what are the things to consider when looking for a good exchange? - page 6.

glowing10

full member

Activity: 812

Merit: 142

Quote from: sidkz on February 18, 2019, 09:01:59 AM

For me, one of the first factors is the time this stock exchange works.
then there is the volume of trade, and it is necessary that it be real
see which coins are being traded and in which pairs
I try not to have KYC

I see the history of the exchange how well it has being running successful and how much people have complaints against it. How is the security and support team as both things play a vital role in choosing any exchange to trade with.

sidkz

copper member

Activity: 1218

Merit: 1

For me, one of the first factors is the time this stock exchange works.
then there is the volume of trade, and it is necessary that it be real
see which coins are being traded and in which pairs
I try not to have KYC

Godex_io

member

Activity: 97

Merit: 84

As a rep of an exchanger, I can highlight the following points, which should be noted first:
1 reliability - first, read customer reviews about the exchanger
2 non-custodial - as they say, not your keys - not your coins. You should avoid exchangers that store all your funds at itself
3 speed, obviously
4 wide range of available pairs - you never know whose price is going to hit the sky in the next moment. But it is better to be able to have all of them available
5 support - with the exchanger with good flow you won't need to ask support, but if, for some reason, you have to, it should help you like a charm.
6 anonymity - last, but nor least, they have to give you the right to stay anonymous and keep your personal data to yourself.
By the way, Godex.io meets all of these requirements. You're welcome to try!

Bostraticus

jr. member

Activity: 59

Merit: 1

It is necessary to take a lot of factors, for example, the number of available pairs, rate, reviews, support. It is very important for me that the service is without registration, in order not to keep my funds in the account. In addition, since the rate may change during the exchange, I prefer to use services with a fixed rate. Now I use Changenow, this service meets all the requirements.

Akagum

copper member

Activity: 168

Merit: 1

SIGMA by HYDRA X

There are some many factors I consider while choosing a cryptocurrency exchange, factors such as : the platform interface, how smooth and fast it is.
The withdrawal and trading fees.
The support system: I look out to find out how professional the support team are, their attitude to solving issues and how passionate they are in doing that.
I look out for how fast their withdrawal system is etc.

kenzawak

hero member

Activity: 658

Merit: 851

If you wanna know the withdrawal fees each exchange charges, have a look here :

https://www.feexplorer.io/

LSt56

full member

Activity: 392

Merit: 100

To choose a good exchange I usually always pay attention to trading volumes and security, but sometimes customer support also greatly affects the interest of traders for exchanges.

JMD07

member

Activity: 378

Merit: 10

Quote from: Insufficient on November 04, 2018, 12:36:06 PM

I am a trader or at least that is how i see myself. I trade on binance, okex, idex, mercatox, bittrex, houbi and some other exchange. Lately i notice a lot of new crypto exchange popping here and there. And as much as i know and safe guard my password and secure my account with 2fa, I am still curious of the factors other traders consider when they are signing up on a new exchange. Would love to know some of your key factors so i might look into those too.

Activating your 2FA with enhance the security features on your account. It's the best way to secure your account to the higher security level because those scammers will find hard to crack your account. Although it's not a full proof but at-least the security level is higher enough. Google authenticator is also a good features.

rickadone

legendary

Activity: 1176

Merit: 1024

Quote from: BlueStackz on December 06, 2018, 12:38:06 AM

There are some platforms that are really good and has every features you will ever need, but their only problem will be the support team, although they are not scam, but due to the poor support people will start to believe that they are scam.

I’ve experienced that before, a good exchange but you will find it difficult in reaching out to their customer support because they never get to reply. Best thing to do is to abandon them and look for another exchange. Some of them do have a responsive support, but they are never able to solve your problem.

Necessity of good and active support is mandatory for every business and you cannot be sure when you will be needing an active support from your exchange. I have been into crypto space for more than five years and in this five years I have rarely contacted support of my exchanges like just 2 to 3 times only. I mean to say when you are with a very good exchange then you will rarely need to contact their support. Also, it does not mean you do not need to measure an exchange in terms of their customer support activity.

