Which unique factor makes crypto exchange a reliable choice to start trading?

guoyu78

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Quote from: jessicalea on April 25, 2019, 08:00:55 AM

What is the key reason for the success of top cryptocurrency trading exchanges like Binance, Coinbase, Coinmama, Kraken, and Bitrex? What are the unique factor which make them each other competitors?

I think what makes them competitors is because they are all popular in the market. The exchanges you have mentioned are very popular in the market cause they have been able to build names for themselves by being trustworthy. These exchanges are secured and offers good services and that makes them big competitors in the market.

Any of these you choose is a good choice, I usually make use of Binance and Coinbase, I also have an account with Bitfinex but I hardly make use of that one. Three exchanges are enough for anyone that wants to be a trader, though there are people who likes to register in so many exchanges because they think that is the best thing to do.

jessicalea

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Is the integration of custodial services like BitGo with crypto exchange the best practice to improve users’ trading experience?

jessicalea

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Thanks for sharing your knowledge with us. It really helped us to identify the best and unique features that an exchange must comprise.

GregH37

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Quote from: jessicalea on May 23, 2019, 07:33:50 AM

Will Bitcoin break its all-time high record by the end of this year?

1. Yes
2. No

You can start another topic with this because this does not really relate to the discussion we are having here and as you can see, it is not relevant here, but to do you that little honor of getting an answer, I think no, bitcoin cannot really break such record this year but not to say it won’t be that possible by next year.

The last time bitcoin reached about $20k, I think the total market capitalization was about 800 billion dollars and look at what we have now, it shoes that we need lots of investors to make this happen, and the remaining part of this year is too short to make that happen now.

Cosbycoin

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Quote from: bitgolden on May 22, 2019, 06:07:35 AM

Quote from: EagleTrade on May 21, 2019, 06:13:32 AM

There is no best exchange in all terms. Form my watching small traders like binance because it is easy with huge pairs of coins , no verification required and mobile app.
Big investors choose another exchanges like bitmex , bitstamp , bitfinex or bittrex ...etc.

choose what terms you want to take into consideration

Thanks for letting them know this mate, instead of people focusing on what exactly will make their trade successful at a particular time, they are busy hailing security as if exchanges have now turned to wallet, we are talking about money here, and they are talking security.

I am not saying security is not right, but the first thing is the features of the exchange that will allow one make money immediately one gets to trade, what is there to be secured if money is not made? Will hackers still zero balance after losing a trade? What is more important to me is volume and the pairs available, then I look for how to protect my coins myself against hackers.

I think based on the user base of the digital exchange, we can really classify exchanges and Binance having more than 90% users would be the best. And the reviews about Binance have not been so bad lately. In addition, they tried to cover the loss of its users after the hack which was something that maximized their popularity and yeah, their user base is rising.

South Park

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Quote from: bitgolden on May 22, 2019, 06:07:35 AM

Quote from: EagleTrade on May 21, 2019, 06:13:32 AM

There is no best exchange in all terms. Form my watching small traders like binance because it is easy with huge pairs of coins , no verification required and mobile app.
Big investors choose another exchanges like bitmex , bitstamp , bitfinex or bittrex ...etc.

choose what terms you want to take into consideration

Thanks for letting them know this mate, instead of people focusing on what exactly will make their trade successful at a particular time, they are busy hailing security as if exchanges have now turned to wallet, we are talking about money here, and they are talking security.

I am not saying security is not right, but the first thing is the features of the exchange that will allow one make money immediately one gets to trade, what is there to be secured if money is not made? Will hackers still zero balance after losing a trade? What is more important to me is volume and the pairs available, then I look for how to protect my coins myself against hackers.

I am against all of those people that use exchanges as their main wallets but security should still be the number one priority because even if you have your coins in the exchange just long enough to make your trades and then you send your coins to your wallet again, during that brief window the exchange has control of your coins and you could be unlucky enough to lose your coins to hackers during that time frame.

jessicalea

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Will Bitcoin break its all-time high record by the end of this year?

1. Yes
2. No

jessicalea

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Besides liquidity and high trading volume, integration of a crypto coin trading platform with an external regulated wallet like BitGo is one of the best and unique features to facilitate secure trading. It will also mitigate the apprehensions of the crypto holders of losing their assets.

Timmzzy

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Quote from: mirawantirinjana on May 21, 2019, 02:05:14 AM

Comfort for users, that is the main factor for an exchanger platform to gain the trust of its users so that many traders trade on the platform.

Bittrex have been doing great, right from time I could remember when the platform wasn't too welcoming and this made some newbies not to catch up how to make use of the platform. They still remain the top Exchanger, when it comes to security.

