Bitcoin Forum

Every day the popularity of cryptocurrencies is increasing. Millions of people – traders, politicians, financiers, analysts-follow the dynamics of their rates. However, nowadays, the use of digital assets is difficult. Even the purchase and exchange of cryptocurrencies are associated with problems - currency rates on different platforms are very different, and a solid commission is charged when withdrawing funds.

the creation of the P2P-platform will allow to avoid such drawbacks, as the transaction value will be calculated in real time with reference to the average price of transactions concluded on the leading crypto-exchanges. Platform participants will be able to verify that the transaction was concluded at market prices. And the use of smart contracts will ensure guaranteed execution of transactions.

P2P platform will solve the majority of problems. You won't have these issues with losing the money because it's safer. You know that you will get your money/crypto, and if not you won't lose anything.

There is a service Changelly, but there is a high commission. I change on localbitcoin or streamdesk when it’s not a big amount

  Also heard about them. The service is fine, but now there are not enough options for exchange. They just started, but it’s quite interesting

what's the problem to buy on exchanges?

At the stock exchange you’ll pay commission for fiat and another sphere long process

I use stock exchanges, no problems. what's the service, what are we talkin about?

look it up https://beta.streamdesk.io/ - the smart contract is integrated with the payment system and the transfers are safe directly between people.

like localbitcoin?

better - At localbitoin there is no rating system, so it’s impossible to deceive it. And it is much easier to use. but there is no rating system, so it’s impossible to deceive it. And it is much easier to use.

great! i'll look it up

There is no any disadvantages on crypto currency platform when it is trading or other investment option. You should be careful while using the exchange sign in. I see the people are really believe the hacking attack is happening on exchanges only.
This is big myth, if you login via any phishing site with searching on Google result.
These link will take you to loose the money you have in your wallet mate. If you are careful in that there is no any problem with the trading platform.

https://www.youtube.com/watch?v=rmU1DMGNxus
Look what I found btckyle

What you are telling is true but that is the mistake of the user but when a exchange is hacked then it is not the mistake of user but it is the mistake of the exchange developers. So you cannot blame whole to the users. But it is also recommended that dont leave your coins in exchange and if you are not a regular trader then it is better that you withdraw the coins when you are not using the exchange for safe side. Apart from that some exchanges are manipulating the users coin and when they are in deep trouble they stat it as exchange got hack and clear their problems.

for me rate charge is not a big deal as many crypto exchange are evolving in the crypto market the charges varies and one with the cheapest will gain more followers and everyone are free to choose which they think more convenient and secure exchange but the main challenge for crypto exchange for me is it is prone from hacker though the security is high their is still a slim chance that hacker may infiltrate their program and stole millions worth of coins as what we read in many crypto news. i wish government with regulate exchanges and they should set aside bonds for insurance of investors coins once their exchange is getting hacked.

All the platform some cons are possible so we should not consider the disadvantages of crypto exchanges. I think all the peoples are choose the best exchanges so lack of investors only know the disadvantages of cryptocurrency exchanges. My self price variation is the major disadvantages of all the exchanges.

Decentralized exchanges can be used to avoid regulation, Many choose to keep their founders identities anonymous. A project having anonymous management can trigger some alarm bells and could be evidence of a cryptocurrency scam. Users should be sceptical at all times in the aspect of their finances

Also lack of of regulation, as there will be very little support from outside parties if decentralized exchange goes down.

I am not sure whats bothering you but exchangers are just the way they are! I mean the fees, commission and stuff will always be there when you re having something free. I mean that is what they have as income source and on which they keep working. Currency rates are versatile because of the volatility of market and trading volume over each marketplace. But I dont think there is anymore difference from 1-2% on any two exchangers. I guess that is also a lot one.

Bitcoin will be the best platform for trading.Some people lose their money by the hacking .The best option to avoid trading is secure your wallet with any security setup. Two factor authentication will be the best security set up.It will sync with your mobile phone.No one will access your account without the help of your mobile.In Localbitcoin wallet, you will get Two factor authentication in additional.

