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!

[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.