Bitcoin Forum

Hi there, we(www.bityes.com) would like to do a survey regarding the priority selection when you choose a BTC exchange. Welcome to talk about all the options we put up here and others as well.  ;)

I choose trading depth/liquidity because it's the one that important for me for doing trading, and then the second one is the security. And low fees, is the third important thing for me in trading site ;D

I regularly do small trades and fast conversion from BTC to USD and my control over the coin/FIAT are of utmost importance to me. Hence I chose www.100bit.co.in over others, though sometimes when liquidity is low, I sell at LocalBitcoins as well...

Security.

I will still stay with an exchange with high fees as security is the main thing to be considered. There is no way of finding out if a new exchange is really secure.

the obvious choice is security, it's basically mandatory to choose that, otherwise you are asking to loose everything sooner or later

the problem is that there isn't any guaranteed that the exchage that you choosed is secure enough(and no matter how famous it is), you can only hope

Although security is mandatory, it is not a sufficient condition for me. The exchange would also need to make deposits and withdrawals easy through multiple channels, minimal verification, etc. What is the point of a secure exchange if you cannot get money in and out? The exchange certainly should not ask for more documents than a bank would. I get treated like royalty at my fiat banks (in spite of how much I hate them) - on the other hand I feel like BTC exchanges treat me like I am a 2-bit scammer.

Have to go with Trading depth/liquidity if I am choosing one but customer service is right behind in 2nd place. The thing is as long as the security isn't the worst that has ever showed itself in the bitcoin world, I couldn't really care less as I will only ever put on there what I can afford to lose and yes I have lost some x2 lol but I have made more and have found some trusted exchanges namely btc-e and localbitcoins both am very happy with.

First is whether or not they accept a US citizen on a foreign exchange. I found only one in Europe that allowed me to trade and that was after many e-mails back and forth proving that I am legally allowed to do so.
Second is deposit/withdraw. If I can't get my money in or out, it is useless. If it costs money to get money in, that detracts.
Third is the cost per trade.

Liquidity helps but if you have time you can eventually convert your fiat to bitcoins even with low liquidity.

Security is a given. If you lose peoples' coins, your business is likely done unless you have a clean track record and immediately rectify the situation. Even then it is a ding that would warn me to stay away.

For me it doesn't matter whether the fees are slightly higher but as long as the exchanger is safe and trustworthy, i really don't  mind paying extra for the service. I would rate security as top of list and another would be customer support although i think you should have included that as well.

Actually, for every exchange I mainly care about the ease of use and the features it has. It has to be something special, not like common exchanges.
If the exchange is well done and has higher quality than others, I am happy to pay more for a better experience :)

With all the serious hacks that have destroyed exchanges (Mt. Gox, Mintpal, Allcrypt, etc.) or seriously hurt them (Vircurex, Poloniex), security as a top priority should be an absolute no brainer. Who cares if you have slightly lower fees or slightly faster withdrawals or other features if you're going to suffer a major hack and lose customers funds?

Trust and security.

Why have not you allow the possibility to choose more than one option? However If I can say my opinion regarding your question:

I choose an exchange according firstly to the security (and the dev team). Second, according to the volume and liquidity and after I choose to use an exchange also if the site has a great support service.

The most important thing to me is ease of use. It should be simple and quick to make a Bitcoin deposit, sell it to a local currency and transfer it to a bank account and vice versa. Since this option isn't present, I chose security. If an exchange isn't secure, people will gradually stop using it... :)

After a few years of this shit, I just like it when they don't steal from me.

Why is it not possible to have ALL of those qualities at once?

Security is by far the most important for an exchange. Who wants their coins to be hacked and the exchange going bankrupt due to missing coins?

May I know how do you choose an exchange by security since majority of exchanges claims that they are secure?

For me it is the security of the exchange since I do not do tons of transactions daily.  I could consider how it would be fees for some that do handful of transactions daily.

Liquidity.

Fuck their security.

In, out and on with life.

Security is my no. 1

i dont care if i pay a 0.1 % or 0.145 % fee  ;)

The first choice is security, followed by liquidity, then fee! We want our money safe in the exchanges! Then we can be comfortable to be trading.

lol. Don't you feel an exchange is more trustworthy if it contains KYC verification?  :P

Too much exchanges there claimed they are secure. But I only picked up the the most popular, long existing and high customer experience exchanges.

Too much exchanges there claimed they are secure. But I only picked up the the most popular, long existing and high customer experience exchanges.

I voted for Other. I choose OKCoin because they dont require too much personal information from us ← what I am looking for. Security is second.

while I value security the most, I need to know that there is enough liquidity or in other words trade volume so that I can trade easily.
also as a second factor the fees are important for me, but it is usually the same on different exchangers

If I could choose 3 from the survey, Security would be the first one in my list. Why? Because every now and then, a news will appear that a certain exchange is "hacked" by some groups, which I think scares traders who have some active balances sitting on some exchange. Second would be Liquidity because it is hard to trade against a low number of actively moving $$$ around. Third would be Customer Service. A good customer service is a plus point for me because in case you have some issues regarding your trades, contacting a customer service rep. would probably help you in your problem more than anyone else.

At least this way if they do a runner with your funds you will not be alone and there will be many many other unhappy people it is good to share disappointment lol Jokes aside I need volume to get in and get out, never hang about longer than needed and security doesn't really matter well not to me anyway. Fee's are a pain in the ass but they need to make profit as well.

Then you might like BitYes too! BitYes requires the same information as OKCoin does. Cellphone/Google authentication, ID card/Passport/Diver license verification and Address verfication(if you want to withdraw money). No verification if you just want withdraw Bitcoin. Welcome to visit BitYes.com and we are one of the TOP5 USD-exchanges now. We provide 7/24 customer service and one-to-one VIP service.  Moreover, we have low fees!  :P

Privacy.

I would have voted for 'Trust' if there was such an option but there wasn't so I chose the next best thing to it 'Reputation', I think for an exchange to earn reputation it needs to earn people's trust and to me that's the most important thing. For me to use an exchange it needs to be running good with fair dealings over a long period of time. Security is another value that would be needed for the trust, so if I could have voted for 2 I would have voted for both of these options.

Do you mean that you won't provide any of your personal information to an exchange?

Exactly. In return, I would use non-refundable methods of payment so I cannot do any payment refunds (in the case of actually buying bitcoin with them).