Which unique factor makes crypto exchange a reliable choice to start trading? - page 2.

prtty2gal2

hero member

Activity: 1092

Merit: 523

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.

raven7886

legendary

Activity: 1512

Merit: 1041

I think "trust" is the most important factor. You may not know what constitutes a trust but that changes from person to person. For example I may trust somewhere very hardly and I would have to wait until they are literally on business for over 2 years and only tested out by someone I know and actually do trades and deposits and withdraws multiple times and see their complaints and how they resolve it and their issues with hackers and how they fix it and so forth. However, you may say "well they have a nice name" and suddenly start doing business there and keep doing business there.

For example, even I am personally different on two different exchanges, one is the altcoin exchange binance which I stopped using right now and moved to idax because of one hack issue, whereas my fiat currency to bitcoin exchange that I use locally literally has 22 bitcoin daily volume, they are really small and I still like them.

AjithBtc

sr. member

Activity: 1666

Merit: 276

Vave.com - Crypto Casino

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.

However you examine you cannot segregate this is best and that is not, have anyone thought that Binance will get hacked. It happened, this is how exchanges were. When something gets value the people in search of the same keeps growing and some try to get it in a easier way using the brain to breach. Even after this hack I prefer Binance, because it took responsibility and mentioned to provide funds from reserve which none of the other exchanges will do.

airdagon

member

Activity: 546

Merit: 17

I think the key is security, convenience and costs in trading, I see the exchanger you mentioned earlier fulfills the factors I mentioned earlier

OrangeSeller

hero member

Activity: 1008

Merit: 501

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.

MintCondition

legendary

Activity: 1147

Merit: 1007

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.

omonuyak

sr. member

Activity: 882

Merit: 269

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.

GregH37

legendary

Activity: 1302

Merit: 1037

Quote from: rima valen on May 15, 2019, 09:02:50 AM

the reason I am very simple I really like to trade in binance, bitrex, coinbese, because they have a good trading system and are admitted to all cryptocurency exchanges, that's all I like and more importantly the security system is very good

Binance will always be the best choice of exchange to me, I am this type that loves making money with little, although I don’t allow it get to the point where by it becomes unrealistic, so I go after an exchange that will not take too much from my trading fund because of fee and reduce my profit capacity.

I think Binance will always still remain the best to me in this regards, low trading and exchange fee enables me to make more money from them, although I have not really tied some of the exchanges you mentioned earlier, but I think I have heard some great things about them, not really interested in them now as I have found satisfaction with Binance.

qmclak

jr. member

Activity: 275

Merit: 2

"Trade with profit"

I like binance, first don't have to kyc just to withdraw few amount of money ,compare to other exchange they ask all stuff like utility bills, bank statements, and passports. They should have limits atleast we dnt have to do KYC. Thats why traders use binance too.

Al-e_x

member

Activity: 560

Merit: 11

Many things that affect the success of exchange include of course security, trading fees and easy to use, in my opinion this is a factor that influences the success of exchanger

dat.ho12492

jr. member

Activity: 378

Merit: 1

Quote from: rima valen on May 15, 2019, 09:02:50 AM

the reason I am very simple I really like to trade in binance, bitrex, coinbese, because they have a good trading system and are admitted to all cryptocurency exchanges, that's all I like and more importantly the security system is very good

The security and coverage of these reputable exchanges is always highly appreciated and of course this is always a criterion that people need to know to decide whether they should participate in or not participate in these exchanges. However, I will give more love to binance because their reputation is too good and they are always a source of inspiration for all investors, they always provide a new trend, a market with many opportunities for investors, joining with binance will have many opportunities to make money.

rima valen

full member

Activity: 562

Merit: 100

the reason I am very simple I really like to trade in binance, bitrex, coinbese, because they have a good trading system and are admitted to all cryptocurency exchanges, that's all I like and more importantly the security system is very good

Whosdaddy

hero member

Activity: 1148

Merit: 527

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.

South Park

hero member

Activity: 2884

Merit: 794

I am terrible at Fantasy Football!!!

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.

JNvak

jr. member

Activity: 82

Merit: 1

Well, now all the posts about Binance's security didn't age well Sad

If it comes to security, my pick would be CoinDeal, since it has great protocols.
https://coindeal.com/security

superscommessebitcoin

hero member

Activity: 1176

Merit: 500

Some were some of the first exchanges that appeared in kryptomere, some just have a very convenient interface, like Binance. These and many other reasons make such exchanges pleasant to trade. They all have their chips, which traders like.

malikusama

copper member

Activity: 1050

Merit: 294

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?

According to my perspective the key and prominent reasons behind the success of top cryptocurrencies exchanges that you have stated are :

1. Security.
2. User friendly Interface.
3. Good technical and financial support
4. Good management.

Oceat

sr. member

Activity: 2506

Merit: 368

People choose them because they have what other exchanges don't. Like quick response of the support, easy withdrawal/deposit without hassle, only ask KYC if you pass the limit of withdrawal and deposit. And most especially in Binance their CEO is taking a serious action if there is something wrong in their system. That's what people like, they know how to handle their customers.

Shenzou

sr. member

Activity: 1414

Merit: 283

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?

To be honest all of these exchanges are just one of the original ones, and have been in the market for quite sometime, and currently there are more exchanges than we can handle and it is hard to tell the real one from the fake one as there have been many scams, so it is just better to go with the most trusted ones and the ones that already reliable, and if someone were to make an exchange website these days they would have to offer something new and interesting in order to compete with the other ones.

kaya11

full member

Activity: 1344

Merit: 110

SOL.BIOKRIPT.COM

Some exchanges are almost the same and it is hardly to specify what is unique between them. So I basically trade with exchanges that are rated by most users. They are most likely experience than us so it is better to take their advise and ratings between the exchanges. But if I were to choose the factor that considers me trading on an exchange is that their customer support. If the team is very reliable in trouble shooting assistance then they would be and edge for me to rate them a good exchange.

Topic: Which unique factor makes crypto exchange a reliable choice to start trading? - page 2. (Read 895 times)