Which CEX did you use and what are your reasons for adopting the exchange?

libert19

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Quote from: Bitcoinpoly on August 01, 2023, 05:29:42 AM

What are the things you consider personally before achieving adopting an exchange, there are lots of reasons like the features, non-KYC mandatory, easy user interface, proof of reserve fund, user asset protection and the likes what are your own reasons amidst all and which exchange did you use.

No kyc, availability of coin I want to trade and somewhat reputation, so I don't get scammed the moment I deposit funds.

I don't go to cexes as I often I used to due to rise of instant swap exchanges, dexes and perp dexes. Still, on occassions when I don't have enough gas for approval plus confirm transaction (dexes require two confirmation, you can do 'appove all' but that can turn out deadly if exchange gets hacked).

For example, just a couple months ago I went to MEXC because I was airdropped a coin and my wallet didn't have enough funds for DEX to make approval/confirm transaction, so I sent it to MEXC for trade.

tabas

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Proof of reserve IMHO is actually an overstatement. It's because running an exchange business, despite that you'll just going to collect commission from fees. You should be prepared for any collapse coming from the market, thus, you should have reserve fund to sustain the exchange business. This is the norm entering a business and that's why if Binance, Coinbase or any other exchange boasting about their reserve of fund or proof of reserve, it's a must and in the first place they should really have that knowing that they're entering a business that's involved with money, finance since crypto = money/asset.

Tony116

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Quote from: Bitcoinpoly on August 01, 2023, 06:39:47 AM

Quote from: Bitcoin_Arena on August 01, 2023, 05:53:04 AM

Quote from: Bitcoinpoly on August 01, 2023, 05:29:42 AM

non-KYC mandatory

No mandatory or relaxed KYC is one of the top reasons along with high liquidity and no freezing or downtimes during flash market pumps or dumps especially for us who like trading derivatives, but the list of such good exchanges is shrinking so fast.

I used to like Kucoin, Bitmex, Binance, Bybit, Okx back them, but now the perspective has changed mostly because of KYC. As for FTX, I think we all know what happened.

That’s true actually even Binance has been shrinking couple with their issues with SEC, have you tried out some other exchanges lately, I see you haven’t use Bitget too?

Using multiple centralized exchanges just puts your identity at more risk. When I was a newbie, I also signed up for a few centralized exchanges, but as I became more and more aware of the benefits of protecting personal identity and privacy, I gradually limited the new registration of services with mandatory KYC.

I'm not saying I don't use a centralized exchange because that might be the only option I have for being a trader and converting local currency to crypto and vice versa. But honestly, I advise you not to sign up for too many exchanges, it's not good for your privacy.

Bitcoinpoly

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Quote from: Text on August 01, 2023, 07:20:38 PM

These are the reasons and personal considerations I take into account before adopting and choosing a cryptocurrency exchange: Firstly, security is of the utmost importance, followed by regulation and KYC compliance. Next, I consider the user interface and user experience, followed by trading fees, supported cryptocurrencies, liquidity, customer support, proof of reserves, community reputation, and, finally, geographical restrictions.

Good points, there are lots of exchanges that meet up with that.

Bitcoinpoly

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Quote from: ralle14 on August 01, 2023, 07:39:29 PM

One of the main things I look for is the payment options. If i'll be using an exchange to convert my coins into cash, I prefer them to have the payment option I need.

The first one i've used was a local exchange, they were more than enough back then, but their regular KYC checks discouraged me from using their services. After that, I moved to Paxful, i've used them until my non-verified account was close to its trading limit. Now, i'm using Binance for several months and it's good enough for me to get the job done.

That’s good, though there are still other exchanges you can check out.

Bitcoinpoly

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Quote from: jrrsparkles on August 02, 2023, 02:18:48 AM

Quote from: Bitcoinpoly on August 01, 2023, 06:23:54 AM

Nice points, can I know the exchange you use?

Unfortunately I am using exchange which is now having mandatory KYC but if you are not from US then definitely you can consider Huobi Global which is the only decent exchange which is yet to have mandatory KYC but sooner or later every centralized exchange will have KYC as mandatory and it becomes unavoidable due to the policy changes across the world.

Also keep in mind even if you are using centralized exchange where there is no KYC required still the platform can hold your account and ask for verification at any time.

That’s true, any ways you can use Bitget they still support non KYC

jrrsparkles

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Quote from: Bitcoinpoly on August 01, 2023, 06:23:54 AM

Nice points, can I know the exchange you use?

Unfortunately I am using exchange which is now having mandatory KYC but if you are not from US then definitely you can consider Huobi Global which is the only decent exchange which is yet to have mandatory KYC but sooner or later every centralized exchange will have KYC as mandatory and it becomes unavoidable due to the policy changes across the world.

Also keep in mind even if you are using centralized exchange where there is no KYC required still the platform can hold your account and ask for verification at any time.

ralle14

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One of the main things I look for is the payment options. If i'll be using an exchange to convert my coins into cash, I prefer them to have the payment option I need.

