Topic: How do you define a good exchange? - page 9. (Read 7119 times)
Good exchange never allow their customers lost their coin. They give lower withdrawal rate. And they always make their exchange more advance than other exchange.
Giving users security for their assest, low withdraw fee, prevent fake bot for trading, giving users support if they face any problem, have enough liquidity! I think all of those are need to be define a good exchange.for example, let's talk about binance exchange! It gives users everything that i mentioned above.So if you eager to become a owner of a new exchange, should keep remember those thing in mind & make platform based on those fact.and don't forget to let us know if your exchange ready
Yes, mate, I really believe that what you say is a need that must be a priority and cannot be removed because it can be said to fulfill all the important elements of an exchange, although later on the way there will be additions that are really needed, and we know crypto developments are very advanced. I agree that currently one that really meets these requirements is in Binance. indeed we have to admit because every time we are always given renewable innovations so that its members feel at home and are sufficiently from their place to be able to do whatever they want.
Giving users security for their assest, low withdraw fee, prevent fake bot for trading, giving users support if they face any problem, have enough liquidity! I think all of those are need to be define a good exchange.for example, let's talk about binance exchange! It gives users everything that i mentioned above.So if you eager to become a owner of a new exchange, should keep remember those thing in mind & make platform based on those fact.and don't forget to let us know if your exchange ready
I agree with some of the points above. For the fee I think the cheaper the fee, the more users it will attract to register. Although in my opinion, the safety factor is the most important factor. But from all the above points is the correlation that an exchange should have, it will be of great interest. Just look at Poloniex he is history for me he was once the most favorite exchange, but because the volume decreased, the liquidity decreased they started leaving him and now binance is a favorite.
No,,, I disagree. The difference in fees is small to most of us who only use exchanges rarely or occassionally. And if you are a big whale with a lot of volume then you do not use the with
maybe low fees will be a determining factor for a good exchange, because nowadays many people object, especially traders who have small capital for high fees they feel unsuitable and choose another exchange
security, low fees, good volume and a huge selection of tokens to trade .. this is the best exchange for me and many people. so if there is an exchange that does not meet the above requirements, you may be questioned how the exchange is performing
If you expecting all the criteria, we never get a exchange in trading. Majority of the peoples are mainly concentrate low fees and reputated exchange like Binance. Some other peoples are fix some criteria of our own and they expect all time convenient. But we have one more easy way that is choose some coin or token then ask in this forum, we will guide you which exchange is convenient for that coin. 
~snip~
Is that the same for you?
I agree with some of the points above. For the fee I think the cheaper the fee, the more users it will attract to register. Although in my opinion, the safety factor is the most important factor. But from all the above points is the correlation that an exchange should have, it will be of great interest. Just look at Poloniex he is history for me he was once the most favorite exchange, but because the volume decreased, the liquidity decreased they started leaving him and now binance is a favorite. Is that the same for you?
security, low fees, good volume and a huge selection of tokens to trade .. this is the best exchange for me and many people. so if there is an exchange that does not meet the above requirements, you may be questioned how the exchange is performing
Security and liquidity both of two are given the first priority by mine. Any exchange can consider useless without having liquidity.besides exchanges are getting hacked nowadays, even top class exchange which has strong security, can't protect them from hacking.as a result, hackers taking our money & makes us helpless.because most of exchange won't give your fund back but binance has insurance where assure that, they will give your fund back from their fund if any unexpected happens
I agree. While high liquidity means you don't have too wait for too long until your transaction is completed because there's enough liquidity pool so you're not being wrecked by large spread, security is also regarded as instrumental to determining a good exchange.
At the end of the day, there's little value in having high liquidity and trades volume if your assets are not safe and secure. Security therefore it is one of the things that can 'make or break' an exchange.
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
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
Before answering your question, let me tell you first that current exchanges in the cryptocurrency industry is around approximately more than 33,000 while alternative coins are around 7,800, these are just listed on coinmarketcap. In that 33,000+ exchanges, only few stands up and is currently dominating the cryptomarket in terms of volume. That is the 1st (first) key for an great exchange volume. Volume entails liquidity, which means anyone at anytime can buy or sell his/ her bitcoin or alternative coin (based on the coin though).
Second one that people consider are security of these exchanges. Majority of whats in the internet can be penetrate with all the hackers in the internet, it means, anything can happen. So the good thing to do is to ensure your clients, the traders, that there money in your exchange is safe. You can also offer insurance like binance, they have #SAFU, they have % of their profits locked to be a fund in case anything happens. There are still a of things to be considered, so be mindful in creating an exchange before spending a lot. Cheers!
These are a lot of exchanges and thats why you need to understand that you will need a lot of effort, product development, marketing, etc to stay in this industry.
giving meaning to a good exchange platform is very easy, only with trading volume and security,
because volume is very important for a trader, if the volume is large then the spread in the order book will also increase,
of course this makes traders comfortable.
because volume is very important for a trader, if the volume is large then the spread in the order book will also increase,
of course this makes traders comfortable.
