So Many Exchanges out there | Bitcointalksearch.org

Natalim

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BTC to the MOON in 2019

Quote from: sklopan on May 17, 2022, 12:27:25 PM

What I advise you to do right away is to read reviews about exchangers. Do not forget that very often they can cheat, and then the "commission" for the operation will be too high.

Then we have to use well-known and reputable exchanges for we are sure that our funds are safe but I'm very certain that we can't escape from KYC. Most of these centralized exchanges asking for it, decentralized gives us an option not to do it but somehow, many of dexes can't be trusted which is an issue and risk of using them.

Well, commission fees and transaction fees really matter upon choosing an exchange. Will, of course, we have to choose those who have small fees and can provide higher security level as well.

sklopan

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What I advise you to do right away is to read reviews about exchangers. Do not forget that very often they can cheat, and then the "commission" for the operation will be too high.

RealMalatesta

legendary

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Quote from: Anders_Bitcoin on May 16, 2022, 10:58:58 AM

Some of the best centralized exchanges are binance, kraken, bybit. They have an advantage in liquidity, but the disadvantage is that the funds stored on the exchange do not belong to you. Some of the best decentralized exchanges are dydx, mango markets, wowswap. There is not so much liquidity here, but you have full control over the management of your assets, because it works through connecting your wallet w/o having to make a deposit and go through the KYC procedure for trading or staking

Why do you think it doesn't belong to you? Binance says that it is yours, and they credit it to your account, and it is yours, if you want to trade it then you can, if you want to stake it then you can, if you want to withdraw it, then you can.

Basically, you can do anything with it, certainly more than what you can do if it was in some wallet on your PC, plus you can reach it anywhere you go around the world, with just your email and password (plus 2fa probably which is on your phone anyway so it’s with you). So, I have to say that it is not a big deal, it is certainly an issue that people created out of their mind, binance account is yours, so the money there is yours, do not listen to others who say otherwise.

tvplus006

legendary

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To the Moon

Quote from: LUCKMCFLY on May 15, 2022, 07:52:33 PM

What I don't like about decentralized exchanges is that they don't have the tools of centralized exchanges, for example I like the tools that bitfinex has because bitfinex has to place at the same time:

1.-Stop Loss,
2.-Take profit

Now the development of decentralized exchanges is proceeding at a rapid pace, as the team understands what CEX still has advantages over DEX and is working on it. After all, until recently there were no such tools as Take profit and margin trading on DEX, today we take this for granted.

worle1bm

full member

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Quote from: tvplus006 on May 05, 2022, 10:00:07 AM

Quote from: SatHunter on April 23, 2022, 04:29:29 PM

...My biggest concern is that there are so many exchanges. How the heck do I know which ones will pay me after I make an exchange? I know I have to check their reserve balance, but what else should I look for?

You should not forget that in addition to centralized exchanges, there are also decentralized ones, using which you will receive your coins to your wallet immediately after making a transaction. Since there is nothing more reliable than storing coins on your wallet, therefore, using DAX is preferable for medium-term trading.

That is more feasible option but don't have much options in them and majority is having account on centralised exchanges as they are reputed and most widely used such as Binance and customer prefer to use them but its risk factor can't be ignored at any cost.So if you are into trading you need to use them but follow security steps or DEX.

Mahanton

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Quote from: milewilda on May 16, 2022, 05:03:47 PM

Quote from: sklopan on May 16, 2022, 01:24:07 PM

After I got caught on a not the most honest exchanger, I try to be as careful as possible with this. This plays a pretty important role.

Why you do let yourselves put into trouble if top tier exchange or popular platforms had already been existing but still lost up your way on making use of these unpopular ones?
Havent you have that small time on making out some research at least before making further step? Making out some simple google search would really be
saving up your ass on losing money if you have done just right on dealing with the right platform which it wasnt really that hard for you to spot out.