The first one i've used was a local exchange, they were more than enough back then, but their regular KYC checks discouraged me from using their services. After that, I moved to Paxful, i've used them until my non-verified account was close to its trading limit. Now, i'm using Binance for several months and it's good enough for me to get the job done.

Text

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These are the reasons and personal considerations I take into account before adopting and choosing a cryptocurrency exchange: Firstly, security is of the utmost importance, followed by regulation and KYC compliance. Next, I consider the user interface and user experience, followed by trading fees, supported cryptocurrencies, liquidity, customer support, proof of reserves, community reputation, and, finally, geographical restrictions.

Dr.Bitcoin_Strange

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OP, currently I am Only using one CEX; some years ago, I used more than six CEX, and the reason for using them was to purchase some coins that were not listed in the other exchange. Then, I really did consider the reputation (and how long it has been in existence) of those CEX and also if they were KYC-free. Perhaps I was also buying some coins only on a DEX if the coin I wanted to buy was listed on a DEX before being listed on a CEX. Although your characteristics for selecting a CEX are not bad at all, if you are not a trader and you already have an exchange that is giving you the service you want, then there's no need to keep searching for more exchanges, unless you are no longer satisfied with the offered service of your currently used exchange.

Darker45

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If you will use an exchange, it must be for the reason that you want to trade. In which case, you will have to consider the volume. Volume means liquidity. You wouldn't want your orders to remain unfilled for long hours. Aside from that, I also consider, of course, the usual UI and UX, certain terms like KYC, trading pairs, and so on.

When I tried trading years ago, proof of reserve wasn't a big thing, if at all. That your funds are also somehow insured was also not that of a big deal. Binance's SAFU was the first popular approach of its kind.

All in all, I guess the standard is that the exchange should have a solid track record or reputation, not necessarily a long one. I tried Binance perhaps months or a year at most after it was launched. It seemed to have earned the trust of traders rather quickly.

noorman0

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Due to trading necessity, there is no reason not to use. Only use the best 1 or 2 that at least they look like they won't let me down from freezes, lack of liquidity, and information leaks one day. I know no one can guarantee that, at least some research and trial use for some time will help in the decision to choose the right platform.

Quote from: Zee27 on August 01, 2023, 06:56:15 AM

Quote from: Bitcoinpoly on August 01, 2023, 06:39:47 AM

-snip-
I see you haven’t use Bitget too?

Seeing that you mentioned Bitget,

So, you both are bitget promoters. What is clear is that I will exclude bitget from the list of trusted exchanges. Tongue

sunsilk

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Quote from: Bitcoinpoly on August 01, 2023, 05:29:42 AM

What are the things you consider personally before achieving adopting an exchange, there are lots of reasons like the features, non-KYC mandatory, easy user interface, proof of reserve fund, user asset protection and the likes what are your own reasons amidst all and which exchange did you use.

Mostly, it's very possible to find a CEX that will require no KYC. But things have changed now, Binance and Kucoin that have been the exchanges that don't implement KYC before have already asked for it.

That's why for the exchange that you want to find without asking for a KYC, it's mostly going to be a DEX. And if you do are going to comply with KYC, make sure that you like that exchange and aware of its things.

Quote from: Bitcoinpoly on August 01, 2023, 11:32:41 AM

To me I always try to use different exchange to have a good comparison of them all, there are lots of exchanges you can trade on.

While that's true but at some point, there's going to be sort period of time that you're not going to do that anymore and mostly relaxed and happy to use one.

Rikafip

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Quote from: Bitcoinpoly on August 01, 2023, 11:32:41 AM

To me I always try to use different exchange to have a good comparison of them all, there are lots of exchanges you can trade on.

I sure hope that you are not doing KYC on all those exchanges just for the sake of trying them as it practically became mandatory to do that in order to use any of the exchanges worth using.

I have a diametrically opposite tactic as I've been using bascially only one CEX in the last 5-6 years (except using Kucoin every once in a while but I stopped that since they introduced mandatory KYC) since I don't like to experiment much and like to stick with what works (in my case its Binance).

Faisal2202

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Quote from: Bitcoinpoly on August 01, 2023, 05:29:42 AM

What are the things you consider personally before achieving adopting an exchange, there are lots of reasons like the features, non-KYC mandatory, easy user interface, proof of reserve fund, user asset protection and the likes what are your own reasons amidst all and which exchange did you use.

I have a very good topic for your to visit from where you could learn a hell lot of information about your query. here it is by Ratimov

My 7 years of experience with CEXs

DO not ignore the topic by reading the title only, the OP in that post has made a detailed review about how he selected the Exchanges like on what factors, i know you asked everyone to give there own reply but my personal experience and selection of exchanges is not quite good so i am mentioned the good review from a person having great experience.