Just simple!

If you dont like to make involvement or using up exchange service you can always make use on peer to peer system but i believe this would be more risky than on using exchange when buying or selling up your crypto holdings and for regulation side then we should get used to it yet those exchange are just complying too with government laws for them to continue to operate.
This is the most fastest and convenient way i believe when purchasing or buying up coins.

Centralized cryptocurrency exchanges are totally bullshit, you actually pay more price than the fee, there is no certainty that your funds are safe  :-\

I agree with you, in current scenario majority of exchanges do charge heavy commissions on withdraws, and I think in coming future this problem would be solved via P2P platform exchanges. We would be able to transact in real quick time with low transaction fees.

There are no disadvantage in a cryptocurrency exchange since it helps people acquire the coins they want and need to hold. In using it, however, there are certain disadvantages in which, IMO can be avoided if the end-user knows what he's doing. Keeping a huge amount in cryptocurrency exchanges had always been a bad thing since crypto exchanges are prone to hacks. Apart from that, anything is good in using crypto exchanges. Keeping yourself safe and vigilant in using these platforms would ensure that no unnecessary loss of funds will occur.

1 -) Exchange does not have physical office

2 -) Many exchange has no license

3 -) Many exchange has no responsibility

4 -) Many exchange has no respect for its customers

5 -) Many exchange does not have enough staff to handle support tickets

6 -) Many exchanges are anonymous which creates a great headache if you want to complain about a serious problem

7 -) Many exchange has accusations of being scam

8 -) Many exchange charges high values for new altcoins to be listed, but we do not see these exchange to improve their services which reveals that the owners of many exchanges are just greedy people who only think about money

just see this:

HitBTC scam! (https://bitcointalk.org/index.php?topic=2556342.0)

YOBIT Scam Exchange (https://bitcointalk.org/index.php?topic=4327871.0)

 Poloniex - Account locked for 2 months with open ticket (https://bitcointalk.org/index.php?topic=3028487.0)

 bittrex is a scam website - AVOID!- WITH PROOF!! (https://bitcointalk.org/index.php?topic=1954598.0)

In my opinion the biggest disadvantage is, if you make a mistake, you can not get your money back. I mean when you send money to anyone with bank, if there is an error, you can fix it and send it again. But in cryptocurrency if even a letter mistake you made,, you have probably lost your money.

Yes there are many drawbacks of cryptocurrency exchanges. The rates of cryptocurrencies are different on different exchanges. The difference is also sometimes due to difference in currency value. The transaction fee of the exchanges is also quite more which makes it expensive to transact with cryptocurrencies. These problems can be solved with Peer-to-Peer lending which directly match the borrowers and lenders.

hacking issues are the main disadvantages of exchangers they are many numerous hacking cases in the past so we should be carefully protect our accounts in exchangers

As with every market it is very difficult to predict the changes. Therefore,  the smartest way to invest in digital assets is to build a well-diversified portfolio based on your risk preference and investment goals. Such a portfolio would likely include a substantial holding in bitcoin and small exposure to promising  tokens. I have found a trustworthy project. It is called Socratus.  It is an insurance ecosystem which provides a digital platform for insurance companies. So any insurance company can connect the platform to become the part of Insurance Digital Ecosystem.

Apart from the fact that you've used the opportunity to shill and not answer the post... diversifying for the sake of diversifying isn't smart at all.

1. You've got the headache of maintaining more than a few coins you know well enough about, or use. Unless you use lightweight wallets for all of them, downloading and syncing is a headache for 1 coin as it is.
2. Look at all the so called crypto portfolios, like Pantera etc. They've all recorded worst performances compared to Bitcoin since the start of the year, and that's not even looking at this week's Bitcoin surge.

I do believe in some diversity, but only for a precious few. Bitcoin is already my diversification in money anyway.