Each and every aspects should be up to our satisfactory level so that we can conclude an exchange as a good exchange. But we cannot be sure that a good exchange will remain good for all the times. At the same time we cannot go for analysis each time before we start a new trade.

Staying well aware of this community opinion is the only solution in front of us to deal with a good exchange continuously.

Panxora_COO

sr. member

Activity: 563

Merit: 254

Chief Operating Officer of the Panxora Group

This is a very thoughtful and reasonable post. I would add to it the security around withdrawal. Anytime an exchange can immediately act on your w/d request that means your private keys are sitting right there on the web. There are better ways to handle withdrawals but it does make the process slightly slower and a bit more cumbersome. I'll take that ANY DAY OF THE WEEK over the knee knocking fear that someone is going to hack an exchange. Which happens all the frickin-fracking time!

Quote from: burnside on December 04, 2018, 02:00:13 AM

I lost bitcoins and investments on GLBSE (https://en.bitcoin.it/wiki/GLBSE) when it closed.

Then I had my own exchange, BTC Trading Corp, which was forced to close due to regulation. (Though I kept it online long enough to process withdrawals and generate tax reports!)

Then I lost a whole bunch of LTC when BTC-e (https://en.wikipedia.org/wiki/BTC-e) was forced to close due to failing AML regulation.

So now when I look for an exchange I try to figure out:

Is it secure? Do they have per-trade 2FA and experienced developers and system administrators?
Is it in a jurisdiction with good legal structure? If they run with my money - are the local police even going to care?
Is it legal? Do they follow the laws of not just their own country, but also all countries around the world that might seize them? This applies to AML, KYC, Securities, etc.
Is it transparent? Can I easily find out who they are and where they are located? (important if I have a legal dispute with them)
Is it properly registered? Can I easily look up their business registration and licenses on the internet?
Do they have low trade fees without me having to hold one of their special tokens? I don't care if they profit share or any of that gibberish - just give me a low trade fee in the first place!
Profit sharing will never give me as much back as I give in over-priced trade fees - that is WHY they do it!
In their jurisdiction do they have a fiduciary duty to protect me? This means - do they legally have to put me first? Or can they put themselves first? This is important if something happens and they lose your money or if a hacker takes your money using flaws in their exchange.

I've been around in the cryptocurrency space since 2012 and I've seen a lot of bad things happen to good people. I hope that helps!

Cheers

SwaVeR

jr. member

Activity: 32

Merit: 1

Quote from: Insufficient on November 04, 2018, 12:36:06 PM

I am a trader or at least that is how i see myself. I trade on binance, okex, idex, mercatox, bittrex, houbi and some other exchange. Lately i notice a lot of new crypto exchange popping here and there. And as much as i know and safe guard my password and secure my account with 2fa, I am still curious of the factors other traders consider when they are signing up on a new exchange. Would love to know some of your key factors so i might look into those too.

There are lots of things to consider when choosing an exchange, best would be to consider everything. I wouldn’t like an exchange with a bad support. I have seen some good exchanges but what usually ruins everything is their bad support, they are never there to help you when you have problems and that’s really bad. Any exchange with bad support is not worth choosing.

ellehcar

member

Activity: 420

Merit: 10

Consider the history of the exchange and the transparency of its founders. They must be visibly active in social media, and it must be genuine appearances. In this way, you can judge how secured your funds in them or at least how reliable they are for you to entrust your funds with them. This will prevent you from being scammed and from turning your hard-earned money into real bubble.

BlueStackz

legendary

Activity: 1204

Merit: 1028

Quote from: Insufficient on November 04, 2018, 12:36:06 PM

I am a trader or at least that is how i see myself. I trade on binance, okex, idex, mercatox, bittrex, houbi and some other exchange. Lately i notice a lot of new crypto exchange popping here and there. And as much as i know and safe guard my password and secure my account with 2fa, I am still curious of the factors other traders consider when they are signing up on a new exchange. Would love to know some of your key factors so i might look into those too.

There are some platforms that are really good and has every features you will ever need, but their only problem will be the support team, although they are not scam, but due to the poor support people will start to believe that they are scam.

