Topic: What are the factors you consider when trading alts on every crypto exchange? (Read 171 times)

Reputation is paramount for any type of exchange you will use (CEX or DEX). If you don't like KYC, maybe you can consider some of the leading DEX or CEX exchanges that have minimum withdrawal limits without KYC like Binance. Regardless, reputation and user reviews are the main things you should consider.

The trading volume can also be considered by the user before using the exchange, but in some cases, the trading volume may still be counterfeited by the exchange.

There are many factors but you will discover this yourself when you start trading. I will answer your question based on two reason (1) when you have a new token and intend to trade (1) when intend to trade altcoin without having a specific token at hand. For the first one, you have limited choice because you are only trade the coin in exchange platform that it is listed. However when it is listed in more than one exchange, I will suggest you choose where to trade based on the following factors
(i) Total trading volume: check the exchanges to know the one that have higher daily trading volume. There is higher probability that your token get filled  compare to the one with low trading volume
(ii) withdrawal fee: This is very important. You would not want to trade on platform that charge higher withdrawal fee
(iii) limitation on trading: exchange like hitbtc use whole number system of trading. for instance if you are holding token of 113, you can only sell 100 token which means 13 will seat untradeable in your wallet
(iv) trading features and tools: I will not forget the mistake I made on latoken. I set limit order to sell a token at a price considerably lower that present selling price and it got filled. In some exchange platform like binance, when you set a sell order to a price considerably lower than present selling price, a trading feature will alert you to make sure you are not making mistakes
(v) stop-loss features: not all exchange have stop loss. You would not want to run huge loss when the market go red and you have an active trading but you have gone to sleep
(vi) KYC and daily withdrawal limit: some CEX require you to complete KYC before you can even withdraw a penny while some will allow a limitation in withdrawal. you may want to consider the latter when you do not want to give your documents to faceless people

Well even if I would really suggest top tiers as you mentioned, it really is one of the factors because traders visit those to trade of course. Nobody pretty much wants to trade in wasteland of an exchange or even deserted one, watch out for tumbleweeds, lol.
Some exchange even fakes out the trading volume of coins that's why I steer clear from them.

I did crypto trading a few times. What I'm personally doing is to study the altcoin I'm about to trade. Study its historical background in order for me to make some forecast, legitimacy, market trends and stability, road map, project future plan of the team, deep readings and research if there are some articles pertaining to that altcoin, predictions of the whales and high-end investors, feedbacks from its customer/investors, overall market performance of the coin and many more factors. It is like choosing a partner in life, you need to consider every possible aspect before choosing. Because once you choose, it is really hard and nearly impossible to going back.

I can relate! One thing I like bout it is that XRP volume on kucoin is still good despite the issue of it that its currently facing, even had events for it unlike the other exchanges delisting it and halting the trades.. My top exchanges are Binance and KuCoin..

OP is a newbie, he would probably be just buying and ghen hold for weeks to months and then sell when he meant trading on spot market.  Most of the tokens he mus tbe eyeing has same withdrawal fees like every exchanges, what I can still recommend is binance that whenever you dump your coins, you can dump it all for a single price because theres liquidity to the token when the exchange is popular like binance.
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Decentralized exchanges still lacks in some areas like volumes and liquidity, highest gas fee you could never see on Centralized exchanges, fake tokens can be listed on DEX since there is no form of regulations, it's a base where anyone can list any tokens either fake or real, exposing more dangers to new crypto adopters

It depends on users choice, many hated centralized exchanges because of KYC verifications but honestly centralized exchanges have better advantages, some centralized exchanges still give face to non verified crypto traders on their platform, they can withdraw and make deposits with no problem for example binance exchange and many others

If this is true why isn't DEX taking the lead? Why is DEX lacking volumes and liquidity that's available on Centralized exchanges? DEX isn't quite safe as well because the whole idea of DEX is the code, if something goes wrong with the code users fund won't be safe either and there won't be anyone to take the blame

It's why we have ranking system in crypto space, the best coin wi always be at the top, the best exchange will always be at the top too, they aren't ranked for nothing sake, if you check coinmarketcap ranking you will see that Centralized exchanges takes the lead because these exchanges controls the highest liquidity and volumes

DEXs is always will be better rather than CEXs since DEXs you have full control of your coins and doesn't need to provide KYC (privacy).