Timmzzy

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Quote from: jessicalea on April 25, 2019, 08:00:55 AM

What is the key reason for the success of top cryptocurrency trading exchanges like Binance, Coinbase, Coinmama, Kraken, and Bitrex? What are the unique factor which make them each other competitors?

Aside from volume and liquidity, bittrex has a high range of security have Never encounter any issues with them every since I started making use of the platform.

geegaw

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Quote from: bitgolden on May 22, 2019, 06:07:35 AM

Quote from: EagleTrade on May 21, 2019, 06:13:32 AM

There is no best exchange in all terms. Form my watching small traders like binance because it is easy with huge pairs of coins , no verification required and mobile app.
Big investors choose another exchanges like bitmex , bitstamp , bitfinex or bittrex ...etc.

choose what terms you want to take into consideration

Thanks for letting them know this mate, instead of people focusing on what exactly will make their trade successful at a particular time, they are busy hailing security as if exchanges have now turned to wallet, we are talking about money here, and they are talking security.

I am not saying security is not right, but the first thing is the features of the exchange that will allow one make money immediately one gets to trade, what is there to be secured if money is not made? Will hackers still zero balance after losing a trade? What is more important to me is volume and the pairs available, then I look for how to protect my coins myself against hackers.

Dude, I don't think so, I still believe that security is still a top priority and behind it will be issues of currency pair and trading volume because how can you protect your property against hackers when a powerful and gigantic system like exchange still can't do such things, you can make more money with currency pairs and good trading volumes but you cannot guarantee it will be safe, your efforts are just useless. Therefore, focus on the security provided by the exchange, if it is not secure enough, it is still better to not participate.

bitgolden

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Quote from: EagleTrade on May 21, 2019, 06:13:32 AM

There is no best exchange in all terms. Form my watching small traders like binance because it is easy with huge pairs of coins , no verification required and mobile app.
Big investors choose another exchanges like bitmex , bitstamp , bitfinex or bittrex ...etc.

choose what terms you want to take into consideration

Thanks for letting them know this mate, instead of people focusing on what exactly will make their trade successful at a particular time, they are busy hailing security as if exchanges have now turned to wallet, we are talking about money here, and they are talking security.

I am not saying security is not right, but the first thing is the features of the exchange that will allow one make money immediately one gets to trade, what is there to be secured if money is not made? Will hackers still zero balance after losing a trade? What is more important to me is volume and the pairs available, then I look for how to protect my coins myself against hackers.

South Park

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I am terrible at Fantasy Football!!!

Quote from: Whosdaddy on May 15, 2019, 03:10:50 AM

Quote from: South Park on May 14, 2019, 12:04:19 PM

Quote from: Reid on May 10, 2019, 05:35:42 PM

Security will always be at the top. No doubt about that and same with the answers of legitimate users here.
For me, next thing will be the user friendliness of the application.
Binance is one of the easy to use application and also they added an Android OS version which is and excellent move.

We are in an era now where every human being is holding a smartphone anywhere. With their android app it gets easier to see your trade wherever you are. Just needs some safety precautions to avoid damages.

Security must be at the top of any list but most of the time that is not the case, many traders are only looking for an exchange with huge volume but as we known exchanges have been know to fake their volume with bots, so I also think that one of the most important factors when it comes to selecting an exchange is to look at the reputation of the owners and their previous actions in the market to see if they are honest, if they are not then you should never put your money in their exchange.

Security is good to put first, but volume matters too, because with all the security Binance has, they were still subject to hacking which took so much off their purse. At least with volume, one can quickly get into a trade and out.

For this security issue, no exchange can perfectly guarantee security 100%, they have already advised most people leaving their money on an exchange never to do so as security of a token can only be guaranteed by the token holder using a reliable wallet with private keys that only he can have access to. So volume matter to me a lot, provided they are genuine volume which one can detect easily even if they use BOT.

Without a doubt volume is important, since a lack of volume will only allow you to to trade small amounts of money, but a huge trading volume is useless if the security of the exchange is not good, if an exchange keeps being hacked then you can be sure that eventually their customers are going to leave them and the volume will go down, so without a doubt the most important characteristic an exchange must have is security, if they have it they will eventually become successful but if they do not then the exchange will eventually fail.

EagleTrade

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There is no best exchange in all terms. Form my watching small traders like binance because it is easy with huge pairs of coins , no verification required and mobile app.
Big investors choose another exchanges like bitmex , bitstamp , bitfinex or bittrex ...etc.

choose what terms you want to take into consideration

fullhdpixel

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Quote from: pey on May 20, 2019, 08:48:26 AM

For me it is ''SAFU'' All these exchanges can be hacked or suffer specifically from cryptocurrencies they listed on their exchanges. You know even it is hacked, the lost will be covered by the exchange.