I’ve experienced that before, a good exchange but you will find it difficult in reaching out to their customer support because they never get to reply. Best thing to do is to abandon them and look for another exchange. Some of them do have a responsive support, but they are never able to solve your problem.

Kayum10029

full member

Activity: 1190

Merit: 100

Many things are taken to consideration choosing a good exchanges. A good exchanges have extra ordinary security systems, email verification,one time password (OTP), fund password, phone number verification, Google authentication, and withdrawals and deposits security.

Lanatsa

hero member

Activity: 2968

Merit: 687

Quote from: shield132 on December 04, 2018, 06:05:57 AM

OP everyone has it's own customers, that's the reason why they exist and have impact on bitcoin's price. To be fair it doesn't matter how others choose exchangers, btw common that everyone has to consider is safety, good support and fast transactions. Other factors have to satisfy you and exchanger's functions have to suit your requirements.

Correct, each one of us do have our own preference on using up an exchange and some of us do make use of multi-exchange depending
on our needs but as said we do have our common reasons on choosing up which one and I agree on the things you do have mentioned about
those factors that most people do seek of.

mwaqar17

member

Activity: 462

Merit: 14

In addition to these exchanges I use HitBTC, GBX and QUOINE, sometimes yobit whenever there is a currency that is not available on any other exchange. Points to consider an exchange for trading is
1. Customer support response
2. Availability of more crypto pairs
3. Fee needed for each transaction
4. Time to process trade request

shield132

hero member

Activity: 2352

Merit: 905

Metawin.com - Truly the best casino ever

OP everyone has it's own customers, that's the reason why they exist and have impact on bitcoin's price. To be fair it doesn't matter how others choose exchangers, btw common that everyone has to consider is safety, good support and fast transactions. Other factors have to satisfy you and exchanger's functions have to suit your requirements.

St4yInTh3D4rk

sr. member

Activity: 686

Merit: 264

"STAY IN THE DARK"

Simply every trade look for its fee structure over any other features on that exchange because it helps them to make more money and then the security of the wallets and customer support quality from them will also takes place in picking the exchange.Maybe number of trading pairs on the exchange will attract some traders.

burnside

legendary

Activity: 1106

Merit: 1006

Lead Blockchain Developer

I lost bitcoins and investments on GLBSE (https://en.bitcoin.it/wiki/GLBSE) when it closed.

Then I had my own exchange, BTC Trading Corp, which was forced to close due to regulation. (Though I kept it online long enough to process withdrawals and generate tax reports!)

Then I lost a whole bunch of LTC when BTC-e (https://en.wikipedia.org/wiki/BTC-e) was forced to close due to failing AML regulation.

So now when I look for an exchange I try to figure out:

Is it secure? Do they have per-trade 2FA and experienced developers and system administrators?
Is it in a jurisdiction with good legal structure? If they run with my money - are the local police even going to care?
Is it legal? Do they follow the laws of not just their own country, but also all countries around the world that might seize them? This applies to AML, KYC, Securities, etc.
Is it transparent? Can I easily find out who they are and where they are located? (important if I have a legal dispute with them)
Is it properly registered? Can I easily look up their business registration and licenses on the internet?
Do they have low trade fees without me having to hold one of their special tokens? I don't care if they profit share or any of that gibberish - just give me a low trade fee in the first place!
Profit sharing will never give me as much back as I give in over-priced trade fees - that is WHY they do it!
In their jurisdiction do they have a fiduciary duty to protect me? This means - do they legally have to put me first? Or can they put themselves first? This is important if something happens and they lose your money or if a hacker takes your money using flaws in their exchange.

I've been around in the cryptocurrency space since 2012 and I've seen a lot of bad things happen to good people. I hope that helps!

Cheers

hahay

legendary

Activity: 3486

Merit: 1055

Leading Crypto Sports Betting & Casino Platform

The main thing I consider in choosing an exchange is the crowd, the completeness of the coins listed, and the lightweight website with a simple look. With an exchange that has a high level of volume, then at least I have been convinced if the exchange has good security and support, so just how do we use it and secure our own security, if all works well then at least that is enough for us to feel comfortable and safe to use it.

Topic: what are the things to consider when looking for a good exchange? - page 6. (Read 1664 times)