I know Binance (CEXs) doesn't need to submit KYC if you withdraw less than 2 BTC/day, but all CEXs KYC is mandatory. So, even you don't break their TOS or do something illegal/suspicious, they can ask to submit your KYC to them.

To choose DEXs you need to check their reputation, reviews, liquidity, website age, volume, accusation and issue/problem (if have).

Upon reading some of replies, most of your answers have one answer in common which is volume and/or liquidity and I guess that's the most important factor to consider when choosing the right crypto exchange. And by the way, I already checked KuCoin last time coz' a friend of mine suggested it and I'd say that their menu's are easy to navigate and they also have lot's of campaign which I don't know how to participate yet.

You mentioned kucoin I can see, gotta concur with that.

Been doing my trades there for at some point now though it's not much, mainly due to the reasonable number of volume contrasted with others.

And in case you're curious, I have also been engaging with the pair BTC-USDT: https://trade.kucoin.com/BTC-USDT, not for long at least.

Essentially, there are exchanges out there that can offer support day in and day out like kucoin right? and when you trade there you somehow get pulled into using their other services, knowing that support is always available to answer your questions.

Top tier exchanges are obviously still the best choice right? I mean, the trust is already there and a big community that can help you in case you get lost (for newbies) I was a literal noob when I invested on xrp last year and I was learning to trade. I got an advice to just get into top tier exchanges if I don't want to waste any of my time, so I decided to just start my trade with kucoin's xrp pair (for reference: https://trade.kucoin.com/XRP-BTC).

Top tier exchanges already got a decent number of volume in the market and I have tons of reasons to keep using 'em as well, I care mostly on how an exchange communicate with its community - It would be ideal if they have a 24/7 support to answer all my queries then the security comes second.

So far, my benchmark in trading altcoins is nothing but in terms of trend level limits and currency circulating among investors. where they easily game the altcoin price in minutes, hours, even seconds. so to be more precise playing in altcoin must have the principle of playing it safe. don't really hold onto it long term. (This is based on what I have experienced and done) Apart from that, traders have different principles in trading altcoin.

Whether it's a big exchange or a small exchange, whenever I trade an exchange, I keep in mind some things like ..
1. I always check what is needed to withdraw a coin when creating an account in Exchange. For example, needs kyc to withdraw in some exchanges, it does not take kyc to withdraw in some exchanges, you just have to set 2FA.
2. What is the pair of coins or tokens that i want to trade, 24 hours trading volume of that coin.
3. Withdrawal fee. The withdrawal fee of different exchanges is different such as TRC20 USDT withdrawal free in Binance and 0.5 USDT fee to withdraw TRC20 USDT in BitForex.

There are loads of cryptocurrency exchanges right now in the market which makes it hard to choose specially for newbies but ofcourse there are things you need to consider on choosing them..
First is the security, you need to make sure that your funds are secured when its on an exchange.
Second is the service, You trade and use their exchange 24/7 so the service should also be 24/7 incase some problem occurs and the exchange who always have giveaways/events and low fees .
The third one for me is the liquidity, the higher and bigger liquidity is,the better for you.. Since it will give you Better and Fair Prices, Market Stability, Quick Transaction Time and ofcourse a better TA which is important in terms of swing tradings.

If with CEX, you need to define the following characteristics to choose from:
1. Support KYC / AML / Fiat / Security / Sponsorship Funds
2. Reputation
3. Transaction fee
4. Volume of transactions
5. Community support group.
For DEX, criteria are often chosen based on:
1. Reputation
2. Transaction fee
3. Volume of transactions
4. 4. Number of liquidity pairs, coins supported.
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Hope it can assist you!

It should be the liquidity and volatility.
If the exchange site has very big liquidity and then it can also provide us volatility. The major exchange sites have very big and that gives a guarantee to its users to be able to liquidate their crypto instantly.
This is the most important thing that must be considered by the traders. The numbers of users are also increasing the liquidity too.

Hello community, I'm just a crypto newbie and wanted to know the factors that I/you might consider when choosing the right crypto exchange (CEX or DEX) especially when trading altcoins.

I know most of you will suggest those top tier exchanges,although I am open for suggestions but the real question here is what makes them special and stand out?
Is it the number of alts on their exchanges? number of users?  etc..