Topic: What would you want to see on a Crypto Only exchange ? (Read 643 times)

Why are you worried about ID? Is it a factor to evaluate a really good trading floor With me is simply clear, safe, stable, multi-platform (web, ios or android), with a large volume of transactions. reputation is the power of a trading floor.

I second this although most exchanges don't have this options because the average traders which are their targeted audience don't use those feature i.e they don't engage in advance trading all they do is buy, hold and sell,  also if exchanges had subscription features that enable traders to keep tab on their favorite coins it would had been nice i.e. Subscription to receive an email or maybe telegram message when my favorite coins reach a certain Price range. I know we have service providers that can help with that but most times their price tag aren't accurate with my exchange price that's why getting the information directly from the exchange itself would be great.

An exchange that has a stop limit/loss feature. Since as a trader I'm not awake 24/7, this feature is very helpful for me. Through this I can sleep at night comfortably as I know that my loss wouldn't escalated much if I made a wrong decision as I was able to set a margin level that cuts my loss. This also lessens my time needed in watching the market thus I'm able to do things more productively.

We have the same idea. I don't want to have identity verification since I am here because of anonymity. Many exchanges are requiring KYC process but I tend only to use exchange that does not have this process. The only thing I want to see in exchange is the market, trades and history. The primary thing I want in an exchange also is their fees.

I agree with you and I dint have any personally issue with reputable exchanges that do request for it, just like you said, they do so to comply with government policy, but the issue I am having is with all ICO enforcing this policy too and yet not ready to do the same in return for the public by letting their own identity too known through their KYC, majority of them prefers to go anonymous when developing the project.

If they have to follow government policy too, why have they not gone to the extent of making their intention to run an ICO too known to the authority by giving their identity out so that it can also allay the fear of investors?Since we are all operating this decentralized system created by satoshi, I do not think any product born out of it have the right to demand for KYC without them doing same in return.

I think KYC is not something they really care about at all, they are not asking for it for themselves, they are asking for it for the government. And I am pretty sure they digitalize or do whatever those things and since a bad person wouldn't give their information I am 99% sure what happens is the information they got will be given to some authority and the authority probably has a system that checks bad guys ID and they just scan it probably either automatically or some intern do it and nothing comes up and continue their life, we had the same in hotels where you have to give your ID to check in (common thing) and your ID will be sent to police and they check it and nothing happens. I worked for over 4 years in hotels and somehow no bad person ever stayed in our hotels, maybe its actually true but I feel like they just gave wrong ID and moved on.

Someone's views are different about KYC, maybe they are worried about their privacy because you know that crypto exchanges are targets that hackers often hack. Maybe they can trust the exchange they use, but when the exchange is hacked, their privacy is also not safe.

I think what I want is cheaper and faster withdrawals. How many of us here spent countless amounts of time and money on just getting our money back from the exchanges. This is not just some small exchange problem, it exists in binance or bitmex too, the biggest and the smallest exchanges all have the same issues at hand.

Withdrawing should be something quick and something cheap, the whole point of bitcoin suppose to be decentralization I understand but also at one point cheap and fast transactions was a selling point as well whereas right now I have to pay as much as 5 bucks to get my money back and wait for 10+ hours if the block is too crowded. That doesn't suppose to happen, use lightning network if you want, use segwit, do whatever you need to but make it cheap and fast again.

Do we really think the exchanges who are requesting for KYC are really following it to, let’s forget that camouflage show they usually put up with such request, I believe if their KYC is that active or functional, all these issue of scam and manipulation will surely be removed.  You could see how heavily people move bitcoin in and out of an exchange, amounting to thousands of bitcoin.

Do you think all those bitcoin are from a clean hands or from a clean investment, some of them are surely illegal money and yet, no exchange has been able to use the KYC to block any fund, and moreover, who would they even report to when they are not being regulated for authority to fully recognize them and their activities.

If you want them to skip the id process , then you should be aware that your fellow users who will be using the exchange they won't be someone who is trusted.
When you submit the id you are entrusting them with certain things and you are actually aware that if you do something you will be tracked down, the only reason one will want to not submit the id may be :-
He or she wants to do somethings that government might now approve of .
Or they are tired of long process of id submission and all.