That is if the exchange keeps to their words, do you think it is all exchanges claims SAFU fund that really has it, are we there to monitor them for us to really be sure that they will do as they said? How many exchanges that have collapsed claimed they have SAFU fund but still could not meet up after they got hacked.

Binance is really the first exchange that I see kept to their word on this SAFU fund, so to me, I would rather not keep my fund on any exchange, but because of trading which usually makes it impossible sometimes not to keep fund, I will always go for security of the exchange fund, but still keep very minimal amount.

mirawantirinjana

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Comfort for users, that is the main factor for an exchanger platform to gain the trust of its users so that many traders trade on the platform.

pey

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For me it is ''SAFU'' All these exchanges can be hacked or suffer specifically from cryptocurrencies they listed on their exchanges. You know even it is hacked, the lost will be covered by the exchange.

millgates

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Quote from: jessicalea on April 25, 2019, 08:00:55 AM

What is the key reason for the success of top cryptocurrency trading exchanges like Binance, Coinbase, Coinmama, Kraken, and Bitrex? What are the unique factor which make them each other competitors?

Usually traders need good UX to support them. I think big exchanges site always has good UX/UI. The features also important. Some of big exchanges provide very good security to make sure that their costumers feel safe when use the exchange. Advertisement is also important.

redsun114

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Quote from: prtty2gal2 on May 18, 2019, 03:16:47 AM

Quote from: OrangeSeller on May 17, 2019, 05:56:18 AM

Quote from: Whosdaddy on May 15, 2019, 03:10:50 AM

Quote from: South Park on May 14, 2019, 12:04:19 PM

Quote from: Reid on May 10, 2019, 05:35:42 PM

Security will always be at the top. No doubt about that and same with the answers of legitimate users here.
For me, next thing will be the user friendliness of the application.
Binance is one of the easy to use application and also they added an Android OS version which is and excellent move.

We are in an era now where every human being is holding a smartphone anywhere. With their android app it gets easier to see your trade wherever you are. Just needs some safety precautions to avoid damages.

Security must be at the top of any list but most of the time that is not the case, many traders are only looking for an exchange with huge volume but as we known exchanges have been know to fake their volume with bots, so I also think that one of the most important factors when it comes to selecting an exchange is to look at the reputation of the owners and their previous actions in the market to see if they are honest, if they are not then you should never put your money in their exchange.

Security is good to put first, but volume matters too, because with all the security Binance has, they were still subject to hacking which took so much off their purse. At least with volume, one can quickly get into a trade and out.

For this security issue, no exchange can perfectly guarantee security 100%, they have already advised most people leaving their money on an exchange never to do so as security of a token can only be guaranteed by the token holder using a reliable wallet with private keys that only he can have access to. So volume matter to me a lot, provided they are genuine volume which one can detect easily even if they use BOT.

After Binance got hacked, the first factor that I will keep in my mind before selecting a digital exchange would be the security of the exchange. How secure the exchange is. Having said that, I would never go for an exchange that is not the best because I not very best exchange would be very prone towards more risks as compared to the best one. Binance still continues to be the best exchange.

Didn’t people believe they had gone for the best exchange when Binance still got hacked, we all know all the hype about balance and we believe that Binance was the most secured exchange of all exchanges ever.

I am not supporting that we don’t consider security of exchange first, but what is the security all about? Isn’t it to secure our fund? The question is, why do we have to also keep our fund on an exchange? If we have our personal wallets that we store our funds securely, I don’t think we should be more concerned about security that much but of the facilities that have in place that will make our trade smooth and more profitable.

You do not really need to keep your coins in the Hot Wallet on the exchange. You could also keep them in your cold storage that is USB stick or your hard drive. That is extra security but not everyone do that. We keep some part of coins on the exchange for trading of course. How can you trade if you keep them all in your cold storage? And in addition, you can quickly trade your coins for dollar or can hold dollars directly.

SirLancelot

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Quote from: MintCondition on May 16, 2019, 10:54:44 AM

Quote from: omonuyak on May 16, 2019, 05:00:05 AM

The volatility in the cryptocurrencies market create an opportunity for traders to make money and that makes it better to me compared to other trading assets like forex market, stocks market and commodities market. It is new and manipulation is allowed for now because it is not regulated.

In terms of trading platforms, the good thing about crypto is it's decentralised and we can trade anytime, anywhere, we can have some shares or token from different countries, other markets limit us in time as well minimal investment option.

You have to take into account all those factors that can affect the value of your coins and are related to a crypto exchange. This is very important and for me, security comes first. The more secure your assets on the exchange, the more you would be able to focus and make the max gains. An exchange like Binance would be the best to chose for that has come back strongly.

Topic: Which unique factor makes crypto exchange a reliable choice to start trading? (Read 880 times)