How to Choose Crypto Exchanges. Vote!

[Jekbolt]

Hello crypto enthusiasts!

I have drafted a topic summarizing (with your help) all types of existing and upcoming crypto exchanges: https://bitcointalk.org/index.php?topic=2918431.0

Now, to make that information even more usable, through evaluating each type of exchange,
let's consider the primary concerns of traders (us). That info will also help current and future Exchanges to fit our (traders) needs.

By voting on that topic kindly choose 4 (four) most influencing parameters for you, when you decide, what exchange to use for trading.


Here are the list of parameters and short explanations:


1. Crypto-favorable country of Exchange's registration
Means a comparatively low risk of exchange closure by regulators.
 

2. High degree of security
Means cold storage of crypto, 2FA, perfect protection of clients private data and funds.
 

3. Fast and excellent customer support


4. Solid reputation and positive clients feedbacks


5. The lowest fees on the market
Means the lowest total cost of trading: including deposit fee, trade fees, withdrawal fee and best limits policy.


6. Ability to buy/sell at best prices
Means an abundance of trading pairs, liquidity, real-time & not-fake auctions leading to most transparent prices.


7. Availability of margin or/and derivatives trading


8. Ease of use
Means a quite simple interface of an exchange.


Vote to make the crypto world more attractive for you and newcomers!

[1715480497]

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[Kramblerty]

Ability to trade for the best prices with no fees  and of course a high degree of security are the most important things

[Jekbolt]

Agree with you completely, thanks for vote 

[tunctioncloud]

Ease of use has its importance I think. Look at Kraken : it is the best in every category, but unfortunately it is so complicated to use that I never came back to it !

[Jekbolt]

Ease of use has its importance I think. Look at Kraken : it is the best in every category, but unfortunately it is so complicated to use that I never came back to it !

Agree about Kraken.

Kindly vote if you had not done it already)

[Kramblerty]

which exchange has the lowest total fees if I have, say, $1000 for trade ?

[kevoh]

I voted for Crypto-favourable country,High degree of security, lowest fees and ability to buy/sell at best prices. However, I think the most important influencing parameter for me is the high degree of security feature. There is no point having those other parameters only to have the exchange hacked and people's fund are then stolen!.

[Jekbolt]

I voted for Crypto-favourable country,High degree of security, lowest fees and ability to buy/sell at best prices. However, I think the most important influencing parameter for me is the high degree of security feature. There is no point having those other parameters only to have the exchange hacked and people's fund are then stolen!.

Security is important but the level of protection are the same between all centralized exchanges.
Only decentralised exchanges are more protected because don't touch fiat/crypto money of users and legals can not come and close it. However this type of exchanges has some drawbacks too.

How are you detect that you have the ability to buy/sell at the best prices? Are you comparing Order books of different exchanges on real-time simultaneously?

[oaktree]

You forgot liquidity. You need to choose an exchange that lots of people use, otherwise your orders just sit there unfilled.

[farhaan]

Exchanges should not be selected based on the low trading fee they offer because many get caught in scam exchanges due to this factor.We must see the reputation of such exchanges and then decide about the exchanges.

[Jekbolt]

Exchanges should not be selected based on the low trading fee they offer because many get caught in scam exchanges due to this factor.We must see the reputation of such exchanges and then decide about the exchanges.

But what to do if the exchange is new and want to get its small market share? Low fees (or zero fees) can me the one of the ways.

[pinkflower]

You need to add another option. "A good track record". Bittrex is a good example of this. I know the had problems when they implemented KYC/AML but they fixed it and they are trying to chase their customer verification backlog.

They also have never been hacked.

[Nunoluck]

Thrust is very important, maybe you use sophisticated exchange platfor, secure and easy use. But how do you feel if the exchanges site is turn into scam? Your money gone and you will get mad. But it will be better if there are exchanges site that have all advantage in one, for now I only choose famous exchanges that used by many people.