This isn’t nothing new in the market. Everything in this world have got pros and cons. You can’t just find any single item on this whole world that is defect and con free. No, you can’t really find that out. So try to accept pros of something and ignore cons at much level as you can. This is the only way to live a happy life. Else, your days and nights becomes so hard and living would be harsh.

To know about the disadvantages, we need to know about the types.
Centralized exchanges have better interface, experience and comparably faster but you wont be having control over your tokens. It will be risky if you did some mistake and the service people wont respond properly.
Decentralized exchanges will give you control over your tokens but the speed of them will just kill your profit.

Good point and you have to think twice what particular exchange would be more comfortable for you, this question needs to be experience and justified
things that will affect your trading activities, if you can see good potentials and you think that you are capable to work with something that you wont
regret and you can take the risk then disadvantages can turned to your favored.

Recently, I have come across so many disadvantages about Cryptocurrency exchanges. One thing is that most of this year exchanges are not genuine. Some have atrocious transaction fees. There so many disadvantages about them

Cryptocurrency exchange already given so many advantages for crypto community as platform that we can use to buy and sell crypto with each others trader. And for disadvantages is some exchange do not provide stop loss function so make trading activity will be more risk. For withdrawal fee is still normall amount, because they need money for maintenance and to give salary for their staff.

Lack of good UX design is really a major problem for cryptocurrencies, I believe it is one of the reasons that bottleneck the adoptions. The design is too techy and hard to use. Its really make regular user confused. And about the fee, I'm sure it is extremely high and does not reflect the purpose of decentralized cryptocurrency. But luckily, there are P2P Bitcoin exchanges like Bisq who is solved some of the problems.

One thing I hate when it comes to exchangers are the high fee when we are going to transfer our bitcoin into our wallet. I knew numbers of exchangers that are legit and have good feedbacks when it comes to its services but has high fee like 0.001 bitcoin. This kind of exchangers are not good or does not suit for traders that will trade small amount of bitcoin like me.

There are many but this ara the things that bugs me most. most exchanges does not support deposits or withdrawals of fiat currencies,Does not support margin trading and lending,Wait times high because of low liquidity,Slow customer support.

I think exchangers are bad at getting charges from us for the purpose of withdrawing them. I have observed it for some coins, I mean really selective one who are getting charged heavy for withdrawing purpose. Apart from this the charges also vary from exchanger to exchanger. I have seen HitBTC is one of the exchanger who charges heavily for withdrawing the coins. If you are say for example withdrawing the SCL, then they will charge you more than 100 SCL per transaction. I guess thats huge if we consider that with the native currency or coin itself. May be this wont change or we should be carefully choosing the exchanger itself.

One of those exchangers that do have that fee is kucoin or hitbtc as far as i remember and even c-cex too which is already shady as of now which they do have high Withdrawal fee and the worst one do have deposit fee too which we can really say that they are really too greedy on imposing such fees and it would be mainly affect those small time traders.

There are exchangers that do have those features or functions it would just matter on how you do search up.

Exchanges have different types of identity when it comes to disadvantages, high fees, low account security, withdrawal or deposit delays, Slow response or no response from support at all etc. its pretty easy to track all those exchanges so I'm not going to mention those exchanges one research leads to a bunch of results and reviews about those platforms, well it sucks to pay overpriced fees for trading and withdrawal added by the platforms rules and disadvantages, have to research first before dealing with centralized exchanges.

Some crypto-currencies exchanges are charging their customers extremely high fees for withdrawals, and I always try my best to avoid using their services, because I believe one of the main reason for using crypto-currencies instead of fiat money is to save money on transaction cost, and it totally makes no sense to me when I see the high withdrawal fees charged by some of the crypto-currencies exchanges.

Now many blockchain project already make product to make more easy to buy and sell crypto just like buy mineral water,  one of that project is Pundi X that has live product already and the development of this product keep growth.  I have seen video from Pundi X twitter official that shown many people already used this product for daily transaction. Mass adoption of crypto is just beginning and will be keep bigger .