This is indeed precise on which people do really get too confident or just too careless whenever they are using up something without even checking if it does have some issues or simply just new.If you are really that
mindful about your money then you would really be that keen on using up platforms which arent that known or simply you would come into some community asking out whether its good or bad.It is just people doesnt really find out ways for lessening the risk involved whenever you do make out investment decisions.Exchange business or industry is big and once its owner do make a good hit then expect revenue
would really be that high.

Slow death

legendary

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Leading Crypto Sports Betting & Casino Platform

Don't forget things like:

1 - Exchanges may ask you to KYC so it's best that you choose to use reliable and reputable exchanges, I know this is something difficult in this cryptocurrency market. but binance is a good exchange

2 - You have to observe the withdrawal fees of each exchange, the volume of each exchange and the withdrawal waiting time of each exchange

milewilda

legendary

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Quote from: sklopan on May 16, 2022, 01:24:07 PM

After I got caught on a not the most honest exchanger, I try to be as careful as possible with this. This plays a pretty important role.

Why you do let yourselves put into trouble if top tier exchange or popular platforms had already been existing but still lost up your way on making use of these unpopular ones?
Havent you have that small time on making out some research at least before making further step? Making out some simple google search would really be
saving up your ass on losing money if you have done just right on dealing with the right platform which it wasnt really that hard for you to spot out.

sklopan

jr. member

Activity: 98

Merit: 2

After I got caught on a not the most honest exchanger, I try to be as careful as possible with this. This plays a pretty important role.

Anders_Bitcoin

newbie

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Quote from: SatHunter on April 23, 2022, 04:29:29 PM

This is newbie talk, so don't kill me. I want to learn, but it seems so complicated.

I want to - sell BTC for ETH, and then sell that ETH for more BTC than I started the trade with. Sounds like a simple way to start, yet I know it won't be.

My biggest concern is that there are so many exchanges. How the heck do I know which ones will pay me after I make an exchange? I know I have to check their reserve balance, but what else should I look for?

Some of the best centralized exchanges are binance, kraken, bybit. They have an advantage in liquidity, but the disadvantage is that the funds stored on the exchange do not belong to you. Some of the best decentralized exchanges are dydx, mango markets, wowswap. There is not so much liquidity here, but you have full control over the management of your assets, because it works through connecting your wallet w/o having to make a deposit and go through the KYC procedure for trading or staking

martyns

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There are many exchanges which are reliable interms of transactions of USDT and other coins. For me, I prefer Binance because it's one of the safest and easy exchange to understand. It's simple to understand and the charges, more like gas fees are cheap when you use the right network to transfer coins. For TRX network, their main charge us usually 1 usdt, despite the bulky transactions done. Exchanges are top priority when trading a coin, traders needs good exchanges that don't charges high gas fees for transactions. Exchanges that would stored long term investments for future purposes.

CaVO32

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Quote from: LUCKMCFLY on May 15, 2022, 07:52:33 PM

Quote from: tvplus006 on May 05, 2022, 10:00:07 AM

Quote from: SatHunter on April 23, 2022, 04:29:29 PM

...My biggest concern is that there are so many exchanges. How the heck do I know which ones will pay me after I make an exchange? I know I have to check their reserve balance, but what else should I look for?

You should not forget that in addition to centralized exchanges, there are also decentralized ones, using which you will receive your coins to your wallet immediately after making a transaction. Since there is nothing more reliable than storing coins on your wallet, therefore, using DAX is preferable for medium-term trading.

What I don't like about decentralized exchanges is that they don't have the tools of centralized exchanges, for example I like the tools that bitfinex has because bitfinex has to place at the same time:

1.-Stop Loss,
2.-Take profit,

This allows me to totally make my commercial decisions and not be aware of the market, that is, if I win fabulous, then I hit the take profit and take profits, but otherwise I lose, I assume my loss and study what I failed, but the exchanges that I have operated are not like that, it is all very manual.