[Jekbolt]

Thrust is very important, maybe you use sophisticated exchange platfor, secure and easy use. But how do you feel if the exchanges site is turn into scam? Your money gone and you will get mad. But it will be better if there are exchanges site that have all advantage in one, for now I only choose famous exchanges that used by many people.

The more people use one Exchange the more attractive that Exchange becomes for hackers. So I use several different exchanges to minimize the risks (it's like not putting all eggs into one bag-).  Generally speaking the more exchanges in the market the better for users in terms of competition and overall system progress/development.   

[metenjean]

I think the best security will be the best way to choose the exchanger because we all know that fraud and possibility of losing money in crypto is high, not to mention if your wallet got compromised. Lowest fee might be good for daytrader but sometimes we must ask ourselves if the exchanger gain enough fees to cover the cost of their operation, just look at Cobinhood with zero fees just make you wonder where they gain money to cover their cost. While a good and fast respon from customer support is also a good way to measure their respond in solving problem, until now i think only a few has that kind of capability to provide that support 

[cynical]

Security, Reputation and Fees is what I went for.

Security is really no.1 although you can never really be in control of your funds on an exchange
if we can look after security of login ourselves it is best to have good security in place in case our hardware becomes stolen or compromised.

Reputation is important too, the last thing anyone wants is shady platforms and there is a lot of chat about various exchanges whether justified or not I'm not sure.

and fees of course, no-one wants to pay big fees, although we all know fees have to be paid to maintain a proper service for all to use in the future.

[Jekbolt]

Security, Reputation and Fees is what I went for.

Security is really no.1 although you can never really be in control of your funds on an exchange
if we can look after security of login ourselves it is best to have good security in place in case our hardware becomes stolen or compromised.

Reputation is important too, the last thing anyone wants is shady platforms and there is a lot of chat about various exchanges whether justified or not I'm not sure.

and fees of course, no-one wants to pay big fees, although we all know fees have to be paid to maintain a proper service for all to use in the future.

How, for example, do you check the reputation of an Exchange? Are you just asking on btk or use some other sources?

[ghost424]

Hello crypto enthusiasts!

I have drafted a topic summarizing (with your help) all types of existing and upcoming crypto exchanges: https://bitcointalk.org/index.php?topic=2918431.0

Now, to make that information even more usable, through evaluating each type of exchange,
let's consider the primary concerns of traders (us). That info will also help current and future Exchanges to fit our (traders) needs.

By voting on that topic kindly choose 4 (four) most influencing parameters for you, when you decide, what exchange to use for trading.


Here are the list of parameters and short explanations:


1. Crypto-favorable country of Exchange's registration
Means a comparatively low risk of exchange closure by regulators.
 

2. High degree of security
Means cold storage of crypto, 2FA, perfect protection of clients private data and funds.
 

3. Fast and excellent customer support


4. Solid reputation and positive clients feedbacks


5. The lowest fees on the market
Means the lowest total cost of trading: including deposit fee, trade fees, withdrawal fee and best limits policy.


6. Ability to buy/sell at best prices
Means an abundance of trading pairs, liquidity, real-time & not-fake auctions leading to most transparent prices.


7. Availability of margin or/and derivatives trading


8. Ease of use
Means a quite simple interface of an exchange.


Vote to make the crypto world more attractive for you and newcomers!

This is a good list to know that contains information about certain exchanges that needs to be known. You still need to pick a exchange website where security is really unbreakable. You also need to know about when fees are reasonably equal to the amount you are using in that specific exchange website.

[ASHLIUSZ]

We've got different exchanges for all our trading necessity. I prefer to go with the exchanges which provides the ease of access and the highest security for the holdings. Moreover the reputation is the one that needs to be prioritized, because in the name of lot of trading services exist and go out as a scam in a short time period.

[alyssa85]

How, for example, do you check the reputation of an Exchange? Are you just asking on btk or use some other sources?

Google the name of the exchange + "scam". When people have problems they post about it on reddit or in forums like this - and it will come up in the search results with "name-of-exchange scam".

