Topic: Which CEX did you use and what are your reasons for adopting the exchange? - page 2. (Read 181 times)

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?

Nice points, can I know the exchange you use?

You’ve made a good point here. Though let me correct the impression I never said all the things I listed are the only things to consider when you’re choosing a CEX. After the issue of FTX there are certain things the public expected from most CEX in order to clear the FUD that is already hitting the crypto space, revealing their proof of reserve and showing evidence that they hold user asset 100% just like the Mekle tree proof by Bitget. Binance and Bitget revealed their proof of reserve and that was able to calm the crypto space for a while. To me I feel most users should have their research carried out before adopting a CEX and also look out for genuine recommendations.

• You don't have many choices when it comes to centralized if you have no KYC as your top priority, well here are some Current list of exchanges without KYC.
• I would like to ensure my spot trades will go smooth not stuck for hours which can be obtained only if the exchange has high liquidity.
• Easy UI.
• Customer support response.
• No unresolved scam accusations

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.

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.

Do you think you list many criteria to choose an exchange to use?

I know risks of centralized exchanges but I must honest that I use centralized exchanges and what I care most is trading volume and their reputation. If they have good reputation, I will accept mandatory KYC to use their exchange but I don't store all my capital on any exchange because of risk.

If you don't use DEXs and look for non KYC centralized exchanges, you can use small CEXs with low trading volume and they can be a scam exchange.

If a big centralized exchange like FTX can scam, any other centralized exchange can be scam one too.

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.