Yamane_Keto

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Quote from: Bitcoinpoly on August 01, 2023, 05:29:42 AM

non-KYC mandatory,

CEX cannot say that it does not KYC, and if it does, it should be avoided, but it is lenient, as you can enter any data and you will reach L2, where you can trade up to $10,000 per day, with clear alerts and a relatively long timetable before changing any conditions of TOS.
If CEX requires identity verification, here are the trading volumes, withdrawal fees, availability of liquidity, speed of executing large orders are the criteria for choosing between them, and it is better to use several platforms to distribute the loss (if it occurs)

The user must be constantly informed of the latest news, take any rumor seriously and withdraw his coins directly, as sometimes rumors are true.

Bitcoinpoly

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Quote from: Wapfika on August 01, 2023, 06:45:51 AM

Quote from: Bitcoinpoly on August 01, 2023, 05:29:42 AM

What are the things you consider personally before achieving adopting an exchange, there are lots of reasons like the features, non-KYC mandatory, easy user interface, proof of reserve fund, user asset protection and the likes what are your own reasons amidst all and which exchange did you use.

It’s very hard to find nowadays a CEX that doesn’t require KYC especially if you want to use P2P feature of exchange to convert your crypto to fiat and vice versa.

Bybit is the most easy user interface for me next to Binance because it’s features is very easy to understand and it doesn’t have too much function options compared to Binance. There's a Binance Lite feature but the user interface is too plain and simple which some function is not available. Bybit is the most balance exchange for me.

To me I always try to use different exchange to have a good comparison of them all, there are lots of exchanges you can trade on.

Bitcoinpoly

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Quote from: BD Crypto on August 01, 2023, 05:51:31 AM

Quote from: Bitcoinpoly on August 01, 2023, 05:29:42 AM

What are the things you consider personally before achieving adopting an exchange, there are lots of reasons like the features, non-KYC mandatory, easy user interface, proof of reserve fund, user asset protection and the likes what are your own reasons amidst all and which exchange did you use.

I actually don't like a CEX exchange because when you have no control on your assets it's in danger. So using a custodial wallet from an Exchange is the most risky for your funds. You may see sudden ban or locked your transection or they can ask you to verify again. That's why I will suggest to use Bisq Network decentralized exchange for the best security.

Even I use Centralized Exchanges for trading and I follow these to choose a perfect one:

1. Must have a great reputation and a good customer service.
2. Exchange should have a user-friendly interface and everything is easy to accessable.
3. Exchange should not have a bad experience or history in past like it has been hacked before. But I can compromise if users aren't affected like FTX.com or not a major attack.
4. Must have P2P features to cash out my profits easily.
5. KYC should not be implemented but I have to problem to do KYC if exchange is very perfect for me and trustworthy.

So observing all of these I mostly use Binance and for some trading reason I try to use ByBit. Though I have compromised some of my requirements but they are enough trustworthy to use. But I never store funds in Exchanges for long term because we don't know what will happen in future. So that's all about my observations And I hope you guys will also have some requirements but I will not suggest to use any suspicious exchanges with lower reputation though it offers lower trading fees or anything else.

That’s good actually but you can equally explore some other exchanges, personally I trade on Bitget and their reputation is what draws me closer couple with their good features like copy trading, Ai bot trading and also their proof of reserve with user asset protection.

Zee27

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Quote from: Bitcoinpoly on August 01, 2023, 06:39:47 AM

Quote from: Bitcoin_Arena on August 01, 2023, 05:53:04 AM

Quote from: Bitcoinpoly on August 01, 2023, 05:29:42 AM

non-KYC mandatory

No mandatory or relaxed KYC is one of the top reasons along with high liquidity and no freezing or downtimes during flash market pumps or dumps especially for us who like trading derivatives, but the list of such good exchanges is shrinking so fast.

I used to like Kucoin, Bitmex, Binance, Bybit, Okx back them, but now the perspective has changed mostly because of KYC. As for FTX, I think we all know what happened.

That’s true actually even Binance has been shrinking couple with their issues with SEC, have you tried out some other exchanges lately, I see you haven’t use Bitget too?

Seeing that you mentioned Bitget, I can say it is one of the few non mandatory KYC exchange left. It also fits in to my most looked out for criteria for using an exchange such as;
-Security. Top on my list as I wouldn't want to worry about my assets not being safe. (Yes, I'm one of those who still leave their assets on Cexs if I trust them)
-Good UI
-Nice trading volume
-Good trust score on coin market cap.
As a copy trader, they have tons of elite traders to copy from too. Lol you can tell that I use Bitget.

Wapfika

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Quote from: Bitcoinpoly on August 01, 2023, 05:29:42 AM

What are the things you consider personally before achieving adopting an exchange, there are lots of reasons like the features, non-KYC mandatory, easy user interface, proof of reserve fund, user asset protection and the likes what are your own reasons amidst all and which exchange did you use.

It’s very hard to find nowadays a CEX that doesn’t require KYC especially if you want to use P2P feature of exchange to convert your crypto to fiat and vice versa.

Bybit is the most easy user interface for me next to Binance because it’s features is very easy to understand and it doesn’t have too much function options compared to Binance. There's a Binance Lite feature but the user interface is too plain and simple which some function is not available. Bybit is the most balance exchange for me.

Topic: Which CEX did you use and what are your reasons for adopting the exchange? (Read 179 times)