There are pros and cons when it comes to using DEXs or CEXs. But for the OP, as he is just starting here. He may want to check the features of a centralized exchange and start with the reputable one like Binance. If he doesn't want to undergo KYC, I think Kucoin is still not requiring KYC to their level 1 traders. However, what he is asking about the reserve balance of the exchange, this is hard to find. But if you are dealing with binance, for sure, they have more than enough liquidity for your coins. And being one of the reliable CEXs, you have the assurance that you will always get your money out. For years that I am this using exchange, I never had any problem with them, staking, trading and withdrawing my funds.

LUCKMCFLY

legendary

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Quote from: tvplus006 on May 05, 2022, 10:00:07 AM

Quote from: SatHunter on April 23, 2022, 04:29:29 PM

...My biggest concern is that there are so many exchanges. How the heck do I know which ones will pay me after I make an exchange? I know I have to check their reserve balance, but what else should I look for?

You should not forget that in addition to centralized exchanges, there are also decentralized ones, using which you will receive your coins to your wallet immediately after making a transaction. Since there is nothing more reliable than storing coins on your wallet, therefore, using DAX is preferable for medium-term trading.

What I don't like about decentralized exchanges is that they don't have the tools of centralized exchanges, for example I like the tools that bitfinex has because bitfinex has to place at the same time:

1.-Stop Loss,
2.-Take profit,

This allows me to totally make my commercial decisions and not be aware of the market, that is, if I win fabulous, then I hit the take profit and take profits, but otherwise I lose, I assume my loss and study what I failed, but the exchanges that I have operated are not like that, it is all very manual.

tvplus006

legendary

Activity: 2268

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To the Moon

Quote from: SatHunter on April 23, 2022, 04:29:29 PM

...My biggest concern is that there are so many exchanges. How the heck do I know which ones will pay me after I make an exchange? I know I have to check their reserve balance, but what else should I look for?

You should not forget that in addition to centralized exchanges, there are also decentralized ones, using which you will receive your coins to your wallet immediately after making a transaction. Since there is nothing more reliable than storing coins on your wallet, therefore, using DAX is preferable for medium-term trading.

Nrcewker

copper member

Activity: 2156

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Building my own Dreams!

Quote from: SatHunter on April 23, 2022, 04:29:29 PM

This is newbie talk, so don't kill me. I want to learn, but it seems so complicated.

I want to - sell BTC for ETH, and then sell that ETH for more BTC than I started the trade with. Sounds like a simple way to start, yet I know it won't be.

My biggest concern is that there are so many exchanges. How the heck do I know which ones will pay me after I make an exchange? I know I have to check their reserve balance, but what else should I look for?

There are many exchanges which are legit and which actually pays you, whenever you do an exchange of assets or coins.
All depends on your requirements.
If you want to go for centralized exchange, then go for Binance or coinbase.
Now if you want to exchange P2P without and KYC, then you can try localcryptos.com .
And yes you need to understand that most of the centralized exchanges requires KYC , so if you are comfortable with that then go for Binance.
All the above mentioned sites/exchanges are used by me and till now they haven't gave me any single problem. Rest is up to you mate which you gonna choose.
Wish you good luck for your long awaited trading journey OP.

Desscount

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ComboLabs

Quote from: MiF on May 05, 2022, 06:12:04 AM

Quote from: SatHunter on April 23, 2022, 04:29:29 PM

This is newbie talk, so don't kill me. I want to learn, but it seems so complicated.

I want to - sell BTC for ETH, and then sell that ETH for more BTC than I started the trade with. Sounds like a simple way to start, yet I know it won't be.

My biggest concern is that there are so many exchanges. How the heck do I know which ones will pay me after I make an exchange? I know I have to check their reserve balance, but what else should I look for?

I think the best choice is to use the proven and trusted exchange,example is houbi and kucoin or binance, there are a lot of new crypto exchange today and the only way to avoid being scam is to use the trusted one, because we dont know if the new exchange is scam so i prefer to choose good exchange for good.