Whatever be the reason I think it's an integral part ,we are just making it more safe.

We do not need to make an account on every new exchange and deposit our money there. The prices of altcoins are almost similar across exchanges and therefore it is not require to do trading on new exchanges.  The new exchanges are only useful for any shitcoins to be listed there as there listing fees are less than the reputed old exchanges.

I'm fine uploading an ID but submitting more requirements for verifying your account is so much hassle to do but I understand that it is important for security purposes. My answer is I'm both okay of uploading ID and not uploading ID. I'll mention my own opinions one or two advantages and disadvantages of uploading ID and no need to upload ID crypto exchange site.

Advantages of Uploading ID
1.) Uploading an ID to the exchange site means that you can retrieve your account if you have forgotten the password.
2.) Completing a KYC verification or submitting personal information means that your account won't be used in illegal activities.
3.) Your account in the exchange is not limited to exchange site's feature that only verified accounts are the only ones who can use this feature.

Disadvantages of Uploading ID
1.) Your personal details can be sold and will be used for illegal activities.
2.) You need to wait for your account when verifying the account.

Advantages of Crypto Exchange that does not required uploading an ID or completing KYC Verification.
1.)You can use the crypto echange freely when you are planning to use the site.
2.) If you have problems of your account then simply design it.

Disadvantages of Not Uploading ID or
1.) Recovering your account will become harder as you don't have any credentials the say.
2.) You're crypto exchange account won't have

I want to see volume first because if they have a great volume and they are not faking it, I can conclude that they are a good exchange.
Every exchange claim that they are the safest exchange but actually no exchange is safer from hack, but with the volume, they can't claim if they don't have the evidence which we can easily.

You cant blame anyone to have those thoughts even I do really have that doubt when it comes to KYC,we know the risk behind once our

personal details had been exposed or given out yet we don't know if those informations is being handed or stored up well and preventing from leaks or exploits.
Lots of consideration on choosing up on exchange and looking Binance would be a good example.

Crypto exchanges that aren't requiring ID verification might be more shady and thus more likely to conduct scams.I hate ID verifications as well,but they are required by most crypto related laws,so it's better to abide by the rules instead of breaking them.
I wanna see a fully functional decentralized crypto exchange with a big enough customer base.

I think ID is a personal option, I mean why would I agree with them to keep my ID and information safe when I can just not give it to them? These small stuff that you slowly agree to do with promises becomes bigger than you think, if you just not allow them to do it then they will have no choice to just allow you to do trading without ID since there will be competition offering the same thing.

However, if you allow them to take your ID and enough people do it then in the end there is no way they will stop asking for it, maybe government wants to take it, maybe they are legally oblige to ask for your ID and give that to countries but if I have an option to stay under 2 bitcoins and not give my ID then I will keep doing that forever with multiple exchanges instead of use one and go over 2 bitcoin.

But we need to abide with their rules or we cannot join with them We are lucky right now because cryptocurrency does not implementing a total KYC for us. What I mean is that, if they will command or request people to upload their identity, we can`t do anything unless we leave crypto world. Exchange right now is not strict to their clients because some of them accepted deposits and withdrawals even without performing KYC process.

Of course I, as a crypto currency trader, wants an easy, safe, practical and efficient exchange, the KYC problem for me is not a problem, it is something that will protect us from actions that will harm the exchange and ourselves, many people complain about KYC, they feel that their privacy KYC has been disrupted.

There are so many ways that an exchange can solve problem with simple ID system without having to get so deep into requesting for a very vital information for the purpose you mentioned. I have interacted with lots of websites that the only means of identifying their users is through nickname alone, and this is the only way they have been relating with them for years.

The most important thing that is very necessary are the things you have mentioned in the last part, and I would give my all for any exchange that can really offer me those services and additional features, not all these KYC that they are all craze about which will really not add anything special to the user. There is need for an exchange to also guarantee a very low trading fee and also offer lots of bonus which will attract people more.

For me, the problem of providing ID is not so important for good exchange. I believe they will retain my information so that I can help in some bad cases.
The most important thing in a good exchange is the smoothness in the charting and trading system. it always needs an automated trading bot, a margin trading system and a stoploss.
That's what is needed at a professional exchange.