Read all those posts to see what the problem is. Sometimes it's obvious that it's user error and they're just blaming the exchange because they don't want to admit they cocked up. But other times, they highlight serious problems with teh exchange. Look in particular for difficulties in withdrawing funds.

[fokinlipat]

Hello crypto enthusiasts!

I have drafted a topic summarizing (with your help) all types of existing and upcoming crypto exchanges: https://bitcointalk.org/index.php?topic=2918431.0

Now, to make that information even more usable, through evaluating each type of exchange,
let's consider the primary concerns of traders (us). That info will also help current and future Exchanges to fit our (traders) needs.

By voting on that topic kindly choose 4 (four) most influencing parameters for you, when you decide, what exchange to use for trading.


Here are the list of parameters and short explanations:


1. Crypto-favorable country of Exchange's registration
Means a comparatively low risk of exchange closure by regulators.
 

2. High degree of security
Means cold storage of crypto, 2FA, perfect protection of clients private data and funds.
 

3. Fast and excellent customer support


4. Solid reputation and positive clients feedbacks


5. The lowest fees on the market
Means the lowest total cost of trading: including deposit fee, trade fees, withdrawal fee and best limits policy.


6. Ability to buy/sell at best prices
Means an abundance of trading pairs, liquidity, real-time & not-fake auctions leading to most transparent prices.


7. Availability of margin or/and derivatives trading


8. Ease of use
Means a quite simple interface of an exchange.


Vote to make the crypto world more attractive for you and newcomers!

I do not like the fact that there is huge difference in buy/sell prices in almost all the exchanges in my country. It is hard to make a profit there unless you are investing for longer duration I hope new exchanges open there so that we have better features.

[Dany44]

An exchange should have no third-party service to hold users’ funds

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[Jekbolt]

An exchange should have no third-party service to hold users’ funds

CryptoComes.com
Exclusive Blockchain News Journal

What do mean? who are those third parties? Banks (holding an exchange's fiat on its accounts)?

[Kprawn]

Fast and excellent customer support is one of my highest requirements, because I have dealt with Coinbase and their shitty

support. High degree of security is my highest priority, because I have also been a victim of an exchange that got hacked.

The other requirements is also important, but these two are not negotiable. Some exchanges are just bad and should be

avoided at all cost. 

[belyaevi]

I choose mainly on one basis- how long the exchange has been in business. I do not want to risk my money with a new exchange which may run away with my money. Also, old exchanges have competitive fees.

[Jekbolt]

Fast and excellent customer support is one of my highest requirements, because I have dealt with Coinbase and their shitty

support. High degree of security is my highest priority, because I have also been a victim of an exchange that got hacked.

The other requirements is also important, but these two are not negotiable. Some exchanges are just bad and should be

avoided at all cost. 

How exactly you check the security of the exchange, which going to use as a channel of trading?

[moiseeva]

I choose exchanges which have less restrictions related to KYC. Also, most will say that we should prefer old exchanges but I think they charge higher fees.

[BettingTips]

For me I often choose an exchange which has good trading volume, great number of coin and token can be able to trade on these exchange and the support team is active all the time. Beside I often have to go outside so many times in a day so I can't bring my laptop with me all the time so I often choose exchange that has trading app on mobile that why I'm using Binance exchange atm.

[Mobshady24]

who else doesn't want a highly secured exchange? though i think it's there non existing, even how hard the security is, hackers will still find a way to steal. We are too vulnerable from attacks since there is a lot of money in this market.

[Pattart]

Fast and excellent customer support is one of my highest requirements, because I have dealt with Coinbase and their shitty

support. High degree of security is my highest priority, because I have also been a victim of an exchange that got hacked.

The other requirements is also important, but these two are not negotiable. Some exchanges are just bad and should be

avoided at all cost. 

Thats true, I think customer support is one of the most important things. because whenever a problem on the exchange site could happen and of course you will ask for help on customers support right. look for cs that are active and friendly. not like poloniex who is idling all my ticket until several weeks without any response. it's very annoying you know. I know they have a lot of problems but they do not provide any response including no press conf on twitter or anywhere.

[Jekbolt]

who else doesn't want a highly secured exchange? though i think it's there non existing, even how hard the security is, hackers will still find a way to steal. We are too vulnerable from attacks since there is a lot of money in this market.

Do such things like:
-  cold storage of crypto,
- 2FA,
- perfect protection of clients private data
- not taking clients' fiat at all

would be a good protection?

[Ranly123]

Hello crypto enthusiasts!

I have drafted a topic summarizing (with your help) all types of existing and upcoming crypto exchanges: https://bitcointalk.org/index.php?topic=2918431.0

Now, to make that information even more usable, through evaluating each type of exchange,
let's consider the primary concerns of traders (us). That info will also help current and future Exchanges to fit our (traders) needs.

By voting on that topic kindly choose 4 (four) most influencing parameters for you, when you decide, what exchange to use for trading.


Here are the list of parameters and short explanations:


1. Crypto-favorable country of Exchange's registration
Means a comparatively low risk of exchange closure by regulators.
 

2. High degree of security
Means cold storage of crypto, 2FA, perfect protection of clients private data and funds.
 

3. Fast and excellent customer support


4. Solid reputation and positive clients feedbacks


5. The lowest fees on the market
Means the lowest total cost of trading: including deposit fee, trade fees, withdrawal fee and best limits policy.


6. Ability to buy/sell at best prices
Means an abundance of trading pairs, liquidity, real-time & not-fake auctions leading to most transparent prices.


7. Availability of margin or/and derivatives trading


8. Ease of use
Means a quite simple interface of an exchange.


Vote to make the crypto world more attractive for you and newcomers!

If i were to choose which crypto exchange would i prefer, i will choose the lowest transaction fees. It would be better because we can save dollars in those fees and cryptocurrency means earnings in such a way that you can also save.

[Hexah]

I think the higher level of security and lowest fees is an admirable one to choose an good exchange. My best exchange is poloniex, bittrex, cryptopia and binance they are so far the exchange in terms of high level of security. But when it comes to low fees I guess Kucoin and Cryptopia are the best.

[pinkflower]

Fast and excellent customer support is one of my highest requirements, because I have dealt with Coinbase and their shitty

support. High degree of security is my highest priority, because I have also been a victim of an exchange that got hacked.

The other requirements is also important, but these two are not negotiable. Some exchanges are just bad and should be

avoided at all cost. 

But name one cryptocurrency exchange that had an excellent customer support lol. I think theres none, except for BTCe, which turned out to be a part of a money laundering scheme.

[Jekbolt]

Fast and excellent customer support is one of my highest requirements, because I have dealt with Coinbase and their shitty

support. High degree of security is my highest priority, because I have also been a victim of an exchange that got hacked.

The other requirements is also important, but these two are not negotiable. Some exchanges are just bad and should be

avoided at all cost. 

But name one cryptocurrency exchange that had an excellent customer support lol. I think theres none, except for BTCe, which turned out to be a part of a money laundering scheme.

People replying that support is one of the most important issues - it means that they are suffering now from the bad support experience. I want to say that this feature is not easily predictable BEFORE you start use one or another exchange.

[Dawnpercy19]

The highest level of securities and lowest fees is an admirable one to choose an good exchange.

[jaycobe24]

The best to choose is the highest security and the lowest fees that its

[TheUltraElite]

I choose exchanges which have less restrictions related to KYC. Also, most will say that we should prefer old exchanges but I think they charge higher fees.

However do you know that why exchanges implement a KYC system? It is because money-laundering occurs in every financial sector and crypto is the one that has been used in a shady manner because of its (pseudo)-anonymous nature for many types of scams including credit/debit cards and fraudulent activity. Thus the KYC gives the exchange an idea of the trader and about the income of the person so that they can correlate the trades to be feasible or not.

Fees is another thing. However most popular exchanges have nominal fees unless of course you are dumping shittokens for few satoshis.

[ronics]

  my best security is that its great way to choose an exchange because we all know fraud and possibility for the lost crypto when it goes up I should not mention that our wallet is getting compromised. The lowest fee is just fine on the traders day but most of us will really ask for myself that an exchanger gain is just right at the cover of the cost of an operations actually look and combine at zero payout.just let's make my wonder where everyone has gain money to cover their cost .while good and quick response from customer support is also a good way to measure their response for problem solving until now .I think in a few should have the kind of capability to provide a support.

[caseback]

I voted for Crypto-favourable country,High degree of security, lowest fees and ability to buy/sell at best prices. However, I think the most important influencing parameter for me is the high degree of security feature. There is no point having those other parameters only to have the exchange hacked and people's fund are then stolen!.

I vote also the ame way you do,it is very important that our wallets must have the best security .,and it has the low  of fees.

[shulio]

I will check the security, fee amount and the exchanges reputation around the traders. Also the daily trade volume is also important.

[Jekbolt]

I will check the security, fee amount and the exchanges reputation around the traders. Also the daily trade volume is also important.

How do you check daily trade volume? You believe to the figures stated by an Exchange or use some other sources?

[shulio]

I check the daily trade volume from the exchanges trade screens. Other sources, like coinmarketcap, are taking the info from exchanges over api, so they are much the same.

[Jekbolt]

I check the daily trade volume from the exchanges trade screens. Other sources, like coinmarketcap, are taking the info from exchanges over api, so they are much the same.

Thanks for advise!

[marsmyname]

An exchange should have no third-party service to hold users’ funds

CryptoComes.com
Exclusive Blockchain News Journal

That’s true, you’re right. And when choosing an exchanger (especially newbies) should choose an exchanger with a good reputation online and not new exchangers that are yet to have reputation, cause they are taking a very big risk of losing their money. Crypto-favorable country of exchange's registration is one other thing that is quite good to be aware, but not really, cause all exchangers are not the same.

[Jekbolt]

An exchange should have no third-party service to hold users’ funds

CryptoComes.com
Exclusive Blockchain News Journal

That’s true, you’re right. And when choosing an exchanger (especially newbies) should choose an exchanger with a good reputation online and not new exchangers that are yet to have reputation, cause they are taking a very big risk of losing their money. Crypto-favorable country of exchange's registration is one other thing that is quite good to be aware, but not really, cause all exchangers are not the same.

It's interesting question: how newbies choosing an exchange for trading. Actually not for trading but for buying.

[holtzmann]

I would like to vote for the security, reliable reputation and ease of use.These criteria are essential and important for any exchange user, in my opinion. I'd name also the lowest fees and quality support as  great bonuses to add when choosing the best exchange amongst secure,reputable and user-friendly.

[kissme09]

I do not think the eight choices above will be the foundation of option for some people. I care about the platform that has a large user base, has its Altcoin platform. There are many potential altcoin and trading platforms based on that.

[DeadCoin]

High degree of security is must for all sites dealt on currencies. Need to save from hackers. All expect best price to exchange. That has to be considered. Customer support should be in place to have an interaction on issues felt. The sites should be designed to have user friendly features. As said, positive feedback and reviews should be received from the users. This gives the sign of all aspects.

[TheUltraElite]

I do not think the eight choices above will be the foundation of option for some people. I care about the platform that has a large user base, has its Altcoin platform. There are many potential altcoin and trading platforms based on that.

Having a lot of altcoins listed is not always a good exchange. Take the example as our very close EtherDelta where every ether shittoken gets listed the moment its unlocked. The site had problems recently and users ended up putting their private keys in a impersonating site. Thus losing their tokens and their ethereum.

Decentralized exchanges are far from safe. I would prefer to do KYC and trade on a centralized exchange. However I hope that in future decentralized exchanges become more popular than now and more safer.

[alyssa85]

I do not think the eight choices above will be the foundation of option for some people. I care about the platform that has a large user base, has its Altcoin platform. There are many potential altcoin and trading platforms based on that.