The safest is to use a trusted exchange as you mentioned above,
the exchange is unquestionable and it is a popular exchange too,
from the level of security it is also safe and has been proven to be better to minimize risk by choosing a trusted exchange like Binance and others

MiF

sr. member

Activity: 1344

Merit: 258

Quote from: SatHunter on April 23, 2022, 04:29:29 PM

This is newbie talk, so don't kill me. I want to learn, but it seems so complicated.

I want to - sell BTC for ETH, and then sell that ETH for more BTC than I started the trade with. Sounds like a simple way to start, yet I know it won't be.

My biggest concern is that there are so many exchanges. How the heck do I know which ones will pay me after I make an exchange? I know I have to check their reserve balance, but what else should I look for?

I think the best choice is to use the proven and trusted exchange,example is houbi and kucoin or binance, there are a lot of new crypto exchange today and the only way to avoid being scam is to use the trusted one, because we dont know if the new exchange is scam so i prefer to choose good exchange for good.

Webetcoins

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Quote from: nur rochid on May 04, 2022, 02:58:38 AM

the two exchanges are indeed highly recommended, this is related to the continuation of our trading later. maybe there are many exchanges that offer certain promotions, and if compared, they will have lower gas fees, but when they get hacked, is there any responsibility, or will they be released. therefore the need for an early understanding of everything related to crypto will be better

It can be recommended for those who don't care about their privacy because quality exchanges like that are usually heavily regulated and can ask for our KYCs before we can use them and not all people are willing to do a KYC because for them their privacy is much more important and besides there are still alternatives out there that is secure but not as strict as the two.

Not just KYC but gas fees (like you said) or trading/withdrawal fee is also what matters the most to some. Those type of users that go for non mainstream platforms, already know the risk and they know that it was their own/full responsibility whatever happens to their funds or to the platform that they are using.

lixer

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Quote from: Mpamaegbu on May 03, 2022, 05:43:51 AM

I remember how Changelly have me my first start in crypto exchange. The site was user friendly and transactions were speedily done. Then, there wasn't any need for a KYC. Just an email for registration, that was all. I used to exchange my earned BTC from campaigns to Dogecoin on the site. There were few cryptos I knew back then and I felt those penny coins would explode like Bitcoin was doing at the time in 2017. Dogecoin and Lisk were among them. I later got onto centralized exchanges and began real trading and almost forgot about Changelly. Fast forward, a few years later I tried using Changelly again and discovered that it had added requirements that made privacy meaningless.

I do believe that there is a good case to be made about the "newbie" part of it just yet, I am not saying that it is not a good or bad question but at the end of the day there are so many exchanges that it is impossible to decide which one is the best one.

It kind of depends on where you are getting it from as well, that would be a hard decision, because if you are from the USA then it’s different but if you are from another nation then it’s different. Changelly was one of the first I used as well, I can remember as further back as mt.gox using as well and it wasn't that bad, then cryptsy was there, and so forth, it turns out all the "big" ones could go down under one day.

nur rochid

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Quote from: Dr.Osh on May 03, 2022, 11:09:48 AM

Quote from: AicecreaME on April 29, 2022, 05:28:52 AM

I use binance whenever I'm selling my slp, eth, and Bitcoin. I always use their service because of their very active customer service. I accidentally sent my UTK (old one) to their UTK (new address) and they retrieve it for me instantly, it didn't take a week, which for me is very important. Their trading fee is reasonable, that's why I never use any exchange ever since. But it's up to you OP, you can explore them if you want.

For international exchanges, I also prefer Binance or Kucoin to other exchanges. However, if you are new to crypto or exchange, choosing the best exchange is highly recommended because it can reduce the risk of scams, or mistakes in choosing exchanges. there may be many exchanges out there, but choose binance, or kucoin, it's the best. I also see a lot of people suggesting to choose Binance over other exchanges.

the two exchanges are indeed highly recommended, this is related to the continuation of our trading later. maybe there are many exchanges that offer certain promotions, and if compared, they will have lower gas fees, but when they get hacked, is there any responsibility, or will they be released. therefore the need for an early understanding of everything related to crypto will be better

Topic: So Many Exchanges out there (Read 590 times)