Topic: Preferable exchanges for trading bitcoin, altcoins (generally) and tokens. (Read 154 times)

IDEX is no longer a good DEX. they are no longer anonymous because users are required to verify KYC. so this exchange does not enter as one of the best.

If you are to use IDEX as your best example of a DEX, please include also the information that users will have to pass KYC before they can withdraw their eth or tokens. I personally do not like IDEX that much, I prefer DDEX and even Forkdelta now. 

I would also admit that the most secure cryptocurrency exchange is an exchange which do not store your bitcoins or fiat money. Since every exchange can be hacked, closed by regulators or even owners. Because of that I am using officially licensed Swiss exchange named Bity. They store your crypto or fiat assets only during order processing. E.g. if you want to buy Bitcoin or Ethereum you creating order invoice and sending fixed amount of EUR or CHF to their bank account from your own. Once their system notify your transfer it will send ETH or BTC to your wallet. Same scheme while you selling ETH or BTC to them.

Of course this exchange can’t be used for everyday trading since for every order you need to do a bank transfer (except crypto to crypto orders) which takes 1-3 days (!). But if you are more holder then trader and need to sell or buy crypto its better to not store your assets on even big exchanges. Better to keep assets in your own wallets and bank accounts.

And as I mentioned above Bity have only ETH and BTC pair. So its not good for traders but if you buy or sell crypto once in month on big amounts then I recommend to use such type of exchanges.

Best is subjective.

For example, you mention Binance and Bittrex as the best to trade Bitcoin. I'm far to consider an exchange the best if it can't secure data correctly. Like Bittrex did before, and look like Binance too, seeing today news. Binance has no fiats options and a weak KYC process, a lot of people don't use it for these reasons.

I consider Bittrex a joke and Binance useless. An exchange can be the 'best' if it fits your needs but it can be pure trash to others

Most individuals only rely on a particular exchange to carryout their trade when they're better options out their. The reasons for such practice could be understandable but at the same time it give power to only selective few platform which make them think they're not replaceable and become dictators of the exchange industry by requesting outrageous fees for new projects listing.

Today, I'll be highlighting different type of exchange which I presume to be the preferable choice for trading coins and tokens of specific blockchain. I'll start from the best exchange for trading bitcoin down to Altcoin (in general) than sperate each of the altcoins based on their blockchain.

Before i go to list the exchanges, I just want to inform the community, exchanges aren't wallet, they shouldn't be used to store cryptocurrency for long term but only used for short term trading. For any platform that holds your private key, you're not the owner of your coin.

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The best exchanges include;

[1]: Preferable exchange to trade Bitcoin: Most traders especially the news ones would expect me to list Binance here as it's their favorite exchange but here's is the catch, when Binance presented itself to the trading industry it didn't do so as a bitcoin exchange instead it's was an exchange built to conquer the altcoins market. The best exchange to trade bitcoin is BITTREX EXCHANGE. Bittrex is a US based exchange with a user friendly interface that can be easily understandable by any average newbie and the platform is quite easy to navigate. It's a centralized and regulated exchange that means you might be required to carryout KYC procedure although with it's basic account you can easily trade your bitcoin with a 3 btc maximum daily withdrawal. You can also engage in advance bitcoin trading options which make it the perfect exchange above the rest to trade bitcoin.

[2]: Preferable exchange to trade Altcoins {generally}: Without any argument, BINANCE EXCHANGE which is a china based regulated exchange is the best altcoin exchange out there any trader can use without having previous knowledge on trading altcoins. They offer a vast majority of Altcoin to choose from to make your trading experience an unforgettable one. From the start of registration of new account to funding and settings up your account, every step is self explanatory. They have been the best performing exchange from date of lunch to this very moment. The reputation of the exchange speaks for itself so I don't have to say much.

[3]: Preferable exchange to trade Ethereum based altcoins: Ethereum based tokens are the most popular tokens out there so it's understandable why we have numerous decentralized exchanges popping out daily to meet the needs of traders wanting to trade this type of tokens. Most of the exchanges that their main or only purpose is to be used to trade this type of token have similar web design and user interface but one exchange stand out above the rest (making it the best) and that's IDEX. Idex is a decentralized cryptocurrency exchange that can be used to trade Ethereum based tokens. Since it's a Dex, it's advisable to understand how to navigate and use the exchange before trying to use it. Transaction made using this exchange aren't reversible if a mistake is made. You're in control of your funds so you're also responsible for protecting yourself from malicious links and hacks.

Here are some useful information that will help you to understand how the exchange works.
Article: How to buy and sell on IDEX - IDEX
Video: HOW TO: Use IDEX Exchange To Trade ERC20 Tokens!

[4]: Preferable exchange for trading NEO based altcoins: NEO based tokens can easily be traded on SWITCHEO EXCHANGE, which is a non-custodian exchange that's it's a decentralized exchange, initially just NEO based tokens were made available on the exchange but now both EOS and ETH based tokens can also be traded on the exchange. It might be the best for NEO based token but isn't the best for ETH or EOS. Just like every other decentralized exchange, you're in control of your fund so you must understand how the platform works before usage or risk losing your fund due to silly avoidable mistake.

Here are some useful information,
Article: How Switcheo Account Actually Works.
Article: An Easy Guide to Switcheo - the First Decentralized Exchange for NEO
Video: How To Use Decentralized Exchange Switcheo.

Updates on EOS, QTUM, WAVE, NLX etc preferable exchanges comings soon...

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This topic is welcome to constructive criticism and update based on the other available ethereum like altcoins out there. If you seem to disagree with my judgement on which exchange is the preferable (as this topic is totally dependant on my experience), feel free to air your views below with a clear reason and not just some promotional attempt.