Which unique factor makes crypto exchange a reliable choice to start trading? - page 3.

d1ceplayer

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Quote from: dunfida on May 09, 2019, 03:52:01 PM

Quote from: jessicalea on April 25, 2019, 09:00:55 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?

When we do talk about factors on why these exchangers do succeed out on getting some marketshare or most of it then it would be;

-Their service, giving out the best which they do able to cater with their users needs. UI+Good support+Reasonable trading fees+ Consistent good performance.

Indeed true. Those who become the finest exchanges in the market right now which have been providing the best service since from the beginning to till now. Also, they use many different strategies to promote the project on various platforms. As we can see many good exchanges gives a discount of tracing fees to gaining users.

They always work hard on exchanges and keep themselves up to date as per the time market chances. Their main factor is security to gain users attention towards the platform. They never compromised with the security of exchange and that's the reason enough to beat the competitors.

Whosdaddy

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Quote from: jessicalea on April 25, 2019, 09:00:55 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?

While trade the traders have seen many things before starting the trade on the exchange. Traders look about the exchange reputation, security, volume a many more thing which gives a clear indication about the exchange. Volume and security are the most important factors and traders have a focus on these factors to find a better exchange.

As well now many good exchanges providing a user-friendly experience on their sites and now most of them have their own Application to provide amazing experience on the smartphone too. So the exchange who provide great service, security, and other good features can become able to attract users towards it. Because this is what a trader needs to look before doing trading.

neonshium

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Quote from: semobo on May 10, 2019, 12:13:47 PM

Quote from: Ararbermas on May 10, 2019, 11:41:45 AM

Quote from: jessicalea on April 25, 2019, 09:00:55 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?

it's because of being so reliable and very provably fair sites which common reason more ppl still make comparison about it. Actually those sites was very secured which no problem to stock money , and the good things " kyc " doesn't exist on each of that site you've mentioned above .lol

Binance already faced a security breach and the no KYC is for lower daily limits.But they have better customer support than other exchanges which made them to be top crypto exchanges.

They have more costumer support because they are great exchange. See the people who lost their coins due to the hack would be compensated by the exchange and this is something very rare. Had this hack happened to another exchange, they would not have made it so high again. Though there are still security concerns, there are still hug users on the exchange.

Reid

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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.

semobo

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Quote from: Ararbermas on May 10, 2019, 11:41:45 AM

Quote from: jessicalea on April 25, 2019, 09:00:55 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?

it's because of being so reliable and very provably fair sites which common reason more ppl still make comparison about it. Actually those sites was very secured which no problem to stock money , and the good things " kyc " doesn't exist on each of that site you've mentioned above .lol

Binance already faced a security breach and the no KYC is for lower daily limits.But they have better customer support than other exchanges which made them to be top crypto exchanges.

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Quote from: South Park on May 09, 2019, 12:48:12 PM

Quote from: guoyu78 on May 08, 2019, 05:48:40 AM

Quote from: jessicalea on April 25, 2019, 09:00:55 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?

The whole exchanges you have mentioned are all good exchanges. As for the main thing that makes an exchange a reliable choice, I believe security is the number one thing that matters most. Security is very important, cause there are exchanges that are not secured and they are the ones that keeps getting hacked here and there and users losing their hard earned money.

So you should avoid any exchange that doesn't have enough security, if you don't want to fall victim. Second important thing is their customer support, followed by how good their site is.

The problem is that no centralized exchange is secure, binance was hacked recently and they lost more than 40 million in assets to hackers, while the amount is small compared to the amount of money exchanges manage, it is a huge hit to the trust of that exchange since it is impossible to know if this is going to happen again, so while binance and many other exchanges are good we really need decentralized exchanges so hackers cannot get those huge amounts of money in a single hack.

Even binance is one of the decentralized exchange I guess. There are peoples who active trade on binance and also store specific amount of funds into those wallets. If these kind of exchanges are been hacked then most of the community would be confused whom to trust about the security of their funds. Exchanges needs to be more secure and should try to maximize their security. The current hack was due to the 2FA authentication perhaps.

I have not yet read any sure shot news about the same but can expect soon so that we can know how exactly it happened. These exchanges should be trustworthy and I think that they would surely make some great moves now.

Ararbermas

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Quote from: jessicalea on April 25, 2019, 09:00:55 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?

it's because of being so reliable and very provably fair sites which common reason more ppl still make comparison about it. Actually those sites was very secured which no problem to stock money , and the good things " kyc " doesn't exist on each of that site you've mentioned above .lol

Osarman

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Quote from: jessicalea on April 25, 2019, 09:00:55 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?

If we similarly start comparing, there would be a tons of advantages behind why peoples choose decentralized trading over centralized trading. Peoples find their profits in here by investing in some highly active coin to make their profits turn the graphs in front of their eyes. Also investing into something which has high volatility then the centralized currency makes the decentralized currency more popular to trade into.

Also there are a thousands of coins which gives us plenty of options to invest our funds proportionally in various coins to make higher profits. The trading volume matter according to me and these exchanges may perhaps be in competition because of the trading volume.

dunfida

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Quote from: jessicalea on April 25, 2019, 09:00:55 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?

When we do talk about factors on why these exchangers do succeed out on getting some marketshare or most of it then it would be;

-Their service, giving out the best which they do able to cater with their users needs. UI+Good support+Reasonable trading fees+ Consistent good performance.

greenclub09

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to my opinion, when a new exchange is released the important thing we care about is how much advanced the exchange is and where it is released for us to use it to bring back more investors to the exchange, the final factor is the community supporting it if the have a good developers and huge amount of people promoting it to the world.

