, so the other persons choice might not be same as mine.
A good exchange is an exchange which got a fair user interface! Meaning such exchange is supposed to be very easy to access, also a good exchange must have a very strong security which can't be hacked. Another factor people looks at is the trade volume of an exchange, to be able to swap their coin as fast as possible. Another thing here which should be looked out for is KYC, this one is based on choice tho, not every traders likes KYC.
A good exchange is an exchange which got a fair user interface! Meaning such exchange is supposed to be very easy to access, also a good exchange must have a very strong security which can't be hacked. Another factor people looks at is the trade volume of an exchange, to be able to swap their coin as fast as possible. Another thing here which should be looked out for is KYC, this one is based on choice tho, not every traders likes KYC.
In my opinion, a good exchange depends on the service and also the trading volume. The main thing that I pay attention to in choosing an exchange is the trading volume because this is an important thing to be able to get the trades I want. some exchanges perform trade manipulations and that is something you should avoid. now there are many exchanges that you can choose from and also security options are things that should be considered next
I agree support service and big volumes is must required to be a good exchange. It means a lot of people are using this exchange. The thing I want in exchange is a low fee, considering that I'm small traders only. The fee right now is huge, and I only trade for a hundred bucks. I can't afford the 20 dollars fee per transaction. That's why I choose Binance, which has lowered the fee. 
I prefer to use really decentralized exchange that offer all different high cap coin to trade with low trading fee. And this exchange possible to connect all order book from others big exchange. Just like stock trading platform so the liquidity will be high with lowest spread. Also provide feature of OCO for stop loss and trailing stop. With low withdrawal fee and Fast customer support will be more excellent.
Jump to: