How you choose the exchange for trading? Vote!

[matsusomoto]

Hello crypto fans!

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!

These are the qualifications of good exchange
2. High degree of security  - because the first thing we need to do is to protect our investments from the hackers.
3. Fast and excellent customer support - if we got some issues customer support shoud be excellent to help us resolve our issues
4. Solid reputation and positive clients feedbacks - a good community feedback and plus a trusthy platform would be needed to be sure that they wont scam their users
5. The lowest fees on the market - lowest fees means more opportunity to trade more coins,

And my best exchange would be binance because it has all of these qualifications.

And you will not switch binance to another exchange if that another exchange has the same parameters but no any fees at all?

That isnt possible an exchange which wont require trading fees?exchanges needs to raise funds for the maintenance how would they maintain the website if they wont have any source of income?i dont think advertisement will do the job because domain + hosting would be expensive when an exchange has a lot of traffics everyday.I personally love binance too because it requires less fees than any exchanges out there.

[Obi2024]

There are some exchanges that do not meet the criteria, but the crypto assets you want to buy are listed there, you can trade there because of the crypto assets you want to buy, but if you are a day trader, there are many things you have to consider before deciding which exchange you have to trade on e.g.
Cryptos trading on the exchange, (must be trading the top cryptos),
Liquidity,
Security,
What people are saying about the exchange,
etc.

[Jekbolt]

3. Fast and excellent customer support
This one should be long term. Issues with so many trading websites. When they stay longer they get too tired to answer customer issues. Don't want that to happen. Anytime a problem can pop up and you dont want to get stuck with that.
Look at Poloniex and Yobit. They are sinking their own company.

5. The lowest fees
I think anyone would want this.

6. Ability to buy/sell at best prices
Of course we need movements everytime. It means a lot of people are really into the website.

8. Ease of use
I loved binance because of the ease in my eyes and a user friendly kind of service.

Thanks for your opinion! I am now want to know what is the so nice Binance's UI that people like it,,,will check it)

[roblccx]

security is a must

then it's about the range of coins, customer service and liquidity

then down the scale is price as most aren't that expensive if trading mid to long term positions

[Jekbolt]

security is a must

then it's about the range of coins, customer service and liquidity

then down the scale is price as most aren't that expensive if trading mid to long term positions

Have you ever tried to buy/sell cryptocurrency via P2P exchanges?

[andthereyou]

On my end I will choose
2. High degree of security
3. Fast and excellent customer support
5. The lowest fees
8. Ease of use

But as long as the crypto exchange is very secure and low transaction fees many traders will like it (me too).
Each trader have favorite trading indicators and it would be great if all trading indicators is available to be use in an exchange.

[Jekbolt]

On my end I will choose
2. High degree of security
3. Fast and excellent customer support
5. The lowest fees
8. Ease of use

But as long as the crypto exchange is very secure and low transaction fees many traders will like it (me too).
Each trader have favorite trading indicators and it would be great if all trading indicators is available to be use in an exchange.

"trading indicators" do you mean a charting tool (e.g. tradingview) for technical analysis?

[RodneyKings]

Good pointers! I don't often use exchangers but for me it is a must that it has great security in protecting my investments. It is also a must that an exchanger is very easy to use especially for newbies where they can do transaction easily and instantly. Lower trading fees is a good attraction too as we know that blockchain transaction fees are quite expensive nowadays so it would be nice to have trading fees which are very affordable.

[TopT3ns]

if me i look from the volume of the market, and list of coins in there. we can see the different market like bittrex and hitbtc or other market that accept token. if must trade i prefer bittrex because they really selective to accept coins

[minerdiary]

high degree of security, solid reputation and positive clients feedbacks, the lowest fees on the market and TA (bittrex)

[alt-fire]

I trade on bittrex and binnance,
but sometimes i iuse other exchanges to buy coins before they entering the big market

[Tony116]

In my opinion it would be much better to divide "Ability to buy/sell at best prices" into 2 options: liquidity and the amount of trading cryptos. I just can't see the tie between "Ability to buy/sell at best prices" and "abundance of trading pairs" at all.

[yareklamator]

As far as I can see from the survey, the answer about safety is the most popular one. I myself chose this item first. Quick withdrawal of money from the exchange and a large variety of coins - this is also very important. Now, Kucoin is rapidly gaining momentum and competing with large players.

[adam1230]

Current major exchanges are doing good but we need more liquidty at decentralized exchanges such as etherdelta and idex.
Centralized exchanges are going to have more hacking problems in near future.

[Jekbolt]

In my opinion it would be much better to divide "Ability to buy/sell at best prices" into 2 options: liquidity and the amount of trading cryptos. I just can't see the tie between "Ability to buy/sell at best prices" and "abundance of trading pairs" at all.

The problem is that if we start now divide one parameter then everything must be divided and we get too many parameters.
Another way is to start with 8 parameters (like now), then take those which are more important for people and divide each of them separately. For example, 8 parameters for the ability to buy/sell for the best prices, and so on. It would be done in the next steps.

By the way abundance of pairs in one place in theory increase liquidity, which in turn increase competition in Order Books, which in turn gives you a more transparent BIDs/ASKs prices with the owest spreads.

[RDNX]

From those list, I can say, only three parameters which suitable with me.

1. High degree of security Yes, this is very important things. I  usually stored many assets in exchanges, so high security is a must
2. Fast and excellent customer support I very hate some exchanges which not respect their customers.
3. The lowest fees on the market This is important to, as a trader, we have to get more profit and search the lowest fee exchanges.

[Jekbolt]

Current major exchanges are doing good but we need more liquidty at decentralized exchanges such as etherdelta and idex.
Centralized exchanges are going to have more hacking problems in near future.

You'r right,,,the high concentration of capital in major exchanges will attract both: hackers and legal authorities/restrictions. Don't know who are worse=)

[Jekbolt]

As far as I can see from the survey, the answer about safety is the most popular one. I myself chose this item first. Quick withdrawal of money from the exchange and a large variety of coins - this is also very important. Now, Kucoin is rapidly gaining momentum and competing with large players.

How many coins has the Kukoin?  In other exchanges the number of alt coins varies from 250-310.

[Vazil]

The more the pairs traders can trade the better!

[JesusCryptos]

This is indeed a good list of good exchange parameters. The top four parameters I chose:

1) Crypto-favorable country of Exchange's registration - Certainly you wouldn't want to set up an exchange in China right now.
2) High degree of security - Can't be traded with any other parameter
3) Fast and excellent customer support - Hint:Poloniex
4) Ease of use - For people like me, who aren't a big fan of advanced features.

I did not choose "lowest fees" and "Ability to buy/sell at best prices" because these things are already competitive and so no big difference.
"Availability of margin or/and derivatives trading", haven't tried these features. I just go for market price, LOL!

These are exactly the four parameters that I have chosen for myself too. The number 2 of course is the most important of all. I have already been screwed in 4 hacked exchanges in the past.