South Park

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Quote from: guoyu78 on May 08, 2019, 05:48:40 AM

Quote from: jessicalea on April 25, 2019, 09:00:55 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?

The whole exchanges you have mentioned are all good exchanges. As for the main thing that makes an exchange a reliable choice, I believe security is the number one thing that matters most. Security is very important, cause there are exchanges that are not secured and they are the ones that keeps getting hacked here and there and users losing their hard earned money.

So you should avoid any exchange that doesn't have enough security, if you don't want to fall victim. Second important thing is their customer support, followed by how good their site is.

The problem is that no centralized exchange is secure, binance was hacked recently and they lost more than 40 million in assets to hackers, while the amount is small compared to the amount of money exchanges manage, it is a huge hit to the trust of that exchange since it is impossible to know if this is going to happen again, so while binance and many other exchanges are good we really need decentralized exchanges so hackers cannot get those huge amounts of money in a single hack.

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Quote from: guoyu78 on May 08, 2019, 05:48:40 AM

Quote from: jessicalea on April 25, 2019, 09:00:55 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?

The whole exchanges you have mentioned are all good exchanges. As for the main thing that makes an exchange a reliable choice, I believe security is the number one thing that matters most. Security is very important, cause there are exchanges that are not secured and they are the ones that keeps getting hacked here and there and users losing their hard earned money.

So you should avoid any exchange that doesn't have enough security, if you don't want to fall victim. Second important thing is their customer support, followed by how good their site is.

Binance faced a security breach few days beck but they said all the user funds will be refunded so which makes the iance as better exchange among the other who never update anything about the hack and also don't give any refund for the lost funds.

jessicalea

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Do you think integrating custodial services (like BitGo) into crypto trading platform is best for traders?

Whaleagent

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Security, actually If I wanted to open exchange I would take a closer look at Binance and Bittrex. They have the best Security out there.

TravelMug

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Quote from: Pattart on May 08, 2019, 05:46:23 AM

Quote from: leowonderful on April 25, 2019, 09:54:27 AM

I like to trade on Binance because the site doesn’t require me to verify my account to start trading, unlike many other major exchanges, and the exchange also has a decent Android app that I use to make a few trades on the go. Nothing extremely noteworthy besides that, as the desktop UI for the site is pretty average, but no verification alone is excellent and that’s the main reason why I use Binance so often.

I think many exchanges do not require verification of data, but of course the facilities you will get will be limited, for example if you do not do KYC then there is a limit for withdrawal. but as long as you transact below the limit, you don't need KYC.
what I choose in Exchange site is that they have fast response customer support and have high responsibility of every problem

Of course your have limited withdrawals, but for casuals who don't trade that much, Binance will be a good place to start. However, we heard it was hacked lately, so I'm sure this could be another factor to look at in the future.

Yes, customer support is one thing to look at as well, remember Yobit who has so many complains about it's poor customer service? and that is why they are one of the most hated trading platforms. UI is almost the same for all exchanges, so that is a non-factor for me.

guoyu78

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Quote from: jessicalea on April 25, 2019, 09:00:55 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?

The whole exchanges you have mentioned are all good exchanges. As for the main thing that makes an exchange a reliable choice, I believe security is the number one thing that matters most. Security is very important, cause there are exchanges that are not secured and they are the ones that keeps getting hacked here and there and users losing their hard earned money.

So you should avoid any exchange that doesn't have enough security, if you don't want to fall victim. Second important thing is their customer support, followed by how good their site is.

Pattart

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Quote from: leowonderful on April 25, 2019, 09:54:27 AM

I like to trade on Binance because the site doesn’t require me to verify my account to start trading, unlike many other major exchanges, and the exchange also has a decent Android app that I use to make a few trades on the go. Nothing extremely noteworthy besides that, as the desktop UI for the site is pretty average, but no verification alone is excellent and that’s the main reason why I use Binance so often.

I think many exchanges do not require verification of data, but of course the facilities you will get will be limited, for example if you do not do KYC then there is a limit for withdrawal. but as long as you transact below the limit, you don't need KYC.
what I choose in Exchange site is that they have fast response customer support and have high responsibility of every problem

OrangeSeller

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Quote from: bonker on May 07, 2019, 11:13:01 AM

Quote from: jessicalea on April 25, 2019, 09:00:55 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?

Most reputed exchanges got more trading pairs and better customer support this makes more people to prefer these exchanges.

I have always believed on how high the demand of an exchange is. The higher the demand for an exchange or the higher the number of users on an exchange, the higher the possibilities for you to make money with it. In addition, you should look into the security of the exchange as well and see if it is good enough to protect your investment. These factors determine if an exchange is good.

bonker

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Quote from: jessicalea on April 25, 2019, 09:00:55 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?

Most reputed exchanges got more trading pairs and better customer support this makes more people to prefer these exchanges.

BeGoods

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Quote from: bitbunnny on April 26, 2019, 02:36:50 PM

To my opinion legality and security are the most important things and wirh that trustworthy comes along. It's always good to check who is behind the exchange, is it everything according to the law and how is their customer support. If they don't care for the customer and haven't provide secure and legit services to them, such exchange should be avoided.

I will not see the unique of an exchange for using that, I will see the security first, the level of trust in the exchange site,
and who is behind the exchange. there are many exchanges being a scam, and we have to be more careful in choosing

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