Having a lot of altcoins listed is not always a good exchange. Take the example as our very close EtherDelta where every ether shittoken gets listed the moment its unlocked. The site had problems recently and users ended up putting their private keys in a impersonating site. Thus losing their tokens and their ethereum.

Decentralized exchanges are far from safe. I would prefer to do KYC and trade on a centralized exchange. However I hope that in future decentralized exchanges become more popular than now and more safer.

That's due to phishing, and not a problem with the original exchange. No exchange can save users from being foolish and clicking on phishing ads on Google.

[francedeni]

I would like to vote for the security, reliable reputation and ease of use.These criteria are essential and important for any exchange user, in my opinion. I'd name also the lowest fees and quality support as  great bonuses to add when choosing the best exchange amongst secure,reputable and user-friendly.

These are also my choice when choosing crypto exchange; reliable reputation with positive clients feedback and ofcourse the security. Yes security are very important for an exchange for a better processed in when using the exchange. There are many factors to consider because for us not lose any single amount when we have funds in the exchange.

[Jekbolt]

The same poll but published by me on the another up-thread show slightly different results-) it's interesting...

[Flickkk]

Even though it is not fast .
we just need security on putting our coin on a Exchanger  so we dont have to
worry about it

[joaco]

How, for example, do you check the reputation of an Exchange? Are you just asking on btk or use some other sources?

Google the name of the exchange + "scam". When people have problems they post about it on reddit or in forums like this - and it will come up in the search results with "name-of-exchange scam".

Read all those posts to see what the problem is. Sometimes it's obvious that it's user error and they're just blaming the exchange because they don't want to admit they cocked up. But other times, they highlight serious problems with teh exchange. Look in particular for difficulties in withdrawing funds.

There will always be people with problems, doesn't matter the exchange. 50% of the people investing in crypto is a bit dumb.

The most important thing to look for is that you can withdraw your funds when you want, have 2FA, low exchange fees and liquidity. Binance is one of the best exchanges right now, I also like Kucoin, but there are some DEX trying to highlight.

[mornabo]

I will check the security, fee amount and the exchanges reputation around the traders. Also the daily trade volume is also important.

How do you check daily trade volume? You believe to the figures stated by an Exchange or use some other sources?

To be trusted or not I think daily volume doesn't really affect. unless you are an active trader of course a large daily volume will be much needed
the reputation of an exchange must also be checked, certainly to avoid cheating, fraud and scam from these sites.
customer support is friendly and fast response is also very needed, sometimes technical problems come at any time right?
cheap fees on trading and withdraw is also very necessary lol

[Jekbolt]

I will check the security, fee amount and the exchanges reputation around the traders. Also the daily trade volume is also important.

How do you check daily trade volume? You believe to the figures stated by an Exchange or use some other sources?

To be trusted or not I think daily volume doesn't really affect. unless you are an active trader of course a large daily volume will be much needed
the reputation of an exchange must also be checked, certainly to avoid cheating, fraud and scam from these sites.
customer support is friendly and fast response is also very needed, sometimes technical problems come at any time right?
cheap fees on trading and withdraw is also very necessary lol

Someone likes Kraken exchange support. Yes,, they are good but waiting 15 days for 3 sentences reply!! and then again 14 days and again - stupid support! IS it so hard to hire 100500 support agents from Philippines?

[NeverSop]

For me the top priority to be able to choose Exchange for commerce is security, because crypto is anonymously so when lost it can not be retrieved so the security of the commercial site must be true. good to ensure the safety of the property of investors. Next comes features such as low transaction fees, reputation in the community, good investor support. There are some criteria that I usually choose to trade.

[Jekbolt]

For me the top priority to be able to choose Exchange for commerce is security, because crypto is anonymously so when lost it can not be retrieved so the security of the commercial site must be true. good to ensure the safety of the property of investors. Next comes features such as low transaction fees, reputation in the community, good investor support. There are some criteria that I usually choose to trade.

Do you prefer to use one or many exchanges? If many then how many?