Currently alot of exchange has low liquidity because the trading volume is very low, and this one of the advantages of crypto exchange. All exchange should be has program to attrack new trader and investor by give education by online or offline how to trade and to explain what is benefits of crypto and blockchain technology. With alot of trader on the platform will create better liquidity in trading.

Trading fees and some other transaction fees are the disadvantages of the trading exchanges, these charges are killing the small traders and make it difficult for them to use those good trading exchanges that charge higher fees in comparison to those small exchanges.

Thats Right, I think there are some exchanges that provide features like lending, of course with conditions such as identity verification, you can get it on poloniex. they have that feature, and in my opinion almost all exchanges have the option to receive deposits and withdraw to fiat

Then what would you suggest? Knowing that Exchangers are also businesses and they would really need to profit out from trades. Common fee ranges arent really that high where small traders cant able to cope up with it. I dont see fees are disadvantanges unless if they set out high % then it would be an another issue. The thing i do complain with exchange is that when they do set out KYC since they are following government rules then as a user or trader we wont really have any choice.

Disadvantages of crypto exchanges is they can not give high level of security for fund all users, when exchange get hacked the user can be loss some or all of the fund, and the fund of user should be guarantee safe by exchange. When exchange get hacked they should be take responsibility and make sure all of ther user will not loss. I really like Binance that was create Secure Asset Fund for Users (SAFU) to protect their user.

There are no guarantees in exchange land, especially with how most of them don't want to get rid of instant withdrawals. Bitmex manually processes withdrawals once a day, which is something I would like to see other exchanges do as well, but that would piss off their noob and arbitrage users, so they don't.

It's up to you to accept the risk of having the exchange you send your coins to not lose them, because exchanges will always be a hot target due to their hot wallets.

I saw the term SAFU pop up a few times on social media and thought it was a meme sort of a thing, lol. Interesting.

Disadvantages of crypto exchange is many of them can not guarantee the fund of all user if they get hacked or others similar case. So trader has another risk from that, beside the high fluctuacion of crypto. So i hope all exchange provide guarantee with insurance for fund of all user.  I support for decentralized exchange to be more popular and more decentralized exchange launching with better feature than centralized.

I think the main and most alarming considerations for the disadvantages are:

1.- To enter a position you must choose to enter only with Stop Loss, or not place Stop Loss but Take Profit.
2.- That do not allow entry through Margin Trade, but simply to trade only in the bull market, that is, only buy currency and wait for it to increase to obtain profits.

There are many level 1 exchanges, which have these disadvantages, in the case of (1.-) you have to choose between entering with Stop Loss, which forces you to stay on the chart as long as necessary to see if it arrives to your  profit, I think this is not good for the trader , because it creates dependence and much more stress than normal. And if it enters placing the Take Profit and does not protect with Stop Loss, in less than 10 seconds the market can come against, and if you are not in the graph you can move to a very losing position.

For the case (2.-) we know that the market corrects, and many exchanges do not allow entries in Margin Trade, which limits the ability of the trader to trade with the freedom it deserves.

That's the risk, so we should be more careful in choosing an exchange, only choose those we feel we are secured and will cover the insurance
in case their site is hack. Unfortunately, I don't find anything like that in the market, hopefully there will be one in the future.

Full of risk here but we can get a good reward, I'm expecting that every trader is already aware of these things as they might read some feed back from traders on the exchanges that were hack before. It's their decision whether to still trader or not, I don't know about coinbase, i guess they have insurance, just not sure about it.

There are many difficulties in cryptocurrency exchanges. Firstly, cryptocurrency exchanges require a lot of capital. And many of them are cryptocurrency exchanges because of which cryptocurrency exchanges cannot be beneficial. Exposing cryptocurrency increases human tension. Because of which many people are under pressure. And this human pressure is never good for the body. To exchange cryptocurrency, there is a good idea about the market. Because of the price of cryptocurrency when it can be increased or decreased. At any moment the price of cryptocurrency can be reduced, resulting in many losses. There are also many more difficulties with cryptocurrency exchange. Many people have benefited from cryptocurrency exchanges.

Thank you.

Well, it depends on the trading platform you are using or the exchanges you are using, most exchange now have upgraded and does allow entry into margin trading and if I may understand you clearly, are you saying most exchanges does not have facility for stop loss in trading which I believe is not true, there are couple of exchanges available that allow stop loss though some of them don’t allow this because it reduces their profit but I can confidently tell you that Binance, poloniex,coinbase and karaken allow this tools.

I think cryptocurrencies leads to the next development of the world so the Christie exchanges must be more convenient and trustable for everyone can you only the strong field are going higher and higher otherwise there are some of the disadvantage are also here in exchanges we all know that but we cannot regret that it need to be changed but definitely the future will have some changes also.

I first selected the no KYC requirement because this is my best concern when I want to register on an exchange, I rather split my coin between different exchange and trade within the limit set by this exchanges than to carry out a KYC process which is also the main reason crypto was created to fight against.

I also selected low trading fees because most exchange has hilarious trading fees and I believe a DEX with a very low trading fee would be nice.

Over the time we all have to do kyc, to verify somewhere if we wish to continue with using their service. I avoid doing that, like you I split my amount and I trade on several exchanges. Exchanges are working under a law of the country where they are registered, I don`t think it`s disadvantage, for some it is, but it`s more like a minor obstacle. Who from us doesn`t like low trading fees, it`s sure advantage for traders.

Cryptocurrency Exchanges want their customer to keep the funds within the exchange. In order to discourage the withdrawal from the exchange, they charge high fee.

I myself keep some funds always in the exchanges even if i am not trading. I know that if i move my finds out to my wallet, then few days later i might have to trade and transfer funds back to exchange,so to avoid High transfer fee i keep my funds within the exchange.

Well, I mean open a position: Stop Loss and Take Profit at the same time. I understand that only Bitfinex and Bitmex allow it, previously Kraken, but Kraken no longer owns it.
Why do I say it? If I enter a position with Stop Loss, I must be waiting on my PC until I reach my goal, if I place it automatically, it should not be pending on the graph, and what will happen if I lose, simple I assume my loss and if I win excellent But both they are only in Bitfinex and Bitmex. In poloniex, you can also enter a margin, but you do not have: Stop Loss and Take profit that can be set at the same time ... Only Stop Loss or Take Profit.

I think stop loss or take profit is a very good feature which should be implemented in every exchange. Due to ever changing volatile marketing, we never know when the price can dump and we might mot be available online to sell. This is where stop loss comes in handy and it prevents us from big loss.
Stop loss is so much used today but not many exchanges offer this feature. :-\

One of their disadvantage is the lack of good customer care support which has been a great deal of issue, the ones that mange to have customer support end up not attending to your pressing issue until you lose your money completely out of a little mistake you made using their platform.

Another disadvantage is that some of them does not have fiat support,transactions taking place are delayed and the deposits as well. So, the best is to always use a widely known and accepted exchange.

your account can be blocked, your funds may be frozen, you can be asked for ID, etc. so I prefer to use trading services without such disadvantages, f.e. changenow

Crypto trade has a lot of good things, but there are bad aspects also. As you specified, transaction fees can be really much(saying for some currencies). The price difference between the markets is boring because you need to always observe and buy at the lowest price when buying something.

The disadvantage of cryptocurrency exchanges I think when there is a coin that I hold and I can't exchange to another coin because they don't have that coin. And the gas, there are some exchanges that are expensive when it comes to gas. I don't know if that is because of how many coins you will exchange

There are lots of online tools for finding the price difference on various exchanges. If someone doesn't want to pay high fees for trading then testing each exchange one by one for small amounts looks like a feasible solution. Some bots offer the same thing for a small commission in the market. Just my 2 cents.

This is correct, there are many bot services that currently do, I sincerely prefer to do my operations in a secure way so I have to pay my fees, the fees are something that the exchanges earn when offering the service, so far the exchange that less fee by operation charges is Binance, although it lacks many tools, it is the least expensive.