2019 surveys among crypto traders found that the main problems and criteria of choice when selecting an exchange were:
• Security and trust
• Trading Fees
• Liquidity & pairs variety
• User interface
• Customer support
• Withdrawals fees
https://bdcenter.digital/insights/cryptocurrency/survey-crypto-traders
Is that the same for you?
• Security and trust
• Trading Fees
• Liquidity & pairs variety
• User interface
• Customer support
• Withdrawals fees
https://bdcenter.digital/insights/cryptocurrency/survey-crypto-traders
Is that the same for you?
For me, a good exchange must have the following requirements: Safe and highly secure for users, The trading system must be fast, the number of participants is large and the total transaction is large, there must be diversified Altcoins for investors to have a lot of choices.
Security and liquidity both of two are given the first priority by mine. Any exchange can consider useless without having liquidity.besides exchanges are getting hacked nowadays, even top class exchange which has strong security, can't protect them from hacking.as a result, hackers taking our money & makes us helpless.because most of exchange won't give your fund back but binance has insurance where assure that, they will give your fund back from their fund if any unexpected happens
In my experience the exchange that attract people need to be easy and fast to use and it has to choose the coins to list wisely to avoid scam and shitty tokens and the withdrawl fee must be low because some people when they need small transactions if the fee is high then they won't be able to withdraw their coins.
Security will always be the top priority of every trader, after that liquidity, transaction fees, design, and customer service
But for a newly established exchange, customer service will be the key to building a reputation.
The prompt and responsive interaction of customer service is essential. They must ensure that all problems faced by traders (customers) are resolved quickly and precisely.
^ If the decentralized exchange has a good liquidity and trading volume, I prefer to use this rather than on a reputable exchange. Because there is no good centralized exchange as of now, they are all vulnerable to a possible hack that most popular exchange has been done lately. Some traders are no choice is to grab the opportunity and willing to risk their money sending on the centralized exchange that could probably lose any time when the hackers will attack. For now, so far, the Binance exchange is good because they had secure your fund and below 2 bitcoin you can able to trade without having KYC. But for a newly established exchange, customer service will be the key to building a reputation.
The prompt and responsive interaction of customer service is essential. They must ensure that all problems faced by traders (customers) are resolved quickly and precisely.
Security will always be the top priority of every trader, after that liquidity, transaction fees, design, and customer service
But for a newly established exchange, customer service will be the key to building a reputation.
The prompt and responsive interaction of customer service is essential. They must ensure that all problems faced by traders (customers) are resolved quickly and precisely.
But for a newly established exchange, customer service will be the key to building a reputation.
The prompt and responsive interaction of customer service is essential. They must ensure that all problems faced by traders (customers) are resolved quickly and precisely.
First of all, you need to have experience to distinguish a good exchange from a bad exchange. But only one experience is also not enough, you also need to compare the exchanges, as well as analyze the reviews to understand whether it is possible to trade on one or another exchange. One of these tools can be found here. This tool is convenient because it allows you to compare the exchanges you are interested in and choose the most suitable one.
Experience is needed everywhere. However, the good one can be found even without any exchange experience. Pay attention at the history of the service. You can find reviews about almost any site on the net and on independent forums. If there is no feedback, there is no exchanger.
the tool given above by Mart1ncrypto is also helpful aside from this forum .
exchange being user friendly has a big appeal to me and i dont really care much on other features because im not that pro but what important is that i can my coin with less stress on how to figure things like this and that
Reputation, security and liquidity are everything the exchange should have these three, one of these is missing and there is not worth trading on that exchange, there are a lot fo exchange with good reputation and security but lacks liquidity on the paid on their platform, so far these are on top of my list, Kucoin, Binance, MXC I an actively trading on these exchanges and they all the three criterias.
Why complicate things? Speed, liquidity, design, security. All that is needed to determine how good this or that exchange is. The longer the exchange works without hacking, the greater the level of trust can be determined in it.
Security should be in the first place, since you entrust your funds to a third party, which means that it no longer depends on you what will happen to your funds in case of serious problems with the exchange.
One more thing and the way we look at the good exchange was almost the same. Speed, liquidity, the design could matter as well, it would be much better if it is user-friendly, security the most important among these factors, and lastly, the reputation. I am looking for the reputation as well if the campaign's reputation has been tarnished, no matter how secure, and speed it is I will have a second thought on using it. Besides I choose based on where the vast majority comes in like Binance, for example, the current most popular and leading exchanges leaving a place at the top among them all. Security should be in the first place, since you entrust your funds to a third party, which means that it no longer depends on you what will happen to your funds in case of serious problems with the exchange.
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