Bitcoin Forum

I stumbled across a new Swiss crypto exchange the other day and it sounded very cool to me, but I just don't know what to look out for because I'm not familiar with crypto, so I thought I'd ask the internet. If you could leave your opinion about this exchange that would be great. Thanks :)

Ah the name of the exchange is honesto.swiss

I am not sure you ask about that platform or you're advertising it. I tend to believe it's the second, hence already lowering my expectations about the honesty of that site.

However, a super quick web search didn't show any confirmed scam of those.
Still, since it's basically a completely unknown platform (although they may exist since 2020?!), if you're indeed newbie, I'd advise you look for more established ones, to be on the safe side.

It’s not an Exchange, at least by what their webpage states. Their angle seems to be that of an app that allows you to get the best price by comparing prices on 28 Exchanges, although the page itself lacks details (as far as I’ve been able to see) on how you actually interact with these. It then states that your crypto is stored in a custodial manner at a given bank.

I’m not really going to dig much further on how it works (it’s something that should be made much more explicit on their website). It also seems to be something rather unknown (not much info around), and the site lacks some basic translations into English for all the links at the foot of the page. There is a basic help section (https://honestohelp.zendesk.com/hc/en-150) which I find weak and shallow in details, and perhaps even outdated (https://honestohelp.zendesk.com/hc/en-150/articles/4415406747281-Can-I-deposit-and-invest-with-cryptocurrencies-) or contradictory in some of the info provided.

Most people use exchanges by finding them listed on a lot of sites they trust imo.

Getting a good reputation is the only way an exchange would be able to do that. In some ways, having a software that look like they've actually been invested in and having a domain that looks like it'd be valuable on its own likely also helps.

Rule of thumb: with any platform where you're risking your money, always always go with the existing reputable ones. There's no reason to risk your money in trying out the new ones.

Found this information on their about page
So, basically they are not an exchange but a thrid party app that aggregates crypto price from different exchanges. I would not recommend anyone to actually use it for transactions at the moment. I also did not find much information on their social media handles.

Don't put your money in a new exchange or it still doesn't get a good reputation from its users.
If you don't know about crypto, you need to learn, need to do some research on what to use. This Swiss Crypto Exchange that you found has not even updated its Twitter account since 2020 until now.

It would be better to stay away from it, just use an exchange that is already trusted and has many users like Binance. Don't get stuck on an exchange that doesn't have a clear purpose and origin.

Don't trust new and not widely used exchanges. In fact, I've been scammed because I was attracted to high price spreads. My suggestion is that you use an exchange registered with CMC or CoinGecko which has a large volume and users. That seems an easy indication for you to understand. Besides, it's better for you to keep your funds than later you have to lose money in an exchange that has no clear credibility. Don't trust new trading sites and I think many